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Registered number: 08442720









ATLANTIC TECHNOLOGIES EUROPE LIMITED









Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 

Contents



Page
Company Information
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditor's Report
 
 
4 - 7
Statement of Income and Retained Earnings
 
 
8
Balance Sheet
 
 
9
Notes to the Financial Statements
 
 
10 - 17


 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
Company Information


Directors
M Cunico 
M Di Rosa (resigned 26 March 2024)
F Momola 




Registered number
08442720



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditor
MHA

2 London Wall Place

Barbican

London

EC2Y 5AU




Page 1

 
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.

Directors' responsibilities statement

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 2006They 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.

Principal activity

The principal activity of the company was that of ICT consultancy that guides business in implementing the best Cloud technology in the area of ERP, CRM, HCM & Analytics.

Results and dividends

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).

Directors

The directors who served during the year were:

M Cunico 
M Di Rosa (resigned 26 March 2024)
F Momola 

Future developments

The Directors do not foresee any significant changes in the Company's strategy or general environment.

Page 2

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

Going concern

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.

Disclosure of information to auditor

Each of the persons who held office at the date of approval of this Directors' Report confirms that:
 
so far as the directors is aware, there is no relevant audit information needed by the Company's auditor in connection with preparing their report, of which the Company's auditor is unaware; and

the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events to note after the balance sheet date.

Auditor

The auditor, MHA - MacIntyre Hudson LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies exemption

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 5 September 2024 by:
 



F Momola
Director

Page 3

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Independent Auditor's Report to the Members of Atlantic Technologies Europe Limited
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 4

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Independent Auditor's Report to the Members of Atlantic Technologies Europe Limited (continued)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare the Strategic Report.


Page 5

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Independent Auditor's Report to the Members of Atlantic Technologies Europe Limited (continued)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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
Page 6

 
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.


Use of our 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 2006Our 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.





Francesco Lepri (Senior Statutory Auditor)
  
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).
 

13 September 2024
Page 7

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
Statement of Income and Retained Earnings
For the Year Ended 31 December 2023

2023
2022
£
£


Turnover
3,110,605
2,940,967

Cost of sales
(657,969)
(692,404)

Gross profit
2,452,636
2,248,563

Administrative expenses
(2,770,975)
(2,136,288)

Other operating income
871
994

Operating (loss)/profit
(317,468)
113,269

Interest payable and similar expenses
(26,927)
(39,337)

(Loss)/profit before tax
(344,395)
73,932



Retained earnings at the beginning of the year
(317,576)
(391,508)

(317,576)
(391,508)

(Loss)/profit for the year
(344,395)
73,932

Retained earnings at the end of the year
(661,971)
(317,576)
The notes on pages 10 to 17 form part of these financial statements.

Page 8

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
Registered number: 08442720

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
17,815
-

  
17,815
-

Current assets
  

Debtors: amounts falling due after more than one year
 6 
88,597
14,978

Debtors: amounts falling due within one year
 6 
237,592
682,362

Cash at bank and in hand
  
388,273
181,756

  
714,462
879,096

Creditors: amounts falling due within one year
 7 
(1,393,248)
(1,195,672)

Net current liabilities
  
 
 
(678,786)
 
 
(316,576)

Total assets less current liabilities
  
(660,971)
(316,576)

  

Net liabilities
  
(660,971)
(316,576)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(661,971)
(317,576)

  
(660,971)
(316,576)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




F Momola
Director

The notes on pages 10 to 17 form part of these financial statements.

Page 9

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

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.

 
2.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and that revenue can be reliably measured.

Page 10

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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:

Plant & machinery
-
33%

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.

 
2.5

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 11

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals applicable to operating leases where substantially all of the benefits and risks or ownership remain with the lessor are charged to profit and loss account on a straight-line-basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.



 
2.8

Financial instruments

(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.


 
Page 12

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.8
Financial instruments (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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.12

Share Capital

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.

Page 13

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

Going concern

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.


3.


Employees

The average number of employees during the year was 25 (2022 - 20).


4.


Auditors' remuneration

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).

Page 14

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Tangible fixed assets





Plant & machinery

£



Cost or valuation


At 1 January 2023
25,556


Additions
18,883



At 31 December 2023

44,439



Depreciation


At 1 January 2023
25,556


Charge for the year on owned assets
1,068



At 31 December 2023

26,624



Net book value



At 31 December 2023
17,815



At 31 December 2022
-

Page 15

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
88,597
14,978

88,597
14,978


As restated
2023
2022
£
£

Due within one year

Trade debtors
203,540
600,083

Amounts owed by group undertakings
-
31,372

Prepayments and accrued income
34,052
50,907

237,592
682,362



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Payments received on account
-
185,136

Trade creditors
234,212
-

Amounts owed to group undertakings
802,773
672,034

Other taxation and social security
253,787
216,198

Other creditors
11,425
-

Accruals and deferred income
91,051
122,304

1,393,248
1,195,672


Included in Amounts owed to group undertakings, is a loan provided by Atlantic IT amounting to £619,214 (2022: £619,214). This loan is interest bearing at 2%, unsecured and repayable on demand.

Page 16

 
ATLANTIC TECHNOLOGIES EUROPE LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
70,225
-

Later than 1 year and not later than 5 years
95,429
-

165,654
-


9.


Related party transactions

The Company has taken advantage of the exemption provided under FRS 102 Section 33 'Related Party Disclosures' paragraph 33.1A of FRS 102 and has not disclosed transactions or balances with members of the group which are wholly owned by the ultimate parent company.


10.


Controlling party

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.


11.


Post balance sheet events

There were no balance sheets events after the period end.

Page 17