Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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ATRATO PARTNERS LIMITED
COMPANY INFORMATION
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ATRATO PARTNERS LIMITED
CONTENTS
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ATRATO PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The principal activity of the company is providing corporate finance and investment advice to professional clients in relation to existing real estate property, new real estate developments and other real assets, particularly renewable infrastructure. The Company is the investment Adviser to Atrato Onsite Energy PLC.
The year to 31 March 2023 represented a year of investment as the Company continued to be engaged as Investment Adviser to Atrato Onsite Energy PLC and efforts focused on delivering a fully committed portfolio deploying net IPO proceeds (after IPO costs). Fees of £1.5m were earned in relation to this engagement during the year. The Company also continued to earn capital raising fees in relation to the introduction of investors into fund raisings for Supermarket Income REIT Plc. These fees totalled £178k for the year.
The Company had been exploring a Long Income business stream and had several employees who were dedicated to executing this strategy. The business strategy was reviewed during the year and, in the current economic environment, with a backdrop of increasing inflation and interest rates, it has become increasingly challenging to execute these transactions and no fees were earned in the year to 31 March 2023. As such, the decision was taken to discontinue this business stream. The Company continues to pursue new revenue streams whilst growing existing ones. During the year the Company worked to launch a new listed vehicle, Independent Living REIT Plc, to invest in property assets in the UK in the Supported Housing sector. However, due to market conditions, the IPO did not proceed. Abort costs in relation to this recognised during the year was £303k. Atrato continues to pursue its investment strategy to address the structural undersupply of supported housing in the UK. The Company is a UN Principles for Responsible Investment signatory and will report in accordance with the established framework in the next financial year. The Company also registered as a signatory to The Net Zero Asset Managers Initiative (“NZAM”). During the year we have continued to develop our governance framework and to enhance our policies and procedures. We maintain robust governance arrangements through a clear organisational structure with well defined lines of responsibility. The established arrangements and systems, processes and mechanisms are comprehensive and proportionate to the nature, scale and complexity of our current and proposed activities. The balance sheet had net assets of £917k and cash of £137k.
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ATRATO PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Company is exposed through its operations to the following financial and non financial risks.
Personnel risk The Company recognises the need to develop, reward and retain key employees. Employee satisfaction is measured annually as part of a staff survey and changes to benefits have been made in response to this feedback. Regulation The Company is committed to regulatory compliance and has developed policies and procedures in order to stay abreast of regulatory developments. The Company balance sheet includes cash, debtors, creditors and accrued income that arise directly from its operations. These assets and liabilities expose the Company to a number of financial risks that could result in either a reduction in the Company’s net assets or a reduction in profits. These risks include, counterparty risk, credit risk and liquidity risk. Counterparty risk Counterparty risk is the risk that a client or counterparty fails to perform its contractual obligations and the Company suffers a loss as a result. The Company’s material counterparty is Atrato Onsite Energy Plc, the fund to which it acts as adviser. The company is therefore exposed to the risk of non-performance of that fund which results in it being unable to settle fees due under the terms of the Investment Advisory agreement. Credit risk The Company’s exposure to credit risk arises principally from its cash deposits. This risk is managed by holding cash only at a major UK bank. Liquidity risk This is the risk that the Company will encounter difficulties in meeting financial liabilities or regulatory capital requirements. The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to maintain surplus cash balances. The Company’s policy throughout the reporting period has been to achieve this objective through management’s day to day involvement in business decisions. Operational risk The company is also exposed to operational risk. The Company operates a risk register which is focussed on identifying and assessing operational risk inherent in activities, processes and systems. Identified risks are mitigated by updating business processes, ongoing monitoring programmes and operational frameworks. Risk management is functionally separate from operations of the business and is overseen by the Head of Compliance.
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ATRATO PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Key financial metrics reviewed by management are set out below:
Net Assets £917,119 (2022: £502,211) EBITDA £(2,088,487) (2022: £54,075) Profit/(loss) after tax £(2,085,092) (2022: £153,572) Dividends paid £nil (2022: £100,000)
The Company has a talented and committed team who operate within a high-performance and dynamic culture. The health and safety of the team is a high priority and details of support systems and processes in place for staff are outlined below. These are reviewed regularly, and amendments are made in response to the annual staff survey.
• Professional development includes peer training, online learning and Corporate Criminal Offence training; we have now implemented a structured graduate analyst programme and a communications training programme fo senior leaders. • A well-documented performance management process • Employee engagement includes quarterly strategy meetings, weekly team meetings, and employee surveys • Staff are offered health insurance • Staff remuneration policy has been benchmarked by external consultants • Staff have access to a grievance process • Diversity and inclusion is actively supported and 40% of the senior management team are women • Staff can volunteer during work time to support a chosen cause • Health and safety policy was updated: no injuries were reported to staff during the period • Staff are offered the opportunity to work remotely and IT equipment is made available for this
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ATRATO PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Directors of the Company must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the Company, which is summarised below.
