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Registration number: SC518750

Atkinson Building Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Atkinson Building Services Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Atkinson Building Services Ltd

Company Information

Directors

Mr D Atkinson

Mr B Atkinson

Company secretary

Mr D Atkinson

Registered office

 

Unit 11
Block 11 Clydesmill Grove
Clydesmill Industrial Estate
Glasgow
G32 8NL

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Atkinson Building Services Ltd
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Atkinson Building Services Ltd for the year ended 31 March 2022 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Atkinson Building Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Atkinson Building Services Ltd and state those matters that we have agreed to state to the Board of Directors of Atkinson Building Services Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atkinson Building Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Atkinson Building Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Atkinson Building Services Ltd. You consider that Atkinson Building Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Atkinson Building Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

29 August 2022

 

Atkinson Building Services Ltd

(Registration number: SC518750)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

168,021

160,181

Current assets

 

Stocks

5

37,463

2,335

Debtors

6

4,909

27,194

Cash at bank and in hand

 

68,162

63,606

 

110,534

93,135

Creditors: Amounts falling due within one year

7

(156,674)

(124,685)

Net current liabilities

 

(46,140)

(31,550)

Total assets less current liabilities

 

121,881

128,631

Creditors: Amounts falling due after more than one year

7

(96,323)

(114,862)

Provisions for liabilities

(11,487)

-

Net assets

 

14,071

13,769

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

13,971

13,669

Shareholders' funds

 

14,071

13,769

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

 

Atkinson Building Services Ltd

(Registration number: SC518750)
Balance Sheet as at 31 March 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2022 and signed on its behalf by:
 

.........................................
Mr D Atkinson
Company secretary and director

.........................................
Mr B Atkinson
Director

 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 11
Block 11 Clydesmill Grove
Clydesmill Industrial Estate
Glasgow
G32 8NL

These financial statements were authorised for issue by the Board on 29 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from domestic building and joinery services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant and machinery

25% reducing balance

Motor Vehicles

25% reducing balance

 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2021 - 4).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

121,383

40,536

35,661

197,580

Additions

-

33,079

600

33,679

Disposals

-

(10,705)

(15,149)

(25,854)

At 31 March 2022

121,383

62,910

21,112

205,405

Depreciation

At 1 April 2021

-

19,368

18,031

37,399

Charge for the year

1,421

12,617

3,402

17,440

Eliminated on disposal

-

(6,926)

(10,529)

(17,455)

At 31 March 2022

1,421

25,059

10,904

37,384

Carrying amount

At 31 March 2022

119,962

37,851

10,208

168,021

At 31 March 2021

121,383

21,168

17,630

160,181

Included within the net book value of land and buildings above is £119,961 (2021 - £121,383) in respect of freehold land and buildings.
 

 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Stocks

2022
£

2021
£

Work in progress

35,228

945

Stock

2,235

1,390

37,463

2,335

6

Debtors

2022
£

2021
£

Trade debtors

-

19,429

Other debtors

4,909

7,765

4,909

27,194

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

53,926

52,601

Trade creditors

 

10,417

8,203

Taxation and social security

 

25,148

11,355

Accruals and deferred income

 

9,220

3,832

Other creditors

 

57,963

48,694

 

156,674

124,685

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

96,323

114,862

Creditors include bank loans repayable by instalments of £44,224 due after more than five years.

 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

96,323

110,419

Hire purchase contracts

-

4,443

96,323

114,862

2022
£

2021
£

Current loans and borrowings

Bank borrowings

14,100

12,098

Hire purchase contracts

-

3,957

Other borrowings

39,826

36,546

53,926

52,601

Bank borrowings of £68,317 (2021 - £72,518) are secured by a standard security over the property at Unit 11, Block 11, Clydesmill Grove, Cambuslang. There is also a floating charge over the assets and undertakings of the company.

Bank borrowings of £42,106 (2021 - £50,000) are supported by a 100% guarantee from the UK Government.

Hire purchase contracts are secured over the assets concerned.

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Atkinson Building Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10

Related party transactions

The company operates a loan account with the director, Mr B Atkinson.
During the year, the director advanced loans totalling £6,834 to the company. At the year end, the balance due to the director was £54,741 (2021 - £47,907). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, Mr D Atkinson.
During the year, the director advanced loans totalling £3,280 to the company. At the year end, the balance due to the director was £39,825 (2021 - £36,545). This loan is unsecured, interest free and has no fixed repayment terms.