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Registered number: 06306526












AT MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

 

AT MANAGEMENT LIMITED
 
COMPANY INFORMATION


Directors
A J McArthur 
V Prema 




Registered number
06306526



Registered office
Unit 3 & 4
St Margarets Business Centre

Burleys Way

Leicester

LE1 3BE




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





 

AT MANAGEMENT LIMITED

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditor's report
 
5 - 8
Consolidated profit and loss account
 
9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13 - 14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17
Notes to the financial statements
 
18 - 38


 

AT MANAGEMENT LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
The Board of Directors is pleased to present the strategic report and financial statements for the year ended 31 July 2023. During this period, the company has maintained its focus on providing outsourced telecommunication services.

Business review
 
Over the past year, the company has achieved stability in its core trading activities following the realignment of key revenue sources from the previous year. We have successfully strengthened our relationships with significant clients, which we believe will drive future growth opportunities.
Operating profit met the Directors' expectations despite a year-on-year decline. This stability has allowed for further investment in our capabilities and resources, which are essential for achieving our long-term strategic objectives.
A notable milestone was the partial acquisition of SA Commercial (Pty) in South Africa during the second half of the year. This strategic move not only added a reputable and profitable business to our Group but also enhanced our offshore operational capabilities.
Further strategic initiatives undertaken by the Directors, both during the reporting year and subsequently, have positioned AT Management to operate within a more diversified group of companies. This expansion offers a broader range of solutions and services across multiple international markets, thereby enhancing our growth potential.
The Directors have prioritised maintaining a robust balance sheet, which has improved with net current assets of £2.5 million and shareholders’ funds of £2.3 million. Our growth strategy continues to be funded through internally generated cash, with no additional debt incurred from our expansion activities.

Principal risks and uncertainties
 
Despite ongoing economic uncertainties and fluctuating consumer sentiment in the UK, the Directors remain confident in the strategic measures implemented to enhance our consumer offering and operational framework, ensuring the business is well-positioned for the future.
The company's financial instruments, primarily comprising debtors, cash at bank, and creditors, are integral to our operations and present minimal financial risk. Our established financial stability allows us to maintain favourable terms with key suppliers and credit partners.
Healthy cash reserves have been maintained over the year, supported by our banking partners. The Directors will continue to closely monitor working capital.
Financial risk management is directly overseen by the Directors, with our finance department executing the established policies. Specific guidelines are in place to manage credit risk effectively.
Customer risk: 
The integrity of our customer relationships is critical to our success. Maintaining these relationships is essential.
Credit risk:
We implement stringent credit checks for potential customers before opening new accounts, with ongoing reviews of credit limits.
Liquidity and Cash Flow risk: 
The company is considered to have sufficient liquidity for operational needs, with monthly cash flow reports presented to the Directors to review plans, opportunities, and risks.
 
Page 1

 

AT MANAGEMENT LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Principal risks and uncertainties (continued)
Price risk: 
All expenditures are authorised by management to ensure cost-efficiency.
Data and Compliance risk: 
We are acutely aware of the rising threats of ransomware and other IT security issues. To mitigate these risks, we utilise the latest software versions and enforce strict firewall protocols. Regular data backups are conducted. Compliance with the Data Protection Act 2018 and UK GDPR is paramount, ensuring the protection of customer data and upholding our reputation.

Engagement with employees

Creating the right organisational culture and values is essential for delivering exceptional customer experiences, with our employees playing a pivotal role. We are committed to being a responsible employer, focusing on fair pay and benefits. The health, safety, and well-being of our employees remain top priorities in our operations.

Financial key performance indicators
 
Our key financial performance indicators include:
 
Gross profit margin: A slight decrease from 39.8% to 37.8%
Turnover: An increase from £19.1m to £19.5m

This year's financial results were in line with our targets and expectations.

Other key performance indicators
 
Our non-financial performance indicators emphasise service quality and customer care, with customer retention being a key metric. We also strive to minimise our environmental impact. Additional indicators include brand awareness and company profile, measured by customer and supplier loyalty and other factors. We maintain these indicators across all business areas to ensure continuous monitoring and improvement.


This report was approved by the board and signed on its behalf.



V Prema
Director

Date: 30 July 2024

Page 2

 

AT MANAGEMENT LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £788,057 (2022 - £2,243,575).

An interim ordinary dividend was paid amounting to £739,250 (2022 - £670,000). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

A J McArthur 
V Prema 

Matters covered in the Group Strategic Report

As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Post balance sheet events

In December 2023, the company acquired the remaining non-controlling interest in a subsidiary undertaking.
In January 2024, following a group restructure, the company's own shareholding was transferred to NDH Group Holdings Limited.

