Company registration number 04085856 (England and Wales)
ATLANTIC DATA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
ATLANTIC DATA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ATLANTIC DATA LTD
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
193,391
201,442
Current assets
Debtors
6
1,749,608
2,211,306
Investments
7
297,256
338,660
Cash at bank and in hand
3,609,640
1,662,450
5,656,504
4,212,416
Creditors: amounts falling due within one year
8
(3,772,476)
(3,242,389)
Net current assets
1,884,028
970,027
Total assets less current liabilities
2,077,419
1,171,469
Provisions for liabilities
(552,587)
(562,835)
Net assets
1,524,832
608,634
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,524,830
608,632
Total equity
1,524,832
608,634
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ATLANTIC DATA LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 October 2023
Mark Julian Follett
Director
Company Registration No. 04085856
ATLANTIC DATA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Company information
Atlantic Data Limited is a private company limited by shares incorporated in England and Wales with registration number 4085856. The registered office is Atlantic House, 7 Davy Avenue, Knowlhill, Milton Keynes, MK5 8HJ.
2
Compliance with accounting standard
The financial statements have been prepared in accordance with the provisions of FRS 102 including the disclosure requirements of Section1A for small entities. In the 2021 financial statements investments had not been included at fair value as required by FRS 102. Similarly the financial statements did not include a provision for deferred tax. The comparative figures have been restated in accordance with section 10 of FRS 102 (see note 9).
3
Accounting policies
3.1
Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
3.2
Revenue
Turnover represents the fair value of the amounts receivable for the supply of software services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
3.3
Plant and equipment
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ATLANTIC DATA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
3
Accounting policies
(Continued)
- 4 -
3.4
Impairment of fixed assets
A review for indicators is carried out at each reporting date, with the recoverable amount being estimated where indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
3.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
3.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised for all timing differences that have originated except as follows:
when assets are revalued unless, by the date of financial position, the company has entered into a binding agreement to sell the assets and recognised gains and losses expected to arise on sale or;
where the assets have been sold and it is expected that the taxable gain will be rolled over into a replacement asset.
ATLANTIC DATA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
3
Accounting policies
(Continued)
- 5 -
3.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss when due.
3.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
3.11
In certain cases, the director has reanalysed the corresponding amounts in order to make their disclosure more meaningful.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
36
25
ATLANTIC DATA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021
565,751
Additions
4,961
At 31 October 2022
570,712
Depreciation and impairment
At 1 November 2021
364,309
Depreciation charged in the year
13,012
At 31 October 2022
377,321
Carrying amount
At 31 October 2022
193,391
At 31 October 2021
201,442
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
1,749,608
2,211,306
Other debtors include an amount of £1,536,734 (2021: £1,682,134) owed by the company controlled by the director. This is an interest free loan and is repayable on demand.
7
Current asset investments
2022
2021
£
£
Other investments
297,256
338,660
ATLANTIC DATA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,182,038
916,992
Corporation tax
217,240
12,700
Other taxation and social security
141,370
119,161
Other creditors
2,231,828
2,193,536
3,772,476
3,242,389
Other creditors include advances received from clients of £1,365,791 (2021: £1,298,628).
9
Prior period adjustment
Changes to the balance sheet
As reported
Adjustment
As at 31 Oct 2021
£
£
£
Current assets
Investments
200,000
138,660
338,660
Provisions for liabilities
Deferred tax
-
(155,835)
(155,835)
Net assets
625,809
(17,175)
608,634
Capital and reserves
Profit and loss reserves
625,807
(17,175)
608,632
Changes to the profit and loss account
As reported
Adjustment
As at 31 Oct 2021
Period ended 31 October 2021
£
£
£
Other operating income
-
138,660
138,660
Taxation
(25,793)
(155,835)
(181,628)
Profit for the financial period
167,803
(17,175)
150,628
10
Controlling party
The company is under control of the director, Mr Mark Julian Follett, by virtue of his shareholding.