Company registration number 04908083 (England and Wales)
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
COMPANY INFORMATION
Directors
C Bleakley
A Wild
Company number
04908083
Registered office
2nd Floor
Unit 1B The Parklands
Lostock
Bolton
BL6 4SD
Independent auditor
BDO LLP
55 Baker Street
London
W1U 7EU
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of telecommunications consultants and resellers.

Results and dividends

Dividends in the current year amounted to £nil (2023: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C Bleakley
A Wild
Independent auditor

In accordance with the company's articles in section 485 of the companies Act 2006, a resolution proposing that BDO LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The financial statements are prepared on a going concern basis which assumes the Company will continue in business for the foreseeable future being for a period of at least 12 months after the date of approval of these financial statements.

 

The company directors have performed sensitivity analysis using revenue reduction with no cost reduction for the twelve months following sign-off of these financial statements to demonstrate cash availability. In addition, at a Group level, regular reviews of forecasts for sales, costs and cash flows are undertaken, projecting forwards 12 months ahead and more.

 

Group level detailed stress testing has been undertaken on group cash flow forecasts, in order to consider how much the forecasts have to reduce by to cause cash constraints, and also to consider the likelihood of these scenarios occurring. The Group’s revenue is approximately 78% recurring which minimises the possibility of these sensitised scenarios occurring. The Group has also looked at how these scenarios affect financial covenants of its loan facilities to ensure there is not a breach that is likely to occur in the forecast period, or, under extreme sensitised scenarios, when a breach might occur. The final consideration has been to evaluate what mitigating factors can be implemented to offset the effects of these sensitised scenarios, including group cost control across several overhead items, such as employee costs, travel expenses and marketing activity. Considering all the analysis, the Directors are comfortable that a scenario which would cause the Group, and ultimately Company cash restrictions and breach of Group loan covenants is deemed remote and therefore not a realistic outcome to consider.

 

The ultimate parent company, Firstcom Europe Group Holdings Limited ('the Group') has agreed in writing to provide financial support, if required, to enable the company to meet its liabilities as they fall due for a period of twelve months from the signing of these financial statements.

 

On this basis, the Directors have a reasonable expectation that the Company will have sufficient cashflows and resources available to continue operating for at least 12 months from the approval date of these financial statements and therefore consider the going concern basis appropriate in preparing the financial statements.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C Bleakley
Director
4 July 2025
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
- 4 -
Opinion

We have audited the financial statements of Firstcom Europe CLQ Limited (formerly known as Calteq Limited) (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We have audited the financial statements of Firstcom Europe CLQ Limited (“the Company”) for the year ended 31 December 2024 which comprise Statement of comprehensive income, Statement of financial position, Statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

 

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Strategic report and Directors' report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED) (CONTINUED)
- 5 -

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED) (CONTINUED)
- 6 -

Extent to which the audit was capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Non-compliance with laws and regulations

 

Based on:

 

Our understanding of the Company and the industry in which it operates;

Discussion with management and those charged with governance;

• Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations

 

We considered the significant laws and regulations to be the applicable accounting framework, UK tax legislation and Companies Act 2006.

 

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety laws and regulations and UK tax legislation.

Our procedures in respect of the above included:

 

Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;

Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations;

Review of financial statement disclosures and agreeing to supporting documentation; and

Review of legal expenditure accounts to understand the nature of expenditure incurred.

Fraud

 

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

 

 

Based on our risk assessment, we considered the areas most susceptible to fraud to be Revenue Recognition and Management Override of Controls.

 

We considered the processes and controls that the company has established to address the risks identified or otherwise prevent, deter, and detect fraud and how management monitors those processes and controls.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED) (CONTINUED)
- 7 -

Our procedures in respect of the above included but was not limited to:

 

Considering the risk of fraud through management override of controls by:

 

Considering the risk of fraud in revenue recognition by:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Ayres (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
4 July 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
6,117,539
6,319,871
Cost of sales
(3,353,550)
(3,207,786)
Gross profit
2,763,989
3,112,085
Administrative expenses
(1,004,743)
(1,484,157)
Operating profit
1,759,246
1,627,928
Interest receivable and similar income
4
69,418
28,198
Interest payable and similar expenses
(4,345)
(136)
Profit before taxation
1,824,319
1,655,990
Tax on profit
(8,037)
(12,630)
Profit for the financial year
1,816,282
1,643,360

The results stated above are derived from continuing activities.

