Atom Scientific Ltd 31/05/2021 iXBRL

Atom Scientific Ltd 31/05/2021 iXBRL

ATOM SCIENTIFIC LTD - Company Information

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Company registration number: 07250030
Atom Scientific Ltd
Unaudited filleted financial statements
31 May 2021
Atom Scientific Ltd
Contents
Directors and other information
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Atom Scientific Ltd
Directors and other information
Directors Mr Peter Keenan
Mrs Yvonne Black
Mr Karl Brown
Company number 07250030
Registered office Unit 2A
East Tame Business Park
Hyde
Cheshire
SK14 4GX
Business address Unit 2A
East Tame Business Park
Hyde
Cheshire
SK14 4GX
Accountants Longden & Co Ltd
Riverside House
4 Melbourne Street
Stalybridge
Cheshire
SK15 2JE
Atom Scientific Ltd
Directors report
Year ended 31 May 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2021.
Directors
The directors who served the company during the year were as follows:
Mr Peter Keenan
Mrs Yvonne Black
Mr Karl Brown
The directors are pleased with the company's progress over the last year with revenues increasing by over 18% and gross profit by over 21%. In what was another challenging year for many businesses, the directors increased both revenue and gross profitability through their continued focus on trusted partnerships with customers as well as suppliers, and investment in the employee base and infrastructure. Cash generation was strong with the directors' strategic purchasing decisions vindicated through higher gross profits and margins. Notable in the year was the acquisition of Stratlab Limited in February 2021 which complements the existing business with its considerable catalogue of relevant consumables introducing a new and diverse product range to existing Atom customers and Atom products to Stratlab customers. The business and its staff have been successfully integrated into the Atom family. Investment in capital equipment also continued in the year and, combined with the new premises that the business now fully occupies, the infrastructure for growth is well and truly in place. Overheads have increased in comparison to prior year but this is derived from higher operating expenses in the larger premises and one-off acquisition costs relating to Stratlab.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 February 2022 and signed on behalf of the board by:
Mr Peter Keenan
Director
Atom Scientific Ltd
Statement of financial position
31 May 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 110,622 33,223
Tangible assets 430,949 324,198
_______ _______
541,571 357,421
Current assets
Stocks 443,244 442,267
Debtors 7 117,107 195,032
Cash at bank and in hand 177,651 108,355
_______ _______
738,002 745,654
Creditors: amounts falling due
within one year 8 ( 522,388) ( 500,017)
_______ _______
Net current assets 215,614 245,637
_______ _______
Total assets less current liabilities 757,185 603,058
Creditors: amounts falling due
after more than one year 9 ( 180,969) ( 204,208)
Accruals and deferred income ( 2,051) ( 5,946)
_______ _______
Net assets 574,165 392,904
_______ _______
Capital and reserves
Called up share capital 103 103
Profit and loss account 574,062 392,801
_______ _______
Shareholders funds 574,165 392,904
_______ _______
For the year ending 31 May 2021 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2022 , and are signed on behalf of the board by:
Mr Peter Keenan
Director
Company registration number: 07250030
Atom Scientific Ltd
Statement of changes in equity
Year ended 31 May 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2019 103 180,831 180,934
Profit for the year 312,690 312,690
_______ _______ _______
Total comprehensive income for the year - 312,690 312,690
Dividends paid and payable ( 100,720) ( 100,720)
_______ _______ _______
Total investments by and distributions to owners - ( 100,720) ( 100,720)
At 31 May 2020 (as previously reported) 103 392,696 392,799
Prior period adjustments (-) 1,333 1,333
_______ _______ _______
At 31 May 2020 (restated) and 1 June 2020 103 394,029 394,132
Profit for the year 318,798 318,798
_______ _______ _______
Total comprehensive income for the year - 318,798 318,798
Dividends paid and payable ( 138,765) ( 138,765)
_______ _______ _______
Total investments by and distributions to owners - ( 138,765) ( 138,765)
_______ _______ _______
At 31 May 2021 103 574,062 574,165
_______ _______ _______
Atom Scientific Ltd
Notes to the financial statements
Year ended 31 May 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Atom Scientific Ltd, Unit 2A, East Tame Business Park, Hyde, Cheshire, SK14 4GX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Going concern
The directors have reviewed the company's current position and future trading prospects and consider the going concern basis to be an appropriate basis for the preparation of the accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - Between 3 - 10 years
Fittings fixtures and equipment - Between 3 - 6 years
Motor vehicles - 6 Years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stocks to their 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 30 (2020: 24 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 June 2020 55,751 - 55,751
Additions - 80,186 80,186
_______ _______ _______
At 31 May 2021 55,751 80,186 135,937
_______ _______ _______
Amortisation
At 1 June 2020 22,528 - 22,528
Charge for the year 2,787 - 2,787
_______ _______ _______
At 31 May 2021 25,315 - 25,315
_______ _______ _______
Carrying amount
At 31 May 2021 30,436 80,186 110,622
_______ _______ _______
At 31 May 2020 33,223 - 33,223
_______ _______ _______
Goodwill is written off in annual instalments over it's economic useful life of 20 years
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2020 81,108 319,696 167,662 38,730 607,196
Additions 35,249 113,656 23,199 - 172,104
_______ _______ _______ _______ _______
At 31 May 2021 116,357 433,352 190,861 38,730 779,300
_______ _______ _______ _______ _______
Depreciation
At 1 June 2020 848 112,407 131,031 38,712 282,998
Charge for the year 6,670 39,752 18,913 18 65,353
_______ _______ _______ _______ _______
At 31 May 2021 7,518 152,159 149,944 38,730 348,351
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2021 108,839 281,193 40,917 - 430,949
_______ _______ _______ _______ _______
At 31 May 2020 80,260 207,289 36,631 18 324,198
_______ _______ _______ _______ _______
Included above are assets held under hire purchase contracts.
7. Debtors
2021 2020
£ £
Trade debtors 110,315 175,239
Other debtors 6,792 19,793
_______ _______
117,107 195,032
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 41,466 41,245
Trade creditors 292,715 360,745
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,196 -
Corporation tax 103,023 59,109
Social security and other taxes 26,159 13,549
Obligations under finance leases 46,992 19,715
Other creditors 1,837 950
_______ _______
522,388 500,017
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 91,014 120,986
Obligations under finance leases 89,955 36,001
_______ _______
180,969 204,208
_______ _______
10. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2021 2020
£ £
Not later than 1 year 37,909 19,715
Later than 1 year and not later than 5 years 78,036 36,001
_______ _______
115,945 55,716
_______ _______
Present value of minimum lease payments 115,945 55,716
_______ _______
Obligations under finance leases are secured by the related asset.
11. Controlling party
The ultimate controlling parties are Mr P.Keenan and Mr K.Brown, both directors and shareholders of the company.
12. Acquisition
Atom Scientific acquired 100% share holding of Stratlab Limited in February 2021, gaining full control of that company.