ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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FORMERLY KNOWN AS APPOSITE TECHNOLOGY PARTNERS PLC
FOR THE YEAR ENDED 30 JUNE 2019
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APPOSITE TECHNOLOGY PARTNERS LTD
COMPANY INFORMATION
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APPOSITE TECHNOLOGY PARTNERS LTD
CONTENTS
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APPOSITE TECHNOLOGY PARTNERS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2019
The principal activity of the company for the year was that of the sale of subscriptions for SaaS software, hosting and related support and services.
The focus of the company has been the establishment and enablement of Solution Partners in its core target geographies. The company has maintained Solution Partner appointments in UK, Eire, Norway, Denmark, Sweden and South Africa, added appointments in Cyprus, Turkey & UAE together with the direct account management of certain key users.
The company held a master partner distribution agreement with the global leader in electronic signing, as principal vendor, during the year. The company's value added proposition of additional software to be interoperable with the vendor SaaS software for integration, Microsoft Dynamics CRM, transaction reporting and authentication through Swedish BankID has been tested and certified by vendor and is in use on a 24x7 basis.
The principal risk to the business is that the anticipated closure rate from pipeline to sale does not materialise and that the customer base does not renew annual subscriptions. Additionally it is possible that competitors may emerge in the market with equivalent functionality, security & availability at sales prices that are substantially lower than those currently required by the company.
Coronavirus - the impact of the pandemic on global markets during 2020 presents an inherent risk to all businesses that cannot easily be quantified. The Company's market position as a reseller of SaaS software means it has been able to continue growth and expansion of its market share as more potential customers look for digital solutions for approving documents. Whilst inherent uncertainty over global market confidence remains, the directors consider that the Company is well placed to grow as a consequence and has the resources available to exploit these opportunities.
Given the straightforward nature of the business to date, the company’s directors remain of the opinion that cash flow is the primary KPI of the business. Two additional key KPI’s are closely monitored to understand the development and performance of the business: Monthly Recurring Revenue (MRR) and Monthly Successful Transactions (MST).
As at 30 June 2019 MRR was £21,623 (30 June 2018 £9,155) +136%, and had increased to £48,457 at 31 October 2020 +124%. MST at 30 June 2019 was 3,771 (30 June 2018 2,654) +42%, and at 31 October 2020 had further increased to 18,246 +383%.
This report was approved by the board on 30 November 2020 and signed on its behalf.
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APPOSITE TECHNOLOGY PARTNERS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2019
The directors present their report and the financial statements for the year ended 30 June 2019.
The profit for the year, after taxation, amounted to £15,348 (2018: £18,104).
The directors who served during the year were:
The Company continues to develop its proposition for Solution Partners EMEA (Europe, Middle East & Africa).
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
The company has made a profit before tax for the period of £15,348 and has a deficit in shareholders' funds of £(5,102) at the balance sheet date.
As covered in more detail in the strategic report, Coronavirus has presented the business opportunities for growth in its chosen market. The directors acknowledge the inherent uncertainty of a global pandemic but do not consider that it has any likely negative effects on existing activities. The directors, as principal financiers, have confirmed their intention to continue to provide finance to the company for a period of at least 12 months from the date of signing of these financial statements. Additional finance will be available from various sources including, the calling up of unpaid monies on issued Ordinary Shares, the issue of further Ordinary shares and interest bearing loans to the company. The company's forecasts show a profitable trading position and adequate cash availability to support the trade. Therefore the directors have deemed it appropriate for the financial statements to be prepared on the going concern basis.
The auditors, Bishop Fleming Bath Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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APPOSITE TECHNOLOGY PARTNERS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
This report was approved by the board and signed on its behalf.
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APPOSITE TECHNOLOGY PARTNERS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2019
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 judgements 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.
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APPOSITE TECHNOLOGY PARTNERS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF APPOSITE TECHNOLOGY PARTNERS LTD
We have audited the financial statements of Apposite Technology Partners Ltd (the 'Company') for the year ended 30 June 2019, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows 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).
In our opinion the financial statements:
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.
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.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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.
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APPOSITE TECHNOLOGY PARTNERS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF APPOSITE TECHNOLOGY PARTNERS LTD (CONTINUED)
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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 4, 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 is 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.
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.
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.
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APPOSITE TECHNOLOGY PARTNERS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF APPOSITE TECHNOLOGY PARTNERS LTD (CONTINUED)
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
Chartered Accountants
Statutory Auditors
Minerva House
Lower Bristol Road
BA2 9ER
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APPOSITE TECHNOLOGY PARTNERS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
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APPOSITE TECHNOLOGY PARTNERS LTD
REGISTERED NUMBER:07932925
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 16 form part of these financial statements.
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APPOSITE TECHNOLOGY PARTNERS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
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APPOSITE TECHNOLOGY PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
Apposite Technology Partners Limited is a private limited company incorporated in England and Wales. The registered office is Minerva House, Lower Bristol Road, Bath, BA2 9ER.
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 following principal accounting policies have been applied:
The Company has made a profit before tax for the period of £15,348 and has a deficit in shareholders' funds of £5,102 at the balance sheet date.
As covered in more detail in the strategic report, Coronavirus has presented the business opportunities for growth in its chosen market. The directors acknolwedge the inherent uncertainty of a global pandemic but do not consider that it has any likely negative effects on existing activities. The directors, as principal financiers, have confirmed their intention to continue to provide finance to the company for a period of at least 12 months from the date of signing of these financial statements. Additional finance will be available from various sources including, the calling up of unpaid monies on issued Ordinary Shares, the issue of further Ordinary shares and interest bearing loans to the Company. The Company's forecasts show a profitable trading position and adequate cash availability to support the trade. Therefore the directors have deemed it appropriate for the financial statements to be prepared on the going concern basis.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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APPOSITE TECHNOLOGY PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.ACCOUNTING POLICIES (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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APPOSITE TECHNOLOGY PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.ACCOUNTING POLICIES (continued)
The whole of the turnover is attributable to the principal activity.
Analysis of turnover by country of destination:
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APPOSITE TECHNOLOGY PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
There were no factors that may affect future tax charges.
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APPOSITE TECHNOLOGY PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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APPOSITE TECHNOLOGY PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company made contributions during the year of £1,234 (2018: £502) and £219 (2018: £nil) is outstanding at the balance sheet date.
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