This report was approved by the board and signed on its behalf.
 





V Prema
Director

Date: 30 July 2024

Page 3

 

AT MANAGEMENT LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 

AT MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AT MANAGEMENT LIMITED
 FOR THE YEAR ENDED 31 JULY 2023

Opinion


We have audited the financial statements of AT Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023, which comprise the consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 July 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.


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 group's or the parent 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.


Page 5

 

AT MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AT MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Other information


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 ReportOur 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.


Opinion 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 group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 directors' responsibilities statement set out on page 4, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 

AT MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AT MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Auditor's 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 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 Group 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:


the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the telecommunications sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and group, including the Companies Act 2006 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
reviewing correspondence with HM Revenue and Customs.
Page 7

 

AT MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AT MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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 2006Our 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.





Simon Rothenberg (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
30 July 2024
Page 8

 

AT MANAGEMENT LIMITED
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 3 
19,490,060
19,073,025

Cost of sales
  
(12,128,686)
(11,487,990)

Gross profit
  
7,361,374
7,585,035

Administrative expenses
  
(6,150,332)
(4,623,139)

Other operating income
 4 
7,491
95,785

Operating profit
 5 
1,218,533
3,057,681

Interest receivable and similar income
 8 
5,066
-

Interest payable and similar expenses
 9 
(193,047)
(140,359)

Profit before taxation
  
1,030,552
2,917,322

Tax on profit
 10 
(232,662)
(673,747)

Profit for the financial year
  
797,890
2,243,575

Profit for the year attributable to:
  

Non-controlling interests
  
9,833
-

Owners of the parent
  
788,057
2,243,575

  
797,890
2,243,575

Page 9

 

AT MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£


Profit for the financial year

797,890
2,243,575

Other comprehensive income


Currency translation differences
3,181
-

Other comprehensive income for the year
3,181
-

Total comprehensive income for the year
801,071
2,243,575

Profit for the year attributable to:


Non-controlling interest
9,833
-

Owners of the parent company
788,057
2,243,575

797,890
2,243,575

Total comprehensive income attributable to:


Non-controlling interest
10,851
-

Owners of the parent company
790,220
2,243,575

801,071
2,243,575

Page 10


 
REGISTERED NUMBER:06306526
AT MANAGEMENT LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
977,139
526,414

  
977,139
526,414

Current assets
  

Debtors
 15 
7,761,286
6,461,038

Cash at bank and in hand
 16 
602,694
698,759

  
8,363,980
7,159,797

Creditors: amounts falling due within one year
 17 
(5,892,288)
(4,363,767)

Net current assets
  
 
 
2,471,692
 
 
2,796,030

Total assets less current liabilities
  
3,448,831
3,322,444

Creditors: amounts falling due after more than one year
 18 
(963,375)
(1,140,750)

Provisions for liabilities
  

Deferred taxation
 20 
(200,397)
(120,363)

  
 
 
(200,397)
 
 
(120,363)

Net assets
  
2,285,059
2,061,331

Page 11


 
REGISTERED NUMBER:06306526
AT MANAGEMENT LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
100
100

Foreign exchange reserve
 22 
2,163
-

Profit and loss account
 22 
2,110,038
2,061,231

Equity attributable to owners of the parent company
  
2,112,301
2,061,331

Non-controlling interests
  
172,758
-

Total equity
  
2,285,059
2,061,331


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




V Prema
Director

Date: 30 July 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 12


 
REGISTERED NUMBER:06306526
AT MANAGEMENT LIMITED

COMPANY BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
918,575
526,414

Investments
 14 
352,875
-

  
1,271,450
526,414

Current assets
  

Debtors
 15 
7,527,453
6,461,038

Cash at bank and in hand
 16 
229,093
698,759

  
7,756,546
7,159,797

Creditors: amounts falling due within one year
 17 
(5,766,930)
(4,363,767)

Net current assets
  
 
 
1,989,616
 
 
2,796,030

Total assets less current liabilities
  
3,261,066
3,322,444

  

Creditors: amounts falling due after more than one year
 18 
(963,375)
(1,140,750)

Provisions for liabilities
  

Deferred taxation
 20 
(199,668)
(120,363)

  
 
 
(199,668)
 
 
(120,363)

Net assets
  
2,098,023
2,061,331

Page 13


 
REGISTERED NUMBER:06306526
AT MANAGEMENT LIMITED
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account brought forward
  
