REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
UK Allied Associates Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
UK Allied Associates Limited |
UK Allied Associates Limited (Registered number: 07167784) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Directors' Responsibilities | 4 |
Report of the Independent Auditors | 5 |
Statement of Profit or Loss | 9 |
Statement of Profit or Loss and Other Comprehensive Income |
10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
UK Allied Associates Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
UK Allied Associates Limited (Registered number: 07167784) |
Report of the Directors |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of bespoke software engineering products and services. |
DIVIDENDS |
No ordinary dividends were paid. The directors do not recommend payment of a final dividend. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
SUPPLIER PAYMENT POLICY |
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London, WC1A 1DU). |
The company's current policy concerning the payment of trade creditors is to: |
- settle the terms of payment with suppliers when agreeing the terms of each transaction; |
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and |
- pay in accordance with the company's contractual and other legal obligations. |
Trade creditors of the company at the year end were equivalent to 3 day's purchases, based on the average daily amount invoiced by suppliers during the year. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
UK Allied Associates Limited (Registered number: 07167784) |
Report of the Directors |
for the Year Ended 30 September 2023 |
AUDITORS |
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
UK Allied Associates Limited (Registered number: 07167784) |
Statement of Directors' Responsibilities |
for the Year Ended 30 September 2023 |
The directors are responsible for preparing the Report of the Directors 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 UK-adopted international accounting standards. 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 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 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. |
Report of the Independent Auditors to the Members of |
UK Allied Associates Limited |
Opinion |
We have audited the financial statements of UK Allied Associates Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with IFRSs as adopted by the UK; 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 UK, including the FRC'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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors 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 statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
UK Allied Associates Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
UK Allied Associates Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
UK Allied Associates Limited |
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 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 a Report of the Auditors 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 Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sanding Road |
Hythe |
Kent |
CT21 4HE |
UK Allied Associates Limited (Registered number: 07167784) |
Statement of Profit or Loss |
for the Year Ended 30 September 2023 |
30/9/23 | 30/9/22 |
Notes | £ | £ |
CONTINUING OPERATIONS |
Revenue | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS | ( |
) | ( |
) |
Finance costs | 5 | (2,957 | ) | (4,068 | ) |
LOSS BEFORE INCOME TAX | 6 | ( |
) | ( |
) |
Income tax | 7 |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
UK Allied Associates Limited (Registered number: 07167784) |
Statement of Profit or Loss and Other Comprehensive Income |
for the Year Ended 30 September 2023 |
30/9/23 | 30/9/22 |
£ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
UK Allied Associates Limited (Registered number: 07167784) |
Statement of Financial Position |
30 September 2023 |
30/9/23 | 30/9/22 |
Notes | £ | £ |
ASSETS |
NON-CURRENT ASSETS |
Owned |
Property, plant and equipment | 8 |
Right-of-use |
CURRENT ASSETS |
Trade and other receivables | 9 |
Cash and cash equivalents | 10 |
TOTAL ASSETS |
EQUITY |
SHAREHOLDERS' EQUITY |
Called up share capital | 11 |
Retained earnings | 12 |
TOTAL EQUITY |
LIABILITIES |
NON-CURRENT LIABILITIES |
Financial liabilities - borrowings |
Interest bearing loans and borrowings | 14 |
CURRENT LIABILITIES |
Trade and other payables | 13 |
Financial liabilities - borrowings |
Interest bearing loans and borrowings | 14 |
TOTAL LIABILITIES |
TOTAL EQUITY AND LIABILITIES |
The financial statements were approved by the Board of Directors and authorised for issue on |
UK Allied Associates Limited (Registered number: 07167784) |
Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2023 |
UK Allied Associates Limited (Registered number: 07167784) |
Statement of Cash Flows |
for the Year Ended 30 September 2023 |
30/9/23 | 30/9/22 |
£ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Finance costs paid | (2,957 | ) | (4,068 | ) |
Tax paid |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Payment of lease liabilities | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
677,641 |
Cash and cash equivalents at end of year |
2 |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Statement of Cash Flows |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
30/9/23 | 30/9/22 |
£ | £ |
Loss before income tax | ( |
) | ( |
) |
Depreciation charges | ( |
) |
Loss on disposal of fixed assets |
Finance costs | 2,957 | 4,068 |
(361,664 | ) | (68,719 | ) |
Increase in trade and other receivables | ( |
) | ( |
) |
Increase/(decrease) in trade and other payables | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 445,826 | 569,613 |
Year ended 30 September 2022 |
30/9/22 | 1/10/21 |
£ | £ |
Cash and cash equivalents | 569,613 | 677,641 |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
UK Allied Associates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling. |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The financial statements have been prepared on a historical cost basis. The principal accounting policies adopted are set out below. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized 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. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below: |
Critical judgements |
Depreciation |
See accounting policy (Property, plant and equipment) |
Foreign exchange |
See accounting policy (Foreign exchange) |
Going concern |
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognized at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and other rebates. |
Revenue from contracts for the provision of professional services is recognized 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 recognized only to the extent of the expenses that are recoverable. |
Cash and cash equivalents |
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. |
Property, plant and equipment |
Leasehold improvement | - |
Right of use | - |
Fixtures and fittings | - |
Computers | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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 recognized in the profit and loss account. |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial assets |
Financial assets are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into two specified categories, depending on the nature and purpose of the financial assets. |
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognized in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs. |
