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Registered number: 12521026










AUTOMATION CONSULTANTS HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

COMPANY INFORMATION


Director
F Miers 




Registered number
12521026



Registered office
1420 Arlington Business Park

Theale

Reading

RG7 4AB




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Oxford

Oxfordshire

OX2 9PJ





 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 30


 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Director presents the group strategic report of Automation Consultants Holdings Limited, a holding company of an IT services and software group. 
These financial statements are the first consolidated financial statements of the Group. 
Automation Consultants Limited, a 100% owned subsidiary, is an agile and devops consultancy with a complementary software development business which uses the AppFox name. It is a leading Atlassian Solution partner in the UK, and a leading vendor of apps in the Atlassian Marketplace. It also has partnerships with AWS, monday.com, JFrog and Miro.

Business review
 
During the financial year, the business continued to grow strongly. Licence resale revenues stood out as customers continued to invest in Atlassian products and transitioned to the cloud in ever greater numbers. Consultancy and software development also grew strongly.
It is expected that licence sales will continue to be a major part of the business in future, but the margins provided by Atlassian and other partners have recently been reduced, which is likely to affect the profitability of this activity.
The consultancy business’ main activities consisted of migrations of customer systems from on-premises deployment to the Atlassian Cloud; consultancy on agile transformations; and consultancy on cloud operations and integrations. The consultancy business in future is expected to do fewer migrations, as the majority of Atlassian customers will already have migrated to the cloud. The Group is, however, well placed to perform other activities such as cloud operations and integrations and agile consultancy. It is also positioning itself to provide services related to Atlassian System of Work, a new initiative by Atlassian which aims to promote its ways of working and thus its products to customer teams outside the field of technology. 
The AppFox business focused on building out the features of its cloud products and enabling them to operate at scale as customers migrate from the on-premises versions of our products to the cloud versions. Significant investments were made in ensuring there was sufficient technical support for a growing customer base. It is expected that the app business will continue to grow, with an ever greater proportion of revenue coming from cloud products.
The Group’s managed services business remained steady during the period, but acquired some significant cloud-based customers.
The performance of the subsidiary, Automation Consultants Limited, continues to support the investment held by this company.

Principal risks and uncertainties
 
The technology consulting and software industries are very competitive and fast moving and this creates risks for the Company. The main risks include shifts in technology which could render our products and services less desirable; the emergence of new competitors; and actions or policy changes done by our partners, principally Atlassian.

Page 1

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
Turnover grew by 70% during the period (2023: 51%). Part of the growth was generated by a small number of large software resale transactions which do not repeat annually, but a significant component consisted of more regular growth. Operating profit grew by 5% (2023: 78%). This reflects a high level of investment in new sales staff and in the Company’s capacity to service a larger customer base for its own AppFox software products.
The balance sheet remains strong, with no debt or other large financial obligations. Net assets grew by 14% and the Group maintained a significant cash balance.
Future developments
The Group’s strategy for consultancy will focus on strengthening its offering in agile at scale and ITSM around the Atlassian toolset. It will also offer consultancy based on the theme of the ‘Atlassian Way of Working’. The Group will develop its capabilities in delivering projects involving artificial intelligence (AI), both within the Atlassian ecosystem and more generally, through training its consultants in AI skills. The Group will also seek strategic partnerships with other consultancy firms to enable it to deliver its services at greater scale, or where there are complementary capabilities.
The Group strategy regarding products is to invest in its current, successful product range in the Atlassian ecosystem, by developing new features, including AI-based features using the Atlassian Rovo platform, and improving quality. The Group’s products focus principally on managing customers’ Confluence data, so that data is classified and protected, and business processes can be applied to Confluence content. The Group believes that control of data and maximising its potential will be a key concern of all organisations in the context of the ever-increasing importance of AI. The Group will also seek to build products in other ecosystems similar to Atlassian’s and reinforce success in these ecosystems.
The Group’s managed services strategy is to develop its managed services skills with cloud products and to expand beyond the Atlassian ecosystem into adjacent areas such as the monday.com ecosystem.


