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Financial Statements for the Year Ended 31 December 2020 |
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ANT Telecommunications Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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ANT Telecommunications Limited |
ANT Telecommunications Limited (Registered number: 03971385) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Report of the Accountants | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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ANT Telecommunications Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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55 High Street |
Hoddesdon |
Hertfordshire |
EN11 8TQ |
ANT Telecommunications Limited |
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Report of the Accountants to the Directors of |
ANT Telecommunications Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2020 set out on pages two to ten and you consider that the company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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55 High Street |
Hoddesdon |
Hertfordshire |
EN11 8TQ |
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ANT Telecommunications Limited (Registered number: 03971385) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ANT Telecommunications Limited (Registered number: 03971385) |
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Balance Sheet - continued |
31 December 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ANT Telecommunications Limited (Registered number: 03971385) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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ANT Telecommunications Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced value of goods, services and aggregate rental charges, excluding value added tax. Amounts receivable under Maintenance contracts and Rental agreements are recognised as turnover in so far as the charges relate to the period under review. Charges relating to future accounting periods are apportioned accordingly. |
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Financial Instruments |
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The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
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Judgements and key sources of estimation uncertainty |
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In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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The 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 effects only that period, or in the period of the revision and future periods, if the revision effects both current and future periods. |
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The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. |
ANT Telecommunications Limited (Registered number: 03971385) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Rented Equipment | - |
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Test Equipment | - |
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Office Furniture & Fixing | - |
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Computer equipment | - |
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The estimated useful life of equipment rented to customers is the unexpired period of the rental agreement or five years whichever is the shorter. |
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Government grants |
Grants of a revenue nature are recognised in the profit and loss in the same period as the related expenditure. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Work in progress is reduced by payments received on account with excess amounts shown in creditors. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Under the restrictions of Covid 19 the company has made a trading loss for the year, however the company has an overall positive balance sheet. The director's are confident the company can continue to trade with increased sales for further years with Covid 19 restrictions lifting. |
ANT Telecommunications Limited (Registered number: 03971385) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Office |
Rented | Test | Furniture | Computer |
Equipment | Equipment | & Fixing | equipment | Totals |
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COST OR VALUATION |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Cost or valuation at 31 December 2020 is represented by: |
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Office |
Rented | Test | Furniture | Computer |
Equipment | Equipment | & Fixing | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2000 | 218,525 | 75,475 | 3,000 | 3,000 | 300,000 |
Cost | 42,882 | - | 29,171 | 22,936 | 94,989 |
261,407 | 75,475 | 32,171 | 25,936 | 394,989 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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ANT Telecommunications Limited (Registered number: 03971385) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.12.20 | 31.12.19 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
31.12.20 | 31.12.19 |
£ | £ |
Between one and five years |
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ANT Telecommunications Limited (Registered number: 03971385) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.20 | 31.12.19 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts |
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Bank borrowings are secured by a debenture in bank's standard form and an unlimited gross guarantee with it's parent company. There were no borrowings disclosed in the parent company's financial statements. |
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10. | PROVISIONS FOR LIABILITIES |
31.12.20 | 31.12.19 |
£ | £ |
Deferred tax |
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Deferred |
tax |
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Balance at 1 January 2020 |
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Provided during year |
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Balance at 31 December 2020 |
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The provision for deferred taxation is made up of accelerated capital allowances. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £0.01 | 10,000 | 10,000 |
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12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2020 |
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1,916,965 |
Deficit for the year | ( |
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At 31 December 2020 |
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1,861,213 |
ANT Telecommunications Limited (Registered number: 03971385) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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13. | RELATED PARTY DISCLOSURES |
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The ultimate holding company is ANT Telecommunications Holdings Limited registered in England and Wales |
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The Company is controlled by the directors who own all the issued ordinary share capital in the Holding Company. |
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The Company has paid £30,000 (2019 £30,000) to it's Holding Company for management services. |