2,061,231
487,656

Profit for the year
  
775,942
2,243,575

Other changes in the profit and loss account

  

(739,250)
(670,000)

Profit and loss account carried forward
  
2,097,923
2,061,231

Total equity
  
2,098,023
2,061,331


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


V Prema
Director

Date: 30 July 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 14


AT MANAGEMENT LIMITED


 
  
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023



Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 August 2021
100
-
487,656
487,756
-
487,756



Comprehensive income for the year


Profit for the financial year

-
-
2,243,575
2,243,575
-
2,243,575



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(670,000)
(670,000)
-
(670,000)





At 31 July 2022 and 1 August 2022
100
-
2,061,231
2,061,331
-
2,061,331



Comprehensive income for the year


Profit for the financial year

-
-
788,057
788,057
9,833
797,890


Currency translation differences
-
2,163
-
2,163
1,018
3,181



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(739,250)
(739,250)
-
(739,250)


Non-controlling interests on acquisition
-
-
-
-
161,907
161,907



At 31 July 2023
100
2,163
2,110,038
2,112,301
172,758
2,285,059



The notes on pages 18 to 38 form part of these financial statements.

Page 15

 

AT MANAGEMENT LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
100
487,656
487,756


Comprehensive income for the year

Profit for the financial year

-
2,243,575
2,243,575


Contributions by and distributions to owners

Dividends: Equity capital
-
(670,000)
(670,000)



At 31 July 2022 and 1 August 2022
100
2,061,231
2,061,331


Comprehensive income for the year

Profit for the financial year

-
775,942
775,942


Contributions by and distributions to owners

Dividends: Equity capital
-
(739,250)
(739,250)


At 31 July 2023
100
2,097,923
2,098,023


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 

AT MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
797,890
2,243,575

Adjustments for:

Amortisation of intangible assets
8,779
-

Depreciation of tangible assets
232,531
108,294

Loss on disposal of tangible assets
3,185
16,716

Interest paid
193,047
140,359

Taxation charge
232,662
553,384

(Increase) in debtors
(1,284,180)
(1,855,134)

Increase in creditors
890,411
973,004

Corporation tax received
-
6,731

Foreign exchange
3,045
-

Net cash generated from operating activities

1,077,370
2,186,929


Cash flows from investing activities

Purchase of tangible fixed assets
(623,781)
(143,445)

Purchase of fixed asset investments
10,552
-

Net cash from investing activities

(613,229)
(143,445)

Cash flows from financing activities

Repayment of loans
(351,000)
(535,172)

Repayment of obligations under finance leases
(51,109)
-

Dividends paid
-
(670,000)

Interest paid
(158,650)
(140,359)

Net cash used in financing activities
(560,759)
(1,345,531)

Net (decrease)/increase in cash and cash equivalents
(96,618)
697,953

Cash and cash equivalents at beginning of year
698,759
806

Cash and cash equivalents at the end of year
602,141
698,759


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
602,694
698,759

Bank overdrafts
(553)
-

602,141
698,759


Page 17

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

AT Management Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit 3 & 4 St Margarets Business Centre, Burleys Way, Leicester, LE1 3BE.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
This is the first year the company has prepared consolidated financial statements as the company became a parent company during the year. Consequently, consolidated financial statements have been prepared in accordance with Section 399(2) of the Companies Act 2006.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 18

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated profit and loss account in the same period as the related expenditure.

Page 19

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Page 20

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the group 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.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Long-term leasehold property
-
10-27% Straight line
Motor vehicles
-
25% straight line
Office equipment
-
14-25% Straight line
Computer equipment
-
17-25% Straight line

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

Page 21

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.13

Financial instruments

The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. 
 
The group’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and bank loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 22

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 23

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.16

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.19

Share capital

Ordinary shares are classified as equity.


3.


Turnover

The whole of the turnover is attributable to the principal activities of the group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
18,925,312
19,073,025

Rest of the world
564,748
-

19,490,060
19,073,025


Page 24

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Other operating income

2023
2022
£
£

Government grants receivable
3,827
95,785

Sundry income
3,664
-

7,491
95,785



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Define contribution pension costs
159,059
129,123

Audit fees payable to the company's auditor
26,500
25,000

Non-audit fees payable to the company's auditor
14,250
13,500

Amortisation of intangible fixed assets
8,779
-

Depreciation of tangible fixed assets
176,137
108,294

Loss on disposal of tangible fixed assets
3,185
16,716

Exchange differences
5,437
795

Other operating lease rentals
625,487
420,201

Page 25

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
9,775,140
8,992,827
9,380,039
8,992,827

