Account Technologies Innovation Limited
Registered number: 13074235
Annual Report
For the period from 9 December 2020 to 31 August 2021
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PricewaterhouseCoopers LLP
|
|
Chartered Accountants and Statutory Auditors
|
|
|
|
|
|
|
|
|
|
|
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
CONTENTS
|
|
|
|
Independent Auditors' Report
|
|
|
|
Statement of Financial Position
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
DIRECTORS' REPORT
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
The directors present their report and the audited financial statements for the period from 9 December 2020 to
31 August 2021
.
The Company's principal activity during the period was that of operations support service activities.
The Company is domiciled in the United Kingdom.
The Company was incorporated on 9 December 2020. The financial statements are for the first financial period ended 31 August 2021.
The result for the period from 9 December 2020 to 31 August 2021, after taxation, amounted to £nil.
The directors do not recommend the payment of a dividend for the period.
The directors who served during the period and to the date of this report were:
R Ashton
(appointed
9 December 2020
)
|
J Cameron
(appointed
9 December 2020
)
|
Directors' responsibilities statement
|
The directors are responsible for preparing the Directors' 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 prepared the financial statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure
Framework”, and applicable law).
Under company law, 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 the financial statements, the directors are required to:
∙
select suitable accounting policies and then apply them consistently;
∙
state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed,
subject to any material departures disclosed and explained in the financial statements;
∙
make judgements and accounting estimates that are reasonable and prudent; and
∙
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 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.
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.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
The withdrawal of the United Kingdom from the European Union
|
New trading arrangements between the United Kingdom and the European Union took effect on 31 December 2020. In general, tariffs and quotas on trade have not been introduced, although administrative complications and regulatory restrictions have reduced the freedom of cross-border trade. The directors are carefully monitoring the practical application of the new trading arrangements by regulatory authorities, to better understand what the eventual impact on its business will be. The process of determining these effects is ongoing, and has also been delayed by the suspension of certain sectors of economic activity in response to the COVID-19 pandemic.
Economic impact of the COVID-19 pandemic
|
The COVID-19 pandemic continues to affect the UK and global economies however the recent lifting of social restrictions by the government means the directors anticipate the UK and global economies to return to growth in due course. It is not possible to predict how quickly and to what degree this may happen. The priorities of the directors remain to comply with any remaining regulatory requirements to the fullest extent possible.
The financial statements have been prepared on a going concern basis, which assumes that the Company is in a position to continue trading for at least 12 months from the date of signing of these financial statements.
The Company has not observed any significant impact of COVID-19 on overall profitability and based on data available to date this is expected to remain the case. However, the full impact of COVID-19 on the business is yet to be determined and may impact the Company's future financial performance.
Account Technologies Holdings Limited has provided a letter of support ensuring the provision of sufficient funds for a period of not less than 12 months from the date of authorisation of the financial statements to enable the Company to meet its liabilities as they fall due.
Qualifying third party indemnity provisions
|
The Company has made qualifying third-party indemnity provisions (as defined by section 234 of the Companies Act 2006) were in force during the course of the financial period and at the date of signing these financial statements, for the benefit of the directors.
Disclosure of information to auditors
|
Each of the directors at the time when this Directors' Report is approved has confirmed that:
∙
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
|
There have been no significant events affecting the Company since the period end.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
During the period, PricewaterhouseCoopers LLP was appointed as auditors.
The auditors, PricewaterhouseCoopers LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCOUNT TECHNOLOGIES INNOVATION LIMITED
Report on the audit of the financial statements
Opinion
In our opinion, Account Technologies Innovation Limited’s financial statements:
∙
give a true and fair view of the state of the Company’s affairs as at 31 August 2021 and of its
results for the period from 9 December 2020 to 31 August 2021;
∙
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law); and
∙
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Statement of Financial Position as at 31 August 2021; the Profit and Loss Account and the Statement of Changes in Equity for the period then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCOUNT TECHNOLOGIES INNOVATION LIMITED
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.
With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' report for the period ended 31 August 2021 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.
Auditors’ 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 auditors’ 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCOUNT TECHNOLOGIES INNOVATION LIMITED
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries. Audit procedures performed by the engagement team included:
∙
Reading of minutes of meetings of those charged with governance;
∙
Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; and
∙
Performing testing over manual journals based on specific risk parameters to address the risk of fraud through management override of controls.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCOUNT TECHNOLOGIES INNOVATION LIMITED
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
∙
we have not obtained all the information and explanations we require for our audit; or
∙
adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙
certain disclosures of directors’ remuneration specified by law are not made; or
∙
the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.
Timothy Lawrence
(Senior statutory auditor)
for and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
23 December 2021
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
The Company has not traded during the period from 9 December 2020 to 31 August 2021. During this period, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
|
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
REGISTERED NUMBER:
13074235
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 16 form part of these financial statements.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 9 DECEMBER 2020 TO
31 AUGUST 2021
|
|
|
|
|
|
At incorporation on 9 December 2020
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
Shares issued during the period
|
|
|
|
The notes on pages 11 to 16 form part of these financial statements.
|
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
Account Technologies Innovation Limited is a private company, limited by shares and incorporated
in England and Wales.
