REGISTERED NUMBER: 07412021 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 28 February 2026

for

HOME TELECOM LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

N M Barnett

C N Barnett

A S Gill

D J Watson

M R Batty

REGISTERED OFFICE:

Unit 8 Piries Place

Horsham

West Sussex

RH12 1EH

REGISTERED NUMBER:

07412021 (England and Wales)

AUDITORS:

Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

The directors present their strategic report for the year ended 28 February 2026.

OUR PURPOSE

Our purpose is to meet the needs of our customers, delivering the experience, products and services that matter to them. Consumers from a wide range of backgrounds use our services every day to support their needs and activities.

Our success as a business depends on delivering value to all our customers and stakeholders. We plan and anticipate what they want and develop products, services and an overall experience that meet their needs.

STRATEGIC AIMS

We need to build upon the existing strong relationships with our customers and employees ensuring that we stay relevant to them as markets and technologies change.

Home Telecom's core values underpin its commercial strategy, and this will allow the company to continue to be successful and grow. Our goal is to deliver our services and products based upon the following principles:

Using ISO 9001 and 27001 to deliver superior customer service. By continually offering outstanding customer service and getting things right first time, this will allow us to spend less time and money in putting things right.

Retention of staff and clients. The company recognises the importance that its staff play in its continued success. The company is committed to the development of its staff by investing in both internal and external training. The company seeks to obtain the accreditation in Investors in People to formally recognise this investment in our people.

We want to build and sustain a culture that helps us respond quickly and effectively to changes in our markets, to this end we will endeavour to continue our drive on cost efficiencies throughout the business.

Consumer demand for high speed data is growing rapidly and Home Telecom is well placed to provide value for money high speed connectivity.

REVIEW OF BUSINESS

Home Telecom Limited is a 100% subsidiary of Telecom Acquisitions Limited. Home Telecom Limited operates within the rental market providing high speed connectivity across multi networks to the end users.

The key financial highlights are as follows:

Year ended

Year ended

Year ended

28 Feb 2026

28 Feb 2025

29 Feb 2024

£m

£m

£m

Turnover

17.8

17.8

9.8

Gross profit

6.1

5.7

3.2

Gross profit margin

34.5%

31.8%

33.1%

EBITDA

2.2

0.9

0.4

Turnover remained broadly consistent with the prior year. However, gross margin improved by 2.7 percentage points, resulting in a 7% increase in gross profit despite limited revenue growth.

The improvement in gross margin reflected stronger pricing, a more favourable sales mix and lower network carrier costs, rather than an increase in sales volumes. EBITDA more than doubled, with the EBITDA margin increasing from 5.1% to 12.4%. While the increase in gross profit contributed to this improvement, greater operating cost efficiencies were the principal driver of the increase in EBITDA.

PRINCIPAL RISKS AND UNCERTAINTIES

There are several risks and uncertainties that can impact the performance of the company, some of which are beyond the control of company and its Board. These trends and risks are the focus of monthly management meetings where each departments performance is assessed versus budget, forecast and prior year results. Key performance indicators are also used to benchmark operational performance for all departments. An annual assessment of trends and risks is an integral part of each department's annual review of its strategic plan and budget, which are submitted to the Board for consideration and approval. A combination of all of this, in what is a bottom up and top down approach, enables the Board to determine and assess the companies risk environment.

The principal risks and uncertainties facing the company are outlined below:

Key resources

The company is managed by certain key personnel, including executive directors and senior management who have significant experience within the company and who may be difficult to replace. Furthermore, the company depends on being able to recruit and retain employees of an appropriate calibre to support the ongoing business operations. The company has sought to mitigate this resource risk by investing in staff training programmes, competitive reward and compensation packages, management incentive schemes and succession planning.