Social security costs
724,231
750,183
715,468
750,183

Cost of defined contribution scheme
159,544
131,457
157,256
131,457

10,658,915
9,874,467
10,252,763
9,874,467


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administrative
92
44
40
44



Operational
376
345
368
345

468
389
408
389


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
140,690
134,000

Group contributions to defined contribution pension schemes
10,820
2,334

151,510
136,334


Total remuneration in respect of the key management personnel relates solely to the directors' remuneration.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
5,066
-

5,066
-

Page 26

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
96,489
130,070

Other loan interest payable
3,498
4,009

Finance leases and hire purchase contracts
17,530
6,280

Other interest payable
75,530
-

193,047
140,359


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
153,357
553,384


153,357
553,384


Total current tax
153,357
553,384

Deferred tax


Origination and reversal of timing differences
79,305
120,363

Total deferred tax
79,305
120,363


Tax on profit
232,662
673,747
Page 27

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,030,552
2,917,322


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
242,180
554,291

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(2,063)
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
865
-

Capital allowances for year in excess of depreciation
(81,933)
(5,733)

Higher rate taxes on overseas earnings
8,080
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
2,092
4,827

Short-term timing difference leading to an increase (decrease) in taxation
(2,226)
(6,351)

Other timing differences leading to an increase (decrease) in taxation
81,531
126,713

Changes in the corporation tax rate during the year
(15,864)
-

Total tax charge for the year
232,662
673,747


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Interim paid
739,250
670,000

739,250
670,000

Page 28

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Intangible assets

Group





Goodwill

£



Cost


On acquisition of subsidiaries
8,779



At 31 July 2023

8,779



Amortisation


Charge for the year
8,779



At 31 July 2023

8,779



Net book value



At 31 July 2023
-



At 31 July 2022
-

The company held no intangible assets at 31 July 2023 or 31 July 2022.



Page 29

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

13.


Tangible fixed assets

Group






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 August 2022
297,282
-
-
246,509
214,307
758,098


Additions
134,421
384,469
-
80,702
24,189
623,781


Acquisition of subsidiary
-
-
50,779
12,196
217,345
280,320


Disposals
(290)
-
-
(3,673)
(5,534)
(9,497)


Exchange adjustments
-
-
219
53
936
1,208



At 31 July 2023

431,413
384,469
50,998
335,787
451,243
1,653,910



Depreciation


At 1 August 2022
75,516
-
-
75,645
80,523
231,684


Charge for the year
69,052
56,394
385
48,681
58,019
232,531


Disposals
(152)
-
-
(2,485)
(3,675)
(6,312)


Acquisition of subsidiary
-
-
42,972
10,428
164,396
217,796


Exchange adjustments
-
-
198
49
825
1,072



At 31 July 2023

144,416
56,394
43,555
132,318
300,088
676,771



Net book value



At 31 July 2023
286,997
328,075
7,443
203,469
151,155
977,139



At 31 July 2022
221,766
-
-
170,864
133,784
526,414

Page 30

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           13.Tangible fixed assets (continued)


Company






Long-term leasehold property
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£

Cost


At 1 August 2022
297,282
-
246,509
214,307
758,098


Additions
134,421
384,469
80,702
24,189
623,781


Disposals
(290)
-
(3,673)
(5,534)
(9,497)



At 31 July 2023

431,413
384,469
323,538
232,962
1,372,382



Depreciation


At 1 August 2022
75,516
-
75,645
80,523
231,684


Charge for the year
69,052
56,394
48,563
54,426
228,435


Disposals
(152)
-
(2,485)
(3,675)
(6,312)



At 31 July 2023

144,416
56,394
121,723
131,274
453,807



Net book value



At 31 July 2023
286,997
328,075
201,815
101,688
918,575



At 31 July 2022
221,766
-
170,864
133,784
526,414






Page 31

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


Additions
352,875



At 31 July 2023
352,875





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

ATM SA Proprietary Limited
(Formerly Woven SA Group Proprietary Limited)
1st Floor Parc du Links Building , 7 Niblick Way , Somerset West, 7130 , South Africa
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Woven SAC Proprietary Limited
22 Long Street, 8th Floor, Cape Town, 8000, South Africa
Ordinary
68%
SA Commercial Proprietary Limited
22 Long Street, 8th Floor, Cape Town, 8000, South Africa
Ordinary
68%

Page 32

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
4,814,852
4,981,177
4,584,071
4,981,177

Amounts owed by related undertakings
1,273,644
459,324
1,273,644
459,324

Other debtors
44,245
257,159
41,390
257,159

Prepayments and accrued income
1,628,545
763,378
1,628,348
763,378

7,761,286
6,461,038
7,527,453
6,461,038


Amounts owed by related undertakings are interest free, have no fixed repayment date and are repayable on demand.


