Registration number:
AlternIT One Limited
for the Year Ended 31 July 2024
AlternIT One Limited
Contents
Company Information |
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Strategic Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Bankers |
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Accountants |
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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
N T Gannon
Director
AlternIT One Limited
(Registration number: 11463079)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,716 |
10,716 |
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Other reserves |
45,366 |
45,366 |
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Retained earnings |
1,553,068 |
844,235 |
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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:
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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
Director
AlternIT One Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: Ground Floor, 14 Cullum Street, London, EC3M 7JJ.
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
AlternIT One Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Intangible assets |
Software development |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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At 31 July 2024 |
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Amortisation |
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At 1 August 2023 |
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Amortisation charge |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Tangible assets |
Leasehold property improvements |
Office equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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AlternIT One Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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AlternIT One Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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9,642 |
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9,642 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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179 |
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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.
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.
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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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 £