Registration number:
Luminet Networks Limited
for the Period from 1 April 2023 to 30 June 2024
Luminet Networks Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Luminet Networks Limited
Company Information
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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 |
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Registered office |
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Auditors |
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Luminet Networks Limited
(Registration number: 05613914)
Balance Sheet as at 30 June 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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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)/assets |
( |
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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 assets |
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Capital and reserves |
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Called up share capital |
2,939,501 |
41,595 |
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Share premium reserve |
1,702,871 |
1,702,871 |
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Capital redemption reserve |
326,016 |
325,921 |
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Retained earnings |
(723,417) |
(128,862) |
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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
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Luminet Networks Limited
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 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
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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 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
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.
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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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Auditors' remuneration |
The amounts payable to the Company's auditors for the audit of these financial statements was £4,200.
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 April 2023 |
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Provision |
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Carrying amount |
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At 30 June 2024 |
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At 31 March 2023 |
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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:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Northstar, 135-141 Oldham Street, Manchester, M4 1LN United Kingdom |
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Northstar, 135-141 Oldham Street, Manchester, M4 1LN United Kingdom |
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Northstar, 135-141 Oldham Street, Manchester, M4 1LN United Kingdom |
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Subsidiary undertakings |
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Luminet Solutions Limited The principal activity of Luminet Solutions Limited is |
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Luminet Data Limited The principal activity of Luminet Data Limited is |
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NeutralOne Limited The principal activity of NeutralOne Limited is |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Amounts owed by related parties |
- |
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Other debtors |
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Luminet Networks Limited
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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Amounts owed to group undertakings |
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- |
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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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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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2,939,501 |
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- |
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- |
- |
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19,931 |
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- |
- |
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5,834 |
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- |
- |
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3,984 |
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- |
- |
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10,040 |
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- |
- |
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1,807 |
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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
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2024 |
2023 |
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Bank borrowings |
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Redeemable preference shares |
- |
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Other borrowings |
- |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
- |
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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.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is