REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TELIGENT LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TELIGENT LIMITED |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
TELIGENT LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
327 Clifton Drive South |
Lytham St Annes |
Lancashire |
FY8 1HN |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
STRATEGIC REPORT |
for the Year Ended 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company operations are providing telecommunication software & setting up tower infrastructure encompassing design, site acquisition, tower construction and operational readiness for operators. The Altuist Group is the major holding company and distributes overseas with subsidiaries Telecom Teligent AB in Sweden being the companies direct parent. |
The company's key financial and other performance indicators during the year were as follows: |
2023 | 2022 | 2021 |
Turnover |
£18,212,080 |
£10,965,420 |
£2,696,259 |
Gross profit |
£3,900,725 |
£933,611 |
£1,345,393 |
Gross profit margin |
21.4% |
8.5% |
49.9% |
The directors consider the software side of the operations will remain consistent, the company acquired the Infra business from Daly International in February 2022. Upon acquiring the business, the company faced several challenges, as the previous promoters lacked funds and suppliers withdrew their support. However, with Teligent Limited's involvement and being a subsidiary of the Altruist Group, the Group funded all operational requirements, reestablished supplier relations, and restored operations. Since then, the Infra business has been growing steadily, generating £8million in revenue during 2022, in addition to the software business. Notably, this revenue was achieved while the Infra business was operating below 50% capacity during the initial four months after the acquisition.The company has recently started working with major phone operators as the Altruist Group have a longstanding relationship with these operators and provide services to them worldwide.The directors also anticipate that existing customers will continue to place orders as the number of 5G sites expands. |
In 2023, company revenues exceeded £18million. This achievement was underpinned by a substantial improvement in gross profit margins, which rose from 8.5% to 21.4%. Notably, this performance marked a significant turnaround from the previous year's losses, shifting from a £2.7million deficit in 2022 to a profit of £543,933 in 2023. |
In 2024, the company remains steadfast in its pursuit of greater profitability. By the midpoint of March 2024, the company had already amassed a turnover of £5.4million, underscoring its sustained growth. With a proactive approach, management is actively deploying strategies aimed at further optimizing profitability throughout the remainder of the year. |
Despite the ongoing financial support committed by its parent entities, the company is confident in its ability to navigate the future successfully. The commitment of the Altruist Group to provide the necessary backing ensures the company's continued viability. This support serves as a cornerstone for the directors' decision to confidently prepare the financial statements on a going concern basis, reflecting their belief in the company's enduring prospects. |
The company's success is dependent on the proper selection, pricing and ongoing management of risks. The directors believe its important to retain a diversified portfolio in order to achieve maximum profitability in the highly competitive marketplace. The company will continue to consolidate its position and continue its efforts on achieving maximum growth in its existing markets. |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
STRATEGIC REPORT |
for the Year Ended 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's activities expose it to a number of financial risks including credit risk, interest rate risk and liquidity risk. |
The company's principal financial instruments comprise bank balances, invoice discounting arrangements, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the company's operations. |
Objectives and policies |
The principal risks and uncertainties to which the company is subject are: |
- People |
- Macro economic environment |
- Competition |
People - The resignation of key individuals and the inability to recruit talented people could adversely affect the company results. The risk is mitigated by succession planning, training of staff and by implementing appropriate pay structures. |
Macro economic environment - Telecommunication infrastructure activity is largely driven by economic cycles and the levels of business confidence. |
Competition - The degree of competition varies by region and by sector. The group's risk is spread by the diversity of the sectors in which it operates. |
Position of the business |
At the end of the period, the company had negative shareholder funds of £638,354 (2022 - £1,182,286 -ve). |
Price risk, credit risk, liquidity risk and cash flow risk |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of invoice discounting arrangements at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due. |
Loans are comprised entirely of loans from intergroup companies, with variable rates of interest. The business manages the liquidity risk by ensuring that there are sufficient funds to meet any repayments that are due. |
The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet any repayments that are |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
STRATEGIC REPORT |
for the Year Ended 31 DECEMBER 2023 |
FUTURE DEVELOPMENTS |
As for many businesses of our size, the environment in which the company operates continues to be challenging. The industry is subject to constraints on spending partly brought about by uncertainty in the European economy and partly by other factors. With these risks and uncertainties in mind, the directors are aware that any plans for future development of the company may be subject to unforeseen future events outside of their control. Nevertheless, the directors consider that the company is well placed to sustain the current level of activity in the foreseeable future. |
ON BEHALF OF THE BOARD: |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
RESEARCH AND DEVELOPMENT |
The main field of technology is telecommunications, specifically network infrastructure. The R&D project seeks an advance in infrastructure delivery, in detail the development of a generic 5G infrastructure solution, emergency services network, mass-calling platform (RIDE, phase 2) and a service capability exposure function |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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, Whitehead & Howarth, 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 |
TELIGENT LIMITED |
Opinion |
We have audited the financial statements of Teligent Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of 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 31 December 2023 and of its profit 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 relating 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TELIGENT LIMITED |
