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Registered number: 02704696
SIMOCO SYSTEMS LIMITED (AT 26 JUNE 2026 REGISTERED NAME CHANGED FROM THORCOM SYSTEMS LIMITED)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2025
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THORCOM SYSTEMS LIMITED
REGISTERED NUMBER: 02704696
BALANCE SHEET
AS AT 31 OCTOBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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THORCOM SYSTEMS LIMITED
REGISTERED NUMBER: 02704696
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2025
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 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 by:
The notes on pages 4 to 13 form part of these financial statements.
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THORCOM SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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The notes on pages 4 to 13 form part of these financial statements.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Simoco Systems Limited (formerly Thorcom Systems Limited) is a private limited company, limited by shares and incorporated in England and Wales, United Kingdom. The address of the registered office is Unit 4, 96B Blackpole Trading Estate West, Worcester, WR3 8TJ. The Company's registration number is 02704696.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. (See note 3).
The functional currency of the Company is considered to be Pound Sterling because that is the currency of the primary economic environment in which the Company operates. All amounts have been rounded to the nearest thousand pounds.
The following principal accounting policies have been applied:
The Company is part of the TTG Global Solutions Group Limited group. The Company and Group have procedures in place for reviewing future performance including budgeted and forecast trading and profitability. These forecasts include reasonable assumptions and predictions over trading; they take a prudent view of the costs of the business.
Overall the Group saw revenues of £15.8m in 2024/25 and trading profit of £0.2m. The Group has seen strong trading results during the start of 2025-26 and with a healthy pipeline and new product offerings coming online, we therefore expect steady turnover growth in the coming years, which should drive the profitability of the business. In addition, the Group has cash resources and banking facilities in place to enable it to continue in operational exsistence for the 12 months from the signing of these accounts. The Group, like most other trading groups, is exposed to fluctuations in trading and the need to continually win and deliver new contracts on a profitable basis to new and exsisting customers to ensure it's continued success and survival. The Directors believe that their forecasts give a reasonable expectation to assume that the Group will have adequate resources to continue in exsistence for the 12 months from the signing of these accounts.
The company has net current liabilities of £559,000 and shareholder deficit of £206,000 at 31 October 2025. The directors have received confirmation, in the form of a letter of support from the ultimate parent company, TTG Global Solutions Group Limited, that fellow group companies intend to provide support as required to enable the company to meet its obligations as they fall due.
Taking the matters above into account, and having reviewed these forecasts, for the 12 months from the dating of this report, and as a result of that review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the 12 months from the signing of the financial statements. Accordingly, the going concern basis of preparation has been adopted in the financial statements.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Revenue, which excludes value added tax, comprises revenue earned from installation, commissioning and maintenance activities. Revenue is recognised in the Statement of comprehensive income at the point that a service is provided or products supplied. Revenue for maintenance contracts is recognised on a straight-line basis over the period for which maintenance is contractually agreed by the Company with the customer.
Long-term contracts
Revenue arising from long-term contracts is recognised in the Statement of comprehensive income over the term of the related long-term contract so as to match the revenue and profits arising with related costs incurred to date. The amount of long-term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with revenue, is included in debtors as amounts recoverable on contracts.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Defined contribution pension plan
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet.
Tax is recognised in the Statement of comprehensive income 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.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Research and development
Research expenditure is written off as incurred. Development expenditure is also written off, with the exception of development expenditure where the Directors are satisfied as to the technical, commercial and financial viability of individual projects.
In such cases, the identifiable expenditure is deferred and amortised over the period which the Company expected to benefit. Provision is made for any impairment. The costs relate to the development of radio infrastructure and handsets. This relates to a variety of developments, some of which are currently being amortised. Amortisation is calculated over six years from the date of first production.
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, on a reducing balance basis.
Depreciation is provided on the following basis:
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 the Statement of comprehensive income.
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 materials.
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 the Statement of comprehensive income.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Equity instruments are measured at 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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company's accounting policies
The following critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
∙Capitalisation of development costs
Research expenditure is written off as incurred. Development expenditure is also written off, with the exception of development expenditure incurred on major new product projects where the Directors are satisfied that the technical, commercial and financial viability of individual projects and their recoverability through future cash generation is in accordance with FRS 102. An impairment would be made where the Directors estimate based on forecasts undertaken, that the profits and cashflows generated from the asset are less than the carrying value of the asset.
Key Source of Estimation Uncertainty
∙Revenue recognition
When the outcome on a contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion based on actual costs incurred to the end of the accounting period compared to forecasted costs to determine the appropriate amount to be recognised in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
In determining the stage of completion, the Company has appropriate systems for cost estimating, forecasting and revenue and costs reporting. The system also requires consistent judgement (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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The average monthly number of employees, including directors, during the year was 11 (2024 - 12).
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Included within development expenditure is £315,000 (2024 - £nil) relating to projects that were not available for use at the balance sheet date. No amortisation has been charged on these assets as they remain under development. Amortisation will commence when the assets are available for use.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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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 non-interest bearing, unsecured and repayable on demand.
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.
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Creditors: Amounts falling due after more than one year
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Authorised, allotted, called up and fully paid
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2,000 (2024 - 2,000) Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss reserves represents cumulative profits or losses, net of dividends paid and other adjustments.
The Company operates defined contribution schemes. During the year, the Company made contributions to defined contribution schemes of £11,000 (2024 - £11,000). The amount outstanding to defined contribution schemes at year end balance sheet date are reflected in group company Simoco EMEA Limited and amounted to £1,000 (2024 - £1,000).
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THORCOM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Commitments under operating leases
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At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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The immediate parent undertaking is Team Telecommunications Group Limited, which is registered in England and Wales, United Kingdom. The ultimate parent undertaking is TTG Global Solutions Group Limited which is registered in England, United Kingdom. The Parent Company's registered office address is at Field House, Uttoxeter Old Road, Derby, DE1 1NH.
The smallest and largest group in which the results of the company are consolidated is that headed by TTG Global Solutions Group Limited, which is the only entity that prepares consolidated financial statements. The consolidated financial statements of TTG Global Solutions Group Limited are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. The directors consider that there is no ultimate controlling party.
The auditors' report on the financial statements for the year ended 31 October 2025 was unqualified.
The audit report was signed on 20 July 2026 by Richard Haydon (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
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