ATC Enterprises Ltd Filleted accounts for Companies House (small and micro)

ATC ENTERPRISES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08150994

ATC Enterprises Ltd

Filleted Unaudited Financial Statements

31 December 2020

ATC Enterprises Ltd

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		152,490	44,077

Current assets

Stocks		152,735	98,909
Debtors	6	37,039	60,651
Cash at bank and in hand		63,635	125,416
		-----------	-----------
		253,409	284,976

Creditors: amounts falling due within one year	7	150,812		76,262
		-----------		-----------
Net current assets			102,597	208,714
			-----------	-----------
Total assets less current liabilities			255,087	252,791

Provisions

Taxation including deferred tax	18,771	5,691
	-----------	-----------
Net assets	236,316	247,100
	-----------	-----------

Capital and reserves

Called up share capital	3	3
Profit and loss account	236,313	247,097
	-----------	-----------
Shareholders funds	236,316	247,100
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ATC Enterprises Ltd

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 22 September 2021 , and are signed on behalf of the board by:

Mr P McMullan

Director

Company registration number: 08150994

ATC Enterprises Ltd

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakwood House, 7 Victoria Way, Burgess Hill, West Sussex, RH15 9NF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Income 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.

Tangible 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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property Improvements	-	20% reducing balance
Plant & Machinery	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 2 ).

5. Tangible assets

	Property Improve- ments	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020	18,230	30,232	11,985	60,447
Additions	44,428	60,964	26,478	131,870
	---------	---------	---------	-----------
At 31 December 2020	62,658	91,196	38,463	192,317
	---------	---------	---------	-----------
Depreciation
At 1 January 2020	4,102	9,098	3,170	16,370
Charge for the year	4,861	13,471	5,125	23,457
	---------	---------	---------	-----------
At 31 December 2020	8,963	22,569	8,295	39,827
	---------	---------	---------	-----------
Carrying amount
At 31 December 2020	53,695	68,627	30,168	152,490
	---------	---------	---------	-----------
At 31 December 2019	14,128	21,134	8,815	44,077
	---------	---------	---------	-----------

6. Debtors

	2020	2019
	£	£
Trade debtors	28,648	44,487
Other debtors	8,391	16,164
	---------	---------
	37,039	60,651
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	50,475	49,356
Social security and other taxes	1,020	6,415
Other creditors	99,317	20,491
	-----------	---------
	150,812	76,262
	-----------	---------

8. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Key Management Personnel	11,869	747	102	93
Other Related Parties	14,461	10,048	1,651	1,455
	---------	---------	--------	--------

Other Related Parties During the year the company invoiced other related parties £14,461 (2019 - £10,048) for goods sold. These transactions are at arm's length. At the balance sheet date the amount due from the other related parties was £1,651 (2019 - £1,455). Key Management Personnel During the year the company invoiced key management personnel £11,869 (2019 - £747) for goods purchased. These transactions are at arm's length. At the balance sheet date the amount due from the key management personnel was £102 (2019 - £93).

9. Controlling party

The ultimate controlling party as at the balance sheet date was the Oakhill Education Trust .