ACCOUNTT - Final Accounts

ACCOUNTT - Final Accounts

INTERNET TELECOM LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2021-12-312021-12-31falsetrue2021-01-01Provision of telecomunication servicestrue11The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03824110 2021-01-01 2021-12-31 03824110 2020-01-01 2020-12-31 03824110 2021-12-31 03824110 2020-12-31 03824110 c:Director1 2021-01-01 2021-12-31 03824110 d:CurrentFinancialInstruments 2021-12-31 03824110 d:CurrentFinancialInstruments 2020-12-31 03824110 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03824110 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 03824110 d:ShareCapital 2021-12-31 03824110 d:ShareCapital 2020-12-31 03824110 d:RetainedEarningsAccumulatedLosses 2021-12-31 03824110 d:RetainedEarningsAccumulatedLosses 2020-12-31 03824110 c:FRS102 2021-01-01 2021-12-31 03824110 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 03824110 c:FullAccounts 2021-01-01 2021-12-31 03824110 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 03824110









INTERNET TELECOM LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021
 
INTERNET TELECOM LIMITED
REGISTERED NUMBER: 03824110

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
31,417
20,000

Cash at bank and in hand
  
7,156
3,537

  
38,573
23,537

Creditors: amounts falling due within one year
 5 
(25,186)
(14,660)

Net current assets
  
 
 
13,387
 
 
8,877

Total assets less current liabilities
  
13,387
8,877

  

Net assets
  
13,387
8,877


Capital and reserves
  

Called up share capital 
  
1,619,800
1,619,800

Profit and loss account
  
(1,606,413)
(1,610,923)

  
13,387
8,877


Page 1
 
INTERNET TELECOM LIMITED
REGISTERED NUMBER: 03824110
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Beckingham
Director

Date: 22 April 2022

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
INTERNET TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Internet Telecom Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director has adopted the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

Page 3
 
INTERNET TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Page 4
 
INTERNET TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Debtors

2021
2020
£
£


Other debtors
31,417
20,000

31,417
20,000



5.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
10,800
-

Corporation tax
906
797

Other taxation and social security
-
383

Other creditors
13,480
13,480

25,186
14,660


Page 5