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Registration number: 10613451

Attensi Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Pages for Filing with Registrar

 

Attensi Limited

(Registration number: 10613451)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

6

456,434

64,522

Current assets

 

Debtors

7

1,259,609

2,023,220

Cash at bank and in hand

 

122,175

135,885

 

1,381,784

2,159,105

Creditors: Amounts falling due within one year

8

(7,231,070)

(4,964,979)

Net current liabilities

 

(5,849,286)

(2,805,874)

Total assets less current liabilities

 

(5,392,852)

(2,741,352)

Provisions for liabilities

25,200

-

Net liabilities

 

(5,367,652)

(2,741,352)

Capital and reserves

 

Called up share capital

9

14,101,241

10,455,241

Other reserves

317,245

220,701

Retained earnings

(19,786,138)

(13,417,294)

Shareholders' deficit

 

(5,367,652)

(2,741,352)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 May 2024 and signed on its behalf by:
 

.........................................
K Kristiansen
Director

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is that of the provision of specialised gamified 3D simulation-based solutions for corporate workforce training.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a loss in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Prior period restatement

The share based payment was not recognised in the previous years from 2018-2022. A correction was made in the current year in respect of this material misstatement.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Other reserves

-

(220,701)

-

Share based payment transactions

-

220,701

-

    

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years

Computer equipment

3 years

Leasehold improvements

5 years

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are 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 profit or loss.

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.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company's parent undertaking, Attensi AS provides equity-settled share-based payments to certain employees.

Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 May 2024 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 78 (2022 - 73).

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

-

116,753

116,753

Additions

324,270

146,737

471,007

Disposals

-

(25,626)

(25,626)

At 31 December 2023

324,270

237,864

562,134

Depreciation

At 1 January 2023

-

52,231

52,231

Charge for the year

19,317

59,778

79,095

Eliminated on disposal

-

(25,626)

(25,626)

At 31 December 2023

19,317

86,383

105,700

Carrying amount

At 31 December 2023

304,953

151,481

456,434

At 31 December 2022

-

64,522

64,522

Included within the net book value of land and buildings above is £304,953 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

1,044,542

1,360,141

Prepayments

102,757

564,814

Other debtors

112,310

98,265

1,259,609

2,023,220

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

31,960

130,068

Amounts owed to group undertakings

5,026,746

2,926,437

Taxation and social security

351,757

363,162

Other creditors

1,820,607

1,545,312

7,231,070

4,964,979

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

14,101,241

14,101,241

10,455,241

10,455,241

         

10

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

11

Operating leases

The total of future minimum lease payments is as follows:

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
 £

2022
 £

Not later than one year

374,028

362,880

Later than one year and not later than five years

1,464,941

-

1,838,969

362,880

12

Share based payments

Attensi AS, the parent company of Attensi Limited, operates an Equity Incentive Plan for employees of the group.

Fair value of the options is measured at the grant date utilising the Black Scholes model. The options vest over a 6 year period with 29% vesting at 12 months. The options granted have a maximum term of 10 years from the date of the grant.

13

Parent and ultimate parent undertaking

The company’s immediate parent is Attensi AS, incorporated in Norway.

The ultimate parent is Attensi AS, incorporated in Norway.

These financial statements are available upon request from Gaustadallèen 21 0349, Oslo, Norway, NO