The executive Directors meet regularly, and at least quarterly, to discuss their duties and they can and do access professional advice on these. This advice can be either through the Company or where necessary through independent third-party advisers. The Directors fulfil their duties partly through a well-documented governance framework that delegates day to day decision making to employees of the Company. This delegation is not restricted to financial authorities but includes empowering staff to input into the strategic direction of the business and to have responsibility for the teams that they manage. Our people We seek to create a working environment based on respect and inclusion, we encourage staff to operate in an open and honest manner and are committed to the highest ethical standards in all that we do. We strive to be the employer of choice for industry leaders and skilled professionals. Our clients We pride ourselves on being proactive and initiating new ideas that are in the best interests of our clients. We aim to be the adviser of choice for clients seeking exposure to alternative asset back investment income, often with inflation linkage. We look to develop and maintain strong client relationships. Sustainability Through the investment programme of its fund, the Company creates opportunities for people to work in their local areas, delivering a positive socioeconomic impact within those communities. This aligns with goals 8 and 0 of the UN Sustainable Development Goals (“SDGs”). The Company itself will continue to support the wellbeing and development of its own employees, through training, upskilling and consistent engagement. As the employee base grows, the Company commits to further investment in human capital development. The Company will look to provide active support to causes that facilitate the advancement of its sustainability objectives and those of its fund. It will seek to achieve this not only through donations, but additionally through fund raising and resource commitment. With this aim, The Atrato Foundation was set up during the year and Atrato Partners registered as a signatory to The Net Zero Asset Managers Initiative (“NZAM”). Staff have also volunteered their time and raised money to support our charity partners.
This report was approved by the board and signed on its behalf.
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ATRATO PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
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 2006. They 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.
The loss for the year, after taxation, amounted to £2,085,092 (2022 - profit £153,572).
The directors who served during the year were:
The Directors will look to grow the company's revenue existing revenue streams whilst pursuing new ones.
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ATRATO PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Our people
We seek to create a working environment based on respect and inclusion, we encourage staff to operate in an open and honest manner and are committed to the highest ethical standards in all that we do. We strive to be the employer of choice for industry leaders and skilled professionals. Our clients We pride ourselves on being proactive and initiating new ideas that are in the best interests of our clients. We aim to be the adviser of choice for clients seeking exposure to alternative asset back investment income, often with inflation linkage. We look to develop and maintain strong client relationships. Sustainability Through the investment programme of its fund, the Company creates opportunities for people to work in their local areas, delivering a positive socioeconomic impact within those communities. This aligns with goals 8 and 0 of the UN Sustainable Development Goals (“SDGs”). The Company itself will continue to support the wellbeing and development of its own employees, through training, upskilling and consistent engagement. As the employee base grows, the Company commits to further investment in human capital development. The Company will look to provide active support to causes that facilitate the advancement of its sustainability objectives and those of its fund. It will seek to achieve this not only through donations, but additionally through fund raising and resource commitment. With this aim, The Atrato Foundation was set up during the year and Atrato Partners registered as a signatory to The Net Zero Asset Managers Initiative (“NZAM”). Staff have also volunteered their time and raised money to support our charity partners.
There have been no significant events affecting the Company since the year end.
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ATRATO PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditor, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ATRATO PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO PARTNERS LIMITED
We have audited the financial statements of Atrato Partners Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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 Auditor's 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.
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.
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ATRATO PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO PARTNERS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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.
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.
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ATRATO PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO PARTNERS LIMITED (CONTINUED)
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 Auditor's 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:
∙assess the nature of the industry and sector, control environment and business performance;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations including those administered by the Financial Conduct Authority;
∙the matters discussed among the audit engagement team and involving relevant internal specialists,regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Financial Conduct Authority regulations and relevant tax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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
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ATRATO PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ATRATO PARTNERS LIMITED (CONTINUED)
Auditor's 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 2006. Our 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 Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Herts
WD17 1HP
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ATRATO PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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ATRATO PARTNERS LIMITED
REGISTERED NUMBER: 10533101
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 26 form part of these financial statements.
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ATRATO PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Atrato Partners Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company is investment advice.
2.Accounting policies
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Atrato Group Limited as at 31 March 2023 and these financial statements may be obtained from Companies House.
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet 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
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Analysis of turnover by country of destination:
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8.Taxation (continued)
On 3 March 2021 the Chancellor of the Exchequer announced an increase in the main rate of UK corporation tax to 25 per cent for businesses with profits greater than £250,000. Businesses with profits of £50,000 or less will continue to be taxed at 19% with marginal relief for profits up to £250,000. These changes were substantially enacted on 25 May 2021 and will take effect from 1 April 2023.
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
During the year, the company issued 1 new ordinary share of £1 each at a price of £2,500,000 per ordinary share creating a share premium of £2,499,999.
Share premium account
Profit and loss account
The company operates a defined contribution pensions scheme. The assets of the scheme are held seperately from those of the company in independently administered funds. The pension charge represents contributions payable by the company to the funds. Amounts payable by the company for the year amounted to £96,475 (2022: £10,362). Contributions totalling £12,997 (2022: £3,942) were payable to the funds at the balance sheet date.
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ATRATO PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The ultimate parent company is Atrato Group Limited, a company incorporated in England and Wales.
The directors do not consider there to be an ultimate controlling party.
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