Company registration number 07616088 (England and Wales)
INFRATA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
INFRATA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INFRATA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,143
36,564
Investments
5
686,537
712,680
36,564
Current assets
Debtors
7
1,496,355
519,800
Cash at bank and in hand
2,937,287
1,089,350
4,433,642
1,609,150
Creditors: amounts falling due within one year
8
(1,097,775)
(807,100)
Net current assets
3,335,867
802,050
Net assets
4,048,547
838,614
Capital and reserves
Called up share capital
9
68,515
68,357
Share premium account
202,336
202,336
Capital redemption reserve
10
122,124
122,282
Profit and loss reserves
11
3,655,572
445,639
Total equity
4,048,547
838,614
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 December 2022
05 December 2022
05 December 2022
2022-12-05
and are signed on its behalf by:
Mr A R Guzman Avalos
Director
Company Registration No. 07616088
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Infrata Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Chancery Lane, London, WC2A 1LG.
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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
As part of making the above assessment the directors have considered the impact of the global Covid-19 pandemic on the company. The company have been able to maintain their day-to-day activities during the pandemic. The duration of the
global
Covid-19 pandemic remains unclear at this time, and it is not possible to reliably estimate the impact on the financial position and results of the company for future years. However the directors have undertaken a review of the business in the current situation and consider it to be appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Revenue in respect of maintenance fees is recognised in line with performance of the contractual obligations. For such contracts the work is generally performed in the subsequent period to that which it relates and revenue is recognised on submission of the final report to the customer.
Fee income that is contingent on events outside the control of the company is recognised when the contingent event occurs.
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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:
Website
20% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.12
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.
1.13
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
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,500
10,000
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
3 (20
20
- 2
6
).
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
135,555
Additions
21,114
Disposals
(7,782)
At 31 December 2021
148,886
Depreciation and impairment
At 1 January 2021
98,991
Depreciation charged in the year
31,091
Eliminated in respect of disposals
(7,339)
At 31 December 2021
122,743
Carrying amount
At 31 December 2021
26,143
At 31 December 2020
36,564
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
686,537
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
-
Additions
686,537
At 31 December 2021
686,537
Carrying amount
At 31 December 2021
686,537
At 31 December 2020
-
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Infrata Canada
Canada
Non-trading
Ordinary
100.00
Consilium Aviation Advisory Limited
UK
Consultancy
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Consilium Aviation Advisory Limited
435,126
255,818
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,298,442
379,353
Other debtors
197,913
140,447
1,496,355
519,800
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
239,210
47,923
Corporation tax
437,134
413,036
Other taxation and social security
53,673
46,664
Other creditors
367,758
299,477
1,097,775
807,100
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
68,288 Ordinary Shares of £1 each
68,288
68,288
22,518 Ordinary B Shares of 1p each
225
67
200 Ordinary C Shares of 1p each
2
2
68,515
68,357
During the year, the company allotted 15,806 Ordinary B Shares of 1p each out of treasury, increasing share capital by £158.06
10
Capital redemption reserve
2021
2020
£
£
At the beginning of the year
122,282
122,282
Other movements
(158)
-
At the end of the year
122,124
122,282
The balance of the Capital Redemption Reserve represents the shares held in Treasury.
11
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
445,639
2,011,001
Profit for the year
3,909,933
3,334,638
Dividends declared and paid in the year
(700,000)
(4,900,000)
At the end of the year
3,655,572
445,639
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Frank Harling
Statutory Auditor:
Ward Williams
13
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:
2021
2020
£
£
Total commitments
213,433
143,764
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company incurred expenditure totalling £111,343 (2020: £nil) from Infrata SAS, a company under the control of the directors of Infrata Limited. The balance owed to Infrata SAS at the year end was £12,406 (2020: £nil)
15
Controlling party
The controlling parties at year end
were
Alonzo Guzman and Valery Olefir, directors and shareholders of
the company.
Since the year end, Infrata Limited was purchased by
Brundle Topco Limited
who are now the controlling party. I
ts registered office is 21 Upper Brook Street, London, W1K 7PY.