Telecom Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03450759 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

TELECOM INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Rustom

M L Rentz

SECRETARY:

T Rustom

REGISTERED OFFICE:

30 New Road

Brighton

East Sussex

BN1 1BN

REGISTERED NUMBER:

03450759 (England and Wales)

ACCOUNTANTS:

Galloways Accounting

30 New Road

Brighton

East Sussex

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FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,390,000

1,705,000

1,390,000

1,705,000

CURRENT ASSETS

Debtors

6

18,938

2,396

Cash at bank

109,121

8,201

128,059

10,597

CREDITORS

Amounts falling due within one year

7

144,653

405,863

NET CURRENT LIABILITIES

(16,594

)

(395,266

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,373,406

1,309,734

CREDITORS

Amounts falling due after more than one year

8

(379,197

)

(451,535

)

PROVISIONS FOR LIABILITIES

(6,300

)

-

NET ASSETS

987,909

858,199

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

319,830

279,479

Retained earnings

667,979

578,620

SHAREHOLDERS' FUNDS

987,909

858,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 12 June 2020 and were signed on its behalf by:

M L Rentz - Director

1.	STATUTORY INFORMATION

Telecom Investments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the invoiced sales of rental services supplied by the company and 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.

Fixtures and fittings

-

20% straight line

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in the income statement and then transferred to the revaluation reserve.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

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.

Deferred tax

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

balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

5,609

DEPRECIATION

At 1 January 2019

and 31 December 2019

5,609

NET BOOK VALUE

At 31 December 2019

-

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2019

1,705,000

Disposals

(405,000

)

Revaluations

90,000

At 31 December 2019

1,390,000

NET BOOK VALUE

At 31 December 2019

1,390,000

At 31 December 2018

1,705,000

The investment properties were valued on a open market basis on 31 December 2019 by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

18,938

2,396

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

17,960

52,681

Trade creditors

11,315

2,396

Taxation and social security

6,043

10,671

Other creditors

109,335

340,115

144,653

405,863

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

379,197

451,535

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 yrs

283,159

303,636

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

397,157

504,216

The bank loans are secured by way of a debenture and legal charges over the investment properties.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2019

279,479

Reserves transfer

40,351

At 31 December 2019

319,830