Registration number:
Telet Research (N.I.) Limited
for the Year Ended 31 December 2024
Telet Research (N.I.) Limited
Contents
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Company Information |
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Directors' Report |
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Income Statement |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
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Detailed Income statement |
Telet Research (N.I.) Limited
Company Information
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Directors |
M Ford J E Body P J Gradwell |
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Company secretary |
M Ford |
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Registered office |
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Accountants |
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Telet Research (N.I.) Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of a full mobile network operator in the UK, focused on delivering innovative 5G mobile services to improve mobile coverage and deliver fixed wireless access and improved mobile connectivity to under-served communities.
Directors of the company
The directors who held office during the year and up to the date of approval of this report were as follows:
Going concern
The directors have considered the financial projections and the budget for the company over the foreseeable future. Following a restructure, the directors have a reasonable expectation that the company will have sufficient resources to continue operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.
Events after the financial period
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
Directors' liabilities
The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
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......................................... |
Telet Research (N.I.) Limited
Income Statement
for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Revenue |
|
|
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Cost of sales |
( |
( |
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|
Gross profit |
|
|
|
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Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
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Operating loss |
(200,750) |
(331,045) |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Loss before tax |
( |
( |
|
|
Tax on loss |
- |
- |
|
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Loss for the financial period |
( |
( |
Telet Research (N.I.) Limited
(Registration number: NI642439)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Non-current assets |
|||
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Property, plant and equipment |
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Current assets |
|||
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Payables: Amounts falling due after more than one year |
- |
( |
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Net assets |
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|
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Equity |
|||
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Called up share capital |
435 |
366 |
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Share premium reserve |
2,270,104 |
1,720,173 |
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Retained earnings |
(1,748,571) |
(1,546,354) |
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Shareholders' funds |
521,968 |
174,185 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Section 1A of FRS 102 - small entities.
Telet Research (N.I.) Limited
(Registration number: NI642439)
Statement of Financial Position as at 31 December 2024 (continued)
The financial statements of Telet Research (N.I.) Limited were approved and authorised for issue by the
.........................................
Director
Telet Research (N.I.) Limited
Statement of Changes in Equity
for the Year Ended 31 December 2024
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2024 |
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|
( |
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Loss for the year |
- |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 December 2024 |
|
|
( |
|
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2023 |
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|
( |
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Loss for the year |
- |
- |
( |
( |
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New share capital subscribed |
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|
- |
|
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At 31 December 2023 |
366 |
1,720,173 |
(1,546,354) |
174,185 |
Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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General information |
Telet Research (N.I.) Limited (the 'company') is a private company limited by share capital, registered in Northern Ireland under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
The directors have considered the financial projections and the budget for the company over the foreseeable future. Following a restructure, the directors have a reasonable expectation that the company will have sufficient resources to continue operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.
The company recognises revenue when: the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
20% straight line |
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Office equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits and are subject to an insignificant risk of change in value.
Receivables
Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The assets of the schemes are held
separately from those of the company. Contributions are recognised in the income statement in the
period in which they become payable.
Share based payments
The company operates an EMI scheme in which shares in the company are granted to certain qualifying employees following certain predetermined conditions being met.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the shares are granted, with the expense being realised in the Income Statement.
Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, were
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
- |
- |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
|
|
Loss before tax |
( |
( |
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Corporation tax at standard rate |
( |
( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
- |
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Effect of tax losses |
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|
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Tax increase from effect of capital allowances and depreciation |
- |
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Total tax charge/(credit) |
- |
- |
Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Property, plant and equipment |
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Office equipment |
Plant and machinery |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Receivables |
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2024 |
2023 |
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Trade receivables |
|
- |
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Other receivables |
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Prepayments |
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Accrued income |
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Cash and cash equivalent |
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2024 |
2023 |
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Cash at bank |
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Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Payables |
Payables: amounts falling due within one year
|
2024 |
2023 |
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Loans and borrowings |
|
- |
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Trade payables |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Director's current account |
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Accruals |
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Payables: amounts falling due after more than one year |
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Loans and borrowings |
- |
4,837 |
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Pension scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital and reserves |
Allotted, called up and fully paid shares
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
|
230.86 |
|
230.86 |
|
|
|
203.90 |
|
135.15 |
|
|
|
|
|
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Telet Research (N.I.) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
|
10 |
Share capital and reserves (continued) |
Rights, preferences and restrictions
The ordinary shares of £0.01 each rank pari passu in all respects carrying full voting rights, full entitlement to a dividend and rights to participate in any capital distribution (including winding up). They do not confer any rights of redemption.
