Atritor Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01481073 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

FOR

ATRITOR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D J Wilkinson

S N Rosin

J H Wilkinson

S J Cheesmore

A W Rigg

SECRETARY:

J H Wilkinson

REGISTERED OFFICE:

P O Box 101

12 The Stampings

Blue Ribbon Park

Coventry

West Midlands

CV6 5RE

REGISTERED NUMBER:

01481073 (England and Wales)

AUDITORS:

Nunn Hayward LLP

Chartered Accountants

Statutory Auditor

2-4 Packhorse Road

Gerrards Cross

Buckinghamshire

SL9 7QE

FIXED ASSETS

Tangible assets

4

1,048,987

414,426

CURRENT ASSETS

Stocks

1,763,767

1,642,190

Debtors

5

4,391,628

3,024,087

Cash at bank and in hand

1,261,476

1,993,529

7,416,871

6,659,806

CREDITORS

Amounts falling due within one year

6

3,078,627

2,323,221

NET CURRENT ASSETS

4,338,244

4,336,585

TOTAL ASSETS LESS CURRENT LIABILITIES

5,387,231

4,751,011

CREDITORS

Amounts falling due after more than one year

7

(331,811

)

-

PROVISIONS FOR LIABILITIES

(151,281

)

(47,807

)

NET ASSETS

4,904,139

4,703,204

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

4,894,139

4,693,204

SHAREHOLDERS' FUNDS

4,904,139

4,703,204

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 February 2020 and were signed on its behalf by:

S N Rosin - Director

J H Wilkinson - Director

1.	STATUTORY INFORMATION

Atritor 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable in respect of goods and

services supplied during the year, net of discounts and Value Added Tax.

Revenue is recognised as contracts for goods progress by reference to the stage of completion of the

transaction at the balance sheet date. No profit is recognised where the outcome of a transaction is unable to be

estimated reliably.

Long term contracts

Revenue and profits is recognised by reference to the stage of completion of the contract as measured by

comparing the total costs incurred to date to the total estimated contract costs. This is deemed to provide

evidence of the company's performance of the contract and hence the extent to which it has obtained the right to

consideration.

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work

done after provision for contingencies and anticipated future losses on contracts, less amounts received as

progress payments on account. Excess progress payments are included in creditors as payments on account.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

25 - 33.3% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

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

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.

Defined benefit pension scheme

Contributions payable to the company's defined benefit pension scheme are charged to the profit and loss

account so as to spread the cost of the pension over the service lives of employees in the scheme. The pension

charge is calculated on the basis of actuarial advice. The pension scheme liabilities are measured using the

projected unit method. The pension scheme assets are valued at market rate. The pension scheme reserve is

recognised in full on the balance sheet date.

Defined contribution pension scheme

The company operates a defined contribution pension scheme. Contributions payable to the scheme are

charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2018 - 50 ) .

4.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

Computer

buildings

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2018

135,452

1,117,683

75,995

204,256

1,533,386

Additions

112,228

561,949

71,724

7,485

753,386

Disposals

-

(7,000

)

(39,128

)

(2,453

)

(48,581

)

At 31 August 2019

247,680

1,672,632

108,591

209,288

2,238,191

DEPRECIATION

At 1 September 2018

39,825

818,268

71,871

188,996

1,118,960

Charge for year

4,954

81,857

22,056

9,917

118,784

Eliminated on disposal

-

(6,959

)

(39,128

)

(2,453

)

(48,540

)

At 31 August 2019

44,779

893,166

54,799

196,460

1,189,204

NET BOOK VALUE

At 31 August 2019

202,901

779,466

53,792

12,828

1,048,987

At 31 August 2018

95,627

299,415

4,124

15,260

414,426

5.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

3,044,346

1,887,523

Amounts recoverable on long term contracts

690,644

327,047

Other debtors

259,213

332,461

Corporation tax

67,628

-

Prepayments and accrued income

48,797

64,056

4,110,628

2,611,087

Amounts falling due after more than one year:

Pension scheme surplus

281,000

413,000

Aggregate amounts

4,391,628

3,024,087

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

75,025

-

Payments on account

758,155

359,131

Trade creditors

1,495,521

1,199,652

Corporation tax

-

121,827

Social security and other taxes

49,775

46,090

Other creditors

14,046

11,309

Accruals and deferred income

686,105

585,212

3,078,627

2,323,221

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

331,811

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

406,836

-

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

10.	BANK GUARANTEES

At the balance sheet date, £765,324 (2018 - £518,829) of bank guarantees in favour of certain customers were

still outstanding.

