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REGISTERED NUMBER: 10861009 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ATHONET UK LIMITED

ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 4

Notes to the Financial Statements 5


ATHONET UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M P Harris
S A Marston





REGISTERED OFFICE: C/O Hewlett Packard Limited
Ground Floor, 210 Wharfedale Road
Winnersh Triangle
Wokingham
Surrey
RG41 5TP





REGISTERED NUMBER: 10861009 (England and Wales)





AUDITORS: Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

The directors noted that the company had taken advantage of the exemption under 414B of the Companies Act 2006from the requirement to prepare a strategic report.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of mobile networks and technology.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

N K Menon - resigned 10 July 2023
M P Harris - appointed 10 July 2023
S A Marston - appointed 10 July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



S A Marston - Director


31 October 2024

ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 1,248

CURRENT ASSETS
Debtors 5 601,559 348,194
Prepayments and accrued income - 35,650
Cash at bank 21,986 29,617
623,545 413,461
CREDITORS
Amounts falling due within one year 6 276,537 163,606
NET CURRENT ASSETS 347,008 249,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,008

251,103

CAPITAL AND RESERVES
Called up share capital 250,001 250,001
Retained earnings 97,007 1,102
347,008 251,103

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





S A Marston - Director


ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Athonet UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
On 1 September 2023, the Company sold its assets and related business to Hewlett-Packard Limited. The directors have confirmed that they intend to liquidate the Company although the timing of this is uncertain. As a result, these financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax has not been recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. The directors do not believe that this is necessary and accept this accounting treatment does not comply with Financial Reporting Standard 102.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 2,093
Disposals (2,093 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 845
Eliminated on disposal (845 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1,248

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,728 302,942
Amounts owed by group undertakings 357,023 -
Amounts owed by associates - 45,252
Other debtors 233,808 -
601,559 348,194

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 7,140 67,400
Amounts owed to group undertakings 257,637 49,478
Taxation and social security 1,598 19,376
Other creditors 10,162 27,352
276,537 163,606

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

Andrew Hill (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

ATHONET UK LIMITED (REGISTERED NUMBER: 10861009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. RELATED PARTY DISCLOSURES

Athonet UK Limited is a 100% subsidiary of Athonet Srl. During the year Hewlett-Packard Limited acquired the UK business and assets of the Company, with the Hewlett Packard Enterprise Company being the ultimate parent company of the acquiring group (and of Athonet Srl following its acquisition by the Hewlett Packard Enterprise Group).

Management fees totalling £210,269 were charged to Athonet Srl, whilst in 2022 goods and services totalling £172,557 were acquired from Athonet Srl. As at the balance sheet date an amount of £241,338 (2022 £49,478) was payable to Athonet Srl.

As at the balance sheet date, an amount was receivable from Athonet US of £43,937.
As at the balance sheet date, there was an amount receivable from Hewlett Packard Enterprise Company of £313,086 (2022 £nil)

As at the balance sheet date, there was an amount payable to Hewlett Packard Ltd of £16,298.

A balance owed by a former director of Athonet UK Ltd, of £233,808 (2022 £nil) is included in other debtors.

9. ULTIMATE CONTROLLING PARTY

Hewlett Packard Enterprise Company (incorporated under the laws of United States (Delaware)) is considered to be the Ultimate controlling party by virtue of its shareholding.