Anotech Energy Services Limited - Limited company accounts 20.1

REGISTERED NUMBER: 10568134 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2019

for

Anotech Energy Services Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

B Benoliel

X Feuillatre

P J C Marcel

REGISTERED OFFICE:

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

REGISTERED NUMBER:

10568134 (England and Wales)

AUDITORS:

S H LANDES LLP

Statutory Auditors

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of management consultancy activities other than financial management.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report.

B Benoliel

X Feuillatre

P J C Marcel

PRINCIPLE RISKS AND UNCERTAINTIES

Ultimate parent undertaking of Anotech Energy Services is Alten SA, and the risks and uncertainties of Anotech Energy Services are linked to those of the group. The group risks and uncertainties are presented in the annual report of Alten SA. Copies of the group's consolidated annual report and financial statements may be obtained at the address included in note 13.

The company regularly reviews the risks that could have an adverse effect on its business, its financial position or its results (or its capacity to accomplish its objectives). Anotech Energy Services Limited has a strong process in place to manage the mitigation of these risks through robust business continuity capabilities.

Among risks and uncertainties which are the most significant for the company are:

Credit/counterparty risk

Adverse economic conditions may lead to an increased number of our customers being unable to pay for existing or additional products and services. The company had to strengthen its procedures and resources to limit the increase in outstanding customer accounts and the risk of non-payment by customers. The company has also established internal procedures to assess the risk of customer insolvency during the pre-sales process and subsequently to efficiently collect these receivables.

Foreign exchange risk

The Company sells its services to the global market therefore is exposed to foreign exchange risk. Foreign currency denominated assets and liabilities give rise to potential, foreign exchange exposure. The Company does not have formal arrangements to mitigate foreign exchange risks of the Company's operations.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. A prudent liquidity management plan involves keeping a sufficient level of liquid assets. The company manages its working capital by recovering amounts from debtors when they become due and making use of their credit terms in relation to their liabilities. As and when it is required, the parent company provides additional working capital.

Information technology (IT) risk

The company relies on in all aspects of business. Any significant disruption or failure, caused by external factors, cyberattacks or human error could result in a service interruption. Furthermore, company's information system could be used for an attack against one of its customers. Anotech Energy Services Limited is fully focused on continuing to improve cyber security defences and we successfully maintained IT continuity during the coronavirus pandemic. The company assesses and manages the effectiveness of the security infrastructure and the ability to effectively defend against current and future cyber risks by using analysis tools and experienced professionals to evaluate and mitigate potential impacts. We maintain and monitor our use of information security standards and guidance to ensure compliance with General Data Protection Regulation (GDPR) across the UK and Europe.

Nevertheless, the risk of disruption or failure of critical IT infrastructure, as well as process failure remains a significant risk.

Health and safety

Health and Safety of our staff is our number one priority.

The objective of the company is to unite all of the stakeholders around a safety culture, optimise the working conditions of employees, respect the requirements concerning Health and Safety standards and regulations.

This approach is based on:

- risk prevention, by identifying all risks to which employees may be exposed, raising employee awareness of those risks and measures to be taken for prevention and protection;

- training on Health and Safety procedures;

- putting in place personal protective equipment;

- monitoring regulations and standards, enabling the company to respond to and anticipate safety regulations as early as possible.

Since the start of 2020 in order manage the impact of the Covid-19 pandemic, we have implemented work from home every time that was possible. We have a daily senior management meeting to review the situation and assess actions to take and we seek to obtain the best possible information to enable us to assess threat and risks. We conduct detailed assessments for all our sites and activities and implement appropriate measures to deter, detect and respond to risks.

We communicate with our employees about any arrangements to put in place to control the risks associated with the coronavirus. Further mitigations include the strengthening of the health and safety procedures, reduction of exposure, journey management, information risk management as well as crisis management and business continuity measures. We conduct training and awareness campaigns for staff and provide travel and health advice and assistance while travelling.

OTHER RISKS RELATED TO COVID-19

The global coronavirus pandemic involving the spread of Covid-19 presents a number of different risks to the business. The spread is rapid and the economic outlook uncertain. The risks of adverse health and safety, operational and financial impacts arising from the pandemic and the associated governmental responses in the markets where we operate could be significant. The safety of our employees is our first priority and is at the forefront of our response to the pandemic. The counter measures adopted by governments around the world as they seek to mitigate the impact of the pandemic, the economic effect in the countries where we operate and the actions taken by our customers in response will impact our operations and financial results, leading to potential decreases in revenue, increases in costs and adverse effects on profits and cash flows.

There may be further demand reductions driven by the economic effect of governmental restrictions, although this is likely to vary substantially from market-to-market. Increased operating costs are also likely to result from additional investment in personal protective equipment, increased workforce sickness levels and the need to furlough staff, although, the impact of this is being mitigated by government financial support arrangements. We have instituted protective measures for staff, which in some cases included wearing protective equipment and guidelines to follow in certain security situations. We provide essential services for our customers and the continuation of these services is a key priority.

