Company Registration Number
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ASITE SOLUTIONS LIMITED
COMPANY INFORMATION
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ASITE SOLUTIONS LIMITED
CONTENTS
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ASITE SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The Directors present their Strategic Report for the year ended 30 June 2023.
I am pleased to report that the Company has continued its growth and increased its global footprint over the past 12 months. For the year ended 30 June 2023 revenue increased by 17.5% from £11,636,731 to £13,669,607 and the operating loss was £4,916,877 a decrease of £517,773 from an operating loss of £5,434,650 in the year ended 30 June 2022.
Asite’s vision is to connect people and help the world build better. The Asite Platform continues to push the boundaries of research and innovation in the fields of digital engineering and data logistics on behalf of our customers. This positions us well to deliver on our strategic plan to become the world’s leading data logistics platform for the built environment, providing the software to connect the physical, digital, and human.
Asite continues to manage the business through both financial Key Performance Indicators (KPIs) as listed below, and non-financial KPIs such as number of users, number of clients and churn rate.
The Directors consider Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA), Global Headcount, and Annual Recurring Revenue (ARR) to be strategically important KPIs for the business and we continuously monitor these KPIs in accordance with the key metrics of the business: 2023 2022 Turnover (£) 13,669,607 11,636,731 EBITDA (£) (3,626,701) (4,539,128) As a % of Turnover (27) (39) The year on year increase in EBITDA is largely attributable to the increase in revenue and strong control over distribution and administrative expenses. Headcount KPI 2023 2022 Headcount (Average) 71 73 Average Headcount has decreased by 3% year on year. Annual Recurring Revenue KPI 2023 2022 Annual Recurring Revenue (£m) 14.1 10.7 Annual Recurring Revenue has increased by 32% year on year.
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ASITE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
We undertake a continuous risk review strategy of our operations and continue to implement appropriate mitigation strategies for those risks which we have assessed as critical to the ongoing operations of the Company. Significant risks identified cover recruitment and retention of key staff, system performance, technology obsolescence, client base plurality, product diversity and regulatory environment. The Company continues to monitor these risks and to update and amend mitigating strategies as appropriate.
This report was approved by the board and signed on its behalf.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The Directors present their report and the financial statements for the year ended 30 June 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 judgements and accounting estimates that are reasonable and prudent;
∙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 £4,912,867 (2022 - £7,177,980).
No dividends were paid during the year (2022: £Nil). The Directors do not recommend the payment of a final dividend.
The Directors who served during the year were:
The Directors are not expecting to make any significant changes in the nature of the business in the near future but continued growth via investment in marketing, R&D and ecosystem partnerships remain a key focus for the Company’s growth.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The Company continues to invest in research and development in the field of digital engineering. Research and development costs incurred during the year to 30 June 2023 totalled £3,072,789 (2022: £2,525,272) all of which was capitalised. The Directors regard investment in this area as a prerequisite for success in the medium to long term future.
Financial instruments Objectives and policies The Company is exposed to price risk, credit risk, liquidity risk, cash flow and foreign currency risk. The Directors review risk management strategies regularly. Price The Company has minimal exposure to price risk as all prices are pre-set by management. Credit Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is mainly exposed to credit risk from credit sales. Credit risk is managed by monitoring payments against contractual agreements and if required suspension of dealing with customers in case of non-payments. A debt collection agency was also engaged to support collections in defined instances. Liquidity Liquidity risk arises from the Company's management of working capital and the finance charges on its debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Board receives regular cash flow statements as well as information regarding cash balances. At the end of the financial year, the cashflow projections indicated that the Company is expected to have sufficient liquidity. The decisions taken by management to reduce costs has mitigated any immediate liquidity risk without prohibiting the business from delivering its core functions. Cash flow The Company is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through regular review. Foreign currency The Company is exposed to foreign currency risk through its overseas investments and operations in various countries across the world. The Company hedges against these currency risks. Creditor payment policy The Company does not have a policy to follow any code or standard on payment practice. However, the Company will continue to settle the terms of payment with its suppliers and, when agreeing the terms of each transaction, will ensure that those suppliers are aware of the terms of payment and will abide by those terms of payment, unless subsequently renegotiated.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Following the year end, the Directors have taken steps to reduce the Company’s cost base. Significant savings have already been made and will continue to be made over the coming months, and the forecasts for the year ended June 2024 show the Company return to positive EBITDA performance. In preparing the forecasts on which the going concern basis has been based, the Directors have considered the existence of a material uncertainty which may cast doubt upon the Company's ability to continue as a going concern. The view of the Directors is that the only area of material judgement within the forecasts is the assumption around future sales growth. While the Directors are optimistic about the Company's ability to increase its recurring revenues, even on a sensitised basis assuming zero growth to the Company's current monthly recurring revenues, the Company would still have sufficient headroom within its cash and newly secured £15m borrowing facilities to meet its liabilities as they fall due and continue as a going concern. On this basis, the Directors are confident that no material uncertainty exists and that it is appropriate to prepare the financial statements on a going concern basis.
