Company registration number 12086429 (England and Wales)
AT GLOBAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
AT GLOBAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A Thompson
Mr A Lu
Mr P Poignant
(Appointed 9 September 2022)
Company number
12086429
Registered office
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD
Auditor
DSA Prospect Audit Limited
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD
AT GLOBAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
3
Directors' responsibilities statement
2
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
AT GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the period ended 31 December 2021.
Financial review and peformance
In February 2021, the company (‘ATG’) became part of a group of companies (the ‘Branded’ group). Branded’s main focus is on product innovation and diversification as the global consumer base continues to place increased emphasis on eCommerce as their preferred method of shopping.
As at 31 December 2021, ATG is the holding company of various subsidiaries registered in the United Kingdom and in the United States of America. Revenue is generated through ATG’s subsidiaries while ATG itself purely acts as the investment holding company whose main activity is to recharge and be reimbursed for expenses incurred on behalf of the Branded group.
Key performance indicators
ATG does not generate revenue from sales as the only source of revenue are management fees for services rendered to the subsidiaries. Therefore, there are no key performance indicators assigned to ATG for the period.
Results
We have closed the financial period with a loss of £3,315,956.
Financial position at the end of the period
As at 31 December 2021, the company’s cash and cash equivalents amounted to £80,274. ATG being a holding company is not required to have adequate cash reserves as its liquidity needs are minimal.
Description of risks and uncertainties
Credit risk
Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The company does not have amounts owing to it by customers. Consequently, ATG does not consider there to be any significant exposure to credit risk in this regard. ATG’s cash is held with reputable and regulated institutions and is not invested in any financial instruments carrying credit risk.
Liquidity risk
Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. We have procedures with the object of minimizing such losses, such as, close monitoring of forecasted cash flows, with the aim of maintaining adequate cash to service the company’s current needs.
Currency risk
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates and it arises when future commercial transactions and recognised assets and liabilities are denominated in a currency other than ATG's functional currency. ATG’s exposure to foreign exchange risk from various currency fluctuations is minimal. We monitor the exchange rate fluctuations on a continuous basis and act accordingly.
Looking to the future
ATG continues to hold the investments of various UK and US registered subsidiaries.
Mr P Poignant
Director
29 December 2022
AT GLOBAL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AT GLOBAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the period ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the period are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr A Thompson
Mr A Lu
Mr P Poignant
(Appointed 9 September 2022)
Research and development
Research and development (R&D) expenditure is expensed in the year in which it is incurred.
Post reporting date events
There are no events after the year end that the directors believe need to be reported.
Future developments
There have been no significant future developments the director believes need to be reported.
Auditor
In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Covid-19 pandemic
The additional risk of the impact of COVID-19 on the company has been assessed by the directors. The directors
do not expect COVID-19 to have a material impact on the company’s future operations.
On behalf of the board
Mr P Poignant
Director
29 December 2022
AT GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AT GLOBAL HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of AT Global Holdings Limited (the 'company') for the period ended 31 December 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
AT GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AT GLOBAL HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
AT GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AT GLOBAL HOLDINGS LIMITED
- 6 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Mr Gary John McHale FCCA
Senior Statutory Auditor
For and on behalf of DSA Prospect Audit Limited
29 December 2022
Chartered Certified Accountants
Statutory Auditor
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD
AT GLOBAL HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 7 -
Period
Year
ended
ended
31 December
30 January
2021
2021
Notes
£
£
Administrative expenses
(10,459,481)
(2,194,199)
Other operating income
7,144,083
2,925,083
Operating (loss)/profit
3
(3,315,398)
730,884
Interest payable and similar expenses
7
(178)
(Loss)/profit before taxation
(3,315,576)
730,884
Tax on (loss)/profit
8
136,607
(136,185)
(Loss)/profit for the financial period
(3,178,969)
594,699
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AT GLOBAL HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
Period
Year
ended
ended
31 December
