Registration number:
PICS Telecom International Limited
for the Year Ended 31 December 2024
PICS Telecom International Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
PICS Telecom International Limited
Company Information
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Director |
Mr T Williams |
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Company secretary |
Mr T Williams Jr. |
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Registered office |
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Accountants |
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Auditors |
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PICS Telecom International Limited
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the sales of telecoms equipment. The director is not aware at the time of this report of any likely changes in the company’s activities in the forthcoming year.
Fair review of the business
The year has seen strong market performance for the company in several international markets. With a very difficult marketplace in our traditional markets, we continue with our international focus for existing products, along with success in changing product split with increasing core network and mobile technology portfolios. The difficult marketplace in our traditional markets resulted in a drop in turnover compared to the previous year, £11,499,668 from £17,805,050 (in 2023), but with continued strong turnover and optimism from developing markets.
Whilst realising a pre-tax loss of £760,587 (2023: £674,254 pre-tax profit), various factors have influenced the results for the year. The company's resilience planning, and investments in our European operation including new facilities this year have impacted the profitability, aligned with post the Covid pandemic market stabilisation. The company has actively pursued the realignment of its global structure and strategy within the group, enabling sustained investment in enhancing infrastructure, processes, and capabilities. We are seeing within the figures positive indicators suggesting widespread benefits, from the structural efforts and disciplined expenditure going forward. There is strong optimism we are seeing a return to pre-Covid market conditions, with the enhanced efficiencies and facilities the company is poised for a confident outlook.
PICS Telecom International Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The group works in a very competitive marketplace which is a continuing risk and could result in losing sales to its key competitors. With an internal focus on quality and service, we expect to continue to effectively manage this.
Foreign exchange risk
The group's activities expose it to the financial risks in foreign currency exchange rates. The group does not actively manage foreign currency exchange however, there is a reasonable degree of hedge between foreign monetary assets and liabilities.
Credit risk
The group has exposure to credit risk, attributed to trade debtors. These risks are mitigated by undertaking credit risk checks prior to commercial terms being agreed with clients, in tandem with robust collection processes being in place.
Liquidity risk
There is a risk that the group may be unable to meet its short term financial obligations. Credit terms and cash collections are carefully managed and cash flow forecasts are regularly prepared and reviewed. The group regularly works with its bankers to ensure that appropriate credit facilities are in place.
Economic uncertainty
Trading over the recent period has been significantly affected by COVID-19 with increased demand in the telecommunications sector. We are now seeing the return to historical market patterns, the ongoing focus on efficiency and productivity of our operations through the pandemic has enabled us to manage current market changes.
The correct ongoing increase in efficiencies and focus on reductions in cost are applied and monitored. Ensuring the company is in the optimal position to support our customers through the current and changing market situation. As such the board's view is that an ongoing concern is appropriate.
Approved and authorised by the
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......................................... |
PICS Telecom International Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
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......................................... |
PICS Telecom International Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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• |
select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
PICS Telecom International Limited
Independent Auditor's Report to the Members of PICS Telecom International Limited
Opinion
I have audited the financial statements of PICS Telecom International Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, 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).
In my opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Conclusions relating to going concern
In auditing the financial statements, I have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work I have performed, I 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 original financial statements were authorised for issue.
My 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 annual report, other than the financial statements and my auditor’s report thereon. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.
I have nothing to report in this regard.
PICS Telecom International Limited
Independent Auditor's Report to the Members of PICS Telecom International Limited
Opinion on other matter prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which I am required to report by exception
In the light of my knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the Strategic Report and the Director's Report.
I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
• | adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | I have not received all the information and explanations I require for my audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
PICS Telecom International Limited
Independent Auditor's Report to the Members of PICS Telecom International Limited
Auditor’s responsibilities for the audit of the financial statements
My 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 my 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:
I considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. I also enquired of management about their own identification and assessment of the risks of irregularities.
I obtained an understanding of the legal and regulatory frameworks that the company operates in.
I identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, such as the UK Companies Act, pensions and tax legislation
I identified the key laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid any financial penalty, such as General Data Protection Regulation, trading laws with various regions in which the company has trading operations.
In common with all audits under ISAs (UK) I am also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, I carried out the following procedures:
- testing the appropriateness of journal entries and other adjustments;
- assessing whether judgements made in making accounting estimates show any evidence of bias
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, my procedures to respond to the risks identified included the following:
- reviewing financial statement disclosures by testing to supporting documentation in order to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material mist-statement due to fraud
- enquiring of management concerning actual and potential litigation and claims, together with any instances of non-compliance with laws and regulations.
A further description of my responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor’s report.
PICS Telecom International Limited
Independent Auditor's Report to the Members of PICS Telecom International Limited
I considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. I also enquired of management about their own identification and assessment of the risks of irregularities.
I obtained an understanding of the legal and regulatory frameworks that the company operates in.
I identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, such as the UK Companies Act, pensions and tax legislation
I identified the key laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid any financial penalty, such as General Data Protection Regulation, trading laws with various regions in which the company has trading operations.
In common with all audits under ISAs (UK) I am also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, I carried out the following procedures:
- testing the appropriateness of journal entries and other adjustments;
- assessing whether judgements made in making accounting estimates show any evidence of bias
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, my procedures to respond to the risks identified included the following:
- reviewing financial statement disclosures by testing to supporting documentation in order to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material mist-statement due to fraud
- enquiring of management concerning actual and potential litigation and claims, together with any instances of non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
PICS Telecom International Limited
Independent Auditor's Report to the Members of PICS Telecom International Limited
Use of my 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. My audit work has been undertaken so that I might state to the company’s members those matters I am required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for my audit work, for this report, or for the opinions I have formed.
......................................
For and on behalf of
11 Laura Place
BA2 4BL
PICS Telecom International Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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|
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Income from participating interests |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(237,652) |
(10,220) |
||
|
(Loss)/profit before tax |
( |
|
|
|
Taxation |
|
( |
|
|
(Loss)/profit for the financial year and total comprehensive income |
( |
|
|
|
Retained earnings brought forward |
2,346,919 |
1,846,727 |
|
|
Retained earnings carried forward |
1,909,135 |
2,346,919 |
All the activities of the company are from continuing operations.
PICS Telecom International Limited
(Registration number: 05146102)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
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|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,000 |
1,000 |
|
|
Retained earnings |
1,909,135 |
2,346,919 |
|
|
Shareholders' funds |
1,910,135 |
2,347,919 |
Approved and authorised by the
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PICS Telecom International Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
|
Income tax expense |
( |
|
|
|
( |
|
||
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Working capital adjustments |
|||
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Decrease in stocks |
|
|
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Decrease/(increase) in trade debtors |
|
( |
|
|
Decrease in trade creditors |
( |
( |
|
|
Increase in provisions |
|
|
|
|
Cash generated from operations |
|
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
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Net cash flows from investing activities |
( |
( |
|
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Cash flows from financing activities |
|||
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Interest paid |
- |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
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Cash and cash equivalents at 1 January |
|
|
|
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Cash and cash equivalents at 31 December |
614,873 |
521,116 |
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PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 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:
United Kingdom
The principal place of business is:
1500 Western Approach Distribution Park
Govier Way
Severnside
Bristol
BS35 4GG
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.
Going concern
These financial statements have been prepared on the going concern basis, on the basis that the director is not aware of any material uncertainties about the company’s ability to continue trading in its current format.
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
2) Exchange rates are applied to all transactions logged in currencies other than sterling. Where amounts in currencies other than sterling at the year end are owed (debtors or creditors) or held in bank accounts then these amounts have been valued using the appropriate exchange rate. This however does not guarantee the rate of conversion being realised in the future years as this would be dependent upon cash being realised in sterling.
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 and deferred 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.
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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:
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Asset class |
Depreciation method and rate |
|
Leasehold Property |
Over the term of the lease |
|
Computer Equipment |
20% of the original cost |
|
Fixtures and Fittings |
15% of the original cost |
|
Motor vehicles |
20% of the original cost |
|
Equipment |
20% of the original cost |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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.