Contingency plans have been implemented in consultation with our customers on whose sites we operate and we are implementing a range of measures to mitigate operational and commercial risks as they emerge. We are working closely with customers to understand their actions in response to the pandemic, in some cases requiring extra safety measures, in some reducing or suspending services. We are working diligently on redeploying and supporting our employees being affected by the change in demand from customers. From a funding perspective, we are adopting a prudent stance in relation to our liquid resources. We have implemented strict cost and cash flow management measures to ensure we protect the company's financial position.

We are responding dynamically to the rapidly changing situation that the Coronavirus pandemic has created. We will continue with our current focused management approach to protect the company and its key stakeholders. Our priorities remain the health and safety of our staff, customer service, financial discipline and business continuity.

GOING CONCERN

The directors prepared the financial statement on the going concern basis after assessing the principal risks and considering the likelihood of success in raising the funds.

The company meets its day to day working capital requirements through a loan facility operated with another group company. The directors have received assurances that this facility will continue to be made available to the company for a period of at least one year from the date of approval of these financial statements and they are therefore satisfied that the company will be able to meet its current liabilities as they fall due. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Faced with the unprecedented Covid-19 health crisis, the company immediately took the measures recommended by the Health Authorities, with its sole concern being to keep its employees healthy. In addition, measures to limit the economic impact of the crisis and to preserve the company's financial resources have also been put in place.

The company is watching the situation very closely and will take the appropriate measures to limit any potential negative impacts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements and accounting estimates that are reasonable and prudent;

-	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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

P J C Marcel - Director

21 December 2020

Opinion

We have audited the financial statements of Anotech Energy Services Limited (the 'company') for the year ended 31 December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' 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 UK, including the FRC'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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 a Report of the Auditors 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.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Filip Lyapov (Senior Statutory Auditor)

for and on behalf of S H LANDES LLP

Statutory Auditors

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

21 December 2020

TURNOVER

3

4,061,836

1,209,034

Cost of sales

(2,975,482

)

(992,964

)

GROSS PROFIT

1,086,354

216,070

Administrative expenses

(966,794

)

(389,374

)

119,560

(173,304

)

Other operating income

-

167

OPERATING PROFIT/(LOSS)

5

119,560

(173,137

)

Interest payable and similar expenses

6

60,541

(27,803

)

PROFIT/(LOSS) BEFORE TAXATION

180,101

(200,940

)

Tax on profit/(loss)

7

(137,701

)

37,878

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

42,400

(163,062

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

42,400

(163,062

)

FIXED ASSETS

Tangible assets

8

457

2,064

Investments

9

249,189

-

249,646

2,064

CURRENT ASSETS

Debtors

10

1,368,438

595,420

Cash at bank

584,714

133,280

1,953,152

728,700

CREDITORS

Amounts falling due within one year

11

(2,604,876

)

(1,175,242

)

NET CURRENT LIABILITIES

(651,724

)

(446,542

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(402,078

)

(444,478

)

CAPITAL AND RESERVES

Called up share capital

12

50,000

50,000

Retained earnings

13

(452,078

)

(494,478

)

SHAREHOLDERS' FUNDS

(402,078

)

(444,478

)

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2020 and were signed on its behalf by:

P J C Marcel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2018

100

(331,416

)

(331,316

)

Changes in equity

Issue of share capital

49,900

-

49,900

Total comprehensive income

-

(163,062

)

(163,062

)

Balance at 31 December 2018

50,000

(494,478

)

(444,478

)

Changes in equity

Total comprehensive income

-

42,400

42,400

Balance at 31 December 2019

50,000

(452,078

)

(402,078

)

1.	STATUTORY INFORMATION

Anotech Energy Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company’s functional and presentation currency is the pound sterling

Reclassification of prior year comparatives

Prior year corresponding figures of profit and loss account were reclassified to achieve a better presentation of the company's performance.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Anotech Energy Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The subsidiaries are excluded from the consolidation under Section 405 (2A) of the Companies Act 2006 as undertakings are not material taken together for the purposes of giving true and fair view in the context of the group. Financial statements of Anotech Energy Services Limited and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Alten Europe Sarl, 40 Avenue Morizet, Boulogne Billancourt, Cedex 92513, France.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where a contract has only been partially completed at the balance sheet date, turnover represents the value of service provided to that date based on a proportion of the total expected consideration at completion. Where payments are received in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its useful life.

Computer Equipment - 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Financial instruments

Financial instruments and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price. The company's financial instruments comprise cash, trade and other debtors, trade and other creditors and amounts payable to group undertakings. Financial instruments that are classified as payable or receivable within one year on initial recognition, including debt instruments, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

At the year end the company had net current liabilities of £651,724 (2018: 446,542).The company meets its day to day working capital requirements through a loan facility operated with another group company. The directors have received assurances that this facility will continue to be made available to the company for a period of at least one year from the date of approval of these financial statements and they are therefore satisfied that the company will be able to meet its current liabilities as they fall due. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3.

