REGISTERED NUMBER: 02668468 (England and Wales)

MI TELECOM LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P.L. Healey

R.R. Gardner

D. Gardner

REGISTERED OFFICE:

14 Hemmells

Laindon

Basildon

Essex

SS15 6ED

REGISTERED NUMBER:

02668468 (England and Wales)

INDEPENDENT AUDITORS:

CR Bland Baker Limited

Chartered Accountants and

Statutory Auditor

21 Lodge Lane

Grays

Essex

RM17 5RY

FIXED ASSETS

Tangible assets

4

137,790

184,919

CURRENT ASSETS

Debtors

5

602,641

812,300

Cash at bank

138,938

98,332

741,579

910,632

CREDITORS

Amounts falling due within one year

6

730,308

747,623

NET CURRENT ASSETS

11,271

163,009

TOTAL ASSETS LESS CURRENT LIABILITIES

149,061

347,928

CREDITORS

Amounts falling due after more than one year

7

(85,604

)

(184,840

)

PROVISIONS FOR LIABILITIES

(34,200

)

(43,700

)

NET ASSETS

29,257

119,388

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

29,157

119,288

29,257

119,388

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 Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

P.L. Healey - Director

1.	STATUTORY INFORMATION

Mi Telecom Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors have undertaken a review of the business and the Group, and have a reasonable expectation that the Group, and therefore the Company, has adequate resources to continue to be operational for a period of 12 months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 30 April 2025.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 4 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2024

301,027

Additions

1,956

At 30 April 2025

302,983

DEPRECIATION

At 1 May 2024

116,108

Charge for year

49,085

At 30 April 2025

165,193

NET BOOK VALUE

At 30 April 2025

137,790

At 30 April 2024

184,919

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

Plant and

machinery

etc

£

COST

At 1 May 2024

and 30 April 2025

190,100

DEPRECIATION

At 1 May 2024

11,898

Charge for year

44,550

At 30 April 2025

56,448

NET BOOK VALUE

At 30 April 2025

133,652

At 30 April 2024

178,202

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

263,216

570,990

Amounts owed by group undertakings

154,596

34,596

Other debtors

184,829

206,714

602,641

812,300

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

71,806

96,149

Hire purchase contracts (see note 8)

47,412

47,412

Trade creditors

217,270

244,317

Amounts owed to group undertakings

171,106

171,106

Taxation and social security

108,653

91,231

Other creditors

114,061

97,408

730,308

747,623

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

51,825

Hire purchase contracts (see note 8)

85,604

133,015

85,604

184,840

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Gross obligations repayable:

Within one year

58,977

58,977

Between one and five years

106,466

165,443

165,443

224,420

Finance charges repayable:

Within one year

11,565

11,565

Between one and five years

20,862

32,428

32,427

43,993

Net obligations repayable:

Within one year

47,412

47,412

Between one and five years

85,604

133,015

133,016

180,427

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

133,016

180,427

The hire purchase creditors are secured on the individual assets acquired under them.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven James Garrod FCA (Senior Statutory Auditor)

for and on behalf of CR Bland Baker Limited

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2025 and 30 April 2024:

2025

2024

£

£

R.R. Gardner

Balance outstanding at start of year

-

-

Amounts advanced

9,086

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,086

-

The balance represents an unsecured, interest free loan, repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking of this company as at the year ended 30 April 2025 was Vertical Group Limited which is incorporated in England and registered in England and Wales.

The immediate parent undertaking and controlling party of this company is Notsallow 134 Limited which is incorporated in England and registered in England and Wales. The largest and smallest group of undertakings which include this company and for which consolidated accounts have been drawn up is that headed by Vertical Group Limited. The address where these accounts can be found is also the registered address of the parent company: 14 Hemmells, Laindon, Basildon, SS15 6ED.

The ultimate controlling party is P.L. Healey.