ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
COMPANY INFORMATION
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ATKINSON NORTHERN LIMITED
CONTENTS
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ATKINSON NORTHERN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £7,140,429 (2021 - £10,710,129).
Dividends of £1,356,650 were paid during the year.
The directors who served during the year were:
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ATKINSON NORTHERN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The well-being of the Group’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Group has taken the necessary action to ensure compliance with the Act, including the adoption of a safety statement.
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.
The Group aims to continue increasing its share of the construction materials market across the north of England by opening appropriately located branches and focussing on improving its online offering to customers and acquiring good quality freehold property.
Research & development activities continue to focus on the increasingly significant area of on-line sales.
The directors recognise the importance of good communication and relationships with employees and carrying out regular consultations to take employees' views into account.
The Group recognises the importance of its position within the supply chain and the need to deal with suppliers and customers ethically and to represent the company’s values for the long term success of the business.
Consideration is taken of the company’s impact on the local communities and it acts fairly and responsibly with both suppliers and customers alike. Three members of the board engage regularly with key customers and are kept informed of customer performance and activity through direct reports from management teams. J T Atkinson & Sons Limited is a member of an independent builders merchant buying group, Fortis Merchants Limited, for which two directors are directly involved in negotiations and relationship management with key suppliers. with any legislation with regard to disabled persons, and to assist in their training and career development.
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ATKINSON NORTHERN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
J T Atkinson & Sons Limited have followed the 2019 HM Government Environmental Reporting Guidelines and have used the 2022 UK Government's Conversion Factors for Company Reporting. We have used an operational approach to define our boundary.
The primary source for energy consumption is consolidated invoices and supplier interval data. The electricity and gas data has been recorded over a 12-month period from January 2022 to December 2022. The data was collated directly from monthly invoices. The reporting spreadsheet provides a breakdown of monthly and annual consumption for each meter in KWh. Where consumption has gone beyone the reporting period a pro-rata figure has been used. Company transport data was provided by JT Atkinson & Sons Ltd, data was generated over the course of supply period. Transport has been outlined according to total mileage for all vehicle types (van, HGV, diesel, and petrol cars). Emissions generated from forklift trucks have been outlined using recorded mileage within the reporting period. The J T Atkinson & Sons Limited chosen intensity measurement ratio is tCO2/ (£M) annual turnover. All J T Atkinson & Sons Limited gas and electric sites are supplied by green contracts. Solar PV has been installed on a further 4 sites and the introduction of a salary sacrifice scheme for electric vehicles for employees has been taken into effect.
The following matters are included in the strategic report: the business review, the principal risks and uncertainties and financial performance indicators.
There have been no significant events affecting the Group since the year end.
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ATKINSON NORTHERN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, Waltons Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ATKINSON NORTHERN LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
Atkinson Northern Limited is a private limited company, incorporated in the UK and registered in England and Wales. Its trading subsidiaries are J T Atkinson & Sons Limited whose principal activity is the operation of a builders merchant and Northern General Properties Limited whose princial activity is the ownership and rental of properties for investment purposes and group useage.
The Board is pleased to report another strong year in terms of both turnover at £137.1m and profit before tax at £10m. Gross profit margins weakened from 31.3% to 29.3% as the business responded to competitive market conditions and employee costs as a % of gross margin have risen to 45.4% as the board responded to the cost of living crisis. The group’s net assets rose from £60.2m to £69.8m.
The builders merchant strategy remains to increase the market share of J T Atkinson within the existing trading area across the north of England. As such, expansion of the JT Atkinson network has included branch openings at Whitehaven and Ambleside. The integration phase of acquisitions of B & TS Builders Merchant, Harrogate Timber and Duncombe Sawmill which completed in 2021, has been successful and the branches now operate as J T Atkinson branches following a hive up of the businesses in the year. The company continues to recognise the importance of ecommerce operations and technological competence. A replacement ERP solution was implemented in the year which has improved integration capabilities and allows the business to take advantage of available technological advancements. Northern General Properties remains committed to providing good quality premises for the builders merchants. A revaluation exercise was carried out in the year resulting in a significant increase in the revaluation reserve. Atkinson Northern remains committed to providing finance to fund the growth of its subsidiaries J T Atkinson and Northern General Properties.
The principal risks and uncertainties remain the level of demand in the repair, maintenance, improvements and construction markets in the North of England and the competitive pressures in those markets.
The long term impact of Brexit, the Covid-19 pandemic and the war in Ukraine on the UK economy and construction industry remains unclear. The company has a wide customer base and stock range which helps to mitigate market risks.
