ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
Directors' Report and Financial Statements
For the Year Ended
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Company Information
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Contents
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Strategic Report
For the Year Ended 31 December 2020
We aim to present a balanced and comprehensive review of the development and performance of the company during the period and its position at the year end. Our review is consistent with the size and non-complex nature of the company and is written in the context of the risks and uncertainties we face.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover and operating profit. During the year the company's turnover decreased to £366,321. The operating loss reduced from £211,811 in 2019 to £26,567 in 2020.
Due to the nature of the financial instruments used by the company there is no significant exposure to price or exchange rate risk. The company seeks to manage liquidity risk by maintaining a balance between the continuity of funding and flexibility. Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarized as follows:
“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and in doing so, have regard to the likely consequences of any decisions in the long term; the interests of the company’s employees; the need to foster the company’s business relationships with suppliers, customers and others; the impact of the company’s operations on the community and environment; the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly as between shareholders and the company”. Details of how the directors have fulfilled these duties when dealing with strategic decisions are covered in the Directors’ Report.
This report was approved by the board on 2 July 2021 and signed on its behalf.
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Directors' Report
For the Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
- Company owned and developed products - Digital information consultancy - Infrastructure product, support and services.
The loss for the year, after taxation, amounted to £26,545 (2019 - loss £211,673).
The directors do not recommend the payment of a dividend (2019 - £nil)
The directors who served during the year were:
P Zaveri and A Sheth were appointed to the board on 5 May 2021.
The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety statement.
Following the outbreak of Covid-19, demand for IT hardware from our customers remained stable. Although it was challenging, to the extent possible, business as usual was maintained.
Cash flow during this period did become an issue, as our customers, in feeling the ripples of the Covid-19, understandably were holding onto their monies longer than usual. But coupled with available UK government support and the goodwill of our creditors, we worked to manage through this period. We successfully deferred payment of our VAT and Taxes for the defined period of time allowed by the government which has aided our cash flow. The local council also agreed to defer the business rates for a 3 month period. We have chosen not to "furlough" our UK team during this period, as it would have meant we would not have been able to adequately service and support our customers on an ongoing basis. During the year the company secured a £50,000 Bounce Back Loan. In summary the terms are: • Government covers the first 12 months of interest this means we pay 0% for the first year • No repayments required for the first 12 months • Interest Rate 2.5% • 6 year term with no early repayment charges The business continues to operate as safely and effectively as possible. Our hardware supply chain has been somewhat impacted, as our supplier, provides some of its products from China, and availability from there has
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Directors' Report (continued)
For the Year Ended 31 December 2020
been limited. In the interim, this may affect resellers and distributors and result in squeezed margins.
We are continuing to keep a priority on maintaining customer relationships, and in working through the supply chain challenges. We are confident it will improve and we will continue to service our customers. The company has also obtained a letter of support from its ultimate parent undertaking, AurionPro Solutions Inc confirming their intention to continue to provide whatever financial support may be required in order to allow the company to meet its liabilities as they fall due. As such, the directors believe the company to be a going concern and have adopted this assumption in preparing the financial statements.
The company maintained its practice of consultation and communication with employees both by formal and informal methods.
It is important we have a clear understanding of the challenges facing our customers and suppliers, as these may have a significant impact on the business in a variety of ways. We seek to have early visibility of potential opportunities or threats by maintaining close dialogue with existing customers and suppliers by regular meetings.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Details of the principal risks and uncertainties and future developments are contained in the strategic report.
There have been no significant events affecting the Company since the year end.
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Directors' Report (continued)
For the Year Ended 31 December 2020
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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.
Dains LLP were reappointed auditors during the year and have expressed their willingness to continue as auditors and will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board on
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Independent Auditors' Report to the Members of Aurionpro Solutions Plc
We have audited the financial statements of Aurionpro Solutions Plc (the 'Company') for the year ended 31 December 2020, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 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 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.
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Independent Auditors' Report to the Members of Aurionpro Solutions Plc (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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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Independent Auditors' Report to the Members of Aurionpro Solutions Plc (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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management around actual and potential litigation and claims;
∙Enquiry of management to identify any 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 over the risk of 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 revieing accounting estimates for bias.
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.
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 Auditors' 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 Auditors' 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
Statutory Auditor
Chartered Accountants
Birmingham
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Profit and Loss Account
For the Year Ended 31 December 2020
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Statement of Comprehensive Income
For the Year Ended 31 December 2020
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Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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Statement of Changes in Equity
For the Year Ended 31 December 2020
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Statement of Changes in Equity
For the Year Ended 31 December 2019
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Statement of Cash Flows
For the Year Ended 31 December 2020
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Notes to the Financial Statements
For the Year Ended 31 December 2020
Aurionpro Solutions Plc is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information section. The nature of the company's operations and its principal activities are set out in the strategic report and directors report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 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 made a loss for the year of £26,545 and has net current liabilities of £384,712 and net liabilities of £428,879 at the balance sheet date. After preparing forecasts and obtaining a letter from the ultimate parent undertaking, Cyberinc Corporation, confirming their intention to continue to provide whatever financial support may be required in order to allow the company to meet its liabilities as they fall due, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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Notes to the Financial Statements
For the Year Ended 31 December 2020
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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Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
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Notes to the Financial Statements
For the Year Ended 31 December 2020
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
The whole of the turnover is attributable to the principal activities of the business.
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Notes to the Financial Statements
For the Year Ended 31 December 2020
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Notes to the Financial Statements
For the Year Ended 31 December 2020
The company has tax losses of approximately £1,206,000 (2019: £1,179,000) available to carry forward and offset against future taxable trading profits.
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Notes to the Financial Statements
For the Year Ended 31 December 2020
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Notes to the Financial Statements
For the Year Ended 31 December 2020
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Notes to the Financial Statements
For the Year Ended 31 December 2020
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Notes to the Financial Statements
For the Year Ended 31 December 2020
Capital redemption reserve
Profit and loss account
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 £1,925 (2019 - £2,003).
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Notes to the Financial Statements
For the Year Ended 31 December 2020
At the balance sheet date the ultimate parent company is Cyberinc Corporation a company incorporated in the United States of America, by virtue of its ownership of the immediate parent company Aurionpro Solutions Inc, a company incorporated in the United States of America.
The consolidated accounts of this group are available to the public and may be obtained from the groups registered office at Cyberinc Corporation, 4000 Executive Parkway, Suite 250 San Ramon, CA 94583.
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