“It's been a pleasure working with the F&L team. They always have a prompt answer and help us get better results. During our audit, it was necessary for Michael to visit our Barcelona office where F&L was a great help for us. They'll be our financial advisors next year for sure!.”
CFO, TRES GRIFERIA
“The F&L audit team conducted full year financial audits in 2018 and 2017 and Gemma Carman, Michael Richmond and their team have been extremely thorough, their responses quick and always patient, polite and helpful. I can’t recommend them enough!”
FINANCE DIRECTOR, CLINICAL NETWORK SERVICES
“Louise, it has been a great pleasure working with you and members of your firm. Your support and assistance has been invaluable in setting up 360 in the UK.”
VP of Finance, 360INSIGHTS
“thePlatform expanded from its Seattle Headquarters in 2010, with initial global expansion advice provided by F&L.
We’ve found the audit and accounting team to be a great resource for annual compliance. I hold them in the highest regard as a trusted partner in our business development efforts as they continually exceed our expectations as advisors and have been proactive and professional throughout.”
Sr. Director of Finance and Accounting, thePlatform / NBCUniversal International
Saleria: Advanced Blast Protection Systems (ABPS)
Founded in 2015 in Houston, Texas Saleria was founded with the mission to protect people and physical assets from the damaging effects of explosive blast.
With years of blast research, decades of interdisciplinary blast-related experience biased toward rocket science, security and defense experience and dynamic computer simulation Saleria has developed a patent-pending blast mitigation technology dubbed A.I.R. - Advanced Impulse Reduction™.
A.I.R.™ material allows for a variety of blast mitigation applications for a range of high explosive threats, including their modular, scalable, redeployable blast wall product due to hit the market in 2018.
The business challenge
Saleria approached F&L in 2017 to assist with corporate secretarial compliance and the group’s first UK audit on two entities.
Saleria is part of a group that has historically used other professional advisors for a range services including corporation tax, payroll and financial statement preparation. Therefore, F&L were able to provide an independent audit process.
As this was the first time Saleria was going through the UK audit process, it was imperative that F&L clearly set out what was required from the team at Saleria. It provided a detailed timeline of what was involved, including key Companies House deadlines, FRS 102 guidance and filing requirements.
“We have found the team assigned to us at F&L to not only be efficient and competent but also very patient and understanding in respect of our first UK audit. You have been wonderful to work with and extremely helpful in explaining the way things work in the UK.”
As the two UK entities were subsidiaries of a larger group, an audit was required under the Companies Act regulations.
Led by Dominic King, F&L’s Audit & Statutory Accounts Team liaised closely with Saleria’s other advisors to ensure the audit process was as straightforward as possible – keeping the representatives at Saleria updated every step of the way. As this was the first year in the group’s UK investment lifecycle, Dominic and his team outlined which reporting exemptions were applicable. This saved management time and effort by avoiding unnecessary disclosures whilst still maintaining compliant, true and fair financial statements.
Meanwhile F&L’s Company Secretary, Carolyn Arlett, set to work on changing the companies’ accounting reference dates from 31 January to 31 December. As a result, Saleria would benefit from additional time to file the audited accounts. Once Board approval had been sought and documented, coordination started on the filings with Companies House.
F&L has helped Saleria reduce the group’s compliance concerns, allowing them to focus on the operational side of the business.