The board monitors performance using a range of indicators, some of the most significant of which are as follows :-
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ATKINSON NORTHERN LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Section 172(1) Statement
The directors act in good faith to make decisions, the outcome of which, they consider will be most likely to promote the success of the Group for the benefit of its members as a whole both in current periods and in the long term. In discharging their duties above, the directors carefully consider amongst other matters, the impact on and interests of other stakeholders in the Group and factor these into their decision making process. Employees Directors receive information on various staff metrics. The directors are committed to promoting a healthy workforce comprising both physical and mental wellbeing. The directors keep staff informed of key issues through structured communication channels, promote inclusion in the workplace and also provide training and development opportunities where they are considered of benefit to the company and employees. Using the Group’s recruitment and development strategies, the directors seek to attract and retain talented staff. The Group’s policy regarding disabled persons is set out in the Directors Report as well as further detail regarding communication with employees. Customers The directors commit considerable time, effort and resources into understanding and responding to the needs of our customers' with a view to fostering long term mutually beneficial partnerships. We act to service our customers' needs to the highest standards and work quickly to resolve any isolated disagreements that may arise from time to time. Suppliers The directors have established Group procedures to ensure that external suppliers are individually verified to ensure they meet an approved standard required by the Group. The Group seeks to pay all suppliers any undisputed amounts due and that conform with the Group’s billing requirements within agreed terms. The Group has established procedures for dispute resolution in a timely and fair manner. Community and the environment The Group takes its role within the community very seriously and promotes and encourages community and charitable contribution. The Group also recognises the importance of its environmental responsibilities and has measures in place to monitor and control its impact on the local environment and its compliance with any regulatory environmental standards. The Group seeks to implement policies aimed at reducing any potential detrimental environmental impact of its activities.
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ATKINSON NORTHERN LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Standards and conduct
The Group has a series of defined codes of practice regarding ethical standards and the conduct of business. These are clearly communicated to every staff member and adherence to these is expected and enforced.
This report was approved by the board on 19 September 2023 and signed on its behalf.
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ATKINSON NORTHERN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED
We have audited the financial statements of Atkinson Northern Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ATKINSON NORTHERN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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ATKINSON NORTHERN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company, the group and the industry in which they operate, and considered the risk of acts by the company and group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals, review of provisions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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ATKINSON NORTHERN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Maritime House
Harbour Walk
The Marina
Teesside
TS24 0UX
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ATKINSON NORTHERN LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
REGISTERED NUMBER: 01536154
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2023.
The notes on pages 22 to 43 form part of these financial statements.
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ATKINSON NORTHERN LIMITED
REGISTERED NUMBER: 01536154
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 43 form part of these financial statements.
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ATKINSON NORTHERN LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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ATKINSON NORTHERN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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ATKINSON NORTHERN LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The company is a private company, limited by shares, incorporated in England and Wales.
The registered office is:- Thornton House Cargo Fleet Lane Middlesbrough TS3 8DE
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the Group and company have adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the Group and company have adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (CONTINUED)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of 10 years.
Tangible fixed assets under the cost model, other than freehold land and buildings, long leasehold property (see note 2.7) and investment properties (see note 2.8), are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (CONTINUED)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence undertaken by a professionally qualified valuers. Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (CONTINUED)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus re-location costs on an average cost basis.
Stock cost is further reduced for rebates receivable as these effectively reduce the cost of the stock. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss account.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution pension plan
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further obligations. The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Defined benefit pension scheme The company operated a defined benefit pension scheme and the pension charge is based on a full actuarial valuation dated 9 July 2021. The defined benefit pension scheme is dealt with in accordance with the provisions of FRS 102 as follows: Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unit actuarial method and are discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Pension scheme surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the balance sheet net of related deferred tax.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors believe that the following judgements are critical due to the degree of estimation required and/or the potential material impact on the financial statements: PROVISIONS The recognition of the debtor in respect of rebates receivable, the related stock provision, the impairment provision for old and obsolete stock and the valuation of freehold and investment properties. The rebates receivable provision is based on the amount of stock purchased from each individual supplier multiplied by the rebate percentage which is agreed with each supplier. This is compared to total rebates received in the year and the remaining amount due is included in the financial statements as a debtor. A provision is accounted for in the financial statements to reduce the value of the stock held at the year end to account for the reduction in stock prices which arise from the rebates receivable from suppliers. The stock impairment provision is calculated based on the age of stock and is designed to provide for older stock which may be carried above realisable value. PROPERTY VALUATIONS The directors consider that the investment properties, freehold land and buildings and long term leasehold properties are valued at their fair value in the financial statements. The valuations are undertaken by an external professional valuer who carried out a desktop review at 31 December 2022.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 28
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 29
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.TAXATION (CONTINUED)
Deferred tax in respect of the investment properties and freehold land and buildings which are held at valuation is assessed at £Nil as the overall net indexed cost of these assets is in excess of their valuation.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 31
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
16.TANGIBLE FIXED ASSETS (CONTINUED)
The land and buildings and long term leasehold property were valued at 31 December 2022 at £19,170,000 (2021 - £15,476,000) by Holder & Co Limited, an independent property advisor, based on a desktop review. The valuations are made at fair value, in accordance with the RICS valuation professional standard definition.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 35
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
INDIRECT SUBSIDIARY UNDERTAKINGS (CONTINUED)
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 39
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Revaluation reserve
Capital redemption reserve
Profit & loss account
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Group contributes to a defined contribution pension scheme. The assets of the scheme are administered by trustees in funds independent from those of the Group.
The Group contributed to a defined benefit pension scheme called the Atkinson Northern Limited Retirement Benefits Scheme (the "Scheme"). The assets of the Scheme were administered by trustees in a fund independent from those of the company. With effect from 1 March 2002 this scheme closed to future accrual of benefits, and regular contributions to the Scheme ceased, except that the running costs of the Scheme which were paid for by the company.
On 5 July 2021 the scheme benefits were secured by purchasing annuities in the name of the Trustees (a buy-in). During the year the company made a special contribution of £37,575 as a final payment to the scheme and on 25 August 2022 the individual policies were transferred to the members and the scheme ceased all responsibility for the member pension liabilities.
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ATKINSON NORTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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