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Registered number: 04047568










AUTOMATION CONSULTANTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
AUTOMATION CONSULTANTS LIMITED
 

COMPANY INFORMATION


Director
F Miers 




Registered number
04047568



Registered office
Building 1420
Arlington Business Park

Theale

Reading

Berkshire

RG7 4SA




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Oxford

Oxfordshire

OX2 9PJ





 
AUTOMATION CONSULTANTS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 24


 
AUTOMATION CONSULTANTS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
Automation Consultants Limited 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 Company 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 migrated 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 Company’s managed services business remained steady during the period, but acquired some significant cloud-based customers.
Future developments
The Company’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 Company 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 Company 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 Company 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 Company’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 Company 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 Company will also seek to build products in other ecosystems similar to Atlassian’s and reinforce success in these ecosystems.
The Company’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.

Page 1

 
AUTOMATION CONSULTANTS LIMITED
 

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

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.

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 remained unchanged (2023: 58%). 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 25% and the Company maintained a significant cash balance.


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



F Miers
Director

Date: 26 March 2025

Page 2

 
AUTOMATION CONSULTANTS 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.

Director

The Director who served during the year was:

F Miers 

Director's responsibilities statement

The Director is responsible for preparing the Strategic Report, the Director's Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the provision of IT services and software.

Results and dividends

The profit for the year, after taxation, amounted to £1,069,498 (2023 - £1,077,204).

A dividend of £450,000 (2023: £200,000) was proposed and paid during the year ended 31 March 2024.

Future developments

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

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'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's auditor is aware of that information.

Page 3

 
AUTOMATION CONSULTANTS LIMITED
 

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

Post balance sheet events

There have been no significant events affecting the Company 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 LIMITED
 

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

Opinion


We have audited the financial statements of Automation Consultants Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 31 March 2024 and of its 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 Company 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 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.


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 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.


Page 5

 
AUTOMATION CONSULTANTS LIMITED
 

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


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 Company or to cease operations, or has no realistic alternative but to do so.


Page 6

 
AUTOMATION CONSULTANTS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS 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 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;
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 to 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;
review of board minutes for evidence of any claims or litigations and for any unidentified transactions.

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 LIMITED
 

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

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
23,638,861
13,924,495

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

Gross profit
  
6,448,376
4,923,160

Administrative expenses
  
(5,227,244)
(3,751,475)

Operating profit
 5 
1,221,132
1,171,685

Income from fixed assets investments
  
-
(9,352)

Interest receivable and similar income
  
5,639
486

Interest payable and similar expenses
  
(31)
(29)

Foreign currency gains/losses
  
(51,796)
22,332

Profit before tax
  
1,174,944
1,185,122

Tax on profit
 9 
(105,446)
(107,918)

Profit for the financial year
  
1,069,498
1,077,204

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

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
AUTOMATION CONSULTANTS LIMITED
REGISTERED NUMBER: 04047568

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
32,148
32,148

Investments
 12 
16,135
3,730

  
48,283
35,878

Current assets
  

Debtors: amounts falling due within one year
 13 
6,960,386
1,354,105

Cash at bank and in hand
 14 
6,741,078
2,326,733

  
13,701,464
3,680,838

Creditors: amounts falling due within one year
 15 
(10,632,106)
(1,218,573)

Net current assets
  
 
 
3,069,358
 
 
2,462,265

Total assets less current liabilities
  
3,117,641
2,498,143

  

Net assets
  
3,117,641
2,498,143


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
  
3,117,541
2,498,043

  
3,117,641
2,498,143


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 12 to 24 form part of these financial statements.

Page 10

 
AUTOMATION CONSULTANTS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023 (as previously stated)
100
2,357,859
2,357,959

Prior year adjustment - correction of error
-
140,184
140,184

At 1 April 2023 (as restated)
100
2,498,043
2,498,143



Profit for the year
-
1,069,498
1,069,498

Dividends: Equity capital
-
(450,000)
(450,000)


At 31 March 2024
100
3,117,541
3,117,641



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
1,620,839
1,620,939



Profit for the year (as restated)
-
1,077,204
1,077,204

Dividends: Equity capital
-
(200,000)
(200,000)


At 31 March 2023
100
2,498,043
2,498,143


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
AUTOMATION CONSULTANTS LIMITED
 

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

1.


General information

Automation Consultants Limited is a private company, limited by shares, registered in England and Wales, registration number 04047568. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are rounded to the nearest pound GBP.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Automation Consultants Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
AUTOMATION CONSULTANTS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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 Company will remain a going concern for 12 months from approval of the financial statements.
The Company made a profit for the year of £1,069,498 (2023 restated: £1,077,204) and at the year end had net assets of £3,117,641 (2023 restated: £2,498,143). Subsequent to the year-end, the Company 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 Company is a member, alongside recurring revenue, and considers that the Company has 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.

