Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31truetrue2021-01-01falseNo description of principal activity44truefalse 09138865 2021-01-01 2021-12-31 09138865 2020-01-01 2020-12-31 09138865 2021-12-31 09138865 2020-12-31 09138865 2020-01-01 09138865 c:Director1 2021-01-01 2021-12-31 09138865 c:Director2 2021-01-01 2021-12-31 09138865 c:Director3 2021-01-01 2021-12-31 09138865 c:RegisteredOffice 2021-01-01 2021-12-31 09138865 d:OfficeEquipment 2021-01-01 2021-12-31 09138865 d:OfficeEquipment 2021-12-31 09138865 d:OfficeEquipment 2020-12-31 09138865 d:ComputerEquipment 2021-01-01 2021-12-31 09138865 d:ComputerEquipment 2021-12-31 09138865 d:ComputerEquipment 2020-12-31 09138865 d:Goodwill 2021-12-31 09138865 d:Goodwill 2020-12-31 09138865 d:CurrentFinancialInstruments 2021-12-31 09138865 d:CurrentFinancialInstruments 2020-12-31 09138865 d:Non-currentFinancialInstruments 2021-12-31 09138865 d:Non-currentFinancialInstruments 2020-12-31 09138865 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09138865 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09138865 d:ShareCapital 2021-12-31 09138865 d:ShareCapital 2020-01-01 2020-12-31 09138865 d:ShareCapital 2020-12-31 09138865 d:ShareCapital 2020-01-01 09138865 d:SharePremium 2021-01-01 2021-12-31 09138865 d:SharePremium 2021-12-31 09138865 d:SharePremium 2020-01-01 2020-12-31 09138865 d:SharePremium 2020-12-31 09138865 d:SharePremium 2020-01-01 09138865 d:CapitalRedemptionReserve 2021-01-01 2021-12-31 09138865 d:CapitalRedemptionReserve 2021-12-31 09138865 d:CapitalRedemptionReserve 2020-12-31 09138865 d:CapitalRedemptionReserve 2020-01-01 09138865 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 09138865 d:RetainedEarningsAccumulatedLosses 2021-12-31 09138865 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 09138865 d:RetainedEarningsAccumulatedLosses 2020-12-31 09138865 d:RetainedEarningsAccumulatedLosses 2020-01-01 09138865 c:OrdinaryShareClass1 2021-01-01 2021-12-31 09138865 c:OrdinaryShareClass1 2021-12-31 09138865 c:OrdinaryShareClass1 2020-12-31 09138865 c:OrdinaryShareClass2 2021-01-01 2021-12-31 09138865 c:OrdinaryShareClass2 2021-12-31 09138865 c:OrdinaryShareClass2 2020-12-31 09138865 c:FRS102 2021-01-01 2021-12-31 09138865 c:Audited 2021-01-01 2021-12-31 09138865 c:FullAccounts 2021-01-01 2021-12-31 09138865 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09138865 d:WithinOneYear 2021-12-31 09138865 d:WithinOneYear 2020-12-31 09138865 d:Goodwill d:OwnedIntangibleAssets 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09138865













AB INVESTMENT SOLUTIONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
M Kennard 
G Brooks 
A Thompson 




Registered number
09138865



Registered office
Northgate House
Upper Borough Walls

Bath

BA1 1RG




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
AB INVESTMENT SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 19


 
AB INVESTMENT SOLUTIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Introduction
 
The Directors present their strategic report for the year ended 31 December 2021.

Business review
 
The principal activity of the Company during the year was that of the provision of investment management services. The Company is authorised and regulated by the FCA (Financial Conduct Authority).
In the current year the Company reported a loss before taxation £9,564 (2020 - loss £45,534).
The results and the financial position of the Company at the year end were considered satisfactory by the Directors in light of the continued market difficulties given the economic crisis. The Directors expect growth in the foreseeable future.

Principal risks and uncertainties
 
The Board of Directors is responsible for determining the level of risk acceptable to the Company. This is subject to a regular review. The Company seeks to mitigate its risk through the application of strict limits and controls, a monitoring process at operational level, and the use of insurance policies where appropriate. The Company has regular board meetings to manage all risks.
The internal controls environment for financial reporting include policies and procedures for maintaining records that, in reasonable detail, accurately and fairly reflect transactions and the dispositions of assets; provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with FRS 102, and that receipts and expenditures are being made only in accordance with authorisations of delegated authorities of management; and provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the Company's assets that could have a material effect on our financial statements.
Operational risk
Operational risk includes compliance, risk management and transaction risk. The Company has strict operational procedures in these areas. A third party compliance consultant is appointed to provide regulatory updates, advice and support.
Regulatory risk
The Company is authorised and regulated by the Financial Conduct Authority. The Company regularly reviews and updates its policies and procedures in order to ensure compliance with required regulations.
Liquidity risk
The Company is funded by the shareholders and operational cash generation. The liquidity risk is managed by the Directors. 
Pillar 3 disclosures
In accordance with the rules of the Financial Conduct Authority, the Company has made available information on its risk management objectives and policies and on its regulatory capital requirements and resources. This information is available on application to the Company's address.
Coronavirus COVID-19
The Coronavirus COVID-19 pandemic is a stark reminder of how complex and interdependent the world's economy has become. The Company is well structured and resilient. Management decision-making and control mechanisms are robust and continued to function without interruption. The Company has considered the inherent risks and evaluated the potential impact. It is confident that thanks to it's reoccurring income and their financial resources, any impact from the Coronavirus will be manageable. However the Company cannot predict future events or conditions which may result in outcomes that are inconsistent with judgments made in this report.
Page 1

