Registration number:
Luminet Solutions Ltd
for the Period from 1 April 2023 to 30 June 2024
Luminet Solutions Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Luminet Solutions Ltd
Company Information
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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 |
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Registered office |
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Auditors |
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Luminet Solutions Ltd
(Registration number: 05467333)
Balance Sheet as at 30 June 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
626,895 |
626,895 |
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Retained earnings |
(4,800,253) |
(4,553,124) |
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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
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Luminet Solutions Ltd
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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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
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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Properties under construction |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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- |
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At 30 June 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the period |
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- |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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- |
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At 31 March 2023 |
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- |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Luminet Solutions Ltd
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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626,895 |
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626,895 |
Luminet Solutions Ltd
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Other borrowings |
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- |
Current loans and borrowings
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2024 |
2023 |
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Other borrowings |
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- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the period was £
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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
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The parent of the largest group in which these financial statements are consolidated is
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Transition to FRS 102 |
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
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As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
6,655,495 |
- |
(3,430,235) |
3,225,260 |
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Current assets |
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Debtors |
1,687,616 |
- |
- |
1,687,616 |
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Cash at bank and in hand |
225,292 |
- |
- |
225,292 |
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1,912,908 |
- |
- |
1,912,908 |
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Creditors: Amounts falling due within one year |
(10,217,530) |
- |
1,374,618 |
(8,842,912) |
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Net current (liabilities)/assets |
(8,304,622) |
- |
1,374,618 |
(6,930,004) |
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Total assets less current liabilities |
(1,649,127) |
- |
(2,055,617) |
(3,704,744) |
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Creditors: Amounts falling due after more than one year |
(2,343,265) |
- |
2,343,265 |
- |
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Net (liabilities)/assets |
(3,992,392) |
- |
287,648 |
(3,704,744) |
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Capital and reserves |
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Called up share capital |
(626,895) |
- |
- |
(626,895) |
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Retained earnings |
4,619,287 |
- |
(287,648) |
4,331,639 |
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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
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As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
6,705,344 |
- |
(3,564,931) |
3,140,413 |
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Current assets |
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Debtors |
1,353,547 |
(12,500) |
- |
1,341,047 |
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Cash at bank and in hand |
453,121 |
- |
- |
453,121 |
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1,806,668 |
(12,500) |
- |
1,794,168 |
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Creditors: Amounts falling due within one year |
(10,382,097) |
12,500 |
1,508,787 |
(8,860,810) |
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Net current (liabilities)/assets |
(8,575,429) |
- |
1,508,787 |
(7,066,642) |
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Total assets less current liabilities |
(1,870,085) |
- |
(2,056,144) |
(3,926,229) |
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Creditors: Amounts falling due after more than one year |
(2,382,741) |
- |
2,382,741 |
- |
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Net (liabilities)/assets |
(4,252,826) |
- |
326,597 |
(3,926,229) |
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Capital and reserves |
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Called up share capital |
(626,895) |
- |
- |
(626,895) |
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Retained earnings |
4,879,723 |
- |
(326,599) |
4,553,124 |
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Total equity |
4,252,828 |
- |
(326,599) |
3,926,229 |