Company Registration No. 08803824 (England and Wales)
AUTOMATED ANALYTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
AUTOMATED ANALYTICS LIMITED
COMPANY INFORMATION
Directors
Mr M E Taylor
Mr W R James
(Appointed 4 November 2022)
Mr D L Kemp
(Appointed 4 November 2022)
Company number
08803824
Registered office
Unit 2a
Sidings Court
Doncaster
DN4 5NU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Heavens Walk
Doncaster
DN4 5HZ
AUTOMATED ANALYTICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
AUTOMATED ANALYTICS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AUTOMATED ANALYTICS LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Automated Analytics Limited for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Automated Analytics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Automated Analytics Limited and state those matters that we have agreed to state to the Board of Directors of Automated Analytics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Automated Analytics Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Automated Analytics 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 profit of Automated Analytics Limited. You consider that Automated Analytics Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Automated Analytics 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.
Ormerod Rutter Limited
28 July 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AUTOMATED ANALYTICS LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
826,926
295,788
Tangible assets
4
113,042
120,509
939,968
416,297
Current assets
Debtors
5
1,601,641
1,001,413
Cash at bank and in hand
164,853
247,443
1,766,494
1,248,856
Creditors: amounts falling due within one year
6
(1,285,018)
(537,582)
Net current assets
481,476
711,274
Total assets less current liabilities
1,421,444
1,127,571
Creditors: amounts falling due after more than one year
7
(85,040)
(122,174)
Provisions for liabilities
9
(21,146)
Net assets
1,315,258
1,005,397
Capital and reserves
Called up share capital
10
133
133
Share premium account
1,700,669
1,700,669
Profit and loss reserves
(385,544)
(695,405)
Total equity
1,315,258
1,005,397
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AUTOMATED ANALYTICS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2023 and are signed on its behalf by:
Mr M E Taylor
Director
Company Registration No. 08803824
AUTOMATED ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Automated Analytics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2a, Sidings Court, Doncaster, DN4 5NU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets other than goodwill
Expenditure on internally developed products is capitalised if it can be demonstrated that:
- it is technically feasible to develop the product for it to be sold
- adequate resources are available to complete the development
- there is an intention to complete and sell the product
- the Company is able to sell the product
- sale of the product will generate future economic benefits, and
- expenditure on the project can be measured reliably.
Capitalised development costs are amortised over the periods the Company expects to benefit from selling the products developed. The amortisation expense is included within the administrative expenses line in the statement of comprehensive income. Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the statement of comprehensive income as incurred.
Development costs relate to the development of computer software which will generate revenue and profits in the future. Whilst the software will continue to be upgraded and improved, the directors are of the opinion that the initial investment should be amortised evenly over a period of three years, following the successful implementation of the software.
AUTOMATED ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Fixtures and fittings
20% on reducing balance
Computer equipment
25% on reducing balance
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
AUTOMATED ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2022 - 23).
3
Intangible fixed assets
Development costs
£
Cost
At 1 July 2022
348,053
Additions - internally developed
702,546
At 30 June 2023
1,050,599
Amortisation and impairment
At 1 July 2022
52,265
Amortisation charged for the year
171,408
At 30 June 2023
223,673
Carrying amount
At 30 June 2023
826,926
At 30 June 2022
295,788
AUTOMATED ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2022
44,510
30,686
170,201
245,397
Additions
1,575
14,180
15,755
At 30 June 2023
44,510
32,261
184,381
261,152
Depreciation and impairment
At 1 July 2022
908
15,075
108,905
124,888
Depreciation charged in the year
908
3,440
18,874
23,222
At 30 June 2023
1,816
18,515
127,779
148,110
Carrying amount
At 30 June 2023
42,694
13,746
56,602
113,042
At 30 June 2022
43,602
15,611
61,296
120,509
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,048,291
599,155
Other debtors
553,350
402,258
1,601,641
1,001,413
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,000
41,617
Trade creditors
831,905
277,244
Taxation and social security
322,566
138,452
Other creditors
90,547
80,269
1,285,018
537,582
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
85,040
122,174
AUTOMATED ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
125,040
163,791
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
21,146
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
9,158 Ordinary A of £0.01 each
92
92
1,368 Ordinary B of £0.01 each
14
14
2,234 Ordinary C1 of £0.01 each
22
22
498 Ordinary C2 of £0.01 each
5
5
133
133
11
Ultimate controlling party
The ultimate controlling party is Mr M E Taylor.
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