Company registration number 07349554 (England and Wales)
ASTUTIS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ASTUTIS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ASTUTIS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
346,738
399,314
Tangible assets
4
42,002
71,203
388,740
470,517
Current assets
Debtors
5
1,556,938
2,063,181
Cash at bank and in hand
3,330,748
1,201,858
4,887,686
3,265,039
Creditors: amounts falling due within one year
6
(2,647,123)
(2,266,839)
Net current assets
2,240,563
998,200
Total assets less current liabilities
2,629,303
1,468,717
Creditors: amounts falling due after more than one year
7
(175,000)
Provisions for liabilities
8
(3,119)
(146,733)
Net assets
2,626,184
1,146,984
Capital and reserves
Called up share capital
9
100,000
100,000
Profit and loss reserves
2,526,184
1,046,984
Total equity
2,626,184
1,146,984
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 2023 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.
The 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 5 October 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 2023
- 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 amounts 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 2023
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
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.
1.6
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.
1.7
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 is 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.
1.8
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.
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 leases asset are consumed.
1.11
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:
2023
2022
Number
Number
Total
54
62
3
Intangible fixed assets
Software
E Learning
Total
£
£
£
Cost
At 1 July 2022
95,023
848,332
943,355
Additions - internally developed
84,904
84,904
At 30 June 2023
95,023
933,236
1,028,259
Amortisation and impairment
At 1 July 2022
94,130
449,911
544,041
Amortisation charged for the year
670
136,810
137,480
At 30 June 2023
94,800
586,721
681,521
Carrying amount
At 30 June 2023
223
346,515
346,738
At 30 June 2022
893
398,421
399,314
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2022
102,310
295,037
397,347
Additions
729
729
At 30 June 2023
103,039
295,037
398,076
Depreciation and impairment
At 1 July 2022
70,748
255,396
326,144
Depreciation charged in the year
9,876
20,054
29,930
At 30 June 2023
80,624
275,450
356,074
Carrying amount
At 30 June 2023
22,415
19,587
42,002
At 30 June 2022
31,562
39,641
71,203
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,348,145
1,771,754
Other debtors
208,793
291,427
1,556,938
2,063,181
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
60,000
Trade creditors
241,455
226,368
Corporation tax
378,397
34,447
Other taxation and social security
301,610
265,144
Other creditors
1,725,661
1,680,880
2,647,123
2,266,839
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
175,000
ASTUTIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
8
Provisions for liabilities
2023
2022
£
£
Costs of subsidiary closure
-
130,379
Deferred tax liabilities
3,119
16,354
3,119
146,733
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.
9
Called up share capital
2023
2022
2023
2022
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
10
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:
2023
2022
£
£
279,291
266,687