AUTOMAT IT UK LTD
Director: I. Toker
Registered office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered no: 14586419 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane
N3 1LQ
Annual report and financial statements
For the period ended 31 December 2023
In Pound Sterling
page
Statement of financial position 1
Notes to the financial statements 2-7
AUTOMAT IT UK LTD
Statement of financial position as at 31 December 2023
31.12.2023
Notes £ £
Fixed assets
Plant and machinery 4 3,742
Current assets
Debtors 5 1,661,104
Cash at bank and in hand 491,008
2,152,112
Creditors: amounts falling due
within one year 6 (2,089,675)
Net current assets 62,437
Total assets less current liabilities 66,179
Provision for deferred tax 7 (936)
Net assets £ 65,243
Capital and reserves
£
Called up share Capital 8 1
Profit and loss account 65,242
Shareholders' fund £ 65,243
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
__________________________
I. Toker
Director 20 August 2024
Company number: 14586419
AUTOMAT IT UK LTD
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Automat IT UK Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ.
The company is a wholly owned subsidiary of Automat IT Malam Team Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
AUTOMAT IT UK LTD
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.3 Going concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Automat group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
2.4 Turnover and revenue recognition
Turnover is the amount derived from ordinary activities and represents net invoiced value of software and related services excluding VAT.
The company generates revenues from software cloud based services, revenue from the sale of services are recognised on a straight line basis over the period of a related service agreement.
2.5 Tangible fixed assets
Plant and equipment:
Fixed assets are disclosed at cost less impairment charge. Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives:
Computer - 33% straight line.
2.6 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.7 Creditors
Basic financial liabilities including trade and other payable and amounts owed to group companies are measured at transaction price.
AUTOMAT IT UK LTD
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.8 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.9 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date.
Non monetary items are translated into sterling at the actual rate ruling on the date of the transaction.
Foreign currency transactions relating to income and expenditure are translated into sterling at the rate of exchange ruling on the date of the transaction.
Exchange rate differences are recognised in profit or loss in the period which they arise.
2.10 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are
recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
AUTOMAT IT UK LTD
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.11 Employee benefits (continued)
(iii) Bonus plan
The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made.
3. Employee information period ended
31.12.2023
£
The average number of employees during the year was 2
No remunerations paid to the director during the above year.
4. Tangible fixed assets
Plant & machinery
Computers Total
£ £
Cost:
Additions 4,491 4,491
At 31 December 2023 4,491 4,491
Depreciation:
Charge for the Year 749 749
At 31 December 2023 749 749
Net Book Value:
At 31 December 2023 3,742 3,742
5. Debtors
31.12.2023
£
Trade debtors 1,657,751
Other debtors 3,353
1,661,104
AUTOMAT IT UK LTD
Notes to the financial statements - 31 December 2023
6. Creditors: amounts falling due
within one year
31.12.2023
£
Trade creditors 540
VAT 430,244
Parent company 1,629,608
Corporation tax 20,583
Accruals and deferred income 8,700
2,089,675
7. Deferred tax liability
31.12.2023
£
Transfer from profit and loss account 936
As at 31.12.2023 936
The amount of deferred tax liability relates to the following timing differences:
31.12.2023
£
Excess of capital allowance over depreciation 936
936
8. Share Capital
2023
£
Allotted, called up and fully paid:
1 Ordinary share of £1 each 1
AUTOMAT IT UK LTD
Notes to the financial statements - 31 December 2023
9. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 20 August 2024
Name of director signing accounts: I. Toker
Date director signed accounts: 20 August 2024
10. Financial commitment
As at 31.12.2023 the company did not have any financial commitments.
11. Related party transactions:
Control:
The company is a wholly owned subsidiary of Automat IT Malam Team Ltd, a company incorporated in Israel.
Automat IT Malam Team Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
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