Atom Scientific Ltd 31/05/2022 iXBRL
Atom Scientific Ltd 31/05/2022 iXBRL
Company registration number:
07250030
Contents
Directors and other information
Directors report
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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(Resigned 23 July 2021) | ||
Company number |
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Registered office |
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Business address |
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Accountants |
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Riverside House | |||
4 Melbourne Street | |||
Stalybridge | |||
Cheshire | |||
SK15 2JE | |||
Directors report
Year ended 31 May 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2022.
Directors
The directors who served the company during the year were as follows:
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(Resigned 23 July 2021) | |||
The directors are pleased with the company's progress over the last year, in what was a significantly challenging year for many businesses in this sector due to significant supply chain disruption and the increasing raw material and energy costs. The directors have maintained revenue despite the impact of supply chain issues on revenue and gross profitability, this has again been achieved through their continued focus on trusted partnerships with customers as well as suppliers, and investment in the employee base and infrastructure. The directors note the full impact of the increased overhead costs of a new facility in this set of accounts, noting that the new facility provides the company with a solid base and sufficient capacity for the expected growth in coming years. Overheads have again increased in comparison to prior year but this is derived from higher operating expenses in the larger premises, higher energy costs, the investment in expansion of our team and the continued investment in the new facility. Notable in the year, was the continued integration of Stratlab Ltd into the business with full integration expected from June 2022. The directors remain confident that all investment made in recent year (s) have well positioned the company for strong growth in the coming years.
Small company provisions
This report was approved by the board of directors on
28 February 2023
and signed on behalf of the board by:
Secretary
Director
Statement of financial position
31 May 2022
2022 | 2021 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 |
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Tangible assets |
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Current assets | |||||||||
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 9 |
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Accruals and deferred income |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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
28 February 2023
, and are signed on behalf of the board by:
Director
Company registration number:
07250030
Notes to the financial statements
Year ended 31 May 2022
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
3.
Accounting policies
Basis of preparation
Going concern
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
Goodwill
Intangible assets
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
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 | |
Impairment
Stocks
Government grants
Financial instruments
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
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
29
(2021:
30
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5.
Intangible assets
Goodwill | Other intangible assets | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 June 2021 |
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Additions | - | 45,185 | 45,185 | |
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At 31 May 2022 |
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Amortisation | ||||
At 1 June 2021 |
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Charge for the year |
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At 31 May 2022 |
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Carrying amount | ||||
At 31 May 2022 |
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At 31 May 2021 |
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6.
Tangible assets
Freehold and leasehold properties | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total | ||
£ | £ | £ | £ | £ | ||
Cost | ||||||
At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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Depreciation | ||||||
At 1 June 2021 |
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Charge for the year |
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At 31 May 2022 |
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Carrying amount | ||||||
At 31 May 2022 |
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At 31 May 2021 |
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7.
Debtors
2022 | 2021 | |||
£ | £ | |||
Trade debtors |
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Amounts owed by companies in which the company has a participating interest. |
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Other debtors |
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8.
Creditors: amounts falling due within one year
2022 | 2021 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to companies in which the company has a participating interest | - |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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9.
Creditors: amounts falling due after more than one year
2022 | 2021 | |||
£ | £ | |||
Bank loans and overdrafts |
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Other creditors |
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10.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2022 | 2021 | |||
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Present value of minimum lease payments |
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Obligations under finance leases are secured by the related asset.
11.
Controlling party
12.
Share for Share Exchange
MGHJ Holdings Ltd acquired 100% share holding of Atom Scientific Limited in July 2022.