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Company registration number: 08727712
ATS Premier Interiors Limited
Unaudited filleted financial statements
31 March 2023
ATS Premier Interiors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
ATS Premier Interiors Limited
Directors and other information
Directors Mr Russell Ashplant
Mrs Deborah Ashplant
Company number 08727712
Registered office 29 Daymer Gardens
Pinner
England
HA5 2HW
Business address 29 Daymer Gardens
Pinner
HA5 2HW
Accountants Jacksons
Chartered Accountants
Deansfield House
98 Lancaster Road
Newcastle-under-Lyme
Staffordshire
ST5 1DS
Bankers Metro Bank PLC
1 Southampton Row
London
WC1B 5HA
ATS Premier Interiors Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 8 25,930 39,225
_______ _______
25,930 39,225
Current assets
Stocks and work in progress 302,166 339,120
Debtors 9 204,051 403,077
Cash at bank and in hand 54,374 40,501
_______ _______
560,591 782,698
Creditors: amounts falling due
within one year 10 ( 267,902) ( 658,054)
_______ _______
Net current assets 292,689 124,644
_______ _______
Total assets less current liabilities 318,619 163,869
Creditors: amounts falling due
after more than one year 11 ( 27,442) ( 37,271)
Provisions for liabilities 12 ( 4,852) ( 7,303)
_______ _______
Net assets 286,325 119,295
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 285,325 118,295
_______ _______
Shareholders funds 286,325 119,295
_______ _______
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mrs Deborah Ashplant
Director
Company registration number: 08727712
ATS Premier Interiors Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Daymer Gardens, Pinner, England, HA5 2HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 - 1 year straight line
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
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 - 20% straight line
Fittings fixtures and equipment - 25% reducing balance
Computer equipment - 33% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 13,295 13,378
_______ _______
6. Tax on profit/loss
Major components of tax expense/income
2023 2022
£ £
Current tax:
UK current tax expense 97,899 -
Adjustments in respect of previous periods - ( 2,103)
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 2,451) ( 2,028)
_______ _______
Tax on profit/loss 95,448 ( 4,131)
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 500 500
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 500 500
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
8. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 April 2022 and 31 March 2023 60,372 1,595 2,922 64,889
_______ _______ _______ _______
Depreciation
At 1 April 2022 24,088 603 973 25,664
Charge for the year 12,074 248 973 13,295
_______ _______ _______ _______
At 31 March 2023 36,162 851 1,946 38,959
_______ _______ _______ _______
Carrying amount
At 31 March 2023 24,210 744 976 25,930
_______ _______ _______ _______
At 31 March 2022 36,284 992 1,949 39,225
_______ _______ _______ _______
9. Debtors
2023 2022
£ £
Trade debtors 64,794 397,384
Amounts owed by related parties 123,445 -
Other debtors 11,868 2,103
Prepayments and accrued income 3,944 3,590
_______ _______
204,051 403,077
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,586 9,586
Trade creditors 129,205 492,035
Corporation tax 97,899 67,088
Social security and other taxes 24,416 68,400
Directors loan account 626 8,398
Other creditors 670 4,082
Accruals and deferred income 5,500 8,465
_______ _______
267,902 658,054
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 27,442 37,271
_______ _______
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 April 2022 7,303 7,303
Additions ( 2,451) ( 2,451)
_______ _______
At 31 March 2023 4,852 4,852
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 12) 4,852 7,303
_______ _______
14. Related party transactions
The following are considered to be related parties by virtue of their shareholdings and directorships in the company:D AshplantR AshplantDuring the year, the Directors provided an interest free loan to the company. During the year the directors received net repayments from the company in the sum of £7,772 (2022: £56,083)At the balance sheet date the company owed the Directors the sum of £626 (2022: £8,398).ATS Luxury Interiors Limited is considered to be a related party by virute of it's common shareholders and directors. During the year, the company recharged management expenses to ATS Luxury Interiors Limited of £275,000 (2022: £nil). At the balance sheet date the company was owed by ATS Luxury Interiors Limited £123,445 (2022: £nil).