The registered office of the Company is 10 Brick Street, Mayfair, London, W1J 7HQ.
The Company's principal activity during the period was that of operations support service activities.
The Company was incorporated on 9 December 2020. The financial statements are for the first financial
period ended 31 August 2021.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'
and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The financial statements have been presented in Pounds Sterling as this is currency of the primary
economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
2.
Accounting policies (continued)
|
|
Financial reporting standard 101 - reduced disclosure exemptions
|
The company has taken advantage of the following disclosure exemptions under FRS 101:
∙
the requirements of IFRS 7 Financial Instruments: Disclosures
∙
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙
the requirements of IAS 7 Statement of Cash Flows
∙
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, and related party transactions.
Where required, equivalent disclosures are given in the Group financial statements of Loudwater Ventures Limited. The Group financial statements of Loudwater Ventures Limited are available to the public and can be obtained as set out in note 12.
|
|
Exemption from preparing consolidated financial statements
|
The
Company
is a parent
Company
that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of a non-EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under
section 401 of the Companies Act 2006
.
The financial statements have been prepared on a going concern basis, which assumes that the Company is in a position to continue trading for at least 12 months from the date of signing of these financial statements.
The Company has not observed any significant impact of COVID-19 on overall profitability and based on data available to date this is expected to remain the case. However, the full impact of COVID-19 on the business is yet to be determined and may impact the Company's future financial performance.
Account Technologies Holdings Limited has provided a letter of support ensuring the provision of sufficient funds for a period of not less than 12 months from the date of authorisation of the financial statements to enable the Company to meet its liabilities as they fall due.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
2.
Accounting policies (continued)
|
|
Impact of new international reporting standards, amendments and interpretations
|
There are no amendments to accounting standards, or IFRIC interpretations that are effective for the period ended 31 August 2021 that have a material impact on the Company’s financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
2.
Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Debt instruments at amortised cost
Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.
Financial liabilities
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
|
Auditors' remuneration was borne by a fellow group undertaking and not recharged.
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the group financial statements of the parent Company.
|
|
The Company has no employees other than the directors.
|
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
|
|
|
The directors were paid by a fellow Group undertaking, and no recharges have been made to the Group
entity.
|
|
Debtors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and payable on demand.
|
Account Technologies Holdings Limited and its subsidiaries Indigo Michael Limited, Account Technologies Limited, Account Technologies Innovations Limited, Account Technologies Operations Limited, Account Technologies Software Limited and Account Technologies Property Services Limited have each entered into a debenture creating fixed and floating charges over all of their assets, property, business, undertaking and uncalled share capital as continuing security in favour of Midtown Madison Management LLC as security for the obligations of the Obligors under the Facility Agreement entered into with Midtown Madison Management LLC dated 15 June 2021. Under the Facility Agreement each company cross-guarantees the obligations of each other.
|
|
|
The net book value of fixed asset investments is £0.01.
|
|
|
|
|
|
|
|
|
The following were subsidiary undertakings of the Company:
|
|
|
|
|
|
|
Account Technologies Property Services Limited
|
10 Brick Street, Mayfair, London, United Kingdom, W1J 7HQ
|
|
|
|
Account Technologies (US) Parent LLC
|
251 Little Falls Drive, Wilmington
|
|
|
|
Account Technologies US LLC
|
251 Little Falls Drive, Wilmington
|
|
|
|
ACCOUNT TECHNOLOGIES INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD FROM 9 DECEMBER 2020 TO 31 AUGUST 2021
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
1
Ordinary
share of £
0.01
|
|
|
The ordinary shares entitle each holder to full voting right, payment of dividends and distributions.
|
This reserve comprises the cumulative profits and losses of the Company.
|
Related party transactions
|
|
FRS 101.8(k) exempts the Company from disclosing transactions between this Company and other members of the Group as it is between wholly owned members.
|
|
Post balance sheet events
|
There have been no significant events affecting the Company since the period end.
The ultimate controlling party is Mr I McKenzie by virtue of his majority shareholding in the ultimate parent company, Loudwater Ventures Limited, a company incorporated in the United Kingdom.
Account Technologies Innovation Limited is a wholly owned subsidiary of
Account Technologies Holdings Limited
, and the results of Account Technologies Innovation Limited are included in the consolidated financial statements of Account Technologies Holdings Limited and Loudwater Ventures Limited which are available from 10 Brick Street, Mayfair, London, W1J 7HQ.
The parent undertaking of the largest Group, which includes the Company and for which Group financial statements are prepared, is Loudwater Ventures Limited, a company incorporated in the United Kingdom. The parent undertaking of the smallest such Group is Account Technologies Holdings Limited, a company incorporated in the United Kingdom. Copies of the Group financial statements of Account Technologies Holdings Limited and Loudwater Ventures Limited are available from 10 Brick Street, Mayfair, London, W1J 7HQ. The Company’s immediate controlling party is Account Technologies Holdings Limited.
|