Market conditions

Our products are targeted at mainly residential households. As a result, demand is dependent on activity levels in these households , which vary by location and are subject to the usual drivers of telecommunication activity (i.e. general economic conditions and volatility, interest rates, business/consumer confidence levels, unemployment, population growth, etc.). The exposure to the cyclically of any one sector is partially mitigated by the company's diversification, both nationally and by product.

Input prices and availability

The company's operating performance is impacted by the pricing and availability of its key inputs, which include calls, mobiles, telecommunications systems and maintenance. The pricing of such inputs can be quite volatile at times due to demand and the input costs of the supply base. The company manages the effect of such movements through a strong central procurement process, long-term relationships with suppliers, economic purchasing, multiple suppliers and inventory management.

Competitive pressures

The company continually faces competition in each of the sector's in which it has a presence. The competitive environment in any one sector is a function of several factors including the number of competitors, pricing, the economic/demand characteristics of that sector. and the availability of substitute products. While such competitive forces can impact profitability in the short-term the company looks to offset such adverse effects by:

(i) a program of continuous process improvement;

(ii) a permanent emphasis on product enhancement which allows the company's businesses to be a leading-edge provider of innovative telecommunication systems and software and, therefore, helps to differentiate itself from competitors, and

(iii) providing a best in class service to customers by offering expert technical support, short delivery times and products that come with a guaranteed performance.

Customer credit risk

As part of the overall service package the company provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. The company has established procedures and credit control policies around managing its Trade debtors and acts where necessary. Trade debtors are primarily managed by a sanction process backed up by the Board. All major outstanding and overdue balances, together with significant potential exposures, are regularly reviewed and concerns are discussed at monthly meetings at which the Board are present. Control systems are in place to ensure that authorisation requests are supported with appropriate and sufficient documentation and are approved at appropriate levels in the organisation.

Information technology and business continuity

The company uses a range of information technology and decision support systems across its business for efficient processing of orders, control procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the company. Business continuity and disaster recovery planning is regularly assessed and tested to ensure the company is adequately resourced and maintains an appropriately robust environment including preventative processes on cybercrime. This is further mitigated through consequential loss insurance and business continuity plans which are updated regularly.

Data protection and back-up

The company holds a significant volume of confidential data. Failure to comply with data privacy regulations and standards (GDPR) or weakness in internet security may result in a major data privacy breach causing reputational damage to the company's brands and financial loss.

Breach of IT security may cause data to be lost, corrupted or accessed by unauthorised users, impacting the company's reputation. This could give rise to legal or regulatory penalties as well as commercial costs. The company has processes and procedures in place to monitor effectiveness of customer back-up and is continually upgrading security equipment and software and making improvements to physical security processes.

GOING CONCERN

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that, with the support of the group headed by Talk Talk Telecom Group Limited, the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:

N M Barnett - Director

7 September 2026

The directors present their report with the financial statements of the company for the year ended 28 February 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of broadband and telecommunication services. There has been no change in the principal activities of the company since the year end.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2026.

FUTURE DEVELOPMENTS

Management continues to closely monitor developments in relation to the cost of living crisis, rising inflation and interest rates and the potential consequential political and economic uncertainties to mitigate any risks to the business.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2025 to the date of this report.

N M Barnett

C N Barnett

A S Gill

D J Watson

M R Batty

POLITICAL DONATIONS AND EXPENDITURE

There were no charitable or political donations made during the year.

INDEMNITY PROVISION

There are no qualifying Directors' indemnity provisions.

