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Financial Statements for the Year Ended 31 May 2022 |
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HOME TELECOM LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 May 2022 |
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for |
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HOME TELECOM LIMITED |
HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Contents of the Financial Statements |
for the year ended 31 May 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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HOME TELECOM LIMITED |
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Company Information |
for the year ended 31 May 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Balance Sheet |
31 May 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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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HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Notes to the Financial Statements |
for the year ended 31 May 2022 |
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1. | STATUTORY INFORMATION |
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Home Telecom Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principle place of business is Global House, 60B Queen Street, Horsham, West Sussex, RH13 5AD. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The items in the financial statements where these judgements and estimates have been made include the useful economic life of intangible and tangible fixed assets, the amortisation and depreciation of these assets, provisions and the recoverability of debtors. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows: |
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Revenue is recognised on a monthly basis for all calls and minutes, with advanced rentals for line and broadband deferred and recognised in the Profit and Loss in the relevant month. Any long term contracts are recognised over the term of the contract. |
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Intangible assets |
Customer acquisitions are capitalised at their fair value and are amortised over their useful economic life, which is 18 months. |
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Included within customer acquisitions are subscriber acquisition costs where they meet the criteria for capitalisation as an intangible asset, to the extent that they are supported by expected future cash inflows. These comprise the direct third-party costs of recruiting and retaining customers, net of incentives from network operators and provision for in-contract churn. They are amortised on a straight-line bases over the shorter of the customer life and the contractual period. |
HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its useful life or, if held under a finance lease, over the lease term, whichever is the shorter. The effect of not providing for depreciation on short leasehold and improvements to property is not material to the financial statements. |
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Computer equipment | - | Straight line over 18 months |
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Impairment policy |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
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The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's financial statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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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. |
HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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 paid by Global 4 Communications Limited and are recharged to the profit and loss in the period to which they relate to. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
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4. | INTANGIBLE FIXED ASSETS |
Customer |
acquisition |
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COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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AMORTISATION |
At 1 June 2021 |
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Amortisation for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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The Parent company bankers hold a fixed and floating charge covering all the property or undertaking of the company. This charge was created on 23 May 2022. |
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9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 33,266 | 10,912 |
HOME TELECOM LIMITED (REGISTERED NUMBER: 07412021) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2022 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 June 2021 |
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Accelerated capital allowances | 27,542 |
Bad debt provision | (5,188 | ) |
Balance at 31 May 2022 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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As the Directors' report and income statement have been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with section 444(5B) of the Companies Act 2006. |
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The audit report was unqualified. |
The senior statutory auditor was
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The auditor was Feist Hedgethorne Limited. |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Global 4 Communications Limited is a related party as it is under the control of N M Barnett. It acted as an agent during the year and made sales on behalf of the company of £5,830,194 (2021: £4,699,096). Global 4 Communications Limited incurred expenses during the year of £5,830,194 (2021: £4,699,097). |
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Management services were provided by Global 4 Communications Limited and the company paid management fees of £Nil (2021: £225,000). At the year end Home Telecom Limited is owed £97,515 by Global 4 Communications Limited (2021: Home Telecom Limited owed £708,931). |
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12. | ULTIMATE CONTROLLING PARTY |
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The Parent company is Telecom Acquisitions Limited and the ultimate controlling party is Mr N M Barnett. |
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13. | EQUITY RESERVE |
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Share capital - This represents the nominal value of shares that have been issued. |
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Retained earnings - Includes all current and prior period retained profits and losses. |