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Registration number: 10613451

Attensi Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Attensi Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Attensi Limited

Company Information

Directors

S Eliassen

K Kristiansen

R R Arousell

Company secretary

Goodwille Limited

Registered office

1 Chapel Street
Warwick
Warwickshire
CV34 4HL

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Attensi Limited

(Registration number: 10613451)
Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

6

358,903

456,434

Current assets

 

Debtors

7

4,010,259

1,627,442

Cash at bank and in hand

 

256,354

122,175

 

4,266,613

1,749,617

Creditors: Amounts falling due within one year

8

(9,698,407)

(7,598,903)

Net current liabilities

 

(5,431,794)

(5,849,286)

Total assets less current liabilities

 

(5,072,891)

(5,392,852)

Provisions for liabilities

-

25,200

Net liabilities

 

(5,072,891)

(5,367,652)

Capital and reserves

 

Called up share capital

9

14,101,241

14,101,241

Other reserves

463,130

317,245

Retained earnings

(19,637,262)

(19,786,138)

Shareholders' deficit

 

(5,072,891)

(5,367,652)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

.........................................
K Kristiansen
Director

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is that of the provision of specialised gamified 3D simulation-based solutions for corporate workforce training.

These financial statements were authorised for issue by the Board on 2 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Prior period restatement

During the year it was identified that intercompany debtors and creditors were offset in the company's prior year financial statements. A prior year reclassification adjustment was made to correct the comparatives in the current year financial statements.

The impact of this error results in an understatement of current assets and understatement of current liabilities. There is no impact on net assets, shareholder funds or comprehensive income.

Amounts due from group undertakings and undertakings in which the company has a participating interest as at 31 December 2023 of £nil have been restated to £15,268.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Owed by/(from) group undertakings

-

(15,268)

-

Owed by/(from) group undertakings

-

15,268

-

   

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 years

Computer equipment

3 years

Leasehold improvements

5 years

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company's parent undertaking, Attensi AS provides equity-settled share-based payments to certain employees.

Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 2 May 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 76 (2023 - 78).

6

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

324,270

125,233

112,631

562,134

Additions

13,474

28,464

2,281

44,219

At 31 December 2024

337,744

153,697

114,912

606,353

Depreciation

At 1 January 2024

19,317

70,231

16,152

105,700

Charge for the year

66,978

36,468

38,304

141,750

At 31 December 2024

86,295

106,699

54,456

247,450

Carrying amount

At 31 December 2024

251,449

46,998

60,456

358,903

At 31 December 2023

304,953

55,002

96,479

456,434

 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Included within the net book value of land and buildings above is £251,449 (2023 - £304,953) in respect of short leasehold land and buildings.
 

7

Debtors

Current

Note

2024
£

(As restated)

2023
£

Trade debtors

 

1,433,454

1,029,274

Amounts owed by related parties

13

589,051

15,268

Prepayments

 

253,850

102,756

Other debtors

 

1,733,904

480,144

   

4,010,259

1,627,442

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

110,064

31,960

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

13

5,957,958

5,026,746

Taxation and social security

 

866,365

351,757

Accruals and deferred income

 

2,728,847

2,155,024

Other creditors

 

35,173

33,416

 

9,698,407

7,598,903

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

14,101,241

14,101,241

14,101,241

14,101,241

       
 

Attensi Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

 

 

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

374,028

374,028

Later than one year and not later than five years

1,122,083

1,464,941

1,496,111

1,838,969

12

Share based payments

Attensi AS, the parent company of Attensi Limited, operates an Equity Incentive Plan for employees of the group.

Fair value of the options is measured at the grant date utilising the Black Scholes model. The options vest over a 6 year period with 29% vesting at 12 months. The options granted have a maximum term of 10 years from the date of the grant.

13

Parent and ultimate parent undertaking

The company’s immediate parent is Attensi AS, incorporated in Norway.

The ultimate parent is Attensi AS, incorporated in Norway.

These financial statements are available upon request from Gaustadallèen 21 0349, Oslo, Norway, NO