Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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AUTOMATION CONSULTANTS LIMITED
COMPANY INFORMATION
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AUTOMATION CONSULTANTS LIMITED
CONTENTS
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AUTOMATION CONSULTANTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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AUTOMATION CONSULTANTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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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.
The Director who served during the year was:
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
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.
Further details of the Company's future strategy can be found in the Strategic Report.
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AUTOMATION CONSULTANTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, will 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.
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AUTOMATION CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS LIMITED
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 policies. The 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).
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.
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.
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 Report. Our 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.
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AUTOMATION CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS LIMITED (CONTINUED)
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.
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.
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AUTOMATION CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS LIMITED (CONTINUED)
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.
The financial statements for the year ended 31 March 2023 were unaudited.
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AUTOMATION CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AUTOMATION CONSULTANTS LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Oxfordshire
OX2 9PJ
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AUTOMATION CONSULTANTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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AUTOMATION CONSULTANTS LIMITED
REGISTERED NUMBER: 04047568
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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AUTOMATION CONSULTANTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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.
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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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. 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. 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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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. 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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Profit and loss account
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.
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AUTOMATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
The ultimate controlling party is
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