Financial instruments
Classification
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Other revenue |
|
|
|
|
|
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The analysis of the company's overseas turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
2,262,498 |
4,529,648 |
|
Rest of Europe |
6,398,423 |
8,867,359 |
|
Rest of the World |
2,838,747 |
4,408,043 |
|
11,499,668 |
17,805,050 |
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
|
Foreign exchange gains |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Operations |
|
|
|
Service delivery |
|
|
|
Finance and HR |
|
|
|
Sales, marketing and distribution |
|
|
|
Recycling |
|
|
|
Testing |
|
|
|
Leadership |
|
|
|
IT |
|
|
|
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
(163,700) |
163,657 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Increase/(decrease) from effect of different UK tax rates on some earnings |
|
( |
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
|
Tax (decrease)/increase from other tax effects |
( |
|
|
Total tax (credit)/charge |
( |
|
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Leasehold property |
Fixtures and fittings |
Computer Equipment |
Equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Additions |
|
|
|
|
- |
|
|
Disposals |
( |
( |
- |
- |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
( |
( |
- |
- |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
Details of non-current trade and other debtors
£309,000 (2023 -£309,000) of other debtors is classified as non current.
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
- |
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
- |
163,700 |
|
|
|
|
||
|
Due after one year |
|||
|
Other non-current financial liabilities |
|
|
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Additional provisions |
|
|
|
Increase (decrease) from transfers and other changes |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,000 |
|
1,000 |
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
The company was under the control of its parent company PICS Telecom International Corporation throughout the current and previous year by virtue of them owning the entire share capital of the company.
T W Williams is the president and majority shareholder of PICS Telecom International Corporation.
Summary of transactions with parent
During the year the company raised invoices to PICS Telecom International Corporation for £172,122 for goods and services provided to its parent company. The company also received invoices from its parent company for £1,440,124 for goods and services received from them. The parent company also raised a Management Charge for 2024 totalling £137,444.
All inter company transactions are considered to be carried out on an arms length basis.
PICS Telecom International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Summary of transactions with all associates
T W Williams is also a director of PICS Telecom International Asia Limited, a company registered in Hong Kong and fellow subsidiary of PICS Telecom International Corporation.
During the year PICS Telecom International Limited maintained a loan account with PICS Telecom International Asia Limited. As at the year end the total amount owed from PICS Telecom International Asia Limited amounted to £196,020 (2023: £214,336). There are no fixed repayment terms associated with this loan and no interest is charged on the outstanding amount.
The company received goods and services from PICS Telecom International Asia Limited during the year of £131,891. The company also raised invoices to PICS Telecom International Asia Limited for £38,928.
T W Williams is also a director of PICS Telecom International BV, a company registered in Holland and fellow subsidiary of PICS Telecom International Corporation.
During the year PICS Telecom International Limited maintained a loan account with PICS Telecom International BV. As at the year end the total amount owed from PICS Telecom International BV amounted to £398,219 (2023: £274,900). There are no fixed repayment terms associated with this loan. Interest of £3,080 was charged on the outstanding balances.
The company received goods and services from PICS Telecom International BV during the year of £86,596. The company raised invoices to PICS Telecom International BV for £559,937. During the year Management Charges totalling £2,388,633 where raised to PICS Telecom International BV (2023: £2,581,223).
T W Williams is also a director and shareholder in Sandstone Technologies Corporation.
Included in trade debtors at the year end is an amount of £73,244 (2023: £76,138) owed from Sandstone Technologies Corporation.
During the year PICS Telecom International Limited raised invoices to Sandstone Technologies Corporation totalling £nil. The company also received invoices from Sandstone Technologies Corporation for purchases totalling £753,620 (2023: £nil).
|
Parent and ultimate parent undertaking |
The company is a wholly owned subsidiary of PICS Telecom International Corporation which is a New York S-Corporation located in Rochester, New York State, USA.
The ultimate controlling party is T Williams.