11.	OTHER FINANCIAL COMMITMENTS

At 31 August 2019, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £56,696 (2018 - £51,430).

12.	PENSION SCHEMES

The company operates a defined benefit pension scheme. The most recent full actuarial valuation was on 31

March 2018 and was carried out by a qualified independent actuary.

A Deed of Alteration dated 26 October 2010 was signed by the Directors of the company and the Trustees of the

scheme to amend the Trust Deed and Rules (23 July 1996) with the following alteration:

"With effect from midnight on 31 October 2010 no further pension benefits shall accrue under the Scheme in

respect of any Members. Any Members who were active shall be treated as ceasing active membership with

effect from midnight on 31 October 2010."

Following the ceasing of benefit accrual, there are no longer any active members and therefore pensionable

salary of active members is zero. Members made no contributions during the year (2018 - £nil). Employer

contributions were £126,103 (2018 - £97,946) and includes certain costs of administering the scheme.

In relation to the defined benefit pension scheme, the company had agreed with the trustees of the pension

scheme that the company would make monthly recovery contributions to the scheme of £7,000 per month for 11

months from 1 April 2019 to February 2020, in order to eliminate the shortfall identified by the actuarial

assessment of the scheme undertaken as at 31 March 2018.

Actuarial input has been received by the company into the disclosures relating to the defined benefit scheme,

required under FRS 102, for these financial statements. As a result of the recovery contributions paid, the

scheme assets exceed pension obligations by £281,000 as at 31 August 2019 (2018 - £413,000 surplus).

At 31 August 2019:

Reconciliation of opening and closing

balances of the fair value of plan assets

2019

2018

£   s

£   s

Fair value of plan assets at the start of the year

3,486

3,351

Interest income

87

80

Actuarial gains

(30

)

125

Contributions by the employer

79

76

Benefits paid

(93

)

(146

)

Fair value of plan assets at the end of the year

3,529

3,486

Reconciliation of opening and closing

balances of defined benefit obligations

2019

2018

£   s

£   s

Defined benefit obligation at the start of the year

3,073

3,243

Interest expense

76

76

Actuarial gains

192

(100

)

Benefits paid

(93

)

(146

)

Defined benefit obligation at the end of the year

3,248

3,073

Assets

2019

2018

£   s

£   s

Equity

2,828

2,296

Bonds

236

420

Property

21

125

Cash

265

459

Insured pensioners

179

186

Defined benefit obligation at the end of the year

3,529

3,486

.

2019

2018

Assumptions

% per annum

% per annum

Discount rate

1.90

2.50

Inflation (RPI)

3.10

3.10

Inflation CPI

1.90

2.40

Allowance for revaluation of deferred pensions of CPI or 5% if less

1.90

2.40

Allowance for revaluation of deferred pensions of CPI or 2.5% if less

1.90

2.40

Allowance for pension in payment increase of CPI or 5% if less

2.00

2.40

Allowance for pension in payment increase of CPI or 2.5% if less

1.60

1.80

Allowance for commutation of pension for cash at retirement

Follow SFP

Follow SFP

Life expectancy at age 65(years

)

Male retiring in 2019

20.40

20.30

Female retiring in 2019

22.30

22.60

Male retiring in 2038

21.70

21.70

Female retiring in 2038

23.80

24.10

The existing schedule of contributions sets out that contributions of £7,000 are to be paid by the employer to the

scheme for 11 months from 1 April 2019 to 29 February 2020.

The company and employees contribute towards money purchase pension schemes. Employer contributions to

the money purchase schemes in the year were £116,386 (2018 - £88,202).