 
AB INVESTMENT SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


Financial key performance indicators
 
The Directors consider the level of fee income to be the key performance indicator for the Company. Given the straightforward nature of the business, the Company's Directors are of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performance or position of the business.

Directors' statement of compliance with duty to promote the success of the Company
 
The Board of Directors of AB Investments Solutions Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2021.
Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned company, the board considers that the interests of the Company and its shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with stakeholders, built on the Company's reputation with clients and suppliers.
The Company is regulated by the Financial Conduct Authority in the conduct of it's discretionary management services and must do so in good faith and with due diligence.
The Company operates in a sector characterised by long term relationships with stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Company expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Company has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures.


This report was approved by the board on 27 April 2022 and signed on its behalf.



M Kennard
Director

G Brooks
Director

Page 2

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The Directors present their report and the financial statements for the year ended 31 December 2021.

Directors

The Directors who served during the year were:

M Kennard 
G Brooks 
A Thompson 

Results and dividends

The loss for the year, after taxation, amounted to £9,564 (2020 -loss £45,534).

The Directors do not recommend any dividends.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Directors consider the Company to be well positioned to benefit from future opportunities. There are no plans which will significantly change the activities and risks of the Company.

Engagement with employees

The Company has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Company's performance and of any significant organisational changes.

Page 3

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Engagement with suppliers, customers and others

The Company does not confirm to any code or standard regarding payment practice. However, it is the Company's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 27 April 2022 and signed on its behalf.
 





M Kennard
Director
G Brooks
Director

Page 4

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AB INVESTMENT SOLUTIONS LIMITED

Opinion


We have audited the financial statements of AB Investment Solutions Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AB INVESTMENT SOLUTIONS LIMITED (CONTINUED)

Other information


The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AB INVESTMENT SOLUTIONS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 7

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AB INVESTMENT SOLUTIONS LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sean Brennan FCCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

27 April 2022
Page 8

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
893,213
367,813

Cost of sales
  
(501,306)
-

Gross profit
  
391,907
367,813

Administrative expenses
  
(401,471)
(426,117)

Other Operating Income
  
-
12,770

Loss for the financial year
  
(9,564)
(45,534)

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 12 to 19 form part of these financial statements.

Page 9

 
AB INVESTMENT SOLUTIONS LIMITED
REGISTERED NUMBER:09138865

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 11 
72,314
93,064

Tangible assets
 12 
-
-

Current assets
  

Debtors: amounts falling due after more than one year
 13 
-
50,000

Debtors: amounts falling due within one year
 13 
219,573
35,547

Bank and cash balances
  
152,686
58,870

  
372,259
144,417

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(236,723)
(20,067)

Net current assets
  
 
 
135,536
 
 
124,350

  

Net assets
  
207,850
217,414


Capital and reserves
  

Called up share capital 
 15 
426,375
426,375

Share premium account
 16 
1,188,949
1,188,949

Capital redemption reserve
 16 
125,000
125,000

Profit and loss account
 16 
(1,532,474)
(1,522,910)

  
207,850
217,414


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2022.




M Kennard
G Brooks
Director
Director

The notes on pages 12 to 19 form part of these financial statements.

Page 10

 
AB INVESTMENT SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2021
426,375
1,188,949
125,000
(1,522,910)
217,414



Loss for the year
-
-
-
(9,564)
(9,564)


At 31 December 2021
426,375
1,188,949
125,000
(1,532,474)
207,850



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2020
451,375
1,188,949
-
(1,477,376)
162,948



Loss for the year
-
-
-
(45,534)
(45,534)

Purchase of own shares
-
-
125,000
-
125,000

Shares issued during the year
100,000
-
-
-
100,000

Shares redeemed during the year
(125,000)
-
-
-
(125,000)


At 31 December 2020
426,375
1,188,949
125,000
(1,522,910)
217,414


The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

AB Investment Solutions Limited is a private company limited by shares and incorporated in England & Wales, with its registered office at Northgate House Upper Borough Walls, Bath, BA1 1RG.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Alpha Beta Partners Limited as at 31 December 2021 and these financial statements may be obtained from Companies House.

