REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Period 1 April 2021 to 29 March 2022 |
for |
Telec Networks Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements |
for the Period 1 April 2021 to 29 March 2022 |
for |
Telec Networks Limited |
Telec Networks Limited (Registered number: 10052765) |
Contents of the Financial Statements |
for the Period 1 April 2021 to 29 March 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Telec Networks Limited |
Company Information |
for the Period 1 April 2021 to 29 March 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Telec Networks Limited (Registered number: 10052765) |
Strategic Report |
for the Period 1 April 2021 to 29 March 2022 |
The director presents his strategic report for the period 1 April 2021 to 29 March 2022. |
REVIEW OF BUSINESS |
The principle activities of the company continued to be that of telecommunications network build partners using our expertise and high quality of workmanship. |
We are proud to play a key part in the delivery of broadband networks across the UK for our clients. |
There has not been any significant changes in the company's principle activities in the current year, but there has been enhancements to our capabilities and the director is not aware at the date of this report, of any likely changes in the company's principle activities in the forthcoming year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Health and Safety |
The company recognises the business-critical importance of this area and its responsibilities for health and safety in the work place and sites. This is assessed, managed, reported and improved on an ongoing basis using our internal qualified resource. |
Our on going commitment is to reduce risks of accidents and dangerous working conditions as we continue to progress health and safety awareness within the company. |
We maintained a covid safe environment at the end of lockdown in March 2021 in line with the government guidance. |
People |
Our people once again have proved themselves to be one of our most valuable assets, showing their commitment to the business, their excellent teamwork & resilience during a very difficult year when we successfully dealt with so many unexpected challenges as the economy started to recover from the pandemic. |
Market Risk |
We continue to identify the current risks and challenges facing the business as those of managing growth and succession in a dynamic unstable world economic climate, particularly in the oil and petrochemical sector. |
Sustainability along with carbon foot printing & life cycles analysis continues to be increasingly high on the agenda of most major coporates and our commitment to meet these needs along with our continued policy to service diverse market sectors continues to place the company in a strong competitive position.. |
Energy Management |
The Director considers the management of energy to be a key element of our operations. |
We actively review our energy contracts and have the ability to fix our electricity prices where it is in the company's interest to do so. |
Bribery Policy |
We have always valued the company's reputation for ethical behaviour and for financial probity and reliability which has led to our creating and implementing a policy and procedure as required by the bribery act 2010. |
ON BEHALF OF THE BOARD: |
Telec Networks Limited (Registered number: 10052765) |
Report of the Director |
for the Period 1 April 2021 to 29 March 2022 |
The director presents his report with the financial statements of the company for the period 1 April 2021 to 29 March 2022. |
DIVIDENDS |
No dividends will be distributed for the period ended 29 March 2022. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Telec Networks Limited |
Opinion |
We have audited the financial statements of Telec Networks Limited (the 'company') for the period ended 29 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 29 March 2022 and of its profit for the period 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 relating to going concern |
We draw your attention to the Going Concern disclosure (note 20) which describes why the director considers that the going concern basis of accounting is appropriate to the company's circumstances. Our opinion is not modified in this respect. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Telec Networks Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, food hygiene, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
-To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
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. |
Other Matter |
As required by ISA 710 we note that the comparative figures are unaudited. Our opinion is not modified in this respect. |
Report of the Independent Auditors to the Members of |
Telec Networks Limited |
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. |
for and on behalf of |
Riverside House, Business Park |
Kings Reach, Yew Street |
Stockport |
SK4 2HD |
Telec Networks Limited (Registered number: 10052765) |
Income Statement |
for the Period 1 April 2021 to 29 March 2022 |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
759,666 | 3,148,713 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL PERIOD |
Telec Networks Limited (Registered number: 10052765) |
Other Comprehensive Income |
for the Period 1 April 2021 to 29 March 2022 |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
Telec Networks Limited (Registered number: 10052765) |
Balance Sheet |
29 March 2022 |
29.3.22 | 31.3.21 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Telec Networks Limited (Registered number: 10052765) |
Statement of Changes in Equity |
for the Period 1 April 2021 to 29 March 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 29 March 2022 |
Telec Networks Limited (Registered number: 10052765) |
Cash Flow Statement |
for the Period 1 April 2021 to 29 March 2022 |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (58,313 | ) | (326 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
565,353 |
Cash and cash equivalents at end of period |
2 |
1,066,885 |
1,473,727 |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Cash Flow Statement |
for the Period 1 April 2021 to 29 March 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 65,965 | 48,411 |
Finance income | (482 | ) | (5 | ) |
