Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
COMPANY INFORMATION
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ARTESIAN SOLUTIONS LIMITED
CONTENTS
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ARTESIAN SOLUTIONS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic and Directors report for the year ended 31 December 2023.
The team and Board of Directors at Artesian are pleased to report another year of solid progress following a second successful acquisition, W2 Global Data Solutions, in August 2023 and subsequent restructure of the combined business to deliver profitable growth. 2023 was the first full year of trading for the newly created Artesian Solutions Group (the ‘Group’). This second acquisition underpins our strategy to accelerate our product roadmap and supplement our growth inorganically. New business sales (i.e. excluding renewal sales to existing customers and excluding W2) increased compared to the prior year, adding 40 new customers in the process. Recognised revenue was at £10.2m (£12.1m ARR) for the year – a growth of 25%, delivering a strong consolidated performance. The Group invested in additional sales and marketing resources during the year including new revenue sharing partnerships, which are expected to become fully productive in 2024. The business exited 2023 on a monthly EBITDA positive run rate.
Our combined focus is to help our Customers in the regulated industry sector remove the regulatory roadblocks on the pathway to fast revenue growth with a unique combination of Regtech (tech which helps deal with compliance including KYC and AML) and Revtech (tech which helps drive customer acquisition and retention). We predominantly serve financial services sector including Insurance and Banks but with the addition of W2 – this has extended our footprint internationally and into new sectors such as online player safety and personal finance. In combination, the Group now serves over 500 customers including most of the Tier 1 Banks, Challenger, Neobanks, Fintech’s, Telco’s and Insurance Brokers in the UK and Ireland as well as online gaming and personal finance providers. In March 2022 - the newly formed Group undertook a re-branding exercise creating a new trading name “FullCircl” which signifies the focus the company brings to the customer lifecycle. The re-brand has been favourably received by the market during 2023. In addition to the Group consolidation activity, we are also pleased to report a number of other key milestones, namely: • Average customer contract length as at 31st December 2023 reached a milestone of 29 months and greater than 30 months for contracts greater than £100k in annual recurring revenue, providing strong visibility of future revenue recognition. These contracts are non-cancellable so constitute guaranteed future revenue performance obligations greater than 2x our annually recurring revenue. • The business continues to deliver strong unit economics underpinned by the low cost of acquiring customers and best in class gross retention rates. Both gross and net retention rates increased in 2023 compared with 2022. • Through cost-synergies and consolidation of systems we were able to increase our gross margin year-on-year once adjusted to compare for a like-for-like trading period. Pro-forma year-on-year operating expenses were reduced by £760K (10%), driven by the completion of integration tasks, including building consolidation, vendor synergies and rationalisation of duplicate headcount roles. • We continue to invest heavily in R&D and we delivered four major releases in a Product Roadmap which successfully underpinned our vision for a consolidated platform including a new suite of Smart web-applications purpose designed for different Industry sector use cases.
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ARTESIAN SOLUTIONS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
• We concluded a number of distribution and revenue sharing Partner deals in 2022 where the Partner bundles FullCircl inside their own software which generated revenues in the second half of 2023. Partner deals contributed to circa 25% of net new ARR in the second half of 2023.
• We continue to operate the Entrepreneurs Operating System (EOS) – a framework which helps teams to manage effectively across the business.
The principal risks and uncertainties of the Group relate to:
Performance risk This is the risk identified that the Group may fail to meet its contractual obligations in connection with availability of the Group’s API and web applications in accordance with agreed service level agreements (SLAs), which are critical for many our clients. The Group sets internal targets which are more stringent than our client SLAs, and these are continually monitored in ‘real-time’. In order to further mitigate this risk, the Group undertook major projects in 2018 and 2019 to increase the reliability and resilience of all platforms and products by switching its hosting providers to Google’s Cloud Platform and Rackspace, both of which are ISO27001 certified environments that are fully managed and monitored, and have resilience and failover built into their respective infrastructures. Liquidity risk The Group’s current assets are cash or assets which are converted into cash within a short period of time and the directors ensure that the Group maintains a sufficient cash balance to minimise liquidity risk. The Group’s income stream is based on pre-agreed contractual arrangements with clients thereby reducing price and credit risk. Conversion of trade debtors into cash in accordance with contractual terms is closely monitored. The Group continually monitors its current and future funding requirements through its risk management and regularly updated financial projections. Foreign currency risk The majority of the Group’s clients are invoiced in £STG thereby minimising the Group’s exposure to currency rate risk. Market competition and technological change The Group continues to invest in new products and solutions designed to address more of our existing and future clients’ needs and to address competition in the Group’s markets. During each quarter the Group rigorously reviews its Product Roadmap for the subsequent quarter to ensure the correct projects are being undertaken and that resources are allocated in the most efficient manner. As noted above, the Group undertook major projects in 2018 and 2019 to increase the reliability and resilience of both platforms by switching its hosting providers to Google’s Cloud Platform and Rackspace, as examples of the Group’s ongoing assessment and implementation of the appropriate technologies to best meet our clients’ needs. The Group employs a highly qualified and experienced Technical team, managed by a vastly experienced Technical management team. Recruiting and retaining employees at the appropriate level Recruitment and retention are at the forefront of the Group’s operations. During 2023 a number of initiatives were implemented in order to improve recruitment and retention, namely: improvements to the recruitment process; employee onboarding and engagement; and training and development. The Group has a dedicated team responsible for managing and reviewing its Employee Value Proposition (EVP) to ensure it remains best-in-class, and runs several initiatives to support the EVP proposition during the year. As a result of these initiatives we have been able to recruit and retain employees at the appropriate level and will continue to develop these initiatives during the forthcoming year.
