Company No:
Contents
DIRECTORS | H Goda |
M S Kankani | |
J L P Kruger | |
S P Manning | |
A J Otter | |
F G M Souliard |
REGISTERED OFFICE | Finsgate |
5-7 Cranwood Street | |
London | |
EC1V 9EE | |
England | |
United Kingdom |
COMPANY NUMBER | 12358084 (England and Wales) |
ACCOUNTANT | Gravita Business Services Limited |
Finsgate | |
5-7 Cranwood Street | |
London | |
EC1V 9EE | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.
It is your duty to ensure that A-Technologies Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A-Technologies Holdings Limited. You consider that A-Technologies Holdings Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of A-Technologies Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom
Note | 31.05.2022 | 31.05.2021 | ||
$ | $ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 4 |
|
|
|
9,499,762 | 9,499,762 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
20,789 | 83 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (29,452) | (15,336) | ||
Total assets less current liabilities | 9,470,310 | 9,484,426 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Share premium account |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of A-Technologies Holdings Limited (registered number:
A J Otter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
A-Technologies Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in USD which is the functional currency of the company and rounded to the nearest $.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the Company is a holding company with minimal ongoing operating costs. The Company is supported by loans from group companies and the directors have received assurances that the group will continue to financially support the Company, enabling it to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the directors have adopted the going concern basis in preparing the financial statements.
Group accounts exemption s399
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.
The Company was incorporated on 10 December 2019 and the comparative accounting period is from 10 December 2019 to 31 May 2021. The current accounting period is a year to 31 May 2022 and therefore the two reporting periods are not directly comparable.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
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 payments 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. Amounts 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.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The cost of the investment has been increased to reflect the full consideration paid for the acquisition of the subsidiary. Share premium has also been increased to reflect the amount paid for shares issued in the prior year.
As previously reported | Adjustment | As restated | ||||
Year ended 31 May 2021 | $ | $ | $ | |||
Investments in subsidiaries | 8,999,788 | 499,974 | 9,499,762 | |||
Share premium | 8,904,801 | 499,974 | 9,404,775 |
Year ended 31.05.2022 |
Period from 10.12.2019 to 31.05.2021 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investments in subsidiaries
31.05.2022 | |
$ | |
Cost | |
At 01 June 2021 |
|
At 31 May 2022 |
|
Carrying value at 31 May 2022 |
|
Carrying value at 31 May 2021 |
|
The cost of investments opening balance has been restated - see note 2.
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.05.2022 |
Ownership 31.05.2021 |
|
Finsgate, 5-7 Cranwood Street, London, EC1V 9EE | Holding company |
|
|
|
31.05.2022 | 31.05.2021 | ||
$ | $ | ||
Amounts owed by Group undertakings |
|
|
31.05.2022 | 31.05.2021 | ||
$ | $ | ||
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
|
|
No remuneration was paid to the directors during the year (2020 period: Nil). The directors are the only key management personnel of the Company.
Included within debtors (2020: creditors) is a loan of $14,539 owed from (2021: $6,202 owed to) A-Technologies Limited, a subsidiary of the Company. The loan is interest free and repayable on demand.
Included within creditors is a loan of $50,241 (2021: $8,021) owed to Auvenir Technologies ULC, which is a subsidiary of A-Technologies Limited. The loan is interest free and repayable on demand.
There is no individual ultimate controlling party.