ATLAS LIFTS AND SERVICES LIM - Accounts 2014


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Registered number: SC226800

Atlas Lifts & Services Limited

ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31/03/2014

Prepared By:
Taxlab
Regus House
1 Berry Street
Aberdeen
AB25 1HF


Atlas Lifts & Services Limited

ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31/03/2014
INDEX TO THE ACCOUNTS
Abbreviated Balance Sheet2
Notes to the Abbreviated Accounts4
The company's registered number is SC226800


Atlas Lifts & Services Limited

Registered Number: SC226800
BALANCE SHEET AT 31/03/2014
20142013
Notes££
FIXED ASSETS
Tangible assets3158,097144,748
CURRENT ASSETS
Stock11,40010,500
Debtors (amounts falling due within one year)4110,711184,862
Cash at bank and in hand321,655181,200
443,766376,562
CREDITORS: Amounts falling due within one year207,449236,420
NET CURRENT ASSETS236,317140,142
TOTAL ASSETS LESS CURRENT LIABILITIES394,414284,890
CREDITORS: Amounts falling due after more than one year5-3,396
PROVISIONS FOR LIABILITIES343-
NET ASSETS394,071281,494
CAPITAL AND RESERVES
Called up share capital622
Revaluation reserve1h,710,800-
Profit and loss account383,269281,492
SHAREHOLDERS' FUNDS394,071281,494


Atlas Lifts & Services Limited

Registered Number: SC226800
For the year ending 31/03/2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board on 31/10/2014 and signed on their behalf by
I Lawson
Director


Atlas Lifts & Services Limited

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/03/2014
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1b. Cash Flow Statement
The Company is exempt from including a statement of cash flows in its accounts in accordance with Financial Reporting Standard for Smaller Entities (effective April 2008).
1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Commercial Vehiclesreducing balance 25%
Fixtures and Fittingsreducing balance 15%
1d. Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
1e. Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities recognised have not been discounted.
1f. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
The company supplies and installs stair lifts and recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.


Atlas Lifts & Services Limited

1g. Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
1h. Revaluation Reserve
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 7).
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account.
2. INTANGIBLE FIXED ASSETS
Purchased
GoodwillTotal
££
Cost
At 01/04/2013110,000110,000
At 31/03/2014110,000110,000
Depreciation
At 01/04/2013110,000110,000
At 31/03/2014110,000110,000
Net Book Amounts
At 31/03/2014--


Atlas Lifts & Services Limited

3. TANGIBLE FIXED ASSETS
Land AndImprovements to propertyCommercialFixtures
BuildingsVehiclesand FittingsTotal
£££££
Cost
At 01/04/2013123,20037,93664,27344,326269,735
Additions--16,5081,58018,088
Revaluation10,800---10,800
At 31/03/2014134,00037,93680,78145,906298,623
Depreciation
At 01/04/2013-37,93650,38636,665124,987
For the year--12,7812,75815,539
At 31/03/2014-37,93663,16739,423140,526
Net Book Amounts
At 31/03/2014134,000-17,6146,483158,097
At 31/03/2013123,200-13,8877,661144,748
The freehold land and buildings were revalued for the first time on 17 March 2014 by an independent valuer, David Adamson, chartered surveyors, with fair value determined by appraisal from market-based evidence of recent transactions for similar properties in the same area.
4. DEBTORS 20142013
££
Amounts falling due within one year:
Trade debtors100,297173,530
Other debtors10,41411,332
110,711184,862


Atlas Lifts & Services Limited

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20142013
££
Other creditors-3,396
-3,396
Included in other creditors are:
Obligations under hire purchase-3,396
6. SHARE CAPITAL 20142013
££
Allotted, issued and fully paid:
2 Ordinary shares of £1 each22
22
7. REVALUATION RESERVE 20142013
££
Revaluation reserve10,800-
10,800-
8. RELATED PARTY TRANSACTIONS
Included in other creditors are amounts of £30,000 (2013: £30,000) due to the Atlas Lifts & Services Fund (SSAS). The company rents the premises at 1 Hanover Street, Aberdeen from the Atlas Lifts & Services Fund (SSAS). The rent paid to the pension fund was £29,500 (2013: £29,500).


Atlas Lifts & Services Limited

9. TURNOVER
The turnover and pre-tax result is attributable to supply and maintenance of stairlifts, public access and service lift installations.
20142013
££
Sales1,338,5891,275,586
1,338,5891,275,586
10. TRANSACTIONS WITH DIRECTORS
Included in the other creditors is an amount owing to the directors of £257 (2013: £666).
Dividends of £54,000 (2013: £30,000) were paid to the directors.
11. CONTROLLING PARTY
The ultimate controlling parties are I Lawson and Mrs S A E Lawson by virtue of their ownership of the 100% issued share capital of the company.