Luminet Networks Limited 05613914 false 2023-04-01 2024-06-30 2024-06-30 The principal activity of the company is that of an investment holding company. Digita Accounts Production Advanced 6.30.9574.0 true false false true 05613914 2023-04-01 2024-06-30 05613914 2024-06-30 05613914 bus:OrdinaryShareClass1 2024-06-30 05613914 bus:OrdinaryShareClass2 2024-06-30 05613914 bus:OrdinaryShareClass3 2024-06-30 05613914 bus:OrdinaryShareClass4 2024-06-30 05613914 bus:OrdinaryShareClass5 2024-06-30 05613914 bus:OtherShareClass1 2024-06-30 05613914 core:CurrentFinancialInstruments 2024-06-30 05613914 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 05613914 core:Non-currentFinancialInstruments 2024-06-30 05613914 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 05613914 bus:SmallEntities 2023-04-01 2024-06-30 05613914 bus:Audited 2023-04-01 2024-06-30 05613914 bus:FilletedAccounts 2023-04-01 2024-06-30 05613914 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-06-30 05613914 bus:RegisteredOffice 2023-04-01 2024-06-30 05613914 bus:Director10 2023-04-01 2024-06-30 05613914 bus:Director11 2023-04-01 2024-06-30 05613914 bus:Director2 2023-04-01 2024-06-30 05613914 bus:Director3 2023-04-01 2024-06-30 05613914 bus:Director4 2023-04-01 2024-06-30 05613914 bus:Director5 2023-04-01 2024-06-30 05613914 bus:Director8 2023-04-01 2024-06-30 05613914 bus:OrdinaryShareClass1 2023-04-01 2024-06-30 05613914 bus:OrdinaryShareClass2 2023-04-01 2024-06-30 05613914 bus:OrdinaryShareClass3 2023-04-01 2024-06-30 05613914 bus:OrdinaryShareClass4 2023-04-01 2024-06-30 05613914 bus:OrdinaryShareClass5 2023-04-01 2024-06-30 05613914 bus:OtherShareClass1 2023-04-01 2024-06-30 05613914 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-06-30 05613914 core:Subsidiary1 2023-04-01 2024-06-30 05613914 core:Subsidiary1 1 2023-04-01 2024-06-30 05613914 core:Subsidiary1 countries:UnitedKingdom 2023-04-01 2024-06-30 05613914 core:Subsidiary2 2023-04-01 2024-06-30 05613914 core:Subsidiary2 1 2023-04-01 2024-06-30 05613914 core:Subsidiary2 countries:UnitedKingdom 2023-04-01 2024-06-30 05613914 core:Subsidiary3 2023-04-01 2024-06-30 05613914 core:Subsidiary3 1 2023-04-01 2024-06-30 05613914 core:Subsidiary3 countries:UnitedKingdom 2023-04-01 2024-06-30 05613914 1 2023-04-01 2024-06-30 05613914 countries:EnglandWales 2023-04-01 2024-06-30 05613914 core:CostValuation 2023-03-31 05613914 2022-04-01 2023-03-31 05613914 2023-03-31 05613914 bus:OrdinaryShareClass1 2023-03-31 05613914 bus:OrdinaryShareClass2 2023-03-31 05613914 bus:OrdinaryShareClass3 2023-03-31 05613914 bus:OrdinaryShareClass4 2023-03-31 05613914 bus:OrdinaryShareClass5 2023-03-31 05613914 bus:OtherShareClass1 2023-03-31 05613914 core:CurrentFinancialInstruments 2023-03-31 05613914 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05613914 core:Non-currentFinancialInstruments 2023-03-31 05613914 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05613914 core:Subsidiary1 1 2022-04-01 2023-03-31 05613914 core:Subsidiary2 1 2022-04-01 2023-03-31 05613914 core:Subsidiary3 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05613914

Luminet Networks Limited

Filleted Financial Statements

for the Period from 1 April 2023 to 30 June 2024

 

Luminet Networks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Luminet Networks Limited

Company Information

Directors

Mr Christopher John Baldock

Mr Thomas Seddon

Mr Alistair Adams

Mr Simon Mark Peter Adcock

Mr Christopher Coulton

Mr Elliott Mcfarland Mueller

Mr Andrew Paul Tatlock

Registered office

Northstar, 135-141, Oldham Street, Manchester, England, M4 1LN

Auditors

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

 

