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Registered number: 06675473
Fourteen IP Communications Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2024
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Fourteen IP Communications Limited
Registered number: 06675473
Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
N J Tolley
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The notes on pages 2 to 10 form part of these financial statements.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Fourteen IP Communications Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 4, Lock Flight Buildings, Wheatlea Industrial Estate, Wheatlea Road, Wigan, Lancashire, WN3 6XP. The company number is 06675473.
The nature of the Company's operation and principal activity is that of the provision of hotel communication solutions.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion.
Although the Company made a loss before tax of £3,415 (2023: profit £416,158) and has net current liabilities of £130,430 (2023: Net current liabilities of £100,790), it has net assets of £716,044 (2023: £796,039) at 31 December 2024.
The Company currently meets its working capital requirements through its cash balances, credit facilities and Group resources. Based on the Company's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period.
Therefore, the directors believe it is appropriate to prepare the accounts to 31 December 2024 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or
receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
∙When the outcome of contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period.
∙Reliable estimation of the outcome of contracts requires reliable estimates of the stage of completion, future costs, and collectability of billings.
∙When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable.
∙When it is probable that the total contract costs will exceed total contract revenue on a contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Where costs incurred plus recognised profits less recognised losses exceed progress billing, the balance is shown as due from customers on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on contracts within creditors.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Research costs are expensed when they occur. Identified development costs are capitalised as an intangible asset and amortised over 5 years.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets are amortised on a straight line basis over their useful economic lives, which is 5 years.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Straight line over the lease term
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected
to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 46 (2023 - 46).
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Short-term leasehold property
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are payable on demand, unsecured and bear no interest.
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administrated fund. Contributions totalling £17,473 (2023: £13,646) were payable to the fund at the balance sheet date.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 8 September 2025 by John Glover (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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Post balance sheet events
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After the year end, the shareholders of Fourteen IP Group Limited, the ultimate holding company of the Company, entered into a series of transactions ("Transaction") which resulted in Beech Tree General Partner IV LLP ("BTPE") effectively acquiring majority ownership and control through its shareholding in Forte Topco 2025 Limited, which became the new ultimate holding company for the Company. BTPE brings a wealth of experience and resources to enable the Company to fully exploit the opportunities ahead. The Transaction included the raising of a new £10m funding facility from National Westminster Bank plc available to be drawn down in various tranches to fund general working capital as well as targeted acquisitions.
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Fourteen IP Communications Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The company is a wholly owned subsidiary of Fourteen IP Group Limited. The registered office of the parent company is Unit 4, Lock Flight Buildings, Wheatlea Road, Wheatlea Industrial Estate, Wigan, Greater Manchester, WN3 6XP.
No individual shareholder of Fourteen IP Group Limited holds a majority of voting rights. Therefore, there is no ultimate controlling party by virtue of shareholdings.
Post year end, Beech Tree General Partner IV LLP ("BTPE") acquired majority ownership and control through its shareholding in Forte Topco 2025 Limited, which became the new ultimate holding company for the Company.
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