| Giggle Fibre Limited |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises civil engineering works, ducting, cable and materials, and directly attributable third party contractor costs incurred in bringing the network to its present condition. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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| 3 |
Debtors |
2025 |
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2024 |
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| £ |
£ |
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Other debtors |
6,025 |
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- |
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| 4 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
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| £ |
£ |
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Trade creditors |
2,175 |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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533,000 |
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- |
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Other creditors and accruals |
1,169,724 |
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- |
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1,704,899 |
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- |
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| 5 |
Going Concern |
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The company is in the course of constructing its fibre network and has not yet commenced trading. At 31 December 2025 the company had net liabilities of £600 and was dependent on continued support from its parent undertaking, Harmony Networks Limited, and from SCD Group Limited, a company under the control of the director. Both have confirmed that they will not seek repayment of amounts owed to them for a period of at least twelve months from the date of approval of these accounts. On this basis the director considers it appropriate to prepare the accounts on a going concern basis. |
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| 6 |
Related party transactions |
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The company is a wholly owned subsidiary of Harmony Networks Limited, a company incorporated in England and Wales, which is the immediate and ultimate parent undertaking. The ultimate controlling party is C Durkan by virtue of his 100% shareholding in Harmony Networks Limited.
During the year the company acquired network materials from Harmony Networks Limited, its parent undertaking, at a cost of £533,000 (2024: £nil), which has been included within amounts owed to group undertakings. The amount had not been invoiced at the reporting date and £533,000 (2024: £nil) was outstanding at 31 December 2025. The balance is unsecured, interest free and has no fixed date of repayment.
C Durkan, a director of the company, holds a 51% shareholding in SCD Group Limited.
During the year SCD Group Limited carried out construction and civil engineering works in connection with the build of the company's fibre network at a cost of £1,128,673 (2024: £nil), which has been included within work in progress. The works had not been invoiced at the reporting date and the full amount was included within other creditors at 31 December 2025.
In addition, at 31 December 2025 the company owed SCD Group Limited £40,452 (2024: £nil) in respect of a loan. The loan is unsecured, interest free and has no fixed date of repayment.
The above transactions were not concluded under normal market conditions. |
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| 7 |
Other information |
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Giggle Fibre Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 4, Crossgates House |
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67 Crossgates Shopping Centre |
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Leeds |
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LS15 8EU |