REGISTERED NUMBER: 11424385 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

Telescope Group Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C J Garnett

REGISTERED OFFICE:

Compass House

76 East Street

Leeds

West Yorkshire

LS9 8EE

REGISTERED NUMBER:

11424385 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

FIXED ASSETS

Tangible assets

4

95,067

146,673

Investments

5

1,240,720

1,240,700

1,335,787

1,387,373

CURRENT ASSETS

Stocks

32,450

-

Debtors

6

484,286

429,915

Cash at bank

6,911

12,630

523,647

442,545

CREDITORS

Amounts falling due within one year

7

1,598,892

1,642,123

NET CURRENT LIABILITIES

(1,075,245

)

(1,199,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

260,542

187,795

CREDITORS

Amounts falling due after more than one year

8

202,028

134,926

NET ASSETS

58,514

52,869

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

58,494

52,849

58,514

52,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2025 and were signed by:

C J Garnett - Director

1.	STATUTORY INFORMATION

Telescope Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis due to continuing support of the director and shareholder.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is represented by management charges net of VAT. This is recognised when the company has provided the management services and therefore receives the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

3,657

202,006

678

206,341

Additions

-

29,503

-

29,503

Disposals

-

(74,936

)

-

(74,936

)

At 31 March 2025

3,657

156,573

678

160,908

DEPRECIATION

At 1 April 2024

1,463

57,527

678

59,668

Charge for year

731

31,201

-

31,932

Eliminated on disposal

-

(25,759

)

-

(25,759

)

At 31 March 2025

2,194

62,969

678

65,841

NET BOOK VALUE

At 31 March 2025

1,463

93,604

-

95,067

At 31 March 2024

2,194

144,479

-

146,673

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

201,069

Additions

29,503

Disposals

(73,999

)

At 31 March 2025

156,573

DEPRECIATION

At 1 April 2024

57,205

Charge for year

31,201

Eliminated on disposal

(25,437

)

At 31 March 2025

62,969

NET BOOK VALUE

At 31 March 2025

93,604

At 31 March 2024

143,864

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

1,240,700

Additions

20

At 31 March 2025

1,240,720

NET BOOK VALUE

At 31 March 2025

1,240,720

At 31 March 2024

1,240,700

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Absolute Direct Marketing Limited

Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE

Nature of business: Marketing

%

Class of shares:

holding

Ordinary

100.00

31.3.25

31.3.24

£

£

Aggregate capital and reserves

466,976

356,864

Profit for the year

135,112

148,817

Telescope Studios Limited

Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE

Nature of business: Marketing

%

Class of shares:

holding

Ordinary

100.00

31.3.25

31.3.24

£

£

Aggregate capital and reserves

(258,990

)

(87,121

)

Loss for the year

(171,869

)

(184,692

)

Telescope Motorsport Limited

Registered office: Fair View, Old Byland, York, North Yorkshire, England, YO62 5LG

Nature of business: car racing and advertising

%

Class of shares:

holding

Ordinary

100.00

31.3.25

31.3.24

£

£

Aggregate capital and reserves

(122,725

)

(98,301

)

Loss for the year

(24,424

)

(85,802

)

Telescope Doordrop Media Limited

Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE

Nature of business: administration & delivery services

%

Class of shares:

holding

Ordinary

100.00

31.3.25

31.3.24

£

£

Aggregate capital and reserves

-

31

(Loss)/profit for the year

(31

)

98

Clearsilver Brand Marketing Limited

Registered office: Compass House, 76 East Street, Leeds, West Yorkshire, LS9 8EE

Nature of business: advertising

%

Class of shares:

holding

Ordinary

100.00

31.3.25

31.3.24

£

£

Aggregate capital and reserves

(69,306

)

39,834

(Loss)/profit for the year/period

(109,140

)

46,532

6.

DEBTORS

31.3.25

31.3.24

£

£

Amounts falling due within one year:

Other debtors

448,964

429,915

Amounts falling due after more than one year:

Other debtors

35,322

-

Aggregate amounts

484,286

429,915

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

19,691

-

Hire purchase contracts (see note 9)

24,368

28,783

Trade creditors

17,356

18,062

Taxation and social security

42,939

1,031

Other creditors

1,494,538

1,594,247

1,598,892

1,642,123

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

97,877

-

Hire purchase contracts (see note 9)

104,151

134,926

202,028

134,926

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

24,368

28,783

Between one and five years

104,151

134,926

128,519

163,709

Non-cancellable

operating leases

31.3.25

31.3.24

£

£

Within one year

42,269

49,511

Between one and five years

-

42,269

42,269

91,780

10.	SECURED DEBTS

HSBC holds a fixed and floating charge over the assets of the company and it contains a negative pledge.

I Leach and LE Leach have a fixed and floating charge over the freehold, leasehold or commonhold property. This was satisfied on the 1st July 2025.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

£

C J Garnett

Balance outstanding at start of year

84,436

63,475

Amounts advanced

123,583

113,961

Amounts repaid

(103,361

)

(93,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

104,658

84,436

Interest has been charged at the official rate.

This is repayable on demand.