The notes on pages 11 to 19 form part of these financial statements.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
278,333
285,340
Current assets
Stocks
18,609
17,484
Debtors
6
5,122,573
3,363,803
Cash at bank and in hand
227,870
339,649
5,369,052
3,720,936
Creditors: amounts falling due within one year
7
(730,851)
(906,024)
Net current assets
4,638,201
2,814,912
Net assets
4,916,534
3,100,252
Capital and reserves
Called up share capital
8
105
105
Revaluation reserve
7,128
7,128
Profit and loss reserves
4,909,301
3,093,019
Total equity
4,916,534
3,100,252

The notes on pages 11 to 19 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
C Bleakley
Director
Company registration number 04908083 (England and Wales)
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
105
7,128
1,449,659
1,456,892
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,643,360
1,643,360
Balance at 31 December 2023
105
7,128
3,093,019
3,100,252
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,816,282
1,816,282
Balance at 31 December 2024
105
7,128
4,909,301
4,916,534

The notes on pages 11 to 19 form part of these financial statements.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Firstcom Europe CLQ Limited (formerly known as Calteq Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Unit 1B The Parklands, Lostock, Bolton, BL6 4SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the reporting date the company was owned by Firstcom Europe Limited, a company incorporated in the United Kingdom. The ultimate parent company was Firstcom Europe Group Holdings Limited, a company incorporated in the United Kingdom. This company is the parent of the smallest group for which consolidated account are drawn up of when the company is a member. The registered office is 2nd Floor, 1B Parklands, Lostock, Bolton, BL6 4SD.

 

The directors consider that there is no ultimate controlling party.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

The financial statements are prepared on a going concern basis which assumes the Company will continue in business for the foreseeable future being for a period of at least 12 months after the date of approval of these financial statements.

 

The company directors have performed sensitivity analysis using revenue reduction with no cost reduction for the twelve months following sign-off of these financial statements to demonstrate cash availability. In addition, at a Group level, regular reviews of forecasts for sales, costs and cash flows are undertaken, projecting forwards 12 months ahead and more.

 

Group level detailed stress testing has been undertaken on group cash flow forecasts, in order to consider how much the forecasts have to reduce by to cause cash constraints, and also to consider the likelihood of these scenarios occurring. The Group’s revenue is approximately 78% recurring which minimises the possibility of these sensitised scenarios occurring. The Group has also looked at how these scenarios affect financial covenants of its loan facilities to ensure there is not a breach that is likely to occur in the forecast period, or, under extreme sensitised scenarios, when a breach might occur. The final consideration has been to evaluate what mitigating factors can be implemented to offset the effects of these sensitised scenarios, including group cost control across several overhead items, such as employee costs, travel expenses and marketing activity. Considering all the analysis, the Directors are comfortable that a scenario which would cause the Group, and ultimately Company cash restrictions and breach of Group loan covenants is deemed remote and therefore not a realistic outcome to consider.

 

The ultimate parent company, Firstcom Europe Group Holdings Limited ('the Group') has agreed in writing to provide financial support, if required, to enable the company to meet its liabilities as they fall due for a period of twelve months from the signing of these financial statements.

 

On this basis, the Directors have a reasonable expectation that the Company will have sufficient cashflows and resources available to continue operating for at least 12 months from the approval date of these financial statements and therefore consider the going concern basis appropriate in preparing the financial statements.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Revenue recognition

 

Revenue, which is stated net of value added tax, represents sales from products and services to third parties. Revenue is recognised when it is probable that economic benefits associated with a transaction will flow to the company and the amount of revenue and associated costs can be reliably measured. The recognition criteria for different streams of revenue are as follows:

 

System Installations and Hardware Sales

 

Revenue from the installation of services and systems are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on completion of installation), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Where invoices have been raised in relation to installs prior to completion, for example, deposits, this revenue should be deferred and recognised in the period the installation is complete.

