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COMPANY REGISTRATION NUMBER: 04426598
ATRIUM DEVELOPMENTS (BEVERLEY) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2023
ATRIUM DEVELOPMENTS (BEVERLEY) LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
5
3,143
4,191
Current Assets
Stocks
507,917
507,917
Debtors
6
2,259
7,425
Cash at bank and in hand
8,530
17,115
-----------
-----------
518,706
532,457
Creditors: amounts falling due within one year
7
872,083
856,615
-----------
-----------
Net Current Liabilities
353,377
324,158
-----------
-----------
Total Assets Less Current Liabilities
( 350,234)
( 319,967)
-----------
-----------
Net Liabilities
( 350,234)
( 319,967)
-----------
-----------
ATRIUM DEVELOPMENTS (BEVERLEY) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
4
4
Profit and loss account
( 350,238)
( 319,971)
-----------
-----------
Shareholders Deficit
( 350,234)
( 319,967)
-----------
-----------
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.
For the year ending 31 January 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 were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr M Bell
Director
Company registration number: 04426598
ATRIUM DEVELOPMENTS (BEVERLEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 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 Oakwood House, Queensgate, Beverley, HU17 8NW.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going Concern
The financial statements have been prepared on the going concern basis. This is only appropriate if the company is able to continue trading. The directors consider that income streams for the foreseeable future are sufficient to cover the loan repayment requirements and that support will continue from the loan creditors. On that basis the directors consider that the company will be able to continue trading.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Tools and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Impairment of Fixed Assets
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. For the purposes of impairment testing, 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.
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 stock to its present location and condition. Stock represents development property held for resale.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible Assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 February 2022 and 31 January 2023
4,461
15,425
1,513
21,399
--------
---------
--------
---------
Depreciation
At 1 February 2022
3,854
11,841
1,513
17,208
Charge for the year
152
896
1,048
--------
---------
--------
---------
At 31 January 2023
4,006
12,737
1,513
18,256
--------
---------
--------
---------
Carrying amount
At 31 January 2023
455
2,688
3,143
--------
---------
--------
---------
At 31 January 2022
607
3,584
4,191
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
2,259
7,425
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
821,926
821,926
Other creditors
50,157
34,689
-----------
-----------
872,083
856,615
-----------
-----------
Bank borrowing is secured against the assets of the company.
8. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr D Bell
2,364
( 2,364)
Mrs S Bell
2,364
( 2,364)
--------
--------
-----
4,728
( 4,728)
--------
--------
-----
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr D Bell
2,364
2,364
Mrs S Bell
2,364
2,364
--------
-----
--------
4,728
4,728
--------
-----
--------
The balances were interest free and have been repaid.