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Registration number: 11463079

AlternIT One Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

AlternIT One Limited

Contents

Company Information

1

Strategic Report

2 to 3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

AlternIT One Limited

Company Information

Directors

D C Foreman

N T Gannon

N A Brooks

D S Wallace

C O'Dell

C J Steele

Registered office

9 Perseverance Works
Kingsland Road
London
E2 8DD

Bankers

Metro Bank Plc
One Southampton Row
London
WC1B 5HA

HSBC UK Bank Plc
Bishopsgate
1 - 3 Bishopsgate
London
EC2N 3AQ

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

AlternIT One Limited

Strategic Report for the Year Ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

Fair review of the business


The year to July 2024 has indeed seen the company enter the Scale Up Phase. The Scale Up has touched all areas of the business from Technical Services and Delivery, Operations, the Commercial Team and Relationship Management.

In terms of company finances, Revenues are up 14% with Profits increasing by 19%. This has been achieved against a challenging economic backdrop. The company though has solidified its footing with Net Assets increasing by 79% and staff levels moving forward by 18%. Finally in terms of financial reporting, I am pleased to say our Book Value has increased by 23% and the actual client base by 12%. Overall, the numbers are strong and pleasing and the business in a good position to continue strongly into the next few years.

The company’s route to market remains focused on the alternative investment market niche and our many successes in the last financial year reflect the time and effort deployed in marketing to, networking in and cultivating our relationships in this space. However, we believe there is always room for improvement.

Maturation of our business cannot be limited to the technical delivery of services and must also include the commercial parts of our business. We believe that by investing in the structure around client projects and new client acquisition we will ensure sustainable and consistent growth, resulting in more predictable data driven forecasts upon which to base our organisational plans.

Considering this, we’ve invested in both sales and marketing. We’ve added additional resource to our sales team by hiring our first New Business Manager to bring more depth to the sales pipeline, along with additional Sales Support resource to ensure quality of support to the commercial teams.

We’ve also strengthened our relationship with our external marketing consultancy, increasing our use of thought leadership, social media insights and more recently engaging video content. We believe these activities will help showcase our culture, our technical leadership and the excellent work that takes place at A1 with clients, prospective clients, potential recruits and our partners.

Lastly, we’ve delivered a new sales CRM/Pipeline management tool as part of our ITSM platform, Halo. This has allowed the commercial teams to better manage inflow of client requirements to the business. Better visibility of potential projects means more accurate resourcing, which means quality of service for clients – an all-round cyclical success for the business.

The last year has seen growth is several key areas for the technical side of the business. Our headcount has significantly increased to allow continued investment to both service our clients and to add specialisms within the business.

In terms of our Core Services, we have undertaken several significant projects with automation and efficiency at the heart of our delivery. As referenced above, a new ITSM platform, Halo, has been implemented to replace ConnectWise. We are well underway to obtaining our ISO 27001 & 9001 accreditations, with external audits planned for Q2 2025. Technology has also played a key part within our ESG strategy, achieving ISO accreditation will help develop this strategy.

We have seen significant growth in the past year on our product offerings. We have developed and matured several services and offerings. The biggest development being our Security Services. This has enabled us to help ensure our clients have both robust and secure working environments and practises.

 

AlternIT One Limited

Strategic Report for the Year Ended 31 July 2024

As we look forward to the next year, we will be moving to new larger Offices to allow for further growth in the business and we will continue to hire several key personnel to assist in the achievement of the company’s goals and targets. We will continue to Scale Up the business and will do so from a very strong base.