Luminet Networks Limited

(Registration number: 05613914)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

5

5,000,002

5,000,002

Current assets

 

Debtors

6

6,736

5,878,447

Cash at bank and in hand

 

85,690

89,577

 

92,426

5,968,024

Creditors: Amounts falling due within one year

7

(847,399)

(1,987,084)

Net current (liabilities)/assets

 

(754,973)

3,980,940

Total assets less current liabilities

 

4,245,029

8,980,942

Creditors: Amounts falling due after more than one year

7

(58)

(7,039,417)

Net assets

 

4,244,971

1,941,525

Capital and reserves

 

Called up share capital

8

2,939,501

41,595

Share premium reserve

1,702,871

1,702,871

Capital redemption reserve

326,016

325,921

Retained earnings

(723,417)

(128,862)

Shareholders' funds

 

4,244,971

1,941,525

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.

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

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

 

Luminet Networks Limited

Notes to the Financial Statements for the Period from 1 April 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, England, M4 1LN

The Company has previously prepared financial statement in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) as issued by the Financial Reporting Council which adopts accounting treatments from IFRS with various disclosure exemptions.

Following the acquisition of the Company by Telcom Bidco Limited on 20 October 2023, the Company has elected to prepare the current period to 30 June 2024 in accordance with FRS 102 in order to be consistent with the other entities in the group headed by Telcom Group Limited.

There were no adjustments required to the comparatives for the prior year nor to opening reserves as at 1 April 2022 or 1 April 2023 due to this change in applicable accounting standards.

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 financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company 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.

 

Luminet Networks Limited

Notes to the Financial Statements for the Period from 1 April 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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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

 

Luminet Networks Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024

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 (2023 - 0).

4

Auditors' remuneration

The amounts payable to the Company's auditors for the audit of these financial statements was £4,200.

5

Investments

2024
£

2023
£

Investments in subsidiaries

5,000,002

5,000,002

Subsidiaries

£

Cost or valuation

At 1 April 2023

5,000,002

Provision

Carrying amount

At 30 June 2024

5,000,002

At 31 March 2023

5,000,002

 

Luminet Networks Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024

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

2023

Subsidiary undertakings

Luminet Solutions Limited

Northstar, 135-141 Oldham Street, Manchester, M4 1LN

United Kingdom

Ordinary

100%

100%

Luminet Data Limited

Northstar, 135-141 Oldham Street, Manchester, M4 1LN

United Kingdom

Ordinary

100%

100%

NeutralOne Limited

Northstar, 135-141 Oldham Street, Manchester, M4 1LN

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

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

Note

2024
£

2023
£

Amounts owed by related parties

10

-

5,871,013

Other debtors

 

6,736

7,434

   

6,736

5,878,447

 

Luminet Networks Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

1,941,940

Amounts owed to group undertakings

10

695,958

-

Accruals and deferred income

 

-

43,737

Other creditors

 

151,441

1,407

 

847,399

1,987,084

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

58

7,039,417

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each of £1 each

2,939,501

2,939,501

-

-

Ordinary ‘A’ shares of £0.001 each of £0.00 each

-

-

19,931,153

19,931

Ordinary ‘B’ shares of £0.001 each of £0.00 each

-

-

5,834,320

5,834

Ordinary ‘C’ shares of £0.001 each of £0.00 each

-

-

3,983,510

3,984

Ordinary ‘D’ shares of £0.001 each of £0.00 each

-

-

10,039,680

10,040

Ordinary ‘E’ shares of £0.001 each of £0.00 each

-

-

1,806,789

1,807

2,939,501

2,939,501

41,595,452

41,595

9

Loans and borrowings

Non-current loans and borrowings

 

Luminet Networks Limited

Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024

2024
£

2023
£

Bank borrowings

58

1,475,000

Redeemable preference shares

-

3,667,587

Other borrowings

-

1,896,830

58

7,039,417

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

1,941,940

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

On 20 October 2023, Telcom Bidco Limited (whose ultimate parent company is Telcom Group Limited), acquired 100% of the issued share capital of the Company. Prior to this date the Directors did not consider there to be any single controlling party.

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

 The ultimate controlling party is Gresham House (Nominees) Limited.

The parent of the largest group in which these financial statements are consolidated is Telcom Group Limited, incorporated in England and Wales.