Company registration number SC713284 (Scotland)
D & R ATKINSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
D & R ATKINSON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
D & R ATKINSON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
201,822
201,822
Current assets
Cash at bank and in hand
2,363
9,865
Creditors: amounts falling due within one year
5
(79,683)
(90,250)
Net current liabilities
(77,320)
(80,385)
Total assets less current liabilities
124,502
121,437
Creditors: amounts falling due after more than one year
6
(103,592)
(107,367)
Net assets
20,910
14,070
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
20,908
14,068
Total equity
20,910
14,070
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
Ms R A Atkinson
Mr D M Atkinson
Director
Director
Company Registration No. SC713284
D & R ATKINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
D & R Atkinson Limited is a private company limited by shares incorporated in Scotland. The registered office is 35 Chapelwell Street, Saltcoats, Ayrshire, United Kingdom, KA21 5EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
D & R ATKINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,012
3,300
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
201,822
The fair value of the investment property has been arrived at based on the market value at date of purchase. The directors consider this value to be accurate at the year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,280
8,280
Corporation tax
3,012
3,300
Other creditors
68,391
78,670
79,683
90,250
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,592
107,367
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary £1 Shares of £1 each
2
2
2
2
D & R ATKINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
8
Financial commitments, guarantees and contingent liabilities
The Royal Bank of Scotland PLC hold one fixed charge over 35 Chapelwell Street, Salcoats, registered in the Land Register of Scotland under title number AYR81111.
9
Directors' transactions
Included in creditors at the year end is a balance of £67,760 owed to the directors. This loan was made on an interest free basis and has no terms of repayment.