This report was approved by the board and signed on its behalf.



F Miers
Director

Date: 26 March 2025

Page 2

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Director presents his report and the financial statements for the year ended 31 March 2024. These financial statements are the first consolidated financial statements the Group has prepared.

Principal activity

The principal activity of the Company is as a holding company of an IT services and software group.

Director

The Director who served during the year was:

F Miers 

Results and dividends

The profit for the year, after taxation, amounted to £865,790 (2023 - £871,242).

A dividend of £350,000 (2023: £nil) was declared and paid during the year ended 31 March 2024.

Director's responsibilities statement

The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Director is required to:


select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The Director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

Further details of the Group's future strategy can be found in the Strategic Report.

Page 3

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





F Miers
Director

Date: 26 March 2025

Page 4

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Automation Consultants Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.


Page 5

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance or conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Director
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


Page 6

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS HOLDINGS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

enquiry of management and those charged with governance around actual and potential litigation and claims;
review of minutes of meetings of the Director throughout the Group;
enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
reviewing financial statement disclosures and testing of supporting documentation to assess compliance with applicable laws and regulations;
performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Other matters 
 

The financial statements for the year ended 31 March 2023 were unaudited.


Page 7

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Samuel Britton FCCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
201 Cumnor Hill
Oxford
Oxfordshire
OX2 9PJ

28 March 2025
Page 8

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,638,795
13,924,145

Cost of sales
  
(17,190,485)
(9,001,335)

Gross profit
  
6,448,310
4,922,810

Administrative expenses
  
(5,430,890)
(3,957,089)

Operating profit
 5 
1,017,420
965,721

Other income
  
-
(9,352)

Interest receivable and similar income
  
5,643
488

Interest payable and similar expenses
  
(31)
(29)

Foreign exchange gain
  
(51,796)
22,332

Profit before tax
  
971,236
979,160

Tax on profit
 9 
(105,446)
(107,918)

Profit for the financial year
  
865,790
871,242

Profit for the year attributable to:
  

Owners of the parent company
  
865,790
871,242

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
REGISTERED NUMBER: 12521026

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,274,516
1,470,680

  
1,274,516
1,470,680

Current assets
  

Debtors: amounts falling due within one year
 14 
6,932,796
1,333,536

Cash at bank and in hand
 15 
6,782,763
2,359,616

  
13,715,559
3,693,152

Creditors: amounts falling due within one year
 16 
(10,692,595)
(1,323,069)

Net current assets
  
 
 
3,022,964
 
 
2,370,083

Creditors: amounts falling due after more than one year
 17 
-
(58,872)

Net assets
  
4,297,480
3,781,891


Capital and reserves
  

Called up share capital 
 19 
1,002
1,002

Share premium account
 20 
1,765,664
1,765,664

Foreign exchange reserve
 20 
27
228

Profit and loss account
 20 
2,530,787
2,014,997

  
4,297,480
3,781,891


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




F Miers
Director

Date: 26 March 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
REGISTERED NUMBER: 12521026

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
3,774,996
3,774,996

Current assets
  

Debtors: amounts falling due within one year
 14 
1,127
1,128

Cash at bank and in hand
 15 
2,168
2,316

  
3,295
3,444

Creditors: amounts falling due within one year
 16 
(58,872)
(100,000)

Net current liabilities
  
 
 
(55,577)
 
 
(96,556)

  

Creditors: amounts falling due after more than one year
 17 
-
(58,872)

  

Net assets
  
3,719,419
3,619,568


Capital and reserves
  

Called up share capital 
 19 
1,002
1,002

Share premium account
 20 
1,765,664
1,765,664

Profit and loss account carried forward
  
1,952,753
1,852,902

  
3,719,419
3,619,568


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



F Miers
Director

Date: 26 March 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
1,002
1,765,664
228
2,014,997
3,781,891



Profit for the year
-
-
-
865,790
865,790

Dividends: Equity capital
-
-
-
(350,000)
(350,000)

