Telescope Holdings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11424385 (England and Wales)

Financial Statements for the Year Ended 31 March 2021

for

Telescope Holdings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C J Garnett

REGISTERED OFFICE:

Axis Court, Nepshaw Lane South

Gildersome

Leeds

West Yorkshire

LS27 7UY

REGISTERED NUMBER:

11424385 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

2nd Floor, Woodside House

261 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NY

FIXED ASSETS

Investments

4

1,035,816

1,035,816

CURRENT ASSETS

Debtors

5

336,468

128,913

Cash at bank

3,901

486

340,369

129,399

CREDITORS

Amounts falling due within one year

6

1,323,876

1,114,015

NET CURRENT LIABILITIES

(983,507

)

(984,616

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,309

51,200

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

52,289

51,180

52,309

51,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2021 and were signed by:

C J Garnett - Director

1.	STATUTORY INFORMATION

Telescope Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Financial instruments

Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

1,035,816

NET BOOK VALUE

At 31 March 2021

1,035,816

At 31 March 2020

1,035,816

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Other debtors

336,468

128,913

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Other creditors

1,323,876

1,114,015

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Other loan

-

125,000

The other loans have a fixed and floating charge covering all the property or undertaking of the company.

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

C J Garnett

Balance outstanding at start of year

80,731

(990

)

Amounts advanced

128,094

198,414

Amounts repaid

(95,654

)

(116,693

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

113,171

80,731

Interest was charged on the above loan at the official rate. This loan is repayable on demand.