Approved by the Board on 20 November 2024 and signed on its behalf by:


N T Gannon
Director

 

AlternIT One Limited

(Registration number: 11463079)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

15,636

787

Tangible assets

5

51,020

56,904

 

66,656

57,691

Current assets

 

Debtors

6

1,852,650

1,624,248

Cash at bank and in hand

 

2,119,378

1,132,546

 

3,972,028

2,756,794

Creditors: Amounts falling due within one year

7

(2,406,747)

(1,881,776)

Net current assets

 

1,565,281

875,018

Total assets less current liabilities

 

1,631,937

932,709

Creditors: Amounts falling due after more than one year

7

(11,410)

(21,594)

Provisions for liabilities

(11,377)

(10,798)

Net assets

 

1,609,150

900,317

Capital and reserves

 

Called up share capital

8

10,716

10,716

Other reserves

45,366

45,366

Retained earnings

1,553,068

844,235

Shareholders' funds

 

1,609,150

900,317

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

N T Gannon
Director

 

AlternIT One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 9 Perseverance Works, Kingsland Road, London, E2 8DD.

The principal place of business is: Ground Floor, 14 Cullum Street, London, EC3M 7JJ.

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in IT support. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants have been recognised within the profit and loss account for the accounting period they relate to.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

AlternIT One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight Line

Computer equipment

33% Straight Line

Leasehold property improvements

20%, 33% and 50% Straight Line

Development costs

The amounts paid in connection with the development of software used in connection with the business' activity. The assets are carried at the costs less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

AlternIT One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Long term employee benefits

The holiday year for AlternIT One Limited runs to 31 December 2024.

Any unused holiday can only be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employees services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2023 - 40).

 

AlternIT One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Software development
£

Total
£

Cost or valuation

At 1 August 2023

4,725

4,725

Additions

17,810

17,810

At 31 July 2024

22,535

22,535

Amortisation

At 1 August 2023

3,938

3,938

Amortisation charge

2,961

2,961

At 31 July 2024

6,899

6,899

Carrying amount

At 31 July 2024

15,636

15,636

At 31 July 2023

787

787

5

Tangible assets

Leasehold property improvements
£

Office equipment
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 August 2023

27,235

12,338

102,793

142,366

Additions

8,821

6,686

15,237

30,744

At 31 July 2024

36,056

19,024

118,030

173,110

Depreciation

At 1 August 2023

21,590

12,306

51,566

85,462

Charge for the year

8,953

1,785

25,890

36,628

At 31 July 2024

30,543

14,091

77,456

122,090

Carrying amount

At 31 July 2024

5,513

4,933

40,574

51,020

At 31 July 2023

5,645

32

51,227

56,904

 

AlternIT One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

2024
£

2023
£

Trade debtors

1,083,215

961,482

Prepayments

719,233

615,798

Other debtors

50,202

46,968

1,852,650

1,624,248

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

815,670

679,906

Loans and borrowings

10

10,225

10,032

Taxation and social security

 

828,930

527,439

Other creditors

 

10,109

96,245

Accruals and deferred income

 

741,813

568,154

 

2,406,747

1,881,776

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

11,410

21,594

 

AlternIT One Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordianry A Shares of £0.01 each

964,200

9,642

964,200

9,642

Ordinary B Shares of £0.01 each

17,900

179

17,900

179

Ordianry C Shares of £0.01 each

17,900

179

17,900

179

Ordinary D Shares of £0.01 each

17,900

179

17,900

179

Ordinary E Shares of £0.01 each

17,900

179

17,900

179

Ordinary F Shares of £0.01 each

17,900

179

17,900

179

Ordinary G Shares of £0.01 each

17,900

179

17,900

179

1,071,600

10,716

1,071,600

10,716

On 2 August 2021 the 10,000 Ordinary £1 Shares were redesignated as 964,200 Ordinary £0.01 A shares, 17,900 Ordinary £0.01 B Shares and 17,900 Ordinary £0.01 C Shares.

9

Share based payments

No further share options have been issued to employees during the year with a fair value of £nil (2023 - £45,366). The options have no vesting conditions, consequently the fair value has been recognised in full as an expense. The options expire 10 years from the date of issue and can only be exercised in the event of a change in majority ownership or sale of the majority of trading assets of the company.

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,225

10,032

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,410

21,594

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,720 (2023 - £49,440).