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REGISTERED NUMBER: 05687816 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

HENRY ATKIN GUNMAKERS LIMITED

HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HENRY ATKIN GUNMAKERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr M S Hunt
Mr F D Lovel
Mr S F Mawle
Mr J E Mawle





SECRETARY: Mr J E Mawle





REGISTERED OFFICE: Wharton Buildings
Downs Road
Witney
Oxfordshire
OX29 ORF





REGISTERED NUMBER: 05687816 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
6 Langdale Court
Witney
Oxfordshire
OX28 6FG

HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 864,193 824,325
Tangible assets 5 61,596 52,743
925,789 877,068

CURRENT ASSETS
Stocks 6 306,698 364,821
Debtors 7 31,125 2,103
Cash at bank and in hand 28,723 79,942
366,546 446,866
CREDITORS
Amounts falling due within one year 8 758,924 892,105
NET CURRENT LIABILITIES (392,378 ) (445,239 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

533,411

431,829

CREDITORS
Amounts falling due after more than one
year

9

11,580

12,270
NET ASSETS 521,831 419,559

CAPITAL AND RESERVES
Called up share capital 11 80 80
Retained earnings 521,751 419,479
SHAREHOLDERS' FUNDS 521,831 419,559

HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

BALANCE SHEET - continued
28 FEBRUARY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2023 and were signed on its behalf by:




Mr F D Lovel - Director



Mr M S Hunt - Director


HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Henry Atkin Gunmakers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company meets its day to day working capital requirements through the bank facility and funds from the parent company. The company expects to be able to operate within these facilities. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The directors have confirmed that the parent company will continue to support the company.

Preparation of consolidated financial statements
The company is a wholly owned subsidiary of Francis Lovel & Co Ltd, whose registered office is Wharton Buildings, Downs Road, Witney, Oxfordshire OX29 0FR. The company is exempt from preparing group accounts.

Turnover
Turnover represents net invoiced sales of goods and services exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research & Development costs are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. INTANGIBLE FIXED ASSETS
Research
& Development
Goodwill costs Totals
£    £    £   
COST
At 1 March 2022 10,000 1,105,580 1,115,580
Additions - 100,155 100,155
At 28 February 2023 10,000 1,205,735 1,215,735
AMORTISATION
At 1 March 2022 9,999 281,256 291,255
Amortisation for year - 60,287 60,287
At 28 February 2023 9,999 341,543 351,542
NET BOOK VALUE
At 28 February 2023 1 864,192 864,193
At 28 February 2022 1 824,324 824,325

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022 190,018 3,321 12,537 205,876
Additions 35,148 - 2,173 37,321
Disposals (12,530 ) - - (12,530 )
Reclassification/transfer 15,000 - - 15,000
At 28 February 2023 227,636 3,321 14,710 245,667
DEPRECIATION
At 1 March 2022 138,961 2,596 11,576 153,133
Charge for year 19,632 109 1,034 20,775
Eliminated on disposal (3,084 ) - - (3,084 )
Reclassification/transfer 13,247 - - 13,247
At 28 February 2023 168,756 2,705 12,610 184,071
NET BOOK VALUE
At 28 February 2023 58,880 616 2,100 61,596
At 28 February 2022 51,057 725 961 52,743

HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2022 38,870
Additions 28,258
Disposals (8,280 )
At 28 February 2023 58,848
DEPRECIATION
At 1 March 2022 16,165
Charge for year 10,677
Eliminated on disposal (6 )
At 28 February 2023 26,836
NET BOOK VALUE
At 28 February 2023 32,012
At 28 February 2022 22,705

6. STOCKS
28.2.23 28.2.22
£    £   
Stocks 306,698 364,821

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 31,125 2,103

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 15,541 13,323
Trade creditors 60,139 73,932
Amounts owed to group undertakings 621,315 665,674
Social security and other taxes 5,468 4,689
VAT 45,524 11,209
Other creditors 4,479 117,299
Pension creditor 1,204 968
Accrued expenses 5,254 5,011
758,924 892,105

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 11,580 12,270

HENRY ATKIN GUNMAKERS LIMITED (REGISTERED NUMBER: 05687816)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. SECURED DEBTS

NatWest hold a fixed and floating charge over company assets. This is related to parent company borrowing.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
80 Ordinary A £1 80 80

12. RELATED PARTY DISCLOSURES

Henry Atkin Gunmakers Ltd is a wholly owned subsidiary of Francis Lovel & Co Ltd, whose registered office is situated at Wharton Buildings, Downs Road, Witney, Oxfordshire, OX29 0RF.