Financial assets held at amortized cost |
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortized cost using the effective interest method, less any impairment. |
Interest is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
Impairment of financial assets |
Financial assets, other than those measured at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cashflow of the investment have been affected. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Financial liabilities |
The company recognizes financial debt when the company becomes party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit and loss' or 'other financial liabilities'. |
Other financial liabilities |
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortized cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any coupon payable while the liability is outstanding. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled or they expire. |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
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 the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities related to taxes levied by the same tax authority. |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Leases |
At inception the Company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property. |
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received. |
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. |
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the Company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payment in an optional renewal period, or penalties for early termination of a lease. |
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the Company's estimate of the amount expected to be payable under a residual value guarantee; or the Company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Cash at bank and in hand |
Cash and cash equivalents include cash in hand and deposits held at call with banks. |
Employee benefits |
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of inventories or fixed assets. |
The cost of any unused holiday entitlement is recognized in the period in which the employee's services are received. |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Fair value measurement |
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an en entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the Company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognized or disclosed. IFRS 13 mainly impacts the disclosures of the Company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards. |
3. | REVENUE |
Revenue from contracts with customers |
30/9/23 | 30/9/22 |
£ | £ |
Contracts with customers | 1,229,790 | 1,241,969 |
4. | EMPLOYEES AND DIRECTORS |
30/9/23 | 30/9/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/9/23 | 30/9/22 |
Management and administrative | 2 | 2 |
Development staff | 12 | 12 |
30/9/23 | 30/9/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30/9/23 | 30/9/22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | NET FINANCE COSTS |
30/9/23 | 30/9/22 |
£ | £ |
Finance costs: |
Interest on lease liability | 2,957 | 4,068 |
6. | LOSS BEFORE INCOME TAX |
The loss before income tax is stated after charging: |
30/9/23 | 30/9/22 |
£ | £ |
Cost of inventories recognised as expense |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration | 7,400 | 7,000 |
Foreign exchange differences |
7. | INCOME TAX |
Analysis of tax income |
30/9/23 | 30/9/22 |
£ | £ |
Current tax: |
Income not taxable | (194,851 | ) | (197,106 | ) |
Total tax income in statement of profit or loss | ( |
) | ( |
) |
Factors affecting the tax expense |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30/9/23 | 30/9/22 |
£ | £ |
Loss before income tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Expenses not deductible in determining taxable profit | 260 | 420 |
Income not taxable | (194,851 | ) | (197,106 | ) |
Unutilised tax losses carried forward | 64,986 | 25,116 |
Permanent capital allowances in excess of depreciation | (3,992 | ) | 208 |
qualifying for tax allowances |
Tax income | ( |
) | ( |
) |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Leasehold | Right of | and |
improvement | use | fittings | Computers | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Impairments | - | (152,334 | ) | - | - | (152,334 | ) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Impairments | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
9. | TRADE AND OTHER RECEIVABLES |
30/9/23 | 30/9/22 |
£ | £ |
Current: |
Trade debtors |
Other receivables | 17,384 | 17,147 |
Prepayments |
Trade debtors disclosed above are classified as loans and receivables and are therefore measured at amortized cost. |
Trade receivables - credit risk |
Fair value of trade receivables |
The directors consider that the carrying amount of debtors is approximately equal to their fair value. |
No significant balances are impaired at the reporting end date. |
10. | CASH AND CASH EQUIVALENTS |
30/9/23 | 30/9/22 |
£ | £ |
Cash in hand |
Bank accounts |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/23 | 30/9/22 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2022 |
Deficit for the year | ( |
) |
At 30 September 2023 |
13. | TRADE AND OTHER PAYABLES |
30/9/23 | 30/9/22 |
£ | £ |
Current: |
Trade creditors |
Social security and other taxes |
Accruals | 97,554 | 73,704 |
14. | FINANCIAL LIABILITIES - BORROWINGS |
30/9/23 | 30/9/22 |
£ | £ |
Current: |
Leases (see note 15) | 50,983 | 46,133 |
Non-current: |
Leases (see note 15) | 46,087 | - |
Terms and debt repayment schedule |
1 year or |
less | 1-2 years | Totals |
£ | £ | £ |
Leases | 50,983 | 46,087 | 97,070 |
15. | LEASING |
UK Allied Associates Limited (Registered number: 07167784) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
15. | LEASING - continued |
Lease liabilities |
Minimum lease payments fall due as follows: |
30/9/23 | 30/9/22 |
£ | £ |
Gross obligations repayable: |
Within one year | 57,155 | 46,133 |
Between one and five years | 49,091 | - |
106,246 | 46,133 |
Finance charges repayable: |
Within one year | 6,172 | - |
Between one and five years | 3,004 | - |
9,176 | - |
Net obligations repayable: |
Within one year | 50,983 | 46,133 |
Between one and five years | 46,087 | - |
97,070 | 46,133 |
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date as set out below. |
The fair value of the company's lease obligations is approximately equal to their carrying amount. |
16. | ULTIMATE PARENT COMPANY |
The company is a wholly owned subsidiary of Allied Associates International Inc., a company incorporated in the United States. Therefore Allied Associates International Inc.is the ultimate parent company. |
17. | EVENTS AFTER THE REPORTING PERIOD |
On 25 October 2023, UKA2's parent company, Allied Associates International, Inc. (A2I), was purchased by Redhorse Corporation ("Redhorse"), a U.S.-based federal government contractor organized under Delaware law and headquartered in Arlington, Virginia. The transaction resulted in Redhorse owning a 100% interest in A2I and UKA2, whereby UKA2 remained a wholly owned subsidiary of A2I. The transaction agreement included negotiated calculations for the amount of cash on A2I and UKA2 balance sheets that would be distributed to the shareholders of A2I. Per those terms, UKA2 delivered £142,841 on 23 October 2023, which was then distributed to A2I shareholders. |
18. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
19. | CAPITAL RISK MANAGEMENT |
The company is not subject to any externally imposed capital requirements. |