 

Maintenance Agreement

 

Revenue from maintenance contracts is recognised over the term of the agreement in line with the economic benefits of the transaction. Where a long term fee has been raised revenue is deferred and released over the term of the agreement. Where the group offers a free of charge (FOC) period, an adjustment is made to recognise the associated cost of servicing this FOC period at the end of each financial year end.

 

Calls and Service charges

 

Revenue from calls and service contracts are recognised in the period to which they relate and recognised where both revenue and costs can be measured reliably. Where service charges are billed in advance revenue is deferred into the period the charges relate. Where calls are billed in arrears, revenue is accrued and recognised in the period the call revenue relates.

 

Termination fees

 

Revenue in relation to termination and cancellation fees are recognised when the value can be reliably measured, which is principally on notice of cancellation from a customer and where the fees are in line with terms and conditions with the contract.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets

Tangible fixed assets, other than land and buildings, are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Land and buildings are subsequently carried at fair value, based on periodic valuations by a professionally qualified valuer. These revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Changes in fair value are recognised in other comprehensive income and accumulated in the revaluation reserve except to the extent that any decrease in value in excess of the credit balance existing in the revaluation reserve in respect of that same asset, or reversal of such a transaction, is recognised in profit or loss.

 

At the date of revaluation, the accumulated depreciation on the revalued buildings is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. The excess depreciation on revalued freehold buildings, over the amount that would have been charged on a historical cost basis, is transferred from the revaluation reserve to retained earnings when buildings are expensed through the statement of comprehensive income (e.g. through depreciation, impairment). On disposal of the asset the balance of the revaluation reserve is transferred to retained earnings.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% Straight line
Plant and equipment
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,117,539
6,319,871
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
15
4
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
69,418
24,442
Other interest income
-
0
3,756
Total income
69,418
28,198
FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
251,292
71,586
322,878
Additions
-
0
13,540
13,540
At 31 December 2024
251,292
85,126
336,418
Depreciation and impairment
At 1 January 2024
1,292
36,246
37,538
Depreciation charged in the year
-
0
20,547
20,547
At 31 December 2024
1,292
56,793
58,085
Carrying amount
At 31 December 2024
250,000
28,333
278,333
At 31 December 2023
250,000
35,340
285,340
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
688,424
671,561
Amounts owed by group undertakings
4,250,945
2,651,517
Prepayments and accrued income
181,151
30,635
5,120,520
3,353,713
Deferred tax asset
2,053
10,090
5,122,573
3,363,803

Amounts owed by group undertakings are unsecured and repayable on demand with interest charged at 3 month EURIBOR plus 4%.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
133,318
92,590
Amounts owed to group undertakings
-
0
6,101
Corporation tax
-
0
23,314
Other taxation and social security
71,401
199,152
Other creditors
4,542
2,871
Accruals and deferred income
521,590
581,996
730,851
906,024

Amounts due to group undertakings are unsecured and repayable on demand with interest charged at 3 month EURIBOR plus 4%.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
250
250
25
25
Ordinary B shares of 10p each
500
500
50
50
Ordinary C shares of 10p each
250
250
25
25
Ordinary D shares of 10p each
50
50
5
5
1,050
1,050
105
105
9
Financial commitments, guarantees and contingent liabilities

Firstcom Europe CLQ Limited has registered a charge in favour of Wilmington Trust (London) Limited which is secured against the building property. The registration of charge contains fixed charges, floating charges and a negative pledge.

 

Firstcom Europe CLQ Limited is part of a group guarantor scheme for loans totalling €43.9m (£36.3m) (2023: €41.9m (£36.6m)) held within Firstcom Europe Group Midco Limited and secured on the Company by way of a registered Debentures dated 29th November 2024.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
14,000
21,000

The operating leases noted above are due to expire in 2026.

FIRSTCOM EUROPE CLQ LIMITED (FORMERLY KNOWN AS CALTEQ LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Related party transactions

The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned subsidiaries within the group.

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