Registration number:
Active8 Managed Technologies Limited
for the Year Ended 30 September 2021
Active8 Managed Technologies Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Active8 Managed Technologies Limited
Company Information
Directors |
Mr D J Hayward Mr K P Ingman Mr A Patterson Mr N Swindin Mr C G V Daniels Mr R T Appleton |
Registered office |
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Accountants |
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Active8 Managed Technologies Limited
(Registration number: 08493548)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
1,212,507 |
1,217,542 |
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Debtors |
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Cash at bank and in hand |
- |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
4,000 |
4,000 |
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Revaluation reserve |
37,047 |
68,773 |
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Profit and loss account |
(1,321,240) |
(1,173,779) |
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Shareholders' deficit |
(1,280,193) |
(1,101,006) |
For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
Active8 Managed Technologies Limited
(Registration number: 08493548)
Balance Sheet as at 30 September 2021
.........................................
Director
Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The financial statements have been prepared on a going concern basis. The company start up capital was provided by a private investor who has become a director. As a result the company has had a negative balance sheet position since its' incorporation. The years since incorporation have seen the company move towards a positive balance sheet position through the generation of profits. The company will continue to move towards a positive balance sheet position with the continued support of the directors and third party funding.
The directors have considered the financial projections from the date of issue of these financial statements. These projections have been analysed based on various levels of revenue and assessed against the available cash resources. The forecasts show that the company will have access to sufficient funding for the next 12 months to continue as a going concern.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tax
The tax expense for the period comprises current and 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 |
Furniture, fittings and equipment |
33% straight line |
Other property, plant and equipment |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 5 years straight line |
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.
Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
Stocks
Stock is comprised of three main elements which are valued as described below:-
Machine stock and service stock are valued at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first in, first out (FIFO) method.
Stock in field is the consumable toner, ink and parts which are on site with the relevant photocopier machines. The stock is valued on a usage basis using an average cost calculation.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced and the impairment loss is recognised immediately in profit or loss.
Trade 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors with contracts of employment) during the year was
Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2020 |
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At 30 September 2021 |
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Amortisation |
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At 1 October 2020 |
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Amortisation charge |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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Depreciation |
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At 1 October 2020 |
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Charge for the year |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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- |
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Stocks |
2021 |
2020 |
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Finished goods and goods for resale |
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Stock in field |
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1,212,507 |
1,217,542 |
Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Active8 Managed Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Finance lease liabilities |
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Other borrowings |
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Other borrowings
Finance leases is denominated in £ with a nominal interest rate of market rate. The carrying amount at year end is £79,919 (2020 - £115,359). The finance leases are secured on the related asset. |
Other loans is denominated in £ with a nominal interest rate of market rate. The carrying amount at year end is £1,482,063 (2020 - £2,626,353). The loan is secured by a fixed and floating charge over the assets of the company. |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is