Company registration number 03927663 (England and Wales)
ATKEY SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
ATKEY SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ATKEY SOLUTIONS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,008
29,131
Current assets
Debtors
5
1,093,119
1,033,347
Cash at bank and in hand
711,997
794,960
1,805,116
1,828,307
Creditors: amounts falling due within one year
6
(1,477,935)
(1,324,236)
Net current assets
327,181
504,071
Total assets less current liabilities
344,189
533,202
Creditors: amounts falling due after more than one year
7
(46,739)
(26,343)
Net assets
297,450
506,859
Capital and reserves
Called up share capital
8
96,961
96,961
Share premium account
77,117
77,117
Profit and loss reserves
123,372
332,781
Total equity
297,450
506,859
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
ATKEY SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
D A Inwood
Director
Company Registration No. 03927663
ATKEY SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
There were no significant judgements or sources of key accounting estimates that have been applied in the preparation of these financial statements.
2
Accounting policies
Company information
Atkey Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Howard Buildings, 69-71 Burpham Lane, Guildford, Surrey, United Kingdom, GU4 7NB.
2.1
Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
2.2
Revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax.
The revenue from support contracts is recognised over the term of the contract.
For contracts to provide services where the company has partially performed its contractual obligations, the company recognises revenue to the extent that it has obtained the right to consideration through its performance.
2.3
Government grants
CJRS income is recognised on an accruals basis and is included within other operating income.
2.4
Foreign currency transactions and balances
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
ATKEY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Accounting policies
(Continued)
- 4 -
2.5
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
2.6
Tangible fixed assets
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:
Plant and Machinery
25% on cost
2.7
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.
2.8
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of
business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.9
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.10
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.11
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
ATKEY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Accounting policies
(Continued)
- 5 -
2.12
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2.13
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2.14
Design and development costs
Design and development costs are written off to the profit and loss account as they are incurred.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
23
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 March 2022
61,035
125,048
186,083
Additions
3,058
3,058
At 28 February 2023
61,035
128,106
189,141
Depreciation and impairment
At 1 March 2022
52,113
104,839
156,952
Depreciation charged in the year
4,629
10,552
15,181
At 28 February 2023
56,742
115,391
172,133
Carrying amount
At 28 February 2023
4,293
12,715
17,008
At 28 February 2022
8,922
20,209
29,131
ATKEY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
159,335
87,898
Amounts owed by group undertakings
554,183
543,785
Other debtors
45,164
59,803
758,682
691,486
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
334,437
341,861
Total debtors
1,093,119
1,033,347
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
71,352
36,581
Corporation tax
101,014
94,780
Other taxation and social security
76,430
85,544
Other creditors
1,229,139
1,107,331
1,477,935
1,324,236
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
46,739
26,343
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
96,961
96,961
96,961
96,961
ATKEY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
9
Transactions with related parties
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loans
270,412
16,157
(23,581)
262,988
270,412
16,157
(23,581)
262,988
10
Parent company
The company's immediate parent is Atkey Holdings Limited, incorporated in England and Wales.
The ultimate controlling party is Mrs D A Inwood.