GOING CONCERN

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that, with the support from the group headed by Talktalk Telecom Group Limited, the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Feist Hedgethorne Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N M Barnett - Director

7 September 2026

Opinion

We have audited the financial statements of Home Telecom Limited (the 'company') for the year ended 28 February 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 28 February 2026 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence where relevant authorities, and evaluating advice received from external tax advisors.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Chris Morey (Senior Statutory Auditor)

for and on behalf of Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

7 September 2026

TURNOVER

17,757,166

17,810,001

Cost of sales

(11,635,515

)

(12,153,789

)

GROSS PROFIT

6,121,651

5,656,212

Administrative expenses

(7,204,092

)

(7,983,084

)

(1,082,441

)

(2,326,872

)

Other operating income

-

60,961

OPERATING LOSS

4

(1,082,441

)

(2,265,911

)

Interest receivable and similar income

275

-

LOSS BEFORE TAXATION

(1,082,166

)

(2,265,911

)

Tax on loss

5

79,365

(106,151

)

LOSS FOR THE FINANCIAL YEAR

(1,002,801

)

(2,372,062

)

LOSS FOR THE YEAR

(1,002,801

)

(2,372,062

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,002,801

)

(2,372,062

)

FIXED ASSETS

Intangible assets

6

758,839

2,625,099

Tangible assets

7

422,464

738,272

1,181,303

3,363,371

CURRENT ASSETS

Debtors

8

4,546,654

2,778,898

Cash at bank

234,093

249,005

4,780,747

3,027,903

CREDITORS

Amounts falling due within one year

9

(10,195,932

)

(9,542,991

)

NET CURRENT LIABILITIES

(5,415,185

)

(6,515,088

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,233,882

)

(3,151,717

)

PROVISIONS FOR LIABILITIES

10

(105,837

)

(185,201

)

NET LIABILITIES

(4,339,719

)

(3,336,918

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

(4,339,819

)

(3,337,018

)

SHAREHOLDERS' FUNDS

(4,339,719

)

(3,336,918

)

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2026 and were signed on its behalf by:

N M Barnett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2024

100

(964,956

)

(964,856

)

Changes in equity

Total comprehensive income

-

(2,372,062

)

(2,372,062

)

Balance at 28 February 2025

100

(3,337,018

)

(3,336,918

)

Changes in equity

Total comprehensive income

-

(1,002,801

)

(1,002,801

)

Balance at 28 February 2026

100

(4,339,819

)

(4,339,719

)

1.	STATUTORY INFORMATION

Home 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 presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

The principle place of business is Unit 8 Piries Place, Horsham, West Sussex, England, RH12 1EH.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and these 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.

The items in the financial statements where these judgements and estimates have been made include the useful economic life of intangible and tangible fixed assets, the amortisation and depreciation of these assets, provisions and the recoverability of debtors, and tax provisions.

Key sources of estimation uncertainty:

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are depreciated over the approved depreciation rates. The carrying amount of tangible fixed assets is £422,464 (2025: £738,272) as noted in note 7.

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are amortised over the approved amortisation rates. The carrying amount of intangible fixed assets is £758,839 (2025: £2,625,009) as noted in note 6.

Turnover

Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows:

Revenue is recognised on a monthly basis for all calls and minutes, with advanced rentals for line and broadband deferred and recognised in the Profit and Loss in the relevant month. Any long term contracts are recognised over the term of the contract.

Intangible assets

Customer acquisitions are capitalised at their fair value and are amortised over their useful economic life, which is 36 months.

Included within customer acquisitions are subscriber acquisition costs where they meet the criteria for capitalisation as an intangible asset, to the extent that they are supported by expected future cash inflows. These comprise the direct third-party costs of recruiting and retaining customers, net of incentives from network operators and provision for in-contract churn. They are amortised on a straight-line basis over the shorter of the customer life and the contractual period.

Computer software is capitalised at its fair value and is amortised over its useful economic life which ranges from 36 to 48 months.

Included within computer software is costs associated with the development of the sales customer relationship management system where they meet the criteria for capitalisation as an intangible asset, to the extent that they are supported by future economic benefits. These comprise the direct third-party development costs and internal staffing costs of the development team for time spent on the projects. They are amortised on a straight-line basis over the estimated economic benefit of the project.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its useful life or, if held under a finance lease, over the lease term, whichever is the shorter. The effect of not providing for depreciation on short leasehold and improvements to property is not material to the financial statements.