Translation of subsidiary
-
-
(201)
-
(201)


At 31 March 2024
1,002
1,765,664
27
2,530,787
4,297,480



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
1,002
1,765,664
117
1,143,755
2,910,538



Profit for the year
-
-
-
871,242
871,242

Translation of subsidiary
-
-
111
-
111


At 31 March 2023
1,002
1,765,664
228
2,014,997
3,781,891


The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
1,002
1,765,664
1,852,902
3,619,568



Profit for the year
-
-
449,851
449,851

Dividends: Equity capital
-
-
(350,000)
(350,000)


At 31 March 2024
1,002
1,765,664
1,952,753
3,719,419



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022 (as previously stated)
1,002
1,765,664
1,359,668
3,126,334

Prior year adjustment - correction of error
-
-
293,330
293,330

At 1 April 2022 (as restated)
1,002
1,765,664
1,652,998
3,419,664



Profit for the year (as restated)
-
-
199,904
199,904


At 31 March 2023
1,002
1,765,664
1,852,902
3,619,568


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
865,790
871,242

Adjustments for:

Amortisation of intangible assets
196,164
196,164

Interest paid
31
30

Interest received
(5,643)
(488)

Taxation charge
105,446
107,918

(Increase) in debtors
(5,599,461)
(438,590)

Increase in creditors
9,380,243
156,888

Corporation tax (paid)
(75,035)
(61,861)

Net cash generated from operating activities

4,867,535
831,303


Cash flows from investing activities

Deferred consideration paid
(100,000)
(200,000)

Interest received
5,643
488

Net cash from investing activities

(94,357)
(199,512)

Cash flows from financing activities

Dividends paid
(350,000)
-

Interest paid
(31)
(30)

Net cash used in financing activities
(350,031)
(30)

Net increase in cash and cash equivalents
4,423,147
631,761

Cash and cash equivalents at beginning of year
2,359,616
1,727,855

Cash and cash equivalents at the end of year
6,782,763
2,359,616


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,782,763
2,359,616

6,782,763
2,359,616


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
Other non-cash changes
At 31 March 2024
£

£

£

£

Cash at bank and in hand

2,359,616

4,423,147

-

6,782,763

Debt due within 1 year

-

-

(58,872)

(58,872)


2,359,616
4,423,147
(58,872)
6,723,891

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Automation Consultants Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 12521026. The registered office is Building 1420, Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are rounded to the nearest pound GBP.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

 
2.3

Going concern

The Director has prepared forecasts covering a period of at least 12 months from approval of the financial statements which support the Director's assumption that the Group and Company will remain a going concern for 12 months from approval of the financial statements.
The Group made a profit for the year of £865,790 (2023: £871,242) and at the year end had net assets of £4,297,480 (2023: £3,781,891). Subsequent to the year-end, the Group secured a loan of £1,800,000 to support the implementation of a large customer transaction. The Director has considered its ongoing relationship with the third-party software provider of whose partner programme the Group is a member, alongside recurring revenue, and considers that the Group and Company have sufficient working capital to meet these costs as they fall due. As a result, the financial statements have been prepared on the going concern basis.

Page 16

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into GBP at rates approximating to those current when the transactions took place. All assets and liabilities of overseas operations are translated at the rate current at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group sells third-party software. The Group recognises revenue in respect of the sale of third-party software at the point at which the customer has access to the third-party software as this is the point at which the Group has transferred the significant risks and rewards and has satisfied the customers' requirements. In such transactions, the Group is deemed to be acting as the principal to the arrangement on the basis of its ability to determine the selling price and to manage the customer relationship and that the Group bears the credit risk on all sales.
The Group also provides consultancy and training services to customers. Revenues from consultancy and training services are recognised over the period the consultancy or training services are undertaken.

Page 17

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Taxation

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 and the Group operate and generate income.


 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of the 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 Consolidated Statement of Comprehensive Income over an assumed useful economic life of the acquired business of 10 years.

