Company registration number 07795961 (England and Wales)
ASTUTA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ASTUTA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ASTUTA LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
861
1,632
Investments
4
393,710
393,710
394,571
395,342
Current assets
Debtors
5
874,480
732,086
Cash at bank and in hand
2,466
49,523
876,946
781,609
Creditors: amounts falling due within one year
6
(46,915)
(52,214)
Net current assets
830,031
729,395
Total assets less current liabilities
1,224,602
1,124,737
Creditors: amounts falling due after more than one year
7
(16,793)
Net assets
1,224,602
1,107,944
Capital and reserves
Called up share capital
8
2,772
2,772
Share premium account
3,164,208
3,164,208
Profit and loss reserves
(1,942,378)
(2,059,036)
Total equity
1,224,602
1,107,944
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASTUTA LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
H W Sears
Director
Company Registration No. 07795961
ASTUTA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Astuta Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 55 Baker Street, London, England, W1U 7EU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 in connection with the company’s trade of management consultancy activities.
Dividend income from investments in subsidiaries is recognised when the company’s right to receive payment is established.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer equipment
3 Years Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
ASTUTA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets and fixed asset investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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 debtors, amounts owed by group undertakings, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
ASTUTA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
1.11
Share-based payments
Where share options are awarded the fair value of the options at the grant date is charged to the Statement of Comprehensive Income over the vesting period. In determining the fair value amount of the options the company has to determine the value of each equity instruments granted. As there is no observable market price this has been estimated based on a recent transaction in the equity instruments being granted.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
ASTUTA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023 and 31 March 2024
5,770
Depreciation
At 1 April 2023
4,138
Depreciation charged in the year
771
At 31 March 2024
4,909
Carrying amount
At 31 March 2024
861
At 31 March 2023
1,632
4
Fixed asset investments
2024
2023
£
£
Investment in subsidiary companies
393,710
393,710
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
855,937
602,736
Other debtors
18,543
129,350
874,480
732,086
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,867
21,242
Taxation and social security
2,788
4,137
Other creditors
25,260
26,835
46,915
52,214
ASTUTA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,793
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
277,248
277,248
2,772
2,772
9
Events after the reporting date
On 31 May 2024 approximately £500,000 of the loans due to the company from the related company Oxwood Ltd were waived.
10
Related party transactions
Transactions with related parties
During the year the company entered into transactions with Oxwood Limited, a company where owners hold a participating interest in the company.
As at the reporting date, the company was owed £604,218 (2023 - £358,854) from Oxwood Limited which is included within amounts owed by group undertakings.
During the year the company made capital repayments to Oxwood Limited of £142,500 (2023 - £670,944).
Interest was charged on the amounts owed to Oxwood Limited at 10% above the Bank of England base rate and interest charged during the year totalled £nil (2023 - £5,084).
Interest was received on the amounts owed from Oxwood Limited at 10% above the Bank of England base rate and interest charged during the year totalled £40,507 (2023 - £6,354).
During the year the company was charged management fees from the owners holding a participating interest totalled £207,350 (2023 - £399,750).
The company also charged the owners holding a participating interest management charge during the year of £1,000 (2023 - £15,500).
The company has taken advantage of the available exemption under FRS 102 s33.1A not to disclose transactions between two or more members of a group where both parties to the transaction are wholly owned within the group.