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COMPANY REGISTRATION NUMBER: 09340484
Attilus Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Attilus Services Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Attilus Services Limited
Officers and Professional Advisers
Director
Mr Igor Stopnikov
Registered office
92 York Street, London
England
W1H 1QX
Accountants
DSJ Partners (UK) Limited
Chartered accountants
1 Bell Street
London
NW1 5BY
Attilus Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
27,278
35,183
Current assets
Stocks
2,429
1,999
Debtors
7
92,919
202,043
Cash at bank and in hand
38,030
1,713
---------
---------
133,378
205,755
Creditors: amounts falling due within one year
8
3,226,480
3,064,539
------------
------------
Net current liabilities
3,093,102
2,858,784
------------
------------
Total assets less current liabilities
( 3,065,824)
( 2,823,601)
Creditors: amounts falling due after more than one year
9
275,253
275,253
------------
------------
Net liabilities
( 3,341,077)
( 3,098,854)
------------
------------
Capital and reserves
Called up share capital
100
100
Other reserves
34,747
40,687
Profit and loss account
( 3,375,924)
( 3,139,641)
------------
------------
Shareholders deficit
( 3,341,077)
( 3,098,854)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Attilus Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr Igor Stopnikov
Director
Company registration number: 09340484
Attilus Services Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92 York Street, London, W1H 1QX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Notwithstanding the loss for the period of £260,846, net liabilities of £3,349,756 and net current liabilities of £3,101,781, the director, having made all necessary enquiries, and based upon the factors summarised below, has concluded that it is appropriate to continue to adopt the going concern. The company has only limited third party creditors and payments in respect of these are being made as and when they fall due.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Transactions in foreign currencies are usually 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 rates prevailing on the initial transaction dates.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses .
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
Website Costs
-
15% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are stated 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 calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over the use of life of the lease
Plant and machinery
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stock. Cost is determined using the first-in, first-out (FIFO) method. Cost comprises purchase cost.
Financial instruments
Classification The company holds the following financial instruments: - Short-term trade and other debtors and creditors; - Cash and bank balances; and - Short-term and long-term loans at below market rate. Recognition and measurement The company has chosen to apply the recognition and measurement principles in FRS 102. Financial instruments are recognized when the company becomes party to the contractual provisions of the instrument and derecognized when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Long term loan liabilities constitute a finance transaction because they are at below market rate of interest. Such loans are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At inception the discount is recognized as a capital contribution within Equity. As the discount unwinds it is charged against profit. An equivalent transfer is made annually between the Capital contribution reserve and the Profit and Loss reserve.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Intangible assets
Intangible asset user defined 1
£
Cost
At 31 December 2022 and 31 December 2023
26,369
--------
Amortisation
At 31 December 2022 and 31 December 2023
26,369
--------
Carrying amount
At 31 December 2023
--------
At 30 December 2022
--------
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
6. Tangible assets
Short leasehold property
Plant and machinery
Total
£
£
£
Cost
At 31 December 2022 and 31 December 2023
62,620
4,388
67,008
--------
-------
--------
Depreciation
At 31 December 2022
29,760
2,065
31,825
Charge for the year
7,440
465
7,905
--------
-------
--------
At 31 December 2023
37,200
2,530
39,730
--------
-------
--------
Carrying amount
At 31 December 2023
25,420
1,858
27,278
--------
-------
--------
At 30 December 2022
32,860
2,323
35,183
--------
-------
--------
Leasehold improvements represent work carried out and completed on the company's registered office and retail premises .
7. Debtors
2023
2022
£
£
Trade debtors
67,089
170,829
Other debtors
25,830
31,214
--------
---------
92,919
202,043
--------
---------
Prepayments represent the leasehold premium, paid on the inception of the lease at the company's registered office and retail premises, less accumulated amortisation. The premium is amortised over the life of the lease, which expires in June 2027.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Loans and borrowings
1,240,500
1,277,000
Trade creditors
1,946,147
1,693,890
Accruals and deferred income
8,333
Other creditors
39,833
85,316
------------
------------
3,226,480
3,064,539
------------
------------
Loans and borrowings
Current borrowings represent short-term loans provided by the company under the control of the director. These are denominated in Sterling with a nominal interest rate of 0%. The repayment of these loans is due to start on, or before, 31 December 2024. The total carrying amount of these loans is £1,240,500 (2022 - £1,277,000).
The loans have been represented in accordance with the requirements of FRS102. They are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The movement of the loans each year is the unwinding of the discount, which is charged to the profit and loss account as an interest expense.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and borrowings
275,253
275,253
---------
---------
Other borrowings
Non-current borrowings represent short-term loans provided by the directors. Please see note 13 for further details.
10. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2023
2022
£
£
At start of year
40,687
30,181
Fair Value Transfer
(5,940)
10,506
--------
--------
At end of year
34,747
40,687
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
25,000
25,000
Later than 1 year and not later than 5 years
60,417
85,417
--------
---------
85,417
110,417
--------
---------
These are in respect of company's registered office and retail premises. The lease term is until June 2027.
12. Related party transactions
Summary of transactions with key management A loan account exists between the company and Mr I Stopnikov in the current and preceding period. This loan was made interest-free and is not repayable before 31 December 2025. As at the Balance Sheet date, the company owed £310,000 (2022 - £310,000). The carrying amount of the loan included in Loans and Borrowings within Creditors due after one year is £275,253 (2022 - £275,253).