Page 18

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.12

Impairment of goodwill

Assets that are subject to amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

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.

 
2.15

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.


 
2.16

Creditors

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.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Page 19

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expires, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


Page 20

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Dividends

Equity dividends are recognised when they are paid.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount 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.
The Director considers the most significant judgements made in the preparation of the financial statements to be as follows:
Principal or agent
The Director has considered whether the Group is the principal or agent on its sales of third-party software. See accounting policy 2.5 for further information.
Research and development tax claim
The Director has considered the nature of spend incurred on research and development and considers that costs claimed in the assessment of the Group's taxable profits are qualifying.
Business combinations and goodwill
The Company/Group accounts for business combinations using the acquisition method of accounting. The cost of the business combination is measured as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued. The determination of fair value requires the Director to make estimations that include internal and external market data. Any variation in estimation would have an impact to goodwill arising on consolidation.
Goodwill is amortised over its useful economic life of 10 years. The Director reviews the useful economic life of goodwill annually and when conditions exist that indicate a change in the useful economic life of the acquired company.

Page 21

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Software income
20,420,970
11,228,978

Consultancy income
3,172,382
2,666,752

Other income
45,443
28,415

23,638,795
13,924,145


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
22,032,422
12,656,348

Rest of Europe
596,443
357,792

Rest of the world
1,009,930
910,005



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation
196,164
196,164

Operating lease rentals
106,276
147,140

Difference on foreign exchange
(51,796)
22,332


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
28,000
-

Other services
11,000
-

Page 22

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including Director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,585,950
2,553,356

Social security costs
390,449
300,385

Pension costs
129,540
93,587

4,105,939
2,947,328


The average monthly number of employees, including the Director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Admin, finance and Director
4
4
1
1



Sales and marketing
9
6
-
-



Technology
20
15
-
-



Consultants
37
28
-
-

70
53
1
1


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
108,000
99,000

Company contributions to defined contribution pension schemes
4,320
3,960

112,320
102,960


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.

Page 23

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
105,446
107,918

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
971,236
979,160


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
242,809
186,040

Effects of:


Non-tax deductible amortisation of goodwill
49,041
37,271

Additional deduction for R&D expenditure
(191,678)
(112,323)

Other timing differences leading to an increase (decrease) in taxation
5,274
(3,070)

Total tax charge for the year
105,446
107,918


10.


Dividends

2024
2023
£
£


Dividends paid
350,000
-


11.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £449,851 (2023 - £199,904).

Page 24

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Intangible assets

Group 





Other intangible asset
Goodwill
Total

£
£
£



Cost


At 1 April 2023
32,148
1,961,635
1,993,783



At 31 March 2024

32,148
1,961,635
1,993,783



Amortisation


At 1 April 2023
-
523,103
523,103


Charge for the year
-
196,164
196,164



At 31 March 2024

-
719,267
719,267



Net book value



At 31 March 2024
32,148
1,242,368
1,274,516



At 31 March 2023
32,148
1,438,532
1,470,680

The Company does not hold any intangible assets.



Page 25

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023 (as previously stated)
3,996,390


Prior Year Adjustment

(221,394)


At 1 April 2023 (as restated)
3,774,996



At 31 March 2024
3,774,996





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Automation Consultants Ltd
Building 1420, Arlington Business Park, Theale, Reading, Berkshire, RG7 4SA.
Ordinary
100%
Automation Consultants LLC
Delaware, USA
Ordinary
100%
Automation Consultants DevOps and Software Ltd
Republic of Ireland
Ordinary
100%
Automation Consultants APAC Ltd
Hong Kong
Ordinary
100%









Page 26

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
6,642,055
1,148,673
-
-

Other debtors
2,031
11,796
1,127
1,128

Prepayments and accrued income
288,710
173,067
-
-

6,932,796
1,333,536
1,127
1,128



15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
6,782,763
2,359,616
2,168
2,316



16.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Trade creditors
9,013,328
427,201
-
-

Corporation tax
138,329
107,918
-
-

Other taxation and social security
1,455,224
659,298
-
-

Deferred consideration
-
100,000
-
100,000

Other creditors
77,714
16,696
58,872
-

Accruals and deferred income
8,000
11,956
-
-

10,692,595
1,323,069
58,872
100,000


Deferred consideration represents amounts payable from the acquisition in July 2020 by the Company of 60% of the shares held in Automation Consultants Limited by a former shareholder. This deferred consideration was settled in full in the year ended 31 March 2024.


