Registration number:
Aiven UK LTD
for the Year Ended 31 March 2024
Pages for Filing with Registrar
Aiven UK LTD
(Registration number: 12271420)
Balance Sheet as at 31 March 2024
Note |
2024 |
(As restated) |
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Fixed 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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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Retained earnings |
( |
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Shareholders' funds |
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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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the Company is that of providing sales services to the group.
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Prior period errors
During the year it was identified that the employee share option scheme had not been accounted for since its establishment.
The table below shows the effect of the recognition of the share option scheme on the 2023 financial statements.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Share options expense | 476,564 | 78,664 | 77,427 |
Share options reserve | (476,464) | (78,664) | (77,427) |
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Deferred income tax is recognised on temporary 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
3 years straight line |
Financial instruments
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 profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Share based payments
The entity provides equity-settled share-based payments to certain employees.
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment.
Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.
The entity has no cash-settled arrangements.
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Audit report |
Staff numbers |
The average number of persons employed by the Company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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Disposals |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
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Amounts owed by group undertakings |
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- |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Dividends |
There were no dividends paid or proposed in either the current year or the previous year.
Aiven UK LTD
Notes to the Financial Statements for the Year Ended 31 March 2024
Share based payments |
Aiven OY., the parent company of Aiven UK Ltd., operates an Equity Incentive Plan for employees of the group.
Fair value of the options is measured at the grant date. The options vest over a 4 year period with 25% vesting at 12 months and the remainder vesting monthly for the next 36 months. The subscription period for shares under the scheme begins upon registration and expires after 10 years.
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is Aiven OY, a company incorporated in Finland. The registered office of Aiven OY is Antinkatu 1, 00100 Helsinki, Finland.