The preferred £0.01 shares rank pari passu in all respects carrying full voting rights, full entitlement to a dividend and rights to participate in any capital distribution (including winding up). They do not confer any rights of redemption but confer conversion rights into ordinary shares.
New shares allotted
During the year 6,875 Preference shares of £0.01 each having an aggregate nominal value of £68.75 were allotted for an aggregate consideration of £550,000.
Reserves
The retained earnings reserve represents cumulative profits or losses net of dividends paid and other adjustments.
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company’s non-distributable reserves.
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Events after the financial period |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Telet Research (N.I.) Limited
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Telet Research (N.I.) Limited for the year ended 31 December 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising firm of accountants, we are subject to ethical and other professional requirements.
This report is made solely to the Board of Directors of Telet Research (N.I.) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Telet Research (N.I.) Limited and state those matters that we have agreed to state to the Board of Directors of Telet Research (N.I.) Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Telet Research (N.I.) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Telet Research (N.I.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Telet Research (N.I.) Limited. You consider that Telet Research (N.I.) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Telet Research (N.I.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
For and on behalf of
19 Cedar Road
Sutton
Surrey
SM2 5DA
Telet Research (N.I.) Limited
Detailed Income statement
for the Year Ended 31 December 2024
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2024 |
2023 |
|
|
Revenue |
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Sale of goods and services |
96,796 |
85,283 |
|
Grants receivable |
2,545,632 |
2,966,504 |
|
Less: Partner share of grants received |
- |
(1,577,887) |
|
2,642,428 |
1,473,900 |
|
|
Cost of sales |
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Purchases |
988,561 |
192,212 |
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Direct costs |
42,906 |
195,799 |
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Subcontract cost |
113,722 |
198,813 |
|
1,145,189 |
586,824 |
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Administrative expenses |
1,813,688 |
1,348,662 |
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Other operating income |
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Research and Development expenditure credit |
115,699 |
130,541 |
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Operating loss |
(200,750) |
(331,045) |
|
Other interest receivable and similar income |
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Bank interest receivable |
2,495 |
797 |
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Interest payable and similar expenses |
||
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Bank interest payable |
2,638 |
1,212 |
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Foreign currency losses |
1,324 |
(597) |
|
3,962 |
615 |
|
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Net finance (cost)/income |
(1,467) |
182 |
|
Loss before tax |
(202,217) |
(330,863) |
Telet Research (N.I.) Limited
Detailed Income statement
for the Year Ended 31 December 2024 (continued)
|
2024 |
2023 |
|
Administrative expenses |
||
|
Salaries |
943,229 |
579,086 |
|
Staff social security costs |
173,098 |
116,667 |
|
Directors' remuneration |
278,155 |
279,529 |
|
Staff pensions (Defined contribution) |
43,083 |
35,904 |
|
Private health insurance |
7,868 |
6,284 |
|
Recruitment costs |
28,001 |
19,850 |
|
Rent |
27,703 |
21,210 |
|
Rates |
9,402 |
- |
|
Insurance |
8,846 |
7,245 |
|
Telephone |
30 |
101 |
|
Office expenses |
9,001 |
- |
|
Computer software and maintenance costs |
472 |
3,178 |
|
Printing, postage and stationery |
859 |
289 |
|
Trade subscriptions |
26,798 |
20,913 |
|
Travel and subsistence |
55,789 |
31,082 |
|
Advertising and promotional expenses |
15,420 |
27,046 |
|
Client entertainment |
- |
54 |
|
Staff entertaining |
- |
282 |
|
Accountancy fees |
6,579 |
6,510 |
|
Consultancy fees |
130,517 |
161,539 |
|
Legal and professional fees |
30,963 |
25,913 |
|
Bank charges |
1,491 |
1,278 |
|
Depreciation of fixtures and fittings |
16,384 |
4,452 |
|
Loss on disposal of tangible fixed assets |
- |
250 |
|
(1,813,688) |
(1,348,662) |