30 January
2021
2021
£
£
(Loss)/profit for the period
(3,178,969)
594,699
Other comprehensive income
-
-
Total comprehensive income for the period
(3,178,969)
594,699
AT GLOBAL HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 9 -
2021
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
10
14,122
Investments
11
6,625,937
6,625,929
6,625,937
6,640,051
Current assets
Stocks
13
46,933
Debtors
14
8,010,055
6,979,070
Cash at bank and in hand
80,274
111,776
8,090,329
7,137,779
Creditors: amounts falling due within one year
15
(10,888,307)
(6,770,902)
Net current (liabilities)/assets
(2,797,978)
366,877
Net assets
3,827,959
7,006,928
Capital and reserves
Called up share capital
17
1,000
1,000
Other reserves
6,468,327
6,468,327
Profit and loss reserves
(2,641,368)
537,601
Total equity
3,827,959
7,006,928
The financial statements were approved by the board of directors and authorised for issue on 29 December 2022 and are signed on its behalf by:
Mr P Poignant
Director
Company Registration No. 12086429
AT GLOBAL HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 January 2020
1,000
-
1,000
Year ended 30 January 2021:
Profit and total comprehensive income for the year
-
-
594,699
594,699
Dividends
9
-
-
(57,098)
(57,098)
Transfers
-
6,468,327
6,468,327
Balance at 30 January 2021
1,000
6,468,327
537,601
7,006,928
Period ended 31 December 2021:
Loss and total comprehensive income for the period
-
-
(3,178,969)
(3,178,969)
Balance at 31 December 2021
1,000
6,468,327
(2,641,368)
3,827,959
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 11 -
1
Accounting policies
Company information
AT Global Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Old Chapel, Union Way, Witney, Oxfordshire, OX28 6HD.
1.1
Reporting period
The group in which the company operates was purchased in the current year and the group year end was aligned to the new parents year end so they are coterminous for reporting requirements. The current year is therefore a short period to 31 December 2021. The comparative year is presented as a full year.
1.2
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of Branded Group
SA. These consolidated financial statements are available from its registered office, 17 Boulevard Friedrich Wilhelm Raiffeisen, 2411, Luxembourg.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
AT Global Holdings Limited is a subsidiary of Branded E-Commerce Holding Gmbh and the results of AT Global Holdings Limited are included in the consolidated financial statements of Branded Group SA which are available from 17 Boulevard Friedrich Wilhelm Raiffeisen, 2411, Luxembourg.
1.3
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.4
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
.
1.5
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.
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:
Computers
3 years 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
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.
1.12
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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
1.16
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating (loss)/profit
2021
2021
Operating (loss)/profit for the period is stated after charging:
£
£
Exchange losses
12,542
2,082
Research and development costs
14,682
Depreciation of owned tangible fixed assets
1,046
Operating lease charges
10,401
4
Auditor's remuneration
2021
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,000
2,500
For other services
Audit-related assurance services
1,000
Taxation compliance services
500
1,000
500
The cost of the audit of the company’s financial statements has been borne by
the company's parent
, AT
V
Global
Limited.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2021
Number
Number
6
19
Their aggregate remuneration comprised:
2021
2021
£
£
Wages and salaries
425,319
22,155
Social security costs
15,203
2,970
Pension costs
2,858
443,380
25,125
6
Directors' remuneration
2021
2021
£
£
Remuneration for qualifying services
20,000
7
Interest payable and similar expenses
2021
2021
£
£
Interest on bank overdrafts and loans
178
8
Taxation
2021
2021
£
£
Current tax
UK corporation tax on profits for the current period
(136,185)
136,185
Adjustments in respect of prior periods
(422)
Total current tax
(136,607)
136,185
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
8
Taxation
(Continued)
- 18 -
The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:
2021
2021
£
£
(Loss)/profit before taxation
(3,315,576)
730,884
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(629,959)
138,868
Tax effect of expenses that are not deductible in determining taxable profit
2,674
Unutilised tax losses carried forward
645,629
Permanent capital allowances in excess of depreciation
(2,882)
Depreciation on assets not qualifying for tax allowances
199
Tax rate changes
(154,951)
Taxation (credit)/charge for the period
(136,607)
136,185
9
Dividends
2021
2021
£
£
Final paid
57,098
10
Tangible fixed assets
Computers
£
Cost
At 31 January 2021
15,168
Additions
8,739
Disposals
(23,907)
At 31 December 2021
Depreciation and impairment
At 31 January 2021
1,046
Eliminated in respect of disposals
(1,046)
At 31 December 2021
Carrying amount
At 31 December 2021
At 30 January 2021
14,122
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
10
Tangible fixed assets
(Continued)
- 19 -
Tangible assets
with a carrying amount of £
0
(
2021
- £
14,122
) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings
.