946,082 | 3,600,654 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 29 March 2022 |
29.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,066,885 | 1,473,727 |
Year ended 31 March 2021 |
31.3.21 | 1.4.20 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,473,727 | 565,353 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.21 | Cash flow | At 29.3.22 |
£ | £ | £ |
Net cash |
Cash at bank | 1,473,727 | (406,842 | ) | 1,066,885 |
1,473,727 | ( |
) | 1,066,885 |
Debt |
Finance leases | (169,174 | ) | (293,208 | ) | (462,382 | ) |
Debts falling due within 1 year | (135,376 | ) | (30,780 | ) | (166,156 | ) |
Debts falling due after 1 year | (253,343 | ) | 184,111 | (69,232 | ) |
(557,893 | ) | (139,877 | ) | (697,770 | ) |
Total | 915,834 | (546,719 | ) | 369,115 |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements |
for the Period 1 April 2021 to 29 March 2022 |
1. | STATUTORY INFORMATION |
Telec Networks Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax. |
Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership have been transferred to the buyer, usually on dispatch of the goods; the amount of revenue can be measured reliably; it is probably that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Tangible assets are initially measured at cost and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. |
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulate impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However the increase is recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit and loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss. |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Land and Buildings | 10% straight line |
Plant and Machinery | 10% straight line |
Motor Vehicles | 15% straight line |
Office equipment | 25% straight line |
Taxation |
Taxation for the period 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 period 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. |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements - continued |
for the Period 1 April 2021 to 29 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Finance lease and hire purchase contracts |
Assests held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of fair value of the assets and the present value of minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Defined contribution pension plan |
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. |
Operation leases |
A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expenses over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
Direct labour | 39 | 9 |
Administration | 14 | 6 |
Directors | 1 | 1 |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements - continued |
for the Period 1 April 2021 to 29 March 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors for whom retirement benefits are accruing under money purchase schemes amounted to 1 (2021: 1) |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Other operating leases |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Bank interest |
Fines and penalties |
Interest on late paid tax (Cor poration Tax) |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% . |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements - continued |
for the Period 1 April 2021 to 29 March 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax provision | 92,558 | (36,420 | ) |
Total tax charge | 179,529 | 595,754 |
8. | DIVIDENDS |
Period |
1.4.21 |
to | Year Ended |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Ordinary shares of 1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 March 2022 |
NET BOOK VALUE |
At 29 March 2022 |
At 31 March 2021 |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements - continued |
for the Period 1 April 2021 to 29 March 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 58,301 | - |
Tax |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 3,284,391 | 2,261,652 |
Other creditors |
Directors' current accounts | - | 12 |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
29.3.22 | 31.3.21 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements - continued |
for the Period 1 April 2021 to 29 March 2022 |
15. | PROVISIONS FOR LIABILITIES |
29.3.22 | 31.3.21 |
(Unaudited) |
£ | £ |
Deferred tax | 285,923 | 193,365 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Provided during period |
Balance at 29 March 2022 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.3.22 | 31.3.21 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2021 |
Profit for the period |
At 29 March 2022 |
18. | PENSION COMMITMENTS |
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 represents contributions payable by the company to the fund and amounted to £47,973 (2021 £11,904). Contributions amounting to £6,039 (2021: £2,869) were outstanding at the end of the period. |
19. | RELATED PARTY DISCLOSURES |
Hague Property Rentals Limited | 1,735,526 |
HPS Plant Hire Limited | 3,854,847 |
Telec Utilities Limited | 262,071 |
Transactions in year | Sales | Purchases | Mgmt Charges | Trade debtor | Trade creditor |
Hague Property Rentals Limited |
122,856 |
HPS Plant Hire Limited | 144,200 | 1,640,381 | 2,000,000 | 499,440 | 13,561 |
Telec Utilities Limited | 148,307 | -9040 |
Telec Networks Limited (Registered number: 10052765) |
Notes to the Financial Statements - continued |
for the Period 1 April 2021 to 29 March 2022 |
19. | RELATED PARTY DISCLOSURES - continued |
Key management personnel are; |
Mr M Hague - Director |
Mr P Butler - Operations Manager |
20. | GOING CONCERN |
The company currently has a winding up order against it in favour of HMRC and the bank account of the business has been frozen. The Director intends to seek a 'validation order' to unfreeze the bank account and this will be heard on 28 April 2023. The company has secured an agreement in principle for a loan of £2 million, although a condition of this loan is the unfreezing of the bank account. If the validation order is granted the liability due to HMRC will be paid before the court date of 14 June 2023. The director has given full consideration to all of the factors involved and is confident that the order will be granted, the loan received and the debt discharged. For this reason the director considers it appropriate for the financial statements to be prepared under the going concern basis |