ATOMAR HOLDINGS LIMITED - Accounts to registrar (filleted)

REGISTERED NUMBER: 11656128 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020

FOR

ATOMAR HOLDINGS LIMITED

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

7

FIXED ASSETS

Tangible assets

5

1,326,875

840,000

Investments

6

-

100

1,326,875

840,100

CURRENT ASSETS

Debtors

7

424,005

-

Cash at bank

608,291

459,693

1,032,296

459,693

CREDITORS

Amounts falling due within one year

8

(37,111

)

(483,185

)

NET CURRENT ASSETS/(LIABILITIES)

995,185

(23,492

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,322,060

816,608

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

2,321,860

816,408

2,322,060

816,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 April 2021 and were signed by:

A Oakley - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales with registered company number 11656128. The address of the registered office is 13 Bradwell Lane, Porthill, Newcastle, Staffordshire, England, ST5 8NX. The principal activity of the company during the year was that of a property lettings and holding company.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis, see later note.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior periods.

Investments in subsidiaries and associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

useful life:

Investment property - not depreciated

Motor Vehicles - 25% Reducing Balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Going concern

The director has reviewed the company's trading and cash flow position and have provided assurances that they will continue to provide support to the company in order that it may continue its activities, as hitherto. Consequently, the director is of the opinion that the financial statements should be prepared on a going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Investment

Motor

property

vehicles

Totals

£

COST

At 1 December 2019

840,000

-

840,000

Additions

479,375

10,000

489,375

At 30 November 2020

1,319,375

10,000

1,329,375

DEPRECIATION

Charge for year

-

2,500

At 30 November 2020

-

2,500

NET BOOK VALUE

At 30 November 2020

1,319,375

7,500

1,326,875

At 30 November 2019

840,000

-

840,000

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

30.11.20

30.11.19

£

Other investments

-

100

The company previously owned 100% of the ordinary issued share capital of Atomar Engineering Limited, a company incorporated in England and Wales. The principal activity of the company is that of the machining and manufacture of fabricated metal products. The investment was sold during the year.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

Other debtors

242,000

-

Directors' loan accounts

182,005

-

424,005

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

Trade creditors

4,550

7,464

Amounts owed to group undertakings

20,065

464,393

Tax

9,851

993

Other creditors

1,145

7,900

Directors' loan accounts

-

935

Accruals and deferred income

1,500

37,111

483,185

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 November 2020 and the period ended 30 November 2019:

30.11.20

30.11.19

£

A Oakley

Balance outstanding at start of year

(935

)

-

Amounts advanced

236,017

99,825

Amounts repaid

(53,077

)

(100,760

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

182,005

(935

)

The directors had interest free loans during the year. By virtue of the loan accounts, a liability to taxation exists under section 455 CTA 2010 in the sum of £59,152 which will be repaid or discharged when the loans are repaid. It is anticipated that the loans will be repaid within nine months of the year end and, as such, no provision for the taxation has been made.

10.	EVENTS AFTER THE END OF THE REPORTING PERIOD

On 11 March 2020 the World Health Organisation declared the global coronavirus outbreak to be a pandemic and the United Kingdom implemented lockdown measures on 23 March 2020. As a result, some business operations were restricted, however the company managed to continue to trade by adapting to these changes. Supply was affected but the company has continued to trade profitably throughout the UK lockdown, albeit at a reduced level.

The directors are not able to calculate the overall financial impact that the pandemic will have on the company at present and they continue to monitor, evaluate and react to the ever-changing environment to enable the company to continue to trade.

There were no other significant events up to the date of the approval of the financial statements by theBoard.

ATOMAR HOLDINGS LIMITED - Accounts to registrar (filleted) - small 18.2

ATOMAR HOLDINGS LIMITED - Accounts to registrar (filleted) - small 18.2