Company registration number 07349554 (England and Wales)
ASTUTIS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
ASTUTIS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ASTUTIS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
399,314
229,996
Tangible assets
4
71,203
57,573
Investments
5
9,382
470,517
296,951
Current assets
Debtors
7
2,063,181
1,853,882
Cash at bank and in hand
1,201,858
1,652,868
3,265,039
3,506,750
Creditors: amounts falling due within one year
8
(2,266,839)
(2,421,711)
Net current assets
998,200
1,085,039
Total assets less current liabilities
1,468,717
1,381,990
Creditors: amounts falling due after more than one year
9
(175,000)
(235,000)
Provisions for liabilities
10
(146,733)
(9,800)
Net assets
1,146,984
1,137,190
Capital and reserves
Called up share capital
11
100,000
100,000
Profit and loss reserves
1,046,984
1,037,190
Total equity
1,146,984
1,137,190
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 2022 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 29 March 2023 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 2022
- 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. 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
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
1.4
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.
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
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
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
.
1.5
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.
1.6
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.
1.7
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.
1.8
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
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:
2022
2021
Number
Number
Total
62
58
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
3
Intangible fixed assets
Software
E Learning
Total
£
£
£
Cost
At 1 July 2021
95,023
1,015,395
1,110,418
Additions - internally developed
258,422
258,422
Disposals
(425,485)
(425,485)
At 30 June 2022
95,023
848,332
943,355
Amortisation and impairment
At 1 July 2021
93,377
787,045
880,422
Amortisation charged for the year
753
88,351
89,104
Disposals
(425,485)
(425,485)
At 30 June 2022
94,130
449,911
544,041
Carrying amount
At 30 June 2022
893
398,421
399,314
At 30 June 2021
1,646
228,350
229,996
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2021
63,278
286,980
350,258
Additions
39,032
8,057
47,089
At 30 June 2022
102,310
295,037
397,347
Depreciation and impairment
At 1 July 2021
62,399
230,286
292,685
Depreciation charged in the year
8,349
25,110
33,459
At 30 June 2022
70,748
255,396
326,144
Carrying amount
At 30 June 2022
31,562
39,641
71,203
At 30 June 2021
879
56,694
57,573
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
9,382
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2021 & 30 June 2022
9,382
Impairment
At 1 July 2021
-
Impairment losses
9,382
At 30 June 2022
9,382
Carrying amount
At 30 June 2022
-
At 30 June 2021
9,382
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 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
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,771,754
1,281,174
Corporation tax recoverable
30,859
Amounts owed by group undertakings
211,893
Other debtors
291,427
329,956
2,063,181
1,853,882
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
60,000
60,000
Trade creditors
226,368
222,846
Corporation tax
34,447
95,946
Other taxation and social security
265,144
364,997
Other creditors
1,680,880
1,677,922
2,266,839
2,421,711
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
175,000
235,000
10
Provisions for liabilities
2022
2021
£
£
Costs of subsidiary closure
130,379
-
Deferred tax liabilities
16,354
9,800
146,733
9,800
Movements on provisions apart from deferred tax liabilities:
Costs of subsidiary closure
£
At 1 July 2021 and 30 June 2022
130,379
During the year the company decided to close down its subsidiary undertaking, and has made a provision in these accounts to cover exam fee costs to be incurred in respect of the subsidiary customers, and also for legal and professional fees expected to be incurred to facilitate the closure of the subsidiary.
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50,000
50,000
50,000
50,000
Ordinary B shares of £1 each
50,000
50,000
50,000
50,000
100,000
100,000
100,000
100,000
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
12
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:
2022
2021
£
£
266,687
339,890