16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
602,694
698,759
229,093
698,759

Less: bank overdrafts
(553)
-
(553)
-

602,141
698,759
228,540
698,759



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
553
-
553
-

Bank loans
351,000
351,000
351,000
351,000

Other loans
26,745
48,284
26,745
48,284

Trade creditors
195,147
187,975
194,821
187,975

Corporation tax
741,138
606,031
722,980
606,031

Other taxation and social security
1,161,274
1,899,566
1,155,237
1,899,566

Obligations under finance lease and hire purchase contracts
164,654
55,837
164,654
55,837

Other creditors
2,394,272
862,728
2,353,000
862,728

Accruals and deferred income
857,505
352,346
797,940
352,346

5,892,288
4,363,767
5,766,930
4,363,767


Page 33

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
789,750
1,140,750
789,750
1,140,750

Net obligations under finance leases and hire purchase contracts
173,625
-
173,625
-

963,375
1,140,750
963,375
1,140,750



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Bank loans
1,140,750
1,491,750
1,140,750
1,491,750

1,140,750
1,491,750
1,140,750
1,491,750

Details of security provided:

The bank loan is secured by a guarantee pledged by a director limited to £175,500 in favour of the company's bankers. In addition this is supported by a fixed and floating charge over the assets and undertaking of the company.
The interest on the bank loan is charged at 3.99% above the prevailing base rate. The bank loan is repayable by way of equal monthly instalments by October 2026.



Page 34

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
351,000
351,000
351,000
351,000

Other loans
26,745
48,284
26,745
48,284


377,745
399,284
377,745
399,284

Amounts falling due 1-2 years

Bank loans
351,000
351,000
351,000
351,000


351,000
351,000
351,000
351,000

Amounts falling due 2-5 years

Bank loans
438,750
789,750
438,750
789,750


438,750
789,750
438,750
789,750


1,167,495
1,540,034
1,167,495
1,540,034


Page 35

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

20.


Deferred taxation


Group



2023


£






At beginning of year
(120,363)


Charged to profit or loss
(80,034)



At end of year
(200,397)

Company


2023


£






At beginning of year
(120,363)


Charged to profit or loss
(79,305)



At end of year
(199,668)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(208,974)
(126,714)
(208,245)
(126,714)

Tax losses carried forward
8,577
6,351
8,577
6,351

(200,397)
(120,363)
(199,668)
(120,363)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.


Page 36

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

22.


Reserves

Foreign exchange reserve

The foreign exchange reserve comprises translation differences arising from conversion of functional currency balances into the presentational currency of the group.

Profit and loss account

The profit and loss account included all current and prior period profits and losses.

23.


Analysis of net debt






At 1 August 2022
Cash flows
Acquisition of subsidiaries
New finance leases
At 31 July 2023
£

£

£

£

£

Cash at bank and in hand

698,759

(459,492)

363,427

-

602,694

Bank overdrafts

-

(553)

-

-

(553)

Debt due after 1 year

(1,140,750)

351,000

-

-

(789,750)

Debt due within 1 year

(462,950)

14,659

-

-

(448,291)

Finance leases

(55,837)

51,109

-

(333,551)

(338,279)


(960,778)
(43,277)
363,427
(333,551)
(974,179)


24.


Commitments under operating leases

At 31 July 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
443,125
370,292
443,125
370,292

Later than 1 year and not later than 5 years
1,714,105
2,221,578
1,714,105
2,221,578

2,157,230
2,591,870
2,157,230
2,591,870

Page 37

 

AT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

25.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2023
 
2022 
2023 
2022 




£
 
£ 
£ 
£ 



Entities under common control
Amounts receivable
-
-
1,273,644
461,851


Amounts payable
-
-
(559,997)
(612,002)



Total transactions
1,913,218
2,526,091
-
-



Directors and close family members
Amounts receivable
-
-
-
155,990


Amounts payable
-
-
(70,546)
(63,666)



Amounts advanced during the year
554,173
763,704
-
-



Dividends paid during the year
(717,071)
(649,900)
-
-


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


26.


Post balance sheet events

In December 2023, the company acquired the remaining non-controlling interest in a subsidiary undertaking.
In January 2024, following a group restructure, the company's own shareholding was transferred to NDH Group Holdings Limited.


27.


Controlling party

The ultimate controlling party is the McArthur family.

 
Page 38