Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
COMPANY INFORMATION
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AMT-SYBEX LIMITED
CONTENTS
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AMT-SYBEX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their annual report and the audited financial statements of the company for the financial year ended 31 December 2021.
During the year, AMT-Sybex Limited (“the Company”) was a wholly owned subsidiary (indirectly held) of Capita Plc. Capita Plc along with its subsidiaries are hereafter referred to as “the Group”. The Company operated within the Group’s Capita Software Division during the year.
The principal activity of the Company continued to be that of development, support and management of software for major blue chip organisations. There have not been any significant changes in the Company’s principal activities in the year under review. The Directors are not aware, at the date of this report, of any likely major changes in the Company’s activities in the next year. Post year end the AMT Group, and its subsidiary companies, including AMT-Sybex Limited, was sold by the Group to Jonas Computing (UK) Limited (“Jonas Software”). As shown in the Company’s statement of comprehensive income on page 10, turnover has decreased from £27,354,903 to £26,122,337, this decrease relates to the completion of client contracts. Despite the decrease in turnover, operating profit before exceptional expenses has increased from £1,606,733 to £5,426,084, due to a significant decrease in cost of sales. Cost of sales are lower due to a higher level of costs being capitalised during the 2022. Revenue and cost of sales for both 2021 and 2020 year end have been affected by a restatement of the Company’s revenue recognition policy in line with IFRS 15, following the sale of the Company and a review by the new Directors. Net impact for gross profit was £1,346,867 for 2021 year end and £3,794,575 for 2020 year end.
The Company is subject to various risks and uncertainties during the ordinary course of its business many of which result from factors outside of its control. The Company’s risk management framework provides reasonable (but cannot provide absolute assurance) that significant risks are identified and addressed. An active risk management process identifies, assesses, mitigates and reports on strategic, financial, operational and compliance risk.
The principal themes of risk for the Company are:
∙
Strategic : changes in economic and market conditions such as contract pricing and competition.
∙
Financial : significant failures in internal systems of control and lack of corporate stability.
∙
Operational: including recruitment and retention of staff, maintenance of reputation and strong supplier and customer relationships, operational IT risk, and failures in information security controls.
∙
Compliance: non-compliance with laws and regulations. The Company must comply with an extensive range of requirements that govern its business.
To mitigate the effect of these risks and uncertainties, the Company adopts a number of systems and procedures, including:
∙
Regularly reviewing operating conditions to be able to respond quickly to changes in market conditions.
∙
Applying procedures and controls to manage compliance, financial and operational risks, including adhering to an internal control framework.
Capita Plc has also implemented appropriate controls and risk governance techniques across all of our businesses which are discussed in the Group’s annual report which doesn’t form part of this report.
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AMT-SYBEX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Key performance indicators used by Capita Plc are operating margins, free cash flow, capital expenditure and return on capital employed. Capita Plc and its subsidiaries manage their operations on a divisional basis and as a consequence, some of these indicators are monitored only at a divisional level. The performance of the Capita Software division of Capita Plc is discussed in the Group’s annual report which does not form part of this report.
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AMT-SYBEX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Capita Plc's section 172 statement applies to both the Division and the Company to the extent it relates to the Company's activities. Common policies and practices are applied across the Group through divisional management teams and a common governance framework. The following disclosure describes how the Directors have regard to the matters set out in section 172(1a) to (f) and forms the Directors' statement as required under section 414CZA of the Companies Act 2006.
Further details of the Group's approach to each stakeholder are provided in Capita Plc's section 172 statement on pages 40 and 41 of Capita Plc's 2021 annual report. Stakeholders
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AMT-SYBEX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the board
and signed on its behalf.
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AMT-SYBEX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors who served during the year were:
C F H Baker (resigned 28 May 2021)
J Cowan (resigned 1 January 2022)
A J Timlin (resigned 28 May 2021)
The loss for the year, after taxation, amounted to £
1,093,996
(2020 -
profit
£
1,125,791
)
.
No dividend was proposed or paid during the year (2020: £nil).
The directors are responsible for preparing the Strategic Report, 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 elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
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 to 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.
