Company Registration No. 04499201 (England and Wales)
AIT PARTNERSHIP GROUP LIMITED
Unaudited accounts
for the year ended 31 March 2024
AIT PARTNERSHIP GROUP LIMITED
Unaudited accounts
Contents
AIT PARTNERSHIP GROUP LIMITED
Company Information
for the year ended 31 March 2024
Company Number
04499201 (England and Wales)
Registered Office
ONE CRANMORE CRANMORE DRIVE
SHIRLEY
SOLIHULL
B90 4RZ
ENGLAND
AIT PARTNERSHIP GROUP LIMITED
Statement of financial position
as at 31 March 2024
Intangible assets
107,905
212,178
Debtors
3,546,617
2,133,114
Cash at bank and in hand
58,227
154,792
Creditors: amounts falling due within one year
(3,210,328)
(1,825,713)
Net current assets
482,358
462,193
Total assets less current liabilities
590,263
681,222
Provisions for liabilities
Other provisions
-
(80,000)
Net assets
589,624
599,659
Called up share capital
3,608
3,608
Capital redemption reserve
272
272
Profit and loss account
585,744
595,779
Shareholders' funds
589,624
599,659
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 November 2024 and were signed on its behalf by
N M Harrison
Director
Company Registration No. 04499201
AIT PARTNERSHIP GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
AIT PARTNERSHIP GROUP LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04499201. The registered office is ONE CRANMORE CRANMORE DRIVE, SHIRLEY, SOLIHULL, B90 4RZ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
AIT PARTNERSHIP GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
- Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
The Company operates 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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.
AIT PARTNERSHIP GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirerâs interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% straight line
Plant & machinery
33% straight line
Motor vehicles
33% straight line
Fixtures & fittings
33% straight line
Computer equipment
33% straight line
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. .
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.
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
AIT PARTNERSHIP GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
AIT PARTNERSHIP GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and judgements that affect the application of accounting policies and thereby the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Revisions to estimates are recognised in the period in which the revision is made. Estimates and judgements have the most significant impact in the following area:
Useful economic life of tangible and intangible fixed assets
Amortisation of tangible and fixed assets for which an estimate is made of the useful and economic life of the asset.
The director considers it appropriate to adopt the going concern basis in preparing the financial statements.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2023
819,589
135,685
955,274
At 31 March 2024
819,589
135,685
955,274
At 1 April 2023
607,411
135,685
743,096
Charge for the year
104,273
-
104,273
At 31 March 2024
711,684
135,685
847,369
At 31 March 2024
107,905
-
107,905
At 31 March 2023
212,178
-
212,178
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2023
2,989
21,219
6,667
106,831
1,756
139,462
At 31 March 2024
2,989
21,219
6,667
106,831
1,756
139,462
At 1 April 2023
2,929
21,219
4,445
104,018
-
132,611
Charge for the year
60
-
2,222
2,813
1,756
6,851
At 31 March 2024
2,989
21,219
6,667
106,831
1,756
139,462
At 31 March 2024
-
-
-
-
-
-
At 31 March 2023
60
-
2,222
2,813
1,756
6,851
AIT PARTNERSHIP GROUP LIMITED
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
170,456
412,145
Amounts due from group undertakings etc.
3,005,954
765,330
Accrued income and prepayments
361,566
955,639
7
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
2,447,067
315,270
Taxes and social security
31,884
36,934
Deferred income
645,009
1,303,394
Allotted, called up and fully paid:
220,000 Ordinary shares of ÃÂÃÂÃÂÃÂÃÂÃÂÃÂã0.01 each of £0.01 each
2,200
2,200
86,500 A Ordinary shares of ÃÂÃÂÃÂÃÂÃÂÃÂÃÂã0.01 each of £0.01 each
865
865
54,300 B Ordinary shares of ÃÂÃÂÃÂÃÂÃÂÃÂÃÂã0.01 each of £0.01 each
543
543
9
Transactions with related parties
Dividends of ÃÂÃÂÃÂÃÂÃÂÃÂÃÂãnil were paid to the previous director and his wife during the year (2023: ÃÂÃÂÃÂÃÂÃÂÃÂÃÂã0)
The Company is a subsidiary undertaking of Convergence (Group Networks) Ltd. The ultimate controlling party is Neal Harrison.
The largest and smallest group in which the results of the Company and its group are consolidated is that headed by Convergence Holdings Limited, a company incorporated in the United Kingdom. The consolidated financial statements of Convergence Holdings Limited are available to the public and may be obtained from the registered office address which is One Cranmore, Cranmore Drive, Shirley, Solihull, B90 4RZ.
11
Average number of employees
During the year the average number of employees was 0 (2023: 0).