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Registration number: 15027236

Telcom Bidco Limited

Filleted Financial Statements

for the Period from 25 July 2023 to 30 June 2024

 

Telcom Bidco Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Telcom Bidco Limited

Company Information

Directors

Mr Andrew Paul Tatlock

Mathangi Chandrasekhar

Mr Christopher Coulton

Mr Simon Mark Peter Adcock

Mr Christopher John Baldock

Registered office

Northstar
135-141 Oldham Street
Manchester
M4 1LN

Auditors

Williamson & Croft Audit Ltd
Statutory Auditor
York House
20 York Street
Manchester
M2 3BB

 

Telcom Bidco Limited

(Registration number: 15027236)
Balance Sheet as at 30 June 2024

Note

2024
£

Fixed assets

 

Investments

5

11,263,687

Current assets

 

Debtors

6

364,507

Creditors: Amounts falling due within one year

7

(4,885,927)

Net current liabilities

 

(4,521,420)

Total assets less current liabilities

 

6,742,267

Creditors: Amounts falling due after more than one year

7

(7,823,840)

Net liabilities

 

(1,081,573)

Capital and reserves

 

Called up share capital

8

1

Retained earnings

(1,081,574)

Shareholders' deficit

 

(1,081,573)

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been
taken.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Christopher John Baldock
Director

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Northstar
135-141 Oldham Street
Manchester
M4 1LN
England

These financial statements were authorised for issue by the Board on 25 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The company reports net liabilities of £1,081,573 as at 30 June 2024.

The company requires the support of the group's parent entity, Gresham House, in order to meet its financial obligations as they fall due. Management have prepared cashflows for the next 12 months from the date of signing these financial statements for the group as a whole and have reviewed these to determine the level of support which would be required from the parent entity based on various scenarios.

The directors are confident following discussions with the management of the parent entity that Gresham House is both willing and able to provide such financial support as is required to ensure that the group and company can meet their day-to-day obligations for the foreseeable future.

On this basis, the financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in the preparation of the financial statements.

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 25 June 2025 was Tor Stringfellow FCA, who signed for and on behalf of Williamson & Croft Audit Ltd.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key judgements used in the preparation of these financial statements are:

• Management's assessment of the recoverability of long-term debtors due from group undertakings; and

• Management's assessment of the carrying value of investments in equity shares which are not publicly traded and any potential impairment in the value of those shares.

Revenue recognition

Turnover 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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 creditors are recognised initially at the transaction price and subsequently measured 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 profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

4

Auditors' remuneration

The amounts payable to the Company's auditors for the audit of these financial statements was £750.

5

Investments

2024
£

Investments in subsidiaries

11,263,687

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

Subsidiaries

£

Cost or valuation

Additions

11,263,687

Provision

Carrying amount

At 30 June 2024

11,263,687

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

Subsidiary undertakings

Luminet Networks Limited

Northstar, 135-141 Oldham Street,

United Kingdom

Ordinary shares of £1 each

100%

Luminet Solutions Limited

Northstar, 135-141 Oldham Street,

United Kingdom

Indirect (*)

100%

Luminet Data Limited

Northstar, 135-141 Oldham Street,

United Kingdom

Indirect (*)

100%

NeutralOne Limited

Northstar, 135-141 Oldham Street,

United Kingdom

Indirect (*)

100%

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

Subsidiary undertakings

Luminet Networks Limited

The principal activity of Luminet Networks Limited is Investment holding company.

Luminet Solutions Limited

The principal activity of Luminet Solutions Limited is provision of ultrafast internet and connectivity services.

Luminet Data Limited

The principal activity of Luminet Data Limited is Dormant.

NeutralOne Limited

The principal activity of NeutralOne Limited is Dormant.

6

Debtors

Current

2024
£

Prepayments

63,029

Other debtors

301,478

 

364,507

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

9

176,160

Trade creditors

 

262,650

Amounts owed to group undertakings and undertakings

10

1,092,360

Other creditors

 

3,354,757

 

4,885,927

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

9

7,823,840

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £0.01 each

100

1

   

9

Loans and borrowings

Non-current loans and borrowings

2024
£

Bank borrowings

7,823,840

Current loans and borrowings

2024
£

Bank borrowings

176,160

Bank borrowings

 

Telcom Bidco Limited

Notes to the Financial Statements for the Period from 25 July 2023 to 30 June 2024

Included within loans and borrowings are amounts totalling £8,000,000 constituting a bank loan which is repayable in quarterly instalments from September 2024 to June 2027 and then repayable in full on the termination date which falls four years after the original drawdown (20 October 2027). Interest is payable on the balance of the loan at a rate of 7 - 8% above term SONIA.

Other borrowings

Included within other creditors are amounts totalling £3,354,757 which constitute deferred consideration payable on the acquisition of the share capital of Luminet Networks Limited. These amounts are due within one year of the balance sheet date.

10

Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with wholly owned members of the group headed by Telcom Group Ltd.

11

Parent and ultimate parent undertaking

The company's immediate parent is Telcom Group Limited, incorporated in England and Wales.

 The ultimate parent is Gresham House (Nominees) Limited, incorporated in England and Wales.

 

The parent of the largest group in which these financial statements are consolidated is Telcom Group Limited.