The Company plans to continue to focus and develop its core product offerings, Ellipse, Mobile and Flui.
See the section 172 statement within the strategic report for detail.
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AMT-SYBEX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
On 1 January 2022 Jonas Computing (UK) Ltd purchased AMT-Sybex Group Limited for an initial consideration of £23,000,000 plus other contingent considerations.
A dividend of £2,586,804 was paid on 8th September 2022.
KPMG LLP resigned as auditor and James Cowper Kreston Audit were appointed as auditor of the Company for the year ended 31 December 2021 on 15 June 2022. The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AMT-SYBEX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMT-SYBEX LIMITED
We have audited the financial statements of AMT-Sybex Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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AMT-SYBEX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMT-SYBEX LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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AMT-SYBEX LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AMT-SYBEX LIMITED (CONTINUED)
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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance:
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙
Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Berkshire
RG19 6AB
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AMT-SYBEX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
REGISTERED NUMBER:
03036807
BALANCE SHEET
AS AT
31 DECEMBER 2021
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AMT-SYBEX LIMITED
REGISTERED NUMBER:
03036807
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 14 to 35 form part of these financial statements.
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AMT-SYBEX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
AMT-Sybex Limited is a private company, limited by shares, registered in England and Wales. The registered office is Gladstone House, Hithercroft Road, Wallingford, OX10 9BT.
2.
Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙
the requirements of IFRS 7 Financial Instruments: Disclosures
∙
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙
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;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙
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 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
∙
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Capita Plc as at 31 December 2021 and these financial statements may be obtained from Companies House.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the group for a period of at least 12 months from the anticipated date of signing of the financial statements and are satisfied that the company will be able to meet its liabilities as they fall due.
The Company was acquired by Jonas Computing (UK) Limited as at 1 January 2022, and post acquisition a restructuring process took place to right size overheads against the current client base. Draft 2022 year end figures show a further reduction in revenue to £18,422,933, due to the loss of a few large contracts over the past couple of years. Operating profit has reduced to £906,463, this includes exceptional costs of £1,795,779 in relation to the restructuring process noted above. During 2022, the Company has had the support of Jonas Computing (UK) Limited, who has provided funding where necessary. Furthermore the directors have been provided assurances that Jonas Computing (UK) Limited will continue to support the Company for a period of at least 12 months from signing the financial statements. Following on from the significant changes made in 2022, revenue is forecasted at £22,096,000 for 2023, with operating profit of £4,550,000, with further growth forecasted over the next 5 years. Forecasts have been built on a detailed bottom up approach; revenue based on pipe-line, contracts and customer and market knowledge, and costs based on historic data, future plans and knowledge of the industry.
Functional and presentation currency
Transactions and balances
Post year end the new Directors of Jonas Software assessed the revenue recognition policy, and as a consequence, restated revenue for the year ended 2021 and 2020. See note 24 for more detail.
Revenue represents the amount the Company expects to receive for products and services in its
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
contracts with customers, net of discounts and VAT. The Company recognises revenue under three revenue categories being, License, Professional services, and Maintenance and other recurring revenue.
