COMPANY REGISTRATION NO. 07349554 (England and Wales)
ASTUTIS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
ASTUTIS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ASTUTIS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
212,299
219,132
Tangible assets
4
39,862
53,731
Investments
5
9,382
9,382
261,543
282,245
Current assets
Debtors
7
1,780,035
2,552,564
Cash at bank and in hand
1,637,495
398,905
3,417,530
2,951,469
Creditors: amounts falling due within one year
8
(2,594,996)
(2,363,615)
Net current assets
822,534
587,854
Total assets less current liabilities
1,084,077
870,099
Creditors: amounts falling due after more than one year
9
(295,000)
-
Provisions for liabilities
(6,425)
(8,704)
Net assets
782,652
861,395
Capital and reserves
Called up share capital
10
100,000
100,000
Profit and loss reserves
682,652
761,395
Total equity
782,652
861,395
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 March 2021 and are signed on its behalf by:
Mr S A Terry
Director
Company Registration No. 07349554
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Astutis Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Charnwood Court, Parc Nantgarw, Nantgarw, Cardiff, CF15 7QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of training courses is recognised by reference to the start date of the delivery of the course and is included in deferred income.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
4 years
E Learning
4 years
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
59
60
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
3
Intangible fixed assets
Software
E Learning
Total
£
£
£
Cost
At 1 July 2019
93,232
956,389
1,049,621
Additions - internally developed
2,679
118,448
121,127
Disposals
(888)
-
(888)
At 30 June 2020
95,023
1,074,837
1,169,860
Amortisation and impairment
At 1 July 2019
85,458
745,031
830,489
Amortisation charged for the year
5,021
122,273
127,294
Disposals
(222)
-
(222)
At 30 June 2020
90,257
867,304
957,561
Carrying amount
At 30 June 2020
4,766
207,533
212,299
At 30 June 2019
7,774
211,358
219,132
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2019
63,278
235,184
298,462
Additions
-
7,439
7,439
At 30 June 2020
63,278
242,623
305,901
Depreciation and impairment
At 1 July 2019
57,762
186,969
244,731
Depreciation charged in the year
3,419
17,889
21,308
At 30 June 2020
61,181
204,858
266,039
Carrying amount
At 30 June 2020
2,097
37,765
39,862
At 30 June 2019
5,516
48,215
53,731
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
9,382
9,382
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
9,382
Carrying amount
At 30 June 2020
9,382
At 30 June 2019
9,382
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2020 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Astutis FZ LLC
Training and consultancy
Ordinary
100.00
0
The above subsidiary registered office address is Knowledge Park, Block 9, Executive Suites 26,Dubai.
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,519,570
2,196,988
Amounts owed by group undertakings
151,074
109,073
Other debtors
109,391
246,503
1,780,035
2,552,564
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
8
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
5,000
-
Trade creditors
479,899
551,369
Corporation tax
64,894
54,345
Other taxation and social security
296,179
306,163
Other creditors
1,749,024
1,451,738
2,594,996
2,363,615
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
295,000
-
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
55,000
-
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary A shares of £1 each
50,000
50,000
50,000 Ordinary B shares of £1 each
50,000
50,000
100,000
100,000
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
67,941
152,576