Company Registration No. 12155952 (England and Wales)
ARTIONIS (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ARTIONIS (UK) LIMITED
COMPANY INFORMATION
Directors
Mr S K Rana
(Appointed 26 January 2024)
Mr M Nahta
(Appointed 22 January 2024)
Mr S Gangoli
(Appointed 22 January 2024)
Company number
12155952
Registered office
Davina House, 2nd Floor
Office 203-205 & 210
137-149 Goswell Road
London
EC1V 7ET
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ARTIONIS (UK) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ARTIONIS (UK) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARTIONIS (UK) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Artionis (UK) Limited for the year ended 31 December 2023 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Artionis (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Artionis (UK) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Artionis (UK) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Artionis (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Artionis (UK) Limited. You consider that Artionis (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Artionis (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
13 September 2024
ARTIONIS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,008
24,547
Current assets
Debtors
4
20,301
374,685
Cash at bank and in hand
9,840
13,702
30,141
388,387
Creditors: amounts falling due within one year
5
(245,087)
(1,452,658)
Net current liabilities
(214,946)
(1,064,271)
Total assets less current liabilities
(201,938)
(1,039,724)
Creditors: amounts falling due after more than one year
6
(28,050)
(37,254)
Provisions for liabilities
7
(3,447)
(5,779)
Net liabilities
(233,435)
(1,082,757)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10
(233,535)
(1,082,857)
Total equity
(233,435)
(1,082,757)
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 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 member has 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.
ARTIONIS (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
Mr S K Rana
Director
Company Registration No. 12155952
ARTIONIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Artionis (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Davina House, 2nd Floor, Office 203-205 & 210, 137-149 Goswell Road, London, EC1V 7ET.
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.
1.2
Going concern
At the balance sheet date the company had net liabilities of £233,435 (December 2022 net liabilities £1,082,757). The increased instability in the geopolitical environment in Russia and Middle East has been impacted due to flight restrictions, although the company is continuing to trade normally by providing services from the UK. Revenue has risen from 2022 level even though visa applications have declined by 90% overall on pre-Covid applications. The directors expect the current instability to continue for the foreseeable future. true
The company believes that the fundamental value drivers for the business remain intact and are supported by secular growth trends. Atlas Visa Inc. USA became the ultimate parent undertaking from 20 April 2024, has confirmed that it will continue to provide such financial support as necessary to enable the company to meet its financial obligations as they fall due for a period of at least 12 months from the date of these financial statements. The directors are satisfied that Atlas Visa Inc. USA have sufficient available resources to provide such financial support. For this reason the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
The company acts as a visa facilitation centre. Revenue originates from the rendering of services and represents the aggregate amount of revenue receivable for services supplied in the ordinary course of business. Revenue is measured at the fair value of the consideration received or receivable and is stated net of discounts and value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% per annum on a straight line method
Computers
20% per annum on a straight line method
ARTIONIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors and bank loan.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and sundry debtors 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.
Basic financial liabilities
Basic financial liabilities, including creditors and sundry creditors and bank loan 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.
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.
1.6
Taxation
The tax expense represents the sum of the movements in 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ARTIONIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Certain corresponding amounts have been restated to ensure comparability without affecting the relevant net results.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
18
ARTIONIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
57,696
Depreciation and impairment
At 1 January 2023
33,149
Depreciation charged in the year
11,539
At 31 December 2023
44,688
Carrying amount
At 31 December 2023
13,008
At 31 December 2022
24,547
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,920
1,260
Amounts owed by group undertakings
352,447
Other debtors
18,381
20,978
20,301
374,685
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,209
9,788
Trade creditors
187,221
358,498
Amounts owed to group undertakings
6,999
842,782
Taxation and social security
35,225
50,972
Other creditors
6,433
190,618
245,087
1,452,658
ARTIONIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
19,890
29,094
Other creditors
8,160
8,160
28,050
37,254
Bounce back loan of £29,095 (2022: £38,882) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
3,447
5,779
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,447
5,779
2023
Movements in the year:
£
Liability at 1 January 2023
5,779
Credit to profit or loss
(2,332)
Liability at 31 December 2023
3,447
Deferred tax asset on taxable losses of £220,728 (2022: £1,081,798) is not recognised on the grounds that the recoverability of the asset is uncertain based on management expectations.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued, allotted, called-up and fully paid
Ordinary shares of £1 each
100
100
100
100
ARTIONIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Reserves
The only movement in reserves for the year ended 31 December 2023 is profit for the year and for year ended 31 December 2022 was loss for the year.
11
Financial commitments, guarantees and contingent liabilities
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
48,744
48,744
12
Parent company
The company's immediate parent company is Atlys Ltd, Cayman and before 20 April 2024, company's immediate parent company was Artionis (Switzerland) AG, incorporated in Switzerland.
13
Related party transactions
At the balance sheet date the amount due from Artionis Belgium S.R.L, a fellow group undertaking registered in Belgium, was £nil (2022: £8,623). During the year interest receivable from Artionis Belgium S.R.L amounted to £nil (2022: £123).
At the balance sheet date the amount due to Artionis GMBH, a fellow subsidiary undertaking registered in Austria, was £nil (2022: £nil).
At the balance sheet date the amount due to Artionis France SAS, a fellow group undertaking registered in France, was £6,999 (2022: £145,977). During the year interest payable to Artionis France SAS was £nil (2022: £1,187). At the balance sheet date the amount due from Artionis France SAS was £nil (2022: £78,942).
At the balance sheet date the amount due to Artions (Switzerland) AG, the company's previous parent undertaking, was £nil (2022: £696,805). During the year interest payable to Artionis (Switzerland) AG amounted to £29,704 (2022: £23,152). At the balance sheet date the amount due from Artionis (Switzerland) AG was £nil (2022: £264,882) and management charges receivable for the year amounted to £nil (2022: £264,882).
At the balance sheet date the total amount due to the director, Mr S Raja, was £8,160 (2022: £8,160).
At the balance sheet date the amount due to the director, Mr S S Bhati, was £862 (2022: £22,518).
At the balance sheet date the amount owed by the director, Mr S K Rana, was £3,338, and the amount due to the director in 2022 was £19,882.