Contracts with multiple products or services Typically, the Company enters into contracts that contain multiple products and services such as software licenses, maintenance and professional services. The Company evaluates these arrangements to determine the appropriate unit of accounting (performance obligation) for revenue recognition purposes based on whether the product or service is distinct from some or all of the other products or services in the arrangement. A product or service is distinct if the customer can benefit from it on its own or together with other readily available resources and the Company’s promise to transfer the good or service is separately identifiable from other promises in the contractual arrangement with the customer. Non-distinct products and services are combined with other goods or services until they are distinct as a bundle and therefore form a single performance obligation. Where a contract consists of more than one performance obligation, revenue is allocated to each based on their estimated standalone selling price (SSP). Nature of products and services The Company sells on-premise software licenses on both a perpetual and specified-term basis. Revenue from the license of distinct software is recognised at the time that both the right-to-use the software has commenced and the software has been made available to the customer. Revenue from the license of software that involves complex implementation or customisation that is not distinct, is recognised as a combined performance obligation using the percentage-of-completion method based either on the achievement of contractually defined milestones or based on labour hours. Maintenance and other recurring revenue primarily consists of fees charged for customer support on software products post-delivery and also includes, to a lesser extent, recurring fees derived from, managed services and hosted products. Professional services revenue including installation, implementation, training and customization of software is recognised by the stage of completion of the performance obligation determined using the percentage of completion method noted above or as such services are performed as appropriate in the circumstances. The revenue and profit of fixed price contracts is recognised on a percentage of completion basis when the outcome of a contract can be estimated reliably. When the outcome of the contract cannot be estimated reliably but the Company expects to recover its costs, the amount of expected costs is treated as variable consideration and the transaction price is updated as more information becomes known. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in unbilled revenue. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of deferred revenue.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 8 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill. Goodwill is capitalised as an intangible asset and is not amortised. Instead it is reviewed annually for impairment with any impairment in carrying value being charged to profit or loss. The Companies Act 2006 requires acquired goodwill to be reduced by provisions for depreciation calculated to write off the amount systematically over a period chosen by the directors, not exceeding its useful economic life. It has been deemed, however, the non-amortisation of goodwill is a departure, for the overriding purpose of giving a true and fair view. The effect of this departure has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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
Impairment of financial assets
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Financial liabilities
At amortised cost
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are the measurement and impairment of goodwill and investments and the revenue and profit recogniition on certain contractual arrangements. Goodwill The Company determines whether goodwill is impaired on an annual basis and thus requires an estimation of the value in use of the cash-generating units to which the intangible assets are allocated. This involves estimation of future cash flows and choosing a suitable discount rate. Investments The Company determines whether investments are impaired based on any impairment indicators. This involves estimation of the enterprise value of the investee which is determined based on the greater of discounted future cash flows at a suitable discount rate or through the recoverable value of investments held by the investee Company. Revenue The measurement of revenue and resulting profit recognition - due to the size and complexity of some of the Company's contracts, requires judgments to be applied, including the measurement and timing of revenue recognition and the recognition of assets and liabilities, including an assessment of onerous contracts, that result from the performance of the contract. Deferred tax Management recognises deferred tax assets for losses when there is evidence that the asset is recoverable through future taxable profits. Given the UK tax laws around the restrictions against the utilisation of brought forward losses these losses may not be recovered for some time. Management has determined that the losses recognised as a deferred tax asset will be recovered in the future. As discounting is prohibited by IAS12 these amounts have not been discounted.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
9.
Taxation (continued)
In the Spring Budget 2021, the Government announced that from 1 April 2023, the main corporation tax rate will increase to 25%. This change was substantively enacted on 24 May 2021. As a result the deferred tax asset has been calculated based on the substantively enacted rate of 25%.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share premium account
Capital redemption reserve
Profit and loss account
The Company has chosen to present all wages and salaries costs within administrative expenses, with no element presented within cost of sales. The impact of this change to the prior year is a decrease in cost of sales of £9,220,588 and an increase in administrative expenses of the same amount. There is no impact on the current period, profit or net assets.
In addition to the reclassification of administration costs and costs of sale, management has considered the appropriateness of the company’s revenue recognition policies, specifically around the timing of the recognition of revenue on certain performance obligations, to ensure they align with the CSI Group policies. As a result of this review management have changed the revenue recognition accounting policy. As a result of this change in policy the following amounts have been impacted in 2020 by the restatement: Revenue decreased by £7,863,115 Contract fulfilment assets decreased by £7,410,998 Deferred income decreased by £11,413,243 Accrued income increased by £2,018,088 Profit and loss reserve and net assets increased by £4,806,103
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £439,527 (2020 - £474,459). Contributions totalling £NIL (2020 - £NIL) were payable to the fund at the balance sheet date.
A dividend of £2,586,804 was paid on 8 September 2022.
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AMT-SYBEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Company's immediate parent undertaking is
The largest and smallest Group in which the results are consolidated is that headed by On 1 January 2022, the Company was acquired by Jonas Computing (UK) Limited and as such, the Company's ultimate parent undertaking became Constellation Software Inc., incorporated in Canada. The accounts of Constellation Software Inc. are available to the public and may be obtained from www.csisoftware.com/category/stat-filings.
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