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ARTESIAN SOLUTIONS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group’s key financial and other performance indicators for the year were as follows:
[1] Before amortisation of goodwill and depreciation
[2] Includes amortisation of goodwill of £3,363k and depreciation of £47k.
In addition to a broad range of financial KPIs the Group also monitors a number of operational KPIs, both of which are used on a regular basis to inform management decisions and actions.
This report was approved by the board and signed on its behalf.
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ARTESIAN SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the Year ended 31 December 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.
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;
∙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 2006. They 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.
The loss for the Year, after taxation, amounted to £3,693,050 (2022 - loss £3,804,861).
The results for the year were in line with the Group’s Operating Plan. The Board do not recommend a payment of a dividend for the year.
The directors who served during the Year were:
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ARTESIAN SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Looking ahead to 2024, the Group’s intends to build on the solid trading performance achieved in 2023, with increased turnover driven by improvements in new business sales, sales generated from Partner channels, and improved gross and net retention from existing customers.
The Group also intends to continue investment in its product offerings and improvements in its technical infrastructure, to ensure it remains best-in-class. Finally, the Group intends to generate an operating profit in 2024, improving on the small operating loss realised in 2023, through increased turnover and a modest increase in operating expenses.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, based on forecasts. They continue to adopt the going concern basis in preparing the annual financial statements.
There are no other significant events after the balance sheet date and signing of these accounts.
The auditors, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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ARTESIAN SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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ARTESIAN SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTESIAN SOLUTIONS LIMITED
We have audited the financial statements of Artesian Solutions Limited (the 'parent Company') and its subsidiaries (the 'Group') for the Year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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.
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.
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ARTESIAN SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTESIAN SOLUTIONS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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ARTESIAN SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTESIAN SOLUTIONS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: - We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. - We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. - We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.
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ARTESIAN SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTESIAN SOLUTIONS LIMITED (CONTINUED)
- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
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 Auditors' 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
2nd Floor
Now Building
Thames Valley Park
Berkshire
RG6 1RB
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ARTESIAN SOLUTIONS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
REGISTERED NUMBER: 05667880
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 37 form part of these financial statements.
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ARTESIAN SOLUTIONS LIMITED
REGISTERED NUMBER: 05667880
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
REGISTERED NUMBER: 05667880
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 37 form part of these financial statements.
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ARTESIAN SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Artesian Solutions Limited is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is disclosed on the Company Information page.
The principal activity of the company in the year under review was that of the development and supply of Cloud (web) based software which automates the process of search and surveillance of internet based information sources to deliver commercial intelligence to drive sales productivity.
2.Accounting policies
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 (see note 3).
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:
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. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their cost at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account for the entire period.
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, based on forecasts. They continue to adopt the going concern basis in preparing the annual financial statements.
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
(A) Estimating the recoverability of loans held (B) Estimating the impairment of the investments held
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Tangible fixed assets (continued)
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 31
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 33
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
On 16 August 2023 the company issued 63,300 Ordinary shares of £0.01 each as part of the acquisition of W2.
Share premium account
Foreign exchange reserve
Profit and loss account
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22.Business combinations (continued)
The Group operates a defined contribution pension scheme, the assets of which are held separately from those of the Company in an independently administered fund.
A charge of £125,627 (2022: £91,709) was recognised in the period. Contributions totalling £45.044 (2022: £37,335) were payable to the fund at the balance sheet date and are included within creditors.
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ARTESIAN SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors do not consider any one individual to have ultimate control.
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