Company No:
Contents
DIRECTORS | Oliver Michael Beynon |
Debra Bridgit Clack |
REGISTERED OFFICE | Unit Z1 Westpark |
Chelston | |
Wellington | |
TA21 9AD | |
England | |
United Kingdom |
COMPANY NUMBER | 09470014 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated | ||||
Fixed assets | ||||
Tangible assets | 5 |
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103,225 | 31,436 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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476,087 | 183,406 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 43,109 | 50,307 | ||
Total assets less current liabilities | 146,334 | 81,743 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Atlas Safety Management Limited (registered number:
Oliver Michael Beynon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Atlas Safety Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit Z1 Westpark, Chelston, Wellington, TA21 9AD, England, United Kingdom.
This is the first year that the accounts have been prepared under FRS 102 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. Under FRS 102 Section 1A deferred taxation is recognised, in line with the accounting policy, whereas this is not a requirement under FRS 105. As a result of transition to FRS 102 Section 1A there is now a deferred tax liability recognised in the financial statements as a provision for liabilities resulting in a corresponding decrease in the profit and loss account.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Other intangible assets |
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Leasehold improvements |
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Vehicles |
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Office equipment |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and 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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The Company has adopted FRS 102 for the year ended 31 March 2023 and has restated the comparative year amounts.
Reconciliation of equity
01.04.2021 | 31.03.2022 | |||
£ | £ | |||
Capital and reserves (as previously stated) | 130,127 | 39,631 | ||
Provision for liabilities | (2,394) | (4,201) | ||
Capital and reserves (as restated) | 127,733 | 35,430 |
Reconciliation of profit or loss
31.03.2022 | ||||
£ | ||||
Profit for the year (as previously stated) | 14,504 | |||
Deferred tax movement | (1,807) | |||
Profit for the year (as restated) | 12,697 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||
At 01 April 2022 |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Leasehold improve- ments |
Vehicles | Office equipment | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2022 |
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Additions |
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At 31 March 2023 |
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Accumulated depreciation | |||||||||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||||||||
At 31 March 2023 |
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At 31 March 2022 |
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Leased assets included above: | |||||||||
Net book value | |||||||||
At 31 March 2023 | 0 | 83,345 | 0 | 0 | 83,345 | ||||
At 31 March 2022 | 0 | 12,488 | 0 | 0 | 12,488 |
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with the entity's directors
Advances
The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 April 2022, the balance owed by the director was £48,506. During the year, £103,416 was advanced to the director, and £52,494 was repaid by the director. At 31 March 2023, the balance owed by the director was £99,428.
At 1 April 2021, the balance owed by the director was £51,884. During the year, £53,580 was advanced to the director, and £56,958 was repaid by the director. At 31 March 2022, the balance owed by the director was £48,506.
D B Clack
The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 April 2022, the balance owed by the director was £48,506. During the year, £103,416 was advanced to the director, and £52,494 was repaid by the director. At 31 March 2023, the balance owed by the director was £99,428.
At 1 April 2021, the balance owed by the director was £51,884. During the year, £53,580 was advanced to the director, and £56,958 was repaid by the director. At 31 March 2022, the balance owed by the director was £48,506.