17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other creditors
-
58,872
-
58,872




Page 27

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Cash and cash equivalents
6,782,763
2,359,616
2,168
2,316

Financial assets measured at amortised cost
6,644,086
1,160,469
1,129
1,128

13,426,849
3,520,085
3,297
3,444


Financial liabilities

Financial liabilities measured at amortised cost
9,099,042
614,725
58,872
158,872


Financial assets measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, deferred consideration and accruals.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,002 (2023 - 1,002) Ordinary shares of £1.00 each
1,002
1,002

Ordinary shares entitle the holder to one vote per share and rights to dividends.



20.


Reserves

Share premium account

The share premium amount is the historic amount paid above the nominal value of the shares purchased.

Foreign exchange reserve

The foreign exchange reserve represents amounts arising from the translation of overseas subsidiaries.

Profit and loss account

The profit and loss account is comprised of cumulative profits and losses made year on year.

Page 28

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Prior year adjustment

During the preparation of the financial statements, the Director corrected for certain errors in prior periods as follows:
 
Cumulative dividends received from the subsidiary of £1,634,536 up to 31 March 2022 were credited against the cost of investment held in the subsidiary, with further dividends received of £200,000 credited against the cost of the investment during the year ended 31 March 2023.
The Company accounted for its investment in subsidiary using equity accounting principles. As at 31 March 2022, cumulative profits of its subsidiary of £1,635,142 were debited against the cost of the investment in the subsidiary, with a further £937,020 debited against the cost of the investment during the year ended 31 March 2023.
The Company amortised the value of its investment in subsidiary. As at 31 March 2022, cumulative amortisation of £203,951 had been recognised as a credit against the cost of the investment, with a further £203,951 amortised during the year ended 31 March 2023.
The Company had not accounted for transaction costs associated with the business combination on 13 July 2020 in the cost of the investment, with costs of £89,985 not recognised in the cost of the investment at 31 March 2022. During the year ended 31 March 2023, £18,345 of business combination transaction costs that had been accounted for previously in the cost of the investment were credited out of the investment cost.

The effect of the correction of the above four errors is as follows:

As at 1 April 2022
Increase in cost of investment in subsidiary and retained earnings by £293,330

During the year ended 31 March 2023
Decrease in cost of investment in subsidiary by £221,394
Increase in profit of £422,296

Furthermore, at 31 March 2023, deferred consideration of £100,000 was classified as a non-current liability. The Director has restated this in the prior period comparatives as a current liability as the liability was due for settlement in July 2023. This has had no impact on net assets at 31 March 2023.


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £129,540 (2023: £93,587). At the year end £24,745 (2023: 19,029) was owed to the fund.


23.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
81,858
98,230

Later than 1 year and not later than 5 years
-
81,858

81,858
180,088
Page 29

 
AUTOMATION CONSULTANTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Related party transactions

During the the year ended 31 March 2024, a dividend of £350,000 (2023: £nil) was declared and paid to the Director who is the shareholder of the Company.
As at 31 March 2024, the Company owed £58,872 (2023: £58,872) to its Director. The loan is non-interest bearing, unsecured and repayable on demand. This loan was advanced to the Company by the Director in July 2020.
Key management personnel comprise of the company Director who had remunerations of £112,320 (2023: £102,960). Key management personnel are remunerated through the subsidiary Automation Consultants Limited.


25.


Controlling party

The ultimate controlling party is Francis Miers by virtue of his 100% shareholding in the Company.

Page 30