Speedcom Telecommunications Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05867317 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

SPEEDCOM TELECOMMUNICATIONS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

W N Samarasekara

REGISTERED OFFICE:

21-23 Croydon Road

Caterham

Surrey

CR3 6PA

REGISTERED NUMBER:

05867317 (England and Wales)

ACCOUNTANTS:

Upton Neenan Lees

Chartered Accountants

21-23 Croydon Road

Caterham

Surrey

CR3 6PA

FIXED ASSETS

Intangible assets

4

10,667

16,667

Property, plant and equipment

5

172,693

212,827

183,360

229,494

CURRENT ASSETS

Inventories

434,364

372,900

Debtors

6

2,696,157

3,632,997

Cash at bank

276,465

158,964

3,406,986

4,164,861

CREDITORS

Amounts falling due within one year

7

(1,759,070

)

(2,259,728

)

NET CURRENT ASSETS

1,647,916

1,905,133

TOTAL ASSETS LESS CURRENT LIABILITIES

1,831,276

2,134,627

CREDITORS

Amounts falling due after more than one year

8

(112,255

)

(161,516

)

NET ASSETS

1,719,021

1,973,111

CAPITAL AND RESERVES

Called up share capital

1

1

Share premium

99

99

Retained earnings

1,718,921

1,973,011

SHAREHOLDERS' FUNDS

1,719,021

1,973,111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 May 2024 and were signed by:

W N Samarasekara - Director

1.	STATUTORY INFORMATION

Speedcom Telecommunications Limited 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.

Assets that are deemed to of a long term, ie in existence for a period longer than 12 months from the reporting date have been discounted to their fair value through the income statement except where the loans capital value has been maintained by virtue of a right to interest allocated to it.

Turnover

Revenue is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, excluding discounts, rebates value added tax and sales taxes.

Goodwill

Goodwill arises on business acquisitions and represents the excess of cost of the acquisition over the company's interest in the net identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and impairment losses. Goodwill is amortised on a straight line bases over its useful life, which is estimated to be 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Land and buildings

-

Over the term of the lease

Plant and machinery etc

-

20% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Judgements and key sources of estimation uncertainty

The director has made key assumptions in the determination of the fair value of certain financial assets in respect to loans provided to related companies. The valuation method utilised was discounted cash flows with an interest rate of 4%.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 65 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 February 2022

and 31 January 2023

289,853

40,000

329,853

AMORTISATION

At 1 February 2022

289,853

23,333

313,186

Charge for year

-

6,000

6,000

At 31 January 2023

289,853

29,333

319,186

NET BOOK VALUE

At 31 January 2023

-

10,667

10,667

At 31 January 2022

-

16,667

16,667

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2022

683,677

43,362

727,039

Additions

-

3,041

3,041

At 31 January 2023

683,677

46,403

730,080

DEPRECIATION

At 1 February 2022

485,788

28,424

514,212

Charge for year

39,579

3,596

43,175

At 31 January 2023

525,367

32,020

557,387

NET BOOK VALUE

At 31 January 2023

158,310

14,383

172,693

At 31 January 2022

197,889

14,938

212,827

6.

DEBTORS

31.1.23

31.1.22

£

£

Amounts falling due within one year:

Trade debtors

69,771

807,433

Other debtors

161,611

360,789

231,382

1,168,222

Amounts falling due after more than one year:

Amounts owed by participating interests

2,464,775

2,464,775

Aggregate amounts

2,696,157

3,632,997

Debtors relating to amounts owed from companies under common control (see note 15) were deemed to be long term debtors are disclosed as so.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts (see note 9)

70,000

70,000

Trade creditors

926,713

1,211,796

Amounts owed to group undertakings

10,000

-

Taxation and social security

267,455

315,605

Other creditors

484,902

662,327

1,759,070

2,259,728

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans (see note 9)

112,255

159,398

Amounts owed to participating interests

-

2,118

112,255

161,516

9.

LOANS

Bank loans are secured by a debenture over all company assets of the company.

10.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating lease, as follows

31.1.20

31.1.19

£

£

Lease commitments

1,511,325

1,489,781

11.	RELATED PARTY DISCLOSURES

Included in other debtors are loans made to the following companies (all registered in England and Wales), all of which are under common control:

Family Care Private Company Limited: £1,397,973 (2022: £1,324,986)

Selsey Care Company Limited: £147,375 (2022: £131,016)

Your Choice Living Company: £44,610 (2022: £39,658)

Speedcom Holdings Limited: £874,777 (2022: £841,779)

The above represent the deemed fair value of the assets discounted at an interest rate of 4%.