Attra_Solutions_Limited - Accounts

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Attra Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements are prepared on the going concern basis, despite the company being in a net liability position. Attra Pty Ltd, the ultimate parent entity, has confirmed it will provide sufficient financial support to the company to enable it to continue to trade and to meet its liabilities as they fall due, for a period of at least one year from the date of signature of the audit report for the year ended 30 June 2019.

The ultimate parent company has also confirmed that it will not seek repayment of the balance owed by Attra Solutions Limited until such time as the company is able to repay it without compromising its ability to continue to trade and to meet its liabilities as they fall due and that it will ensure that balances due to Attra Solutions Limited from group companies will be met by them if the subsidiary cannot repay its debts.

In March 2020 the World Health Organisation declared the outbreak of a novel coronavirus ( Covid -19) as a global health pandemic. This continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. As the principal activity of the Company and Group is that of providing IT, business consulting and outsourcing services at present income streams have not been affected by the outbreak as the businesses can operate remotely given that it is in the technology sector.

The company is however reliant on financial support from its parent Company. The ultimate parent Company has confirmed that it will continue to provide support for the ongoing operations of the company and will not recall amounts due from the company unless the Company has sufficient liquidity to meet such a demand.

Given the unpredictability of the potential impact of the novel coronavirus outbreak, the directors considered whether there were material uncertainties that cast significant doubt on the entity's ability to operate under the going concern basis.

In concluding that adequate financial resources will be available to the company to discharge its liabilities as and when they fall due, the directors have:

•    Prepared forecasts which show the current and projected levels of available cash; and

•    considered the nature and term of outstanding liabilities.

On the basis of the above, the directors are satisfied that the Company has sufficient resources to continue in business for a period of at least 12 months from the date of signing of these accounts and that it is appropriate to prepare the financial statements of the company on a going concern basis.

Turnover represents net invoiced sales of services, excluding value added tax, together with any amounts recoverable on contracts.

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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The company has estimated tax losses available to carry forward against future trading profits. On the basis of these financial statements, no provision has been made for corporation tax.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

The average monthly number of persons (including directors) employed by the company during the year was 7 (2018 - 2).

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The immediate parent company is Attra Global Pty Limited, a company registered in Australia. The registered office of the immediate parent company is 3 Norfolk road, Surrey Hills, Victoria, 3127, Australia.

The ultimate parent company is Attra Pty Limited, a company registered in Australia. The registered office of the ultimate parent company is 3 Norfolk road, Surrey Hills, Victoria, 3127, Australia.

The company is exempt from disclosing related party transactions with companies which are wholly owned within the group in accordance with FRS102 section 33.

As at the reporting date the company owed balances due to companies under common control amounting to £857,433 (2018: £Nil). During the year the company recognised payroll recharges from companies under common control amount to £535,032 (2018: £Nil).