Registered number:
For the Year Ended
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Contents
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Company Information
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ATLANTIC TECHNOLOGIES EUROPE 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 Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland', section 1A. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £344,395 (2022 - profit £73,932).
The directors do not recommend the payment of a dividend (2022 - £Nil).
The directors who served during the year were:
The Directors do not foresee any significant changes in the Company's strategy or general environment.
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Directors' Report (continued)
For the Year Ended 31 December 2023
In preparing the financial statements, the directors are required to make an assessment of the company’s ability to continue to trade as a going concern. The directors have considered the company’s cash requirements to settle the debts as they fall due and have compared this against the facilities available to them for a period greater than 12 months from the approval of the financial statements. As well Management has received confirmation from its parent company Atlantic Technologies S.p.A. that they will continue to provide support to the company for these purposes for the relevant period. It is on this basis that the directors consider it to be appropriate to prepare the financial statements on a going concern basis.
There have been no significant events to note after the balance sheet date.
The auditor, MHA - MacIntyre Hudson LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf on
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Independent Auditor's Report to the Members of Atlantic Technologies Europe Limited
We have audited the financial statements of Atlantic Technologies Europe Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 section 1A ‘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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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 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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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Independent Auditor's Report to the Members of Atlantic Technologies Europe Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Independent Auditor's Report to the Members of Atlantic Technologies Europe 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 Auditor's 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 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:
∙Enquiry of management, those charged with governance around actual and potential litigation and claims;
∙Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override controls, including testing of journal entries and other adjustments for appropriateness;
∙Evaluating the business rationale of significant transactions outside of the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Discussion amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Performing substantive tests of detail over the completeness/existence of income within the financial system.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Independent Auditor's Report to the Members of Atlantic Technologies Europe Limited (continued)
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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 Auditor's 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
MHA, Statutory Auditor
2 London Wall Place
Barbican
London
EC2Y 5AU
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313).
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Statement of Income and Retained Earnings
For the Year Ended 31 December 2023
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Registered number: 08442720
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 17 form part of these financial statements.
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
Atlantic Technologies Europe Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08442720 and registered office address is Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT.
The principal activity of the company in the year under review was that of ICT consultancy that guides businesses in implementing the best Cloud technology in the area of ERP, CRM, HCM and Analytics.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows and related notes;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45. 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of the company's ultimate parent, Atlantic Technologies S.p.A. as of 31 December 2023 and these financial statements are available to the public and may be obtained in Viale Sarca, 226, 20126 Milan, Italy.
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ATLANTIC TECHNOLOGIES EUROPE 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:
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If such an indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
(i) Financial assets
Basic financial assets, including cash and bank, trade and other debtors and amounts owed by the group undertaking, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised.The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, amounts owed to group undertakings and payable to government agencies (i.e. taxation and social security), are initially recognised at transaction price, unless the arrangement consistutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Such liabilities are subsequently carried at amortised cost, using the effective interest rate method.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax from the proceeds.
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
These financial statements have been prepared on a going concern basis, taking into account that the company's parent, Atlantic Technologies S.p.A, has confirmed that it will continue to provide such financial support as the company requires for its continued operations and so that it can continue trading for the foreseeable future, being twelve months from the date of approval of the financial statements of the company for the year ended 31 December 2023.
Furthermore, the directors have reviewed the going concern position taking into account its business activities, budgeted performance, the factors likely to affect its future development. As such, the directors consider it is appropriate to prepare the financial statements on the going concern basis.
Fees payable to the company's auditor for the audit of the company's financial statements as of 31 December 2023 were £8,000 (2022 - £9,000).
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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ATLANTIC TECHNOLOGIES EUROPE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
The company's immediate parent undertaking is Atlantic Technologies S.p.A, a company incorporated in Italy.
The directors consider the company's ultimate parent undertaking and controlling party to be Engineering Ingegneria Informatica S.p.A , a company incorporated in Italy. The smallest group in which the results of the company were consolidated for the year ended 31 December 2023 was that headed by Engineering Ingegneria Informatica S.p.A. Copies of its consolidated financial statements are available from its registered office at Piazzale dell’Agricoltura, 24, 00144, Rome, Italy. The largest group in which the results of the company were consolidated for the year ended 31 December 2023 was that headed by Engineering Ingegneria Informatica S.p.A. Copies of its consolidated financial statements are available from its registered office at Piazzale dell’Agricoltura, 24, 00144, Rome, Italy.
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