TURNOVER

The turnover and profit (2018 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.19

31.12.18

£

£

United Kingdom

3,344,106

1,209,034

Asia

717,730

-

4,061,836

1,209,034

4.	EMPLOYEES AND DIRECTORS

31.12.19

31.12.18

£

£

Wages and salaries

1,906,734

531,820

Social security costs

251,395

74,990

2,158,129

606,810

The average number of employees during the year was as follows:

31.12.19

31.12.18

Engineering

30

9

31.12.19

31.12.18

£

£

Directors' remuneration

-

-

The directors of the Company are also directors of other companies within Alten group. The directors' services to the Company do not occupy a significant amount of time. As such the directors do not consider that they receive any remuneration for their incidental services to the Company for the year ended 31/12/2019 and 31/12/2018.

5.	OPERATING PROFIT/(LOSS)

The operating profit (2018 - operating loss) is stated after charging:

31.12.19

31.12.18

£

£

Other operating leases

886

-

Depreciation - owned assets

1,607

1,581

Auditors' remuneration

34,000

11,400

Auditors' remuneration for year ended 31 December 2019 consists of underaccrued audit fee for 2018 of £14,000 and audit fee for 2019 of £20,000. Auditors' remuneration for year ended 31 December 2018 presents underaccrued audit fee for 2017.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.19

31.12.18

£

£

Other interest

14,156

7,303

Foreign exchange losses /gain

(74,697

)

20,500

(60,541

)

27,803

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.19

31.12.18

£

£

Current tax:

UK corporation tax

-

(37,878

)

Foreign tax

137,701

-

Tax on profit/(loss)

137,701

(37,878

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.19

31.12.18

£

£

Profit/(loss) before tax

180,101

(200,940

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

34,219

(38,179

)

Effects of:

Expenses not deductible for tax purposes

62

-

Depreciation in excess of capital allowances

306

301

Foreign tax

137,701

-

Double tax relief

(34,587

)

-

Total tax charge/(credit)

137,701

(37,878

)

In 2018 the loss of £199,360 has been surrendered to the group and a compensation amounting to £37,878 has been credited to profit and loss account.

Foreign tax of £137,701 represents tax on income received by the company's Kazakh branch during 2019 year.

8.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2019

and 31 December 2019

4,824

DEPRECIATION

At 1 January 2019

2,760

Charge for year

1,607

At 31 December 2019

4,367

NET BOOK VALUE

At 31 December 2019

457

At 31 December 2018

2,064

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

249,189

At 31 December 2019

249,189

NET BOOK VALUE

At 31 December 2019

249,189

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Anotech DWC-LLC

Registered office: Business Center Logistics City,Dubai Aviation City, P.0.Box: 390667, Dubai, United Arab Emirates

Nature of business: management consultancy activities

%

Class of shares:

holding

Ordinary

100.00

31.12.19

£

Aggregate capital and reserves

29,645

Loss for the year

(32,594

)

Anotech Energy Malaysia SDN. BHD.

Registered office: L2-03 (B), No. 2 Persiaran Medini Utara 3, Hab ONE Medini, 79250 Iskandar Puteri, Johor Darul Ta'zim, Malaysia

Nature of business: management consultancy activities

%

Class of shares:

holding

Ordinary

100.00

31.12.19

£

Aggregate capital and reserves

172,286

Loss for the year

(14,665

)

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

1,018,121

258,660

Amounts owed by group undertakings

208,954

37,878

Advance payments to suppliers

8,876

-

Accrued income

119,208

287,058

Prepayments

13,279

11,824

1,368,438

595,420

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

15,781

4,391

Amounts owed to group undertakings

1,910,371

1,092,090

Tax

128,201

-

Social security and other taxes

182,101

31,460

VAT

299,956

38,306

Other creditors

-

920

Accruals and deferred income

68,466

8,075

2,604,876

1,175,242

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

50,000

Ordinary

1

50,000

50,000

13.

RESERVES

Retained

earnings

£

At 1 January 2019

(494,478

)

Profit for the year

42,400

At 31 December 2019

(452,078

)

14.	ULTIMATE PARENT COMPANY

15.	CONTINGENT LIABILITIES

The company is currently in discussion with a number of members of staff on tax liabilities that they have incurred on expense allowances paid to them. The company may reimburse some of the staff members for the tax liabilities that they have incurred . The potential liability is uncertain at the moment.

16.	RELATED PARTY DISCLOSURES

17.	POST BALANCE SHEET EVENTS

After the balance sheet date, we have seen significant macro-economic uncertainty as a result of the coronavirus (COVID-19) outbreak. The scale and duration of this development remains uncertain and could impact our earnings and cash flow.