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Registered number: 11590146
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UK Fibre Networks (York) Ltd
Annual report and unaudited financial statements
22 July 2024
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UK Fibre Networks (York) Ltd
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Balance sheet
As at 22 July 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
For the period ending 22 July 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for that period in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
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 comprehensive income 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 on
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UK Fibre Networks (York) Ltd
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Balance sheet (continued)
As at 22 July 2024
23 September 2025.
The notes on pages 3 to 7 form part of these financial statements.
Company registered number: 11590146
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UK Fibre Networks (York) Ltd
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Notes to the financial statements
For the period ended 22 July 2024
UK Fibre Networks (York) Ltd (‘the company’) specialises in the building, and operating of, fibre broadband networks in areas of national heritage interest, ensuring modern digital connectivity while preserving the historical and cultural integrity of each location.
The company is a private company limited by shares, incorporated in the United Kingdom and registered
in England and Wales. The address of the registered office is given in the company information page of
the annual report.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards,
including Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in
the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006.
3.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.
The financial statements are prepared on a going concern basis and under the historical cost
convention, modified to include investment properties at fair value. They are presented in pounds
sterling and rounded to the nearest pound.
The current reporting period of 10 months from 1 October 2023 to 22 July 2024 is shorter compared to prior year reporting period of 12 months from 1 October 2022 to 30 September 2023. This is due to the acquisition of the company by Svella Technologies Limited post period end. As such, comparative amounts presented in the financial statements are not directly comparable.
The company’s ultimate parent is Svella Plc. Part of the group’s strategy is to acquire controlling interests in underperforming or distressed businesses and assets and to implement a business improvement strategy by utilising its skills and knowhow to deliver returns for its shareholders.
The company meets its day to day working capital requirements through the financial and other support of its ultimate parent undertaking, the directors of which have confirmed their intention to continue to provide such support, including not seeking repayment of amounts due to it, for at least the next twelve months following approval of these financial statements and thereafter for the foreseeable future, until the company can reasonably afford to do so.
Notwithstanding net current liabilities of £648,170 and net liabilities of £348,819 at the balance sheet date, after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.
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UK Fibre Networks (York) Ltd
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Notes to the financial statements
For the period ended 22 July 2024
3.Accounting policies (continued)
Turnover
Turnover comprises revenue recognised in respect of services supplied during the year, net of
discounts and excluding Value Added Tax.
Turnover is recognised as services are provided. Where a contract has only been partially
completed at the balance sheet date, turnover represents the fair value of the service provided to
date based on the stage of completion of the contract activity at the balance sheet date. Where
payments are received from customers in advance of services provided, the amounts are recorded
as deferred income and included as part of creditors due within one year.
Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as
an expense in the period in which the employee’s entitlement to the benefit accrues.
Defined contribution pension plan
The company operates a defined contribution pension plan for its employees. Contributions are
recognised as an expense when they fall due. Amounts due but not yet paid are included within
creditors on the balance sheet. The assets of the plan are held separately from the company in
independently administered funds.
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price plus any further costs directly attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided on all tangible fixed assets, other than assets under construction, at rates calculated to write off the cost less estimated residual value of each asset on a systematic basis over its expected useful life as follows:
Network assets - 2% Straight line
IT development - 10% Straight line
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.
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method and includes the purchase price (including taxes and duties) and transport and handling costs directly attributable to bringing the stock to its present location.
Provision is made as necessary for damaged, obsolete or slow-moving items.
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UK Fibre Networks (York) Ltd
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Notes to the financial statements
For the period ended 22 July 2024
3.Accounting policies (continued)
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.
The company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like loans to or from related parties, including fellow group companies.
All such instruments are due within one year and are measured, initially and subsequently, at the
transaction price.
At the end of each reporting period, financial assets are assessed for impairment, and their carrying
value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
The average monthly number of employees, including directors, during the 10 month period to 22 July 2024 was 2 (year ended 31 January 2024: 2).
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UK Fibre Networks (York) Ltd
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Notes to the financial statements
For the period ended 22 July 2024
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Assets
under
construction
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Transfers between classes
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UK Fibre Networks (York) Ltd
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Notes to the financial statements
For the period ended 22 July 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Post balance sheet events
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On 23 July 2024, the share capital of UK Fibre Networks (York) Ltd was acquired by Svella Technologies Limited. As at 23 July 2024 the ultimate parent company of UK Fibre Networks (York) Ltd is Svella Plc
which is incorporated in the United Kingdom.
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