Registration number: NI642439

Telet Research (N.I.) Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Unaudited Financial Statements	3 to 9

Telet Research (N.I.) Limited

Company Information

Director

J E Body

Registered office

Forsyth House Cromac Square Belfast Antrim Northern Ireland BT2 8LA

Accountants

Shaw Gibbs Limited Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Telet Research (N.I.) Limited

(Registration number: NI642439)
Statement of Financial Position as at 31 December 2025

	Note	2025 £	2024 £
Non-current assets
Property, plant and equipment	4	275,364	351,203
Current assets
Receivables	5	63,623	1,289,826
Cash at bank and in hand	6	43,222	220,244
		106,845	1,510,070
Payables: Amounts falling due within one year	7	(281,203)	(1,339,305)
Net current (liabilities)/assets		(174,358)	170,765
Net assets		101,006	521,968
Equity
Called up share capital	8	251	435
Share premium reserve		2,270,104	2,270,104
Capital redemption reserve		183	-
Retained earnings		(2,169,532)	(1,748,571)
Shareholders' funds		101,006	521,968

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Telet Research (N.I.) Limited were approved and authorised for issue by the director on 20 August 2026
 

.........................................

J E Body
Director

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025

1	General information

Telet Research (N.I.) Limited (the 'company') is a private company limited by share capital, registered in Northern Ireland under the Companies Act. The address of the registered office is given on page 1.

2	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 the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK 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.

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. The financial statements are presented in pound sterling (£).

Going concern

The directors have considered the financial projections and the budget for the company over the foreseeable future. Following a restructure, the directors have a reasonable expectation that the company will have sufficient resources to continue operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when: the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Office equipment	33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank and are subject to an insignificant risk of change in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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

The company operates a defined contribution pension scheme. The assets of the schemes are held
separately from those of the company. Contributions are recognised in the income statement in the
period in which they become payable.

Share based payments

The company operates an EMI scheme in which shares in the company are granted to certain qualifying employees following certain predetermined conditions being met.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the shares are granted, with the expense being realised in the Income Statement.

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, were 16 (2024 - 19).

4	Property, plant and equipment

	Office equipment £	Plant and machinery £	Total £
Cost
At 1 January 2025	23,115	367,563	390,678
Additions	-	(2,368)	(2,368)
Disposals	-	(8,650)	(8,650)
At 31 December 2025	23,115	356,545	379,660
Depreciation
At 1 January 2025	18,860	20,615	39,475
Charge for the year	2,162	71,309	73,471
Eliminated on disposal	-	(8,650)	(8,650)
At 31 December 2025	21,022	83,274	104,296
Carrying amount
At 31 December 2025	2,093	273,271	275,364
At 31 December 2024	4,255	346,948	351,203

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025 (continued)

5	Receivables

	2025 £	2024 £
Trade receivables	2,400	213,706
Other receivables	39,994	33,940
Prepayments	21,229	472,150
Accrued income	-	570,030
	63,623	1,289,826

6	Cash and cash equivalent

	2025 £	2024 £
Cash at bank	43,222	220,244

7

Payables

	Note	2025 £	2024 £
Due within one year
Bank loans		837	2,837
Trade payables		271,164	1,190,190
Taxation and social security		-	100,620
Accruals and deferred income		5,255	34,480
Other payables		3,947	11,178
		281,203	1,339,305

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025 (continued)

8	Share capital and reserves

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £0.01 each	20,441	204.41	23,086	230.86
Preferred of £0.01 each	4,645	46.45	20,390	203.90
	25,086	250.86	43,476	434.76

Rights, preferences and restrictions
The ordinary shares of £0.01 each rank pari passu in all respects carrying full voting rights, full entitlement to a dividend and rights to participate in any capital distribution (including winding up). They do not confer any rights of redemption.

The preferred £0.01 shares rank pari passu in all respects carrying full voting rights, full entitlement to a dividend and rights to participate in any capital distribution (including winding up). They do not confer any rights of redemption but confer conversion rights into ordinary shares.

Purchase of own shares
During the year, the company purchased and cancelled 2,645 ordinary shares of £0.01 each and 15,745 preference shares of £0.01 each for total consideration of £1. The transaction has been presented as a capital transaction within equity. The nominal value of the shares cancelled has been deducted from called-up share capital and the consideration paid has been recorded against equity reserves. No amount has been recognised in retained earnings or in the profit and loss account.

Reserves

The retained earnings reserve represents cumulative profits or losses net of dividends paid and other adjustments.

The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company’s non-distributable reserves.

The capital redemption reserve represents the nominal value of share capital purchased by the company. This reserve forms part of the company’s non-distributable reserves.

Telet Research (N.I.) Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2025 (continued)

9	Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £18,219 (2024 - £43,083).Contributions totalling £143 (2024 - £7,374) were payable to the scheme at the end of the year and are included in creditors.

10	Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.