 
2.3

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and VAT. The Company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. Investment management revenue comprises ongoing management fees which are recognised on an accruals basis.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

Intangible assets

An intangible asset is initially recognised at cost. After recognition, an intangible asset is measured at cost less accumulated amortisation and accumulated impairment losses. An intangible asset is amortised on a straight-line basis over its useful life, which is estimated to be eight years and is included in administrative expenses in the Statement of Comprehensive Income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised
initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.

Page 13

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS102 requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Although the nature of estimation means that actual out comes could differ from those estimates both estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance. The following are the key sources of estimation uncertainty.
Impairment
In determining whether there are indicators of impairment of any of the Company's tangible assets taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generated unit, the viability and expected future performance of that unit.
Intangible assets
The estimate of the useful life of an intangible asset is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the intangible asset is attributed, any legal, regulatory or contractual provisions that can limit useful life of intangibles and assumptions that market participants would consider in respect of similar businesses.
Accruals
Directors review the expected expenses based on their knowledge of the business and provide for these accordingly


4.


Turnover

The whole of the turnover is attributable to the management of investment funds and discretionary fund management.

All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2021
2020
£
£

Amortisation
20,750
21,061

Pensions
6,038
10,873

Other operating lease rentals
18,831
40,895

Page 14

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Auditors' remuneration

2021
2020
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
6,000
7,350


The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2021
2020
£
£

Wages and salaries
141,979
191,396

Social security costs
11,294
20,222

Cost of defined contribution scheme
6,038
10,873

159,311
222,491


The average monthly number of employees, including the Directors, during the year was as follows:


        2021
        2020
            No.
            No.







Employees
4
4


8.


Directors' remuneration

2021
2020
£
£

Directors' emoluments
113,812
158,429



9.


Key management compensation

Key management is made up of solely the Director's and compensation paid to them during the year totaled £113,812 (2020 - £158,429).

Page 15

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is higher than (2020 -higher than) the standard rate of corporation tax in the UK of 19% (2020 -19%). The differences are explained below:

2021
2020
£
£


Loss on ordinary activities before tax
(9,564)
(45,534)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 -19%)
(1,817)
(8,651)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
3,943
4,002

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
20

Utilisation of tax losses
(2,126)
-

Unrelieved tax losses carried forward
-
4,629

Total tax charge for the year
-
-


Factors that may affect future tax charges

At the balance sheet date the Company had estimated tax losses of £1,289,646 (2020 - £1,300,832) available to carry forward and use against future trading profits.

Page 16

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Intangible assets




Goodwill

£



Cost


At 1 January 2021
166,000



At 31 December 2021

166,000



Amortisation


At 1 January 2021
72,936


Charge for the year on owned assets
20,750



At 31 December 2021

93,686



Net book value



At 31 December 2021
72,314



At 31 December 2020
93,064




12.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2021
4,808
13,260
18,068



At 31 December 2021

4,808
13,260
18,068



Depreciation


At 1 January 2021
4,808
13,260
18,068



At 31 December 2021

4,808
13,260
18,068



Net book value



At 31 December 2021
-
-
-



At 31 December 2020
-
-
-

Page 17

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

13.


Debtors

2021
2020
£
£

Due after more than one year

Amounts owed by group undertakings
-
50,000


2021
2020
£
£

Due within one year

Trade debtors
-
22,374

Amounts owed by group undertakings
55,034
-

Other debtors
10,644
-

Prepayments and accrued income
153,895
13,173

219,573
35,547



14.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
122,228
-

Other taxation and social security
10,200
8,872

Other creditors
645
-

Accruals and deferred income
103,650
11,195

236,723
20,067



15.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



25,000 (2020 -25,000) Preference shares shares of £1.00 each
25,000
25,000
40,137,500 (2020 -40,137,500) Ordinary shares shares of £0.01 each
401,375
401,375

426,375

426,375

Preference Shares do not carry voting rights and carry the right to receive cumulative cash preferential dividends.


Page 18

 
AB INVESTMENT SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

16.


Reserves

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

This includes the value of shares cancelled during the year and is a non-distributable reserve.

Profit and loss account

This includes all current and prior period retained profits and losses.


17.


Pension commitments

The Company operates a defined contributions pension fund scheme. The assets of the pension scheme are held separately from those of the entity in an independently administered pension fund. The pension cost charge represents contributions payable by the entity to the pension fund and amounted to £6,038 (2020 - £10,873).


18.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
9,717
7,138


19.


Related party transactions

The Company forms part of a wholly owned group and accordingly has taken advantage of the exemption allowed under section 33.11A of FRS 102 not to disclose transactions with other group companies. 


20.


Controlling party

The ultimate parent undertaking and controlling party is Alpha Beta Partners Limited, a company registered in England & Wales.  Copies of group financial statements can be obtained from Company’s registered office.

 
Page 19