In February 2024, a £15m term loan facility was secured at a margin of 8.5% plus the SONIA rate. The term of the loan is five years and repayment is due in full on the termination date in February 2029.
The Group structure has now changed, with Asite Management Services Limited, a company incorporated in England and Wales becoming the immediate parent undertaking of Asite Solutions Limited.
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ASITE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The auditor, Armstrong Watson Audit Limited, 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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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED
We have audited the financial statements of Asite Solutions Limited (the 'Company') for the year ended 30 June 2023, 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 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.
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.
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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED (CONTINUED)
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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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS 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:
∙We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation GDPR and occupational health and employment legislation.
∙We enquired of the Directors, reviewed correspondence with HMRC and reviewed directors' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance.
∙We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the Directors and third-party advisors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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 Auditor's Report.
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ASITE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASITE SOLUTIONS LIMITED (CONTINUED)
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
Statutory Auditor
Chartered Accountants
Leeds
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ASITE SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
REGISTERED NUMBER: 04040122
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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ASITE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The Company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The Company is tax resident in the United Kingdom. It trades from its registered office address - 7th Floor Leconfield House, Curzon Street, London, England, W1J 5JA.
The principal activity of the Company is to provide collaborative Software as a Service (SaaS) to the Architectural, Engineering and Construction (AEC) industry to promote successful supply chain collaboration.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Asite Limited as at 30 June 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The Directors have prepared the financial statements on a going concern basis notwithstanding a loss of £4,912,867 during the year, and a further substantial loss post year end.
Following the year end, the Directors have taken steps to reduce the Company’s cost base. Significant savings have already been made and will continue to be made over the coming months, and the forecasts for the year ended June 2024 show the Company return to positive EBITDA performance. In preparing the forecasts on which the going concern basis has been based, the Directors have considered the existence of a material uncertainty which may cast doubt upon the Company's ability to continue as a going concern. The view of the Directors is that the only area of material judgement within the forecasts is the assumption around future sales growth. While the Directors are optimistic about the Company's ability to increase its recurring revenues, even on a sensitised basis assuming zero growth to the Company's current monthly recurring revenues, the Company would still have sufficient headroom within its cash and newly secured £15m borrowing facilities to meet its liabilities as they fall due and continue as a going concern. On this basis, the Directors are confident that no material uncertainty exists and that it is appropriate to prepare the financial statements on a going concern basis.
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer (i.e., when the company delivers its performance obligation under the contract) at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
The Company typically enters into multi-element arrangements which include software licence fees, consultancy and training services. Revenue is allocated to the elements of the arrangement based upon the fair value of each element. The Company sells a licence for access to its products which are hosted from the Company’s dedicated servers. The license fees grant access to web space for the duration of the customer’s project and include maintenance and support. The revenue for the licence is recognised on an accruals basis to match the period of use by the customer until the end of the contract. The unrecognised element is included within ‘deferred income’ and the amount recognised prior to billing is included within ‘accrued income’. Training revenue relates to customer training to use the product. Consultancy revenue relates to the initial tailoring of the product to match the needs of the project and on-going consultancy work provided to the customer post implementation. Revenue is recognised on the consulting and training fees based on fixed daily rates as the service is provided. The fixed daily rates are predetermined at the contract signing date.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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.
Associates held at cost less impairment.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal the related actual results. The Directors consider the key accounting estimates to be valuation and capitalisation of development costs, and residual values of intangible fixed assets, and provision for trade debtors. At the start of an internally developed project management assess if it will generate probable future economic benefits and meet the criteria for the costs to be capitalised. Once management conclude it meets the criteria they then use their judgement to assess the allocation of costs that specifically relate to the project. The residual values of intangible fixed assets are reviewed on an ongoing basis by the Directors. Provisions for trade debtors are reviewed by the Directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Analysis of turnover by country of destination:
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
11.Taxation (continued)
There are no known factors at the current time that may materially impact future tax charges.
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Share premium account
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £
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ASITE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The Group structure has now changed, with Asite Management Services Limited, a company incorporated in England and Wales becoming the immediate parent undertaking of Asite Solutions Limited.
The immediate parent undertaking and parent undertaking of the smallest and largest group in which the Company is consolidated is
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