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Registration number: 05467333

Luminet Solutions Ltd

Filleted Financial Statements

for the Period from 1 April 2023 to 30 June 2024

 

Luminet Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Luminet Solutions Ltd

Company Information

Directors

Mr Simon Mark Peter Adcock

Mr Alistair Adams

Mr Christopher Coulton

Mr Elliott Mcfarland Mueller

Mr Thomas Seddon

Mr Christopher John Baldock

Mr Andrew Paul Tatlock

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

 

Luminet Solutions Ltd

(Registration number: 05467333)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

3,013,035

3,140,413

Current assets

 

Debtors

5

1,432,154

1,341,047

Cash at bank and in hand

 

404,597

453,121

 

1,836,751

1,794,168

Creditors: Amounts falling due within one year

6

(8,922,911)

(8,860,810)

Net current liabilities

 

(7,086,160)

(7,066,642)

Total assets less current liabilities

 

(4,073,125)

(3,926,229)

Creditors: Amounts falling due after more than one year

6

(100,233)

-

Net liabilities

 

(4,173,358)

(3,926,229)

Capital and reserves

 

Called up share capital

7

626,895

626,895

Retained earnings

(4,800,253)

(4,553,124)

Shareholders' deficit

 

(4,173,358)

(3,926,229)

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

 

Luminet Solutions Ltd

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
M4 1LN

The Company has previously prepared financial statements in accordance with UK adopted International Accounting Standards (UK IAS).

Following the acquisition of the Company's parent entity, Luminet Networks, 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.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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 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.

 

Luminet Solutions Ltd

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

Going concern

The company reports net liabilities of £4,173,358 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.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Luminet Solutions Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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

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.

 

Luminet Solutions Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 36 (2023 - 36).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 April 2023

28,968

110,783

16,026,498

16,166,249

Additions

2,278

-

1,474,380

1,476,658

At 30 June 2024

31,246

110,783

17,500,878

17,642,907

Depreciation

At 1 April 2023

27,499

110,783

12,887,555

13,025,837

Charge for the period

832

-

1,603,203

1,604,035

At 30 June 2024

28,331

110,783

14,490,758

14,629,872

Carrying amount

At 30 June 2024

2,915

-

3,010,120

3,013,035

At 31 March 2023

1,470

-

3,138,943

3,140,413

5

Debtors

Current

2024
£

2023
£

Trade debtors

643,402

624,906

Prepayments

674,482

604,399

Other debtors

114,270

111,742

 

1,432,154

1,341,047

 

Luminet Solutions Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

65,051

-

Trade creditors

 

1,607,150

1,473,510

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

5,597,357

5,858,513

Taxation and social security

 

288,479

218,089

Accruals and deferred income

 

1,335,905

1,301,658

Other creditors

 

28,969

9,040

 

8,922,911

8,860,810

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

100,233

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

62,689,500

626,895

62,689,500

626,895

       
 

Luminet Solutions Ltd

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

100,233

-

Current loans and borrowings

2024
£

2023
£

Other borrowings

65,051

-

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,170,947

1,675,478

Later than one year and not later than five years

2,825,731

1,766,379

Later than five years

1,685,328

994,026

6,682,006

4,435,883

The amount of non-cancellable operating lease payments recognised as an expense during the period was £1,754,013 (2023 - £2,817,606).

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.

 

Luminet Solutions Ltd

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

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's parent entity, Luminet Networks Limited. Prior to this date the Directors did not consider there to be any single controlling party.

 The company's immediate parent is Luminet Networks 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, incorporated in England and Wales.

12

Transition to FRS 102

The Company has previously prepared financial statements in accordance with UK adopted International Accounting Standards (UK IAS).

Following the acquisition of the Company's parent entity, Luminet Networks, 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.

The adjustments to the previously reported amounts in prior years are as follows (and are summarised in the detailed tables below):

(i) the company has previously recognised Right of Use Assets under IFRS 16 in accordance with the requirements of UK IAS within property, plant and equipment as well as associated lease liabilities on the balance sheet to reflect the discounted future lease payments under operating leases. These amounts have been remeasured to £Nil under FRS 102 as the lease payments should be recognised through the profit and loss account as lease expenses as they fall due;

(ii) the associated depreciation of the Right of Use Assets and the interest on the unwinding of the lease liabilities have also been remeasured to £Nil in accordance with the above adjustment;

(iii) the lease payments in each year have been recognised through the profit and loss account - in 2024 these are included within cost of sales (as relating to the lease of equipment, lines and sites for the installation and provision of services to customers) though the adjustment to the comparative profit and loss account is within administrative expenses as the deduction of these amounts had erroneously been included there in 2023 rather than reducing the lease expenses within cost of sales; and

(iv) an amount of £12,500 recognised within trade and other receivables has been offset against amounts owed to group undertakings as these amounts relate to the same related party.

 

Luminet Solutions Ltd

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

Balance Sheet at 1 April 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

6,655,495

-

(3,430,235)

3,225,260

Current assets

Debtors

1,687,616

-

-

1,687,616

Cash at bank and in hand

225,292

-

-

225,292

1,912,908

-

-

1,912,908

Creditors: Amounts falling due within one year

(10,217,530)

-

1,374,618

(8,842,912)

Net current (liabilities)/assets

(8,304,622)

-

1,374,618

(6,930,004)

Total assets less current liabilities

(1,649,127)

-

(2,055,617)

(3,704,744)

Creditors: Amounts falling due after more than one year

(2,343,265)

-

2,343,265

-

Net (liabilities)/assets

(3,992,392)

-

287,648

(3,704,744)

Capital and reserves

Called up share capital

(626,895)

-

-

(626,895)

Retained earnings

4,619,287

-

(287,648)

4,331,639

Total equity

3,992,392

-

(287,648)

3,704,744

 

Luminet Solutions Ltd

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

Balance Sheet at 31 March 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

6,705,344

-

(3,564,931)

3,140,413

Current assets

Debtors

1,353,547

(12,500)

-

1,341,047

Cash at bank and in hand

453,121

-

-

453,121

1,806,668

(12,500)

-

1,794,168

Creditors: Amounts falling due within one year

(10,382,097)

12,500

1,508,787

(8,860,810)

Net current (liabilities)/assets

(8,575,429)

-

1,508,787

(7,066,642)

Total assets less current liabilities

(1,870,085)

-

(2,056,144)

(3,926,229)

Creditors: Amounts falling due after more than one year

(2,382,741)

-

2,382,741

-

Net (liabilities)/assets

(4,252,826)

-

326,597

(3,926,229)

Capital and reserves

Called up share capital

(626,895)

-

-

(626,895)

Retained earnings

4,879,723

-

(326,599)

4,553,124

Total equity

4,252,828

-

(326,599)

3,926,229