 
2.5

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.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The Company sells third-party software. The Company 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 Company has transferred the significant risks and rewards and has satisfied the customers' requirements. In such transactions, the Company 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 Company bears the credit risk on all sales.
The Company also provides consultancy and training services to customers. Revenues from consultancy and training services are recognised over the period in which the consultancy or training services are undertaken.

Page 13

 
AUTOMATION CONSULTANTS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Operating leases: the Company 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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 operates and generates income.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

Page 14

 
AUTOMATION CONSULTANTS LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company 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 Company's Statement of Financial Position when the Company 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 (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.

Page 15

 
AUTOMATION CONSULTANTS LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company'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

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Company 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 Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 16

 
AUTOMATION CONSULTANTS LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derecognition of financial liabilities

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

 
2.16

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 Company is the principal or agent on its sales of third-party software. See accounting policy 2.6 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 Company's taxable profits are qualifying.

Page 17

 
AUTOMATION CONSULTANTS 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:


As restated
2024
2023
£
£

Software income
20,429,291
11,239,375

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

Other income
37,188
18,368

23,638,861
13,924,495


Analysis of turnover by country of destination:

As restated
2024
2023
£
£

United Kingdom
22,032,488
12,656,698

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
£
£

Operating lease rentals
106,276
147,140

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


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
22,500
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
AUTOMATION CONSULTANTS LIMITED
 

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

7.


Employees

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


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:


        2024
        2023
            No.
            No.







Admin, finance and Director
4
4



Sales and marketing
9
6



Technology
20
15



Consultants
37
28

70
53


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 19

 
AUTOMATION CONSULTANTS LIMITED
 

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

9.


Taxation


As restated
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:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
1,174,944
1,185,122


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
293,736
225,173

293,736
225,173

Effects of:


Additional deduction for R&D expenditure
(191,677)
(112,323)

Expenditure not deductible for tax purposes
4,804
-

Other timing differences leading to an increase (decrease) in taxation
(1,417)
(4,932)

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


10.


Dividends

2024
2023
£
£


Dividends paid
450,000
200,000

Page 20

 
AUTOMATION CONSULTANTS LIMITED
 

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

11.


Intangible assets




Other intangible asset

£



Cost


At 1 April 2023
32,148



At 31 March 2024

32,148






Net book value



At 31 March 2024
32,148



At 31 March 2023
32,148



Page 21

 
AUTOMATION CONSULTANTS LIMITED
 

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

12.


Fixed asset investments





Investments in subsidiaries

£



Cost or valuation


At 1 April 2023
3,730


Additions
12,405



At 31 March 2024
16,135




In the prior period, investments in respect of certain subsidiaries were presented in other debtors. During the year ended 31 March 2024, the Director has reclassified these investments into non-current assets. The prior period comparatives have not been restated as the impact is not material.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

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%









13.


Debtors

As restated
2024
2023
£
£


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

Amounts owed by group undertakings
29,621
21,852

Other debtors
-
10,513

Prepayments and accrued income
288,710
173,067

6,960,386
1,354,105


Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.

Page 22

 
AUTOMATION CONSULTANTS LIMITED
 

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

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,741,078
2,326,733



15.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
9,011,711
426,661

Corporation tax
138,329
107,918

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

Other creditors
18,842
16,696

Accruals and deferred income
8,000
8,000

10,632,106
1,218,573



16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100

Ordinary shares entitle the shareholder to dividend and equal voting rights.



17.


Reserves

Profit and loss account

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


18.


Prior year adjustment

During the preparation of the financial statements, the Director corrected for an error identified where revenue had not been accrued at 31 March 2023 for services performed in the prior period. The effect of this adjustment is an increase to accrued income at 31 March 2023 of £173,067 and profit for the year ended 31 March 2023 after tax impacts of £140,184.

Page 23

 
AUTOMATION CONSULTANTS LIMITED
 

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

19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company 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.


20.


Commitments under operating leases

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

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


21.


Related party transactions

The Company is exempt under Paragraph 33.1A of FRS 102 from disclosing related party transactions with entities that are part of the group headed by Automation Consultants Holdings Limited, where 100% of the voting rights are controlled within the Group.


22.


Controlling party

The ultimate controlling party is Francis Miers by virtue of his shares in the parent company, Automation Consultants Holdings Limited. Automation Consultant Holdings Limited is the immediate parent of the company. The smallest and largest group within which the financial statements of Automation Consultants Limited are consolidated in respect of the year ended 31 March 2024 is that headed by Automation Consultants Holdings Limited.

Page 24