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Registration number: 04470781

Athena Tech Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 June 2023

 

Athena Tech Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 13

 

Athena Tech Limited

Company Information

Director

Mr S D Smith

Company secretary

Mrs D Smith

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Athena Tech Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Athena Tech Limited for the year ended 30 June 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Athena Tech Limited, as a body, in accordance with the terms of our engagement letter dated 13 March 2018. Our work has been undertaken solely to prepare for your approval the accounts of Athena Tech Limited and state those matters that we have agreed to state to the Board of Directors of Athena Tech Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Athena Tech Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Athena Tech Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Athena Tech Limited. You consider that Athena Tech Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Athena Tech Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

11 March 2024

 

Athena Tech Limited

(Registration number: 04470781)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1

1

Tangible assets

6

792,073

854,782

 

792,074

854,783

Current assets

 

Stocks

7

4,291

5,524

Debtors

8

84,496

184,072

Cash at bank and in hand

 

39,066

11,872

 

127,853

201,468

Creditors: Amounts falling due within one year

9

(307,057)

(334,810)

Net current liabilities

 

(179,204)

(133,342)

Total assets less current liabilities

 

612,870

721,441

Creditors: Amounts falling due after more than one year

9

(295,624)

(345,334)

Provisions for liabilities
(deferred taxation)

(182,175)

(162,410)

Net assets

 

135,071

213,697

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

134,971

213,597

Total equity

 

135,071

213,697

 

Athena Tech Limited

(Registration number: 04470781)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr S D Smith
Director

 

Athena Tech Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 July 2022

100

213,597

213,697

Profit for the year

-

47,874

47,874

Total comprehensive income

-

47,874

47,874

Dividends

-

(126,500)

(126,500)

At 30 June 2023

100

134,971

135,071

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 July 2021

100

199,540

199,640

Profit for the year

-

154,900

154,900

Total comprehensive income

-

154,900

154,900

Dividends

-

(140,843)

(140,843)

At 30 June 2022

100

213,597

213,697

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

The principal place of business is:
Runway Farm
Parham Airfield
Parham
Woodbridge
Suffolk
IP13 9AF

These financial statements were authorised for issue by the director on 11 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Government grants

Grants are accounted for under the accruals model.

Due to the Covid-19 pandemic the business utilised various Government support schemes.

The grant income in the financial statements consists of the Government Coronavirus Job Retention Scheme ('Furlough') whereby the Government contributed towards the wages costs of the business and Government backed assistance in the form of an interest free period on a Government backed hire purchase loan.

The amounts received are reported under other operating income in the financial statements and are recorded in the period to which the grant income relates to.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

Office equipment

15% on a reducing balance basis

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

The accounting standards state that the period of amortisation shall not exceed ten years if a reliable estimate of the useful life cannot be made. The director is of the opinion that the goodwill of the business has a life exceeding ten years and hence has adopted a policy which amortises the goodwill from date of acquisition over a period of twenty years. In addition at the transitional date of 1st July 2015 for FRS102 there were 7 years of unamortised goodwill remaining which is within the suggested period of amortisation set out in the accounting standards.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

write off cost over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase agreements are recognised as tangible fixed assets and are depreciated over their expected useful lives. The capital element of future finance payments is included within creditors as a hire purchase liability obligation. Finance charges are allocated to accounting periods over the length of the agreement and represent a constant proportion of the capital payments outstanding,

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 9).

4

Government grants

Due to the Covid-19 pandemic the business utilised various Government support schemes.

The grant income in the financial statements consists of the Government Coronavirus Job Retention Scheme ('Furlough') whereby the Government contributed towards the wages costs of the business and Government backed assistance in the form of an interest free period on a hire purchase loan.


The amount of grants recognised in the financial statements was £Nil (2022 - £3,886).

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 July 2022

30,000

30,000

At 30 June 2023

30,000

30,000

Amortisation

At 1 July 2022

29,999

29,999

At 30 June 2023

29,999

29,999

Carrying amount

At 30 June 2023

1

1

At 30 June 2022

1

1

6

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost

At 1 July 2022

7,185

196,925

1,229,039

1,433,149

Additions

286

111,970

41,486

153,742

Disposals

(1,600)

(156,125)

(35,842)

(193,567)

At 30 June 2023

5,871

152,770

1,234,683

1,393,324

Depreciation

At 1 July 2022

5,548

122,213

450,606

578,367

Charge for the year

275

24,452

118,710

143,437

Eliminated on disposal

(1,535)

(100,522)

(18,496)

(120,553)

At 30 June 2023

4,288

46,143

550,820

601,251

Carrying amount

At 30 June 2023

1,583

106,627

683,863

792,073

At 30 June 2022

1,637

74,712

778,433

854,782

7

Stocks

2023
£

2022
£

Other inventories

4,291

5,524

 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Debtors

2023
£

2022
£

Trade debtors

84,496

183,238

Other debtors

-

834

84,496

184,072

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Hire purchase liabilities

167,995

200,305

Trade creditors

 

44,883

83,344

Taxation and social security

 

70,990

47,117

Other creditors

 

23,189

4,044

 

307,057

334,810

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £167,995 (2022 - £200,305).

The hire purchase liabilities are secured by a charge held over the assets to which the agreements relate.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Hire purchase liabilities

295,624

345,334

Creditors includes net obligations under finance lease and hire purchase contracts which are secured of £295,624 (2022 - £345,334).

The hire purchase liabilities are secured by a charge held over the assets to which the agreements relate.

10

Reserves

The profit and loss reserves of the company are fully distributable.

11

Dividends

2023

2022

£

£

Interim dividend of £1,265.00 (2022 - £1,408.43) per ordinary share

126,500

140,843

 

 
 

Athena Tech Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,274 (2022 - £Nil). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total monthly rental payments payable by the company to the end of the lease agreement for the telephone system.

13

Related party transactions

Other transactions with the director

Included in creditors due to be repaid within one year at 30th June 2023 is an amount of £22,442 (2022 £3,140) owed to the director S Smith. This is in respect of funds injected in to the company by him and expenses not reimbursed to him.

This is an interest free loan to the company