REGISTERED NUMBER: |
Acin Limited |
Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Acin Limited |
Financial Statements |
for the Year Ended 31 March 2023 |
Acin Limited (Registered number: 08632362) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Acin Limited |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Acin Limited (Registered number: 08632362) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Share premium | 11 |
Capital redemption reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
Shareholders' funds | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Acin Limited (Registered number: 08632362) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Acin Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
The presentational currency of the financial statements is the Pound Sterling (£). |
Amounts in the financial statements have been rounded to the nearest £. |
Preparation of consolidated financial statements |
The financial statements contain information about Acin Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical judgements in applying the Company's accounting policies |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities with the next financial year are addressed below. |
(ii) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover of the Company consists of amounts receivable for the data processing, network and insight services. Turnover is recognised in line with accrual accounting basis on fees received for services provided in the financial year, evenly accrued over the term of the contract. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. |
Acin Limited (Registered number: 08632362) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Depreciation is provided on the following basis: |
Short leasehold | - | 3-5 years straight line |
Office equipment | - | 3-5 years straight line |
Computer equipment | - | 3-5 years straight line |
Impairment of assets |
At each reporting date the Company reviews the carrying value of its assets to determine whether there is any indication that these 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. |
The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset, or cash generating unit. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows. |
Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the Income Statement. An impairment loss recognised for all assets is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply. Impairment losses are charged to the Income Statement in administrative expenses. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets / liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Acin Limited (Registered number: 08632362) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Research and development |
Expenditure in connection with research activities is charged in the period in which it is incurred. Development costs are capitalised to the extent that they can be attributed directly to a specific project, where the project's technical and commercial feasibility have been proved and there is reasonable probability that the development activity will generate future economic benefits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the Income Statement in the period to which they relate. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The Company has been in the research and development phase of the product life cycle, which is an indication as to why the Company is loss making with negative reserves. During the year, the Company increased sales and enhanced the product, leading to the Company incurring a larger loss than in previous years. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. The directors have produced budgets including cash flow projections, which indicate that the Company will have sufficient resources from revenue and the Series B fundraise, which completed in the year. |
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the Company's auditors for the audit of the Company's financial statements |
25,000 |
20,000 |
Acin Limited (Registered number: 08632362) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | Tangible fixed assets |
Short | Office | Computer |
leasehold | equipment | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other loans |
Trade creditors |
Social security and other taxes |
VAT | 27,893 | 128,010 |
Other creditors |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other loans - 1-2 years | 1,036,895 | 625,958 |
Other loans - 2-5 years |
Acin Limited (Registered number: 08632362) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | Called up share capital |
Allotted, issued and fully paid: |
Nominal | 2023 | 2022 |
Number: | Class: | Value: | £ | £ |
1,343,518 (2022: 1,275,212) | Ordinary | £0.001 | 1,343 | 1,275 |
1 | Ordinary A | £1.000 | 1 | 1 |
9,500 | Ordinary D | £0.001 | 10 | 10 |
769,032 | Series A | £0.001 | 769 | 769 |
576,960 | Series B Non-voting | £0.001 | 577 | - |
263,797 | Series B Voting | £0.001 | 264 | - |
2,964 | 2,055 |
11. | Reserves |
Retained earnings | Share premium | Capital redemption reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | (11,520,969 | ) | 10,706,272 | 12 | (839,685 | ) |
Deficit for the year | (5,831,684 | ) | - | - | (5,831,684 | ) |
Share issue for the year | - | 20,173,663 | - | 20,173,663 |
Capital raising fees | - | (730,772 | ) | - | (730,772 | ) |
At 31 March 2023 | (17,352,653 | ) | 30,124,163 | 12 | 12,771,522 |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
The current business plan relies on equity funding. This has not affected our assessment on the going concern status of the Company. |
13. | Contingent liabilities |
A 01 Securitisation S.A.R.L, acting in respect of Compartment SV Tempo 1 have a fixed and floating charge dated 16 March 2022 over all the assets of the Company. |
14. | Related party disclosures |
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Acin Limited (Registered number: 08632362) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
15. | Ultimate controlling party |
There is no one ultimate controlling party. |
16. | Fixed asset investments |
Investment in subsidiary undertakings are stated at cost less provision for impairment. Provision against the underlying value of investments in subsidiaries is made where, in the opinion of the directors, there is impairment to the value of the underlying business. Investment in subsidiary undertakings is as follows: |
Subsidiary undertaking | Country of incorporation |
Registered number |
Registered office | Principal activity |
Class and percentage of shares held |
Acin Data Limited |
England & Wales |
11076553 |
Abbey House, 282 Farnborough Road, Farnborough, Hampshire, England, GU14 7NA |
Active |
Ordinary shares 100% |
Acin Inc |
United States |
Fulvio & Associates,5 West 37 St, 4th Floor,New York10018U.S.A |
Active |
Ordinary shares 100% |
At the year end, the value of the investments is considered to be £Nil (2022: £Nil) and is therefore not shown on the face of the Balance Sheet. |