11
Fixed asset investments
2021
2021
Notes
£
£
Investments in subsidiaries
12
6,625,937
6,625,929
Financial assets pledged as collateral
Investments
with a carrying amount of £
6,625,937
(
2021
- £
6,625,929
) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings
.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 31 January 2021
6,625,929
Additions
8
At 31 December 2021
6,625,937
Carrying amount
At 31 December 2021
6,625,937
At 30 January 2021
6,625,929
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 20 -
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Home Native Holdings Limited
UK
Ordinary
100.00
-
Home Native Limited
UK
Ordinary
0
100.00
Cani Investments Limited
UK
Ordinary
100.00
-
Yellapro Limited
UK
Ordinary
100.00
-
Saxon Online Limited
UK
Ordinary
100.00
-
Fullstar UK Limited
UK
Ordinary
100.00
-
Fullstar Houseware LLC
USA
Ordinary
100.00
-
Elm E-Commerce Limited
UK
Ordinary
100.00
-
Buckthorn Online Limited
UK
Ordinary
100.00
-
Willow International Limited
UK
Ordinary
100.00
-
Globali Online Limited
UK
Ordinary
100.00
-
Ewarrior Global Limited
UK
Ordinary
100.00
-
Clean Nutrition Limited
UK
Ordinary
100.00
-
Sierra Global Limited
UK
Ordinary
100.00
-
La Torre Global Limited
UK
Ordinary
100.00
-
13
Stocks
2021
2021
£
£
Finished goods and goods for resale
46,933
Stock
with a carrying amount of £
0
(
2021
- £
46,933
) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings
.
14
Debtors
2021
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,780,700
5,409,222
Other debtors
136,987
1,472,872
Prepayments and accrued income
92,368
96,976
8,010,055
6,979,070
Debtors
with a carrying amount of £
4,677,431
(
2021
- £
5,145,581
) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings
.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 21 -
15
Creditors: amounts falling due within one year
2021
2021
£
£
Trade creditors
120,203
355,590
Amounts owed to group undertakings
9,931,805
5,674,121
Corporation tax
136,185
Other taxation and social security
324,484
431,770
Other creditors
77,400
7,669
Accruals and deferred income
434,415
165,567
10,888,307
6,770,902
16
Retirement benefit schemes
2021
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,858
-
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2021
2021
2021
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
18
Financial commitments, guarantees and contingent liabilities
The director
s
do not believe there are any financial commitments, guarantees or contingent liabilities that
need to be disclosed
other than below
.
After the year end, the
c
ompany received a demand letter from a trademark holder in Germany alleging infringement on their trademark rights in Germany. The
c
ompany has its own trademark which is filed with the European Union Intellectual Property Office. Total losses to the claimant have not yet been established and the Company does not anticipate a material disruption to its sales.
Who has ultimate rights is in dispute and the
c
ompany has disputed the claims. No provision has been made in these financial statements as the management does not anticipate material probable losses.
AT GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 22 -
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2021
£
£
Within one year
7,520
20
Events after the reporting date
There are no events after the year end that the directors believe need to be reported.
21
Ultimate controlling party
The parent company of AT Global Holdings Limited is ATV Global Limited.
As at the year end the ultimate holding company of AT Global Holdings Limited was Branded Group SA
and its registered office is 17
B
oulevard
Friedrich Wilhelm Raiffeisen, 2411, Luxembourg.
The company's financial statements are consolidated into the ultimate holding company's financial statements as at
31 December 2021
and are available from the parent's registered office.
2021-12-31
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Mr A Lu
Mr P Poignant
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