Computer equipment

-

Straight line over 18 months

Fixtures, fittings and equipment

-

Straight line over 36 months

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Financial instruments

Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's financial statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Leases

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

Change in accounting estimates

During the year, the company reviewed the estimated useful economic life applied to its intangible assets. Previously, such assets were amortised over 18 months. Following a reassessment of the expected pattern of economic benefits arising from these assets, management determined that a longer useful economic life of 36 months is more appropriate.

This change represents a change in accounting estimate in accordance with FRS 102 and Section 10 (Accounting Policies, Estimates and Errors). The revised estimate has been applied prospectively from the date of change. As a result, the amortisation charge for the current financial year has decreased relative to the prior year.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate entity. Once the contributions have been paid, the company has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

No employees were employed by the company in the current or prior year. Staff costs, including social security and pensions, are paid by Global 4 Communications Limited and Telecom Acquisitions Limited and are recharged to Home Telecom Limited. The total recharge in the period under review is £2,844,645 (2025: £2,811,367).

2026

2025

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2026

2025

£

£

Hire of plant and machinery

11,289

16,020

Other operating leases

48,081

36,840

Depreciation - owned assets

901,702

934,346

Loss on disposal of fixed assets

1,580,104

-

Customer acquisition amortisation

889,845

2,039,821

Computer software amortisation

280,793

169,584

Auditors' remuneration

7,800

3,710

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2026

2025

£

£

Current tax:

Over-provision in prior years

-

(44,823

)

Deferred tax

(79,365

)

150,974

Tax on loss

(79,365

)

106,151

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Loss before tax

(1,082,166

)

(2,265,911

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

(270,542

)

(566,478

)

Effects of:

Expenses not deductible for tax purposes

689,415

552,860

Capital allowances in excess of depreciation

(412

)

-

Depreciation in excess of capital allowances

-

110,544

Utilisation of tax losses

(17,375

)

-

Adjustments to tax charge in respect of previous periods

-

(44,823

)

Tax losses c/fwd

-

243,133

Intangible asset allowable deduction

(480,451

)

(189,085

)

Total tax (credit)/charge

(79,365

)

106,151

6.	INTANGIBLE FIXED ASSETS

Customer

Computer

acquisition

software

Totals

£

£

£

COST

At 1 March 2025

5,565,559

884,672

6,450,231

Additions

666,002

368,480

1,034,482

Disposals

(2,828,143

)

-

(2,828,143

)

At 28 February 2026

3,403,418

1,253,152

4,656,570

AMORTISATION

At 1 March 2025

3,577,746

247,386

3,825,132

Amortisation for year

889,845

280,793

1,170,638

Elimin on disposal

(1,098,039

)

-

(1,098,039

)

At 28 February 2026

3,369,552

528,179

3,897,731

NET BOOK VALUE

At 28 February 2026

33,866

724,973

758,839

At 28 February 2025

1,987,813

637,286

2,625,099

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2025

2,421

2,614,781

2,617,202

Additions

-

585,894

585,894

At 28 February 2026

2,421

3,200,675

3,203,096

DEPRECIATION

At 1 March 2025

2,017

1,876,913

1,878,930

Charge for year

404

901,298

901,702

At 28 February 2026

2,421

2,778,211

2,780,632

NET BOOK VALUE

At 28 February 2026

-

422,464

422,464

At 28 February 2025

404

737,868

738,272

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

70,769

71,951

Amounts owed by group undertakings

-

53,636

Other debtors

1,214

22,390

Prepayments

2,118,853

1,406,368

Accrued income

2,355,818

1,224,553

4,546,654

2,778,898

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

94,390

90,563

Amounts owed to group undertakings

7,075,807

6,634,808

VAT

744,677

756,175

Global 4 Communications Ltd

-

150,000

Deferred income

1,230,647

1,218,161

Accrued expenses

1,050,411

693,284

10,195,932

9,542,991

10.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

105,837

185,201