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 Statement of Directors' Responsibilities 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: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In our assessment of the financial statements and their susceptibility to material misstatement and how fraud may occur we have considered the nature of the industry and sector the client operates in and the control environment and remuneration policies for key management. Communication with management and review of documentation is performed and discussions among the audit team takes place to identify and review the areas offering the greatest potential for fraud or error such as the timing of recognition of commercial income, complex transactions or unusual journal entries. |
We have obtained an understanding of the legal and regulatory framework that the company operates in and focus on those laws or regulations which are considered central to the entity and the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety and tax legislation. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TELIGENT 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 |
Statutory Auditors |
327 Clifton Drive South |
Lytham St Annes |
Lancashire |
FY8 1HN |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
STATEMENT OF COMPREHENSIVE INCOME |
for the Year Ended 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,342,055 | 3,549,606 |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Interest receivable and similar income |
568,374 | (2,615,450 | ) |
Interest payable and similar expenses | 5 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 6 | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 | ( |
) | ( |
) |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
CASH FLOW STATEMENT |
for the Year Ended 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Group loan movement | (231,988 | ) | 4,576,279 |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
304,263 |
Cash and cash equivalents at end of year | 2 | 2,074,873 | 1,539,680 |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Finance costs | 143,372 | 108,374 |
Finance income | (9,704 | ) | (545 | ) |
612,887 | (2,559,380 | ) |
Decrease/(increase) in stocks | ( |
) |
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: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 2,074,873 | 1,539,680 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,539,680 | 304,263 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,539,680 | 535,193 | 2,074,873 |
1,539,680 | 2,074,873 |
Total | 1,539,680 | 535,193 | 2,074,873 |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Teligent Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As a result of trading losses, shareholders' funds currently report a negative balance of £638,354. As detailed in the strategic report during 2024, the company remains steadfast in its pursuit of greater profitability. By the midpoint of March 2024, the company had already amassed a turnover of £5.4million, underscoring its sustained growth. With a proactive approach, management is actively deploying strategies aimed at further optimizing profitability throughout the remainder of the year.The company is dependent, in the absence of other funding on the continued financial support of it's parent companies, they have confirmed their commitment to provide the necessary support and the directors consider it is appropriate to prepare the financial statements on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. |
Judgements and estimation uncertainty |
The preparation of the financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimate and assumptions, and judgements are provided below. |
Work in progress - The company has recognised work in progress on apportioning costs over the purchase order, the % of job completion is an estimate on review of the data available and knowledge of the client work. |
Accrued income - The company has recognised accrued income by considering build costs, the stage of completion a project has reached and what is due to be invoiced by contractors on each project. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Project sales are recognised on an invoiced basis. |
Maintenance income is included in the accounts in the period to which it relates. |
All other income is included in the accounts on an invoiced basis. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stock inventories |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Cost comprises of average invoice cost exclusive of VAT, together with freight & carriage costs. Net realisable value comprises of actual or estimated selling price less all further costs to completion or to be incurred in marketing, selling and distribution. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Functional and presentation currency |
Items included in the financial statements are presented in 'Sterling £GBP, the currency of the primary economic environment in which the entity operates (the 'functional currency'). |
Transactions and balances |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at a contracted rate. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date or the contracted rate. Non-monetary items that are measured at historical cost are translated at the foreign exchange rate ruling at the date of the transaction. Non-monetary items measured at fair value are translated at the rate of exchange at the date of the valuation. All differences are taken to the profit and loss account as part of the fair value gain or loss. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
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. |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Engineers | 62 | 68 |
Administration | 25 | 26 |
Management | 3 | 3 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Loan interest |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
Tax under/over provision | (111,742 | ) | (13,801 | ) |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) | ( |
) |
UK corporation tax has been charged at 19% . |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
6. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Research & development in respect of previous periods | (107,269 | ) | - |
Total tax credit | (118,931 | ) | (7,273 | ) |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
8. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
Work-in-progress |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
9. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Tax | - | 33,753 |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 402,402 | 510,375 |
Other creditors |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Between one and five years |
In more than five years |
13. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 5,108 | 12,297 |
TELIGENT LIMITED (REGISTERED NUMBER: 02893478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2023 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 208,000 | 208,000 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 | ( |
) |
16. | CONTROL OF THE COMPANY |
The company was controlled 100% during the year by its parent company, Teligent Telecom AB, a company registered in Sweden. Teligent Telecom AB is 100% controlled by Altruist Technologies Private Limited, a company registered in India. |