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Registration number: 10697032

Andromeda Services UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Andromeda Services UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Andromeda Services UK Ltd

Company Information

Director

B Portsmouth

Registered office

30 Merchant House
30 Cloth Market Street
Newcastle upon Tyne
Northumberland
NE1 1EE

Accountants

Smart Accounting & Tax Solutions LLP
74A Station Road East
Oxted
Surrey
RH8 0PG

 

Andromeda Services UK Ltd

(Registration number: 10697032)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

939,032

1,027,078

Tangible assets

5

48,227

92,973

 

987,259

1,120,051

Current assets

 

Debtors

6

133,150

314,424

Cash at bank and in hand

 

112,721

182,367

 

245,871

496,791

Creditors: Amounts falling due within one year

7

(984,912)

(1,526,143)

Net current liabilities

 

(739,041)

(1,029,352)

Total assets less current liabilities

 

248,218

90,699

Creditors: Amounts falling due after more than one year

7

(108,720)

(176,127)

Net assets/(liabilities)

 

139,498

(85,428)

Capital and reserves

 

Called up share capital

8

50,001

50,001

Retained earnings

89,497

(135,429)

Shareholders' funds/(deficit)

 

139,498

(85,428)

 

Andromeda Services UK Ltd

(Registration number: 10697032)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

.........................................
B Portsmouth
Director

   
     
 

Andromeda Services UK Ltd

Notes to the Unaudited 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:
30 Merchant House
30 Cloth Market Street
Newcastle upon Tyne
Northumberland
NE1 1EE
England

These financial statements were authorised for issue by the director on 31 July 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Disclosure of long or short period

The previous accounting year was a 6 month period ending 31 December 2022, as compared to the current year which is a 12 month period ending 31 December 2023. Periods are therefore not entirely comparable.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of 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.

 

Andromeda Services UK Ltd

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

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.

Tax

The tax expense for the period comprises Corporation Tax, based on the Company's taxable profit and chargeable gains. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Fixtures and fittings

33% Straight line basis

Office equipment

33% Straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Andromeda Services UK Ltd

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

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% Straight line basis

Company branding

33% Straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Trade creditors

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

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

Borrowings

 

Andromeda Services UK Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

 

Andromeda Services UK Ltd

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

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

99,140

2,254,629

2,353,769

Additions acquired separately

-

340,424

340,424

At 31 December 2023

99,140

2,595,053

2,694,193

Amortisation

At 1 January 2023

99,140

1,227,550

1,326,690

Amortisation charge

-

428,471

428,471

At 31 December 2023

99,140

1,656,021

1,755,161

Carrying amount

At 31 December 2023

-

939,032

939,032

At 31 December 2022

-

1,027,078

1,027,078

 

Andromeda Services UK Ltd

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

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

7,649

170,701

178,350

Additions

-

19,263

19,263

Disposals

(259)

-

(259)

At 31 December 2023

7,390

189,964

197,354

Depreciation

At 1 January 2023

5,930

79,446

85,376

Charge for the year

1,064

62,945

64,009

Eliminated on disposal

(258)

-

(258)

At 31 December 2023

6,736

142,391

149,127

Carrying amount

At 31 December 2023

654

47,573

48,227

At 31 December 2022

1,718

91,255

92,973

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

118,661

128,480

Amounts owed by related parties

10

5,592

-

Prepayments

 

3,193

3,972

Other debtors

 

5,704

181,972

   

133,150

314,424

 

Andromeda Services UK Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

253,959

68,040

Trade creditors

 

96,648

205,816

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

583

Taxation and social security

 

159,529

665,761

Accruals and deferred income

 

418,733

379,654

Other creditors

 

56,043

206,289

 

984,912

1,526,143

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

108,720

176,127

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

50,001

50,001

50,001

50,001

       
 

Andromeda Services UK Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

108,720

176,127

Current loans and borrowings

2023
£

2022
£

Bank borrowings

253,959

68,040

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,000

123,583

Contributions paid to money purchase schemes

-

6,368

25,000

129,951

Loans to related parties

2023

Parent
£

Total
£

At start of period

(583)

(583)

Advanced

107,375

107,375

Repaid

(101,200)

(101,200)

At end of period

5,592

5,592

Terms of loans to related parties

At the year end, the Company was owed £5,592 (2022: £583 owed to) from its parent company, which is based in the UK. The loan is interest free and repayable on demand.
 

Loans from related parties

 

Andromeda Services UK Ltd

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

2023

Parent
£

Total
£

At start of period

(583)

(583)

At end of period

(583)

(583)

2022

Parent
£

Total
£

At start of period

(583)

(583)

At end of period

(583)

(583)