Computertel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02311748 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2020 TO 30 JUNE 2021

FOR

COMPUTERTEL LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

6,854

21,676

CURRENT ASSETS

Stocks

-

10,866

Debtors

5

174,996

54,172

Cash at bank and in hand

66,208

145,818

241,204

210,856

CREDITORS

Amounts falling due within one year

6

231,801

220,673

NET CURRENT ASSETS/(LIABILITIES)

9,403

(9,817

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,257

11,859

PROVISIONS FOR LIABILITIES

464

421

NET ASSETS

15,793

11,438

CAPITAL AND RESERVES

Called up share capital

130

130

Capital redemption reserve

12,960

12,960

Retained earnings

2,703

(1,652

)

15,793

11,438

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2022 and were signed on its behalf by:

R Pennington - Director

1.	STATUTORY INFORMATION

ComputerTel Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02311748 and the company's registered office is 3 Scholar Green Road, Cobra Court, Trafford Park, Manchester, M32 0TR.

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.

Results are for a single entity. The functional and presentation currency is £ sterling.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade debtors recoverability

Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

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.

Basic financial assets, which include work in progress, trade debtors, other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors and other creditors, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Going concern

Based on the current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

106,381

Additions

3,163

Disposals

(24,024

)

At 30 June 2021

85,520

DEPRECIATION

At 1 April 2020

84,705

Charge for period

9,804

Eliminated on disposal

(15,843

)

At 30 June 2021

78,666

NET BOOK VALUE

At 30 June 2021

6,854

At 31 March 2020

21,676

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

(Unaudited)

£

£

Trade debtors

80,888

46,214

Amounts owed by group undertakings

75,000

-

Other debtors

19,108

7,958

174,996

54,172

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

(Unaudited)

£

£

Trade creditors

11,434

17,071

Taxation and social security

35,345

24,837

Other creditors

185,022

178,765

231,801

220,673

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

(Unaudited)

£

£

Within one year

11,310

24,000

Between one and five years

-

48,000

11,310

72,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen Dent (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

9.	CONTINGENT LIABILITIES

On 8 June 2021 the company along with its fellow subsidiary, 4Net Technologies Ltd, and its parent company, 4Net Holdings Ltd, entered into guarantees in the form of debentures containing fixed and floating charges over the company's assets, to secure the borrowings of Project Eaton Topco Limited and Project Eaton Bidco Limited. At 30 June 2021 the amount outstanding in respect of these guarantees was £37.43m. The beneficiaries of the securities are Altus Domus Trustees (UK) Limited as security agent and then Palatine Private Equity LLP.

10.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is 4Net Holdings Ltd, a company registered in England and Wales. Group accounts are available at Companies House.

The company's ultimate parent company is Project Eaton Topco Limited, a company registered in England and Wales. The directors consider the ultimate controlling party to be Palatine Private Equity LLP, a limited liability partnership registered in England and Wales.