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REGISTERED NUMBER: 00502816 (England and Wales)



















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

ATO HOLDINGS LIMITED

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


ATO HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 30 SEPTEMBER 2023







DIRECTORS: Mr A J S Oliver
Mr J M Humphreys
Ms A C Barnes





REGISTERED OFFICE: Wandon End Works
Wandon End
Luton
Bedfordshire
LU2 8NY





REGISTERED NUMBER: 00502816 (England and Wales)





AUDITORS: FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

GROUP STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

The directors present their strategic report of the company and the group for the year ended 30 September 2023.

REVIEW OF BUSINESS
The principal activities of the group in the year under review were sales of and service and parts for agricultural machinery, professional ground care machinery, commercial vehicles and hire of vehicles to the event industry. The company undertakes farming, the provision of management services and administration of its freehold and leasehold properties.

Agricultural machinery sales, service and parts supply are carried out from six depots in Luton, Kings Langley, Tingewick, Reading, Petworth and Winchester. Ground care machinery sales, service and parts, commercial vehicle sales and event hire are carried out at the Kings Langley depot using its strategic position just north of London to maximise on alternative markets outside of the core agricultural business. Commercial vehicle sales, service and parts are also carried out at the Tingewick depot.

The Oliver name has been synonymous with the supply of services to the agricultural sector for two centuries with Olivers celebrating it's 200-year anniversary in 2023. Today's business still uses this heritage, alongside a strong management team, successful sales professionals, and highly trained service engineers to offer the best customer experience. Up to date website, information technology systems and communications allow the company to react to all customer requirements. The event hire business, trading as Oliver Buggy Hire, is recognised as one of the most professional operators in the market, serving sporting, country and music events nationally.

All key suppliers to the group are market leaders in their sectors which allows the subsidiaries to offer the best quality and most desirable products at the most competitive price. Many suppliers have a long history with the group and therefore all staff are very experienced in their products. The suppliers include global brands Claas, JCB, Toro, Horsch, Club Car & Isuzu.

Overall, the trading conditions for the group were again improved during the year and net sales increased for Oliver Agriculture Limited by 19.3% and by 97% in Oliver Landpower Limited from the previous year.

For Oliver Agriculture Limited, this is due in part to the receipt of carryover late delivery combines from the previous financial year. There was also a general improvement in demand from our customer base as agriculture continues to adapt to the new regenerative farming practices and drive towards zero carbon. The expanded trading area, has created a more diverse mix of farming customers allowing an increase in sales of grassland and forage equipment together with increased aftersales opportunity. The marketplace for agricultural machinery continues to be very competitive, but we have been able to replicate our historical success in the expanded trading area, forging new customer relationships.

For Oliver Landpower Limited, the significant increase in net sales has been directly due to the addition of the Stratford-upon-Avon and Colchester sites alongside continued increased demand and the effect of price increases in the established area. All areas of the business have shown growth despite continued challenges with supply chain in 2022 and early 2023, strategic forward ordering of stock has ensured product is available even when lead times have been extended, latterly in 2023 the supply chain has eased, and lead times are in most cases returning to pre-2020-time scales.

ATO Holdings Limited has also had a positive year with a significant increase in profit. Income from management and administration increased, in large part due to the increase in interest rates meaning greater return on monies supporting the subsidiary companies. Property rental remained profitable and was slightly up on last year whilst profit on farming activities returned to the same level as pre the crop fire although the overall figures show a loss due to legal expenses that were incurred. This financial year also saw a first dividend taken from Oliver Agriculture Ltd by the Holdings company.

The overall results disclose a profit for the year before taxation of £2,300.551 which was comparable with a profit of £1,729,103 in the previous year.


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

GROUP STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitors the key risks facing the group together with assessing the controls used for managing these risks. The board of directors reviews and documents the principal risks facing the business at least annually.

The directors identify the principal risks and uncertainties facing the group as :-

Competitor pressure and
level of demand
- the market in which the group operates is considered to be relatively competitive and therefore such pressure could result in the loss of sales to competitors. The directors manage this risk by providing quality products from leading market brands and maintaining strong relationships with its customers many of whom have utilised the group's products and services over family generations.

PRINCIPAL RISKS AND UNCERTAINTIES - continued
Reliance on key suppliers - the group's activities could expose it to over reliance on certain suppliers. The directors manage this risk by ensuring the sale of market leading brands which include a range of suppliers who provide complimentary products to one another. The directors are constantly seeking to find potential alternative suppliers to add products to our portfolio.
Loss of key personnel - this would pose potential operational difficulties for the group. The directors manage this risk by seeking to ensure that key personnel are managed to ensure good performance is recognised and fully rewarded, along with ensuring good succession planning supported by appropriate training. This offers career progression for staff which assists to retain employees with potential to become management of the future.
Bad weather affecting
customer confidence
- the weather can affect the ability of the group to sell agricultural machinery. The directors manage this risk by ensuring that seasonal stock levels are managed appropriately and by having an increased focus on growing the aftersales aspect of the business.
Interest rates - the directors identifies that the increased costs of funding to its own running costs and those of its customers. The directors manage this risk by managing stock levels and adjusting to working with the higher cost base. The company works closer with suppliers and preferred finance companies to provide affordable solutions for its customers.
Post BREXIT effects - Fluctuation in currency, and possible increase in costs from inflation and from both tariffs and increased administration burden including phytosanitary compliance. With the phase out of the EU direct farm support and the transition to the UK Government ELMS (Environmental Land Management Scheme, there is the potential for a reduction in combinable acreage which could affect sales volume in the longer term. Although investment in the innovative products that we supply can help customers towards reducing their carbon impact and ELMS compliance.
Global unrest - Disruption of supply chains due to conflict in the Ukraine and the effect of increased energy costs on our operating costs and to the products we sell.


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

GROUP STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

SECTION 172(1) STATEMENT
The board of directors have always acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 30 September 2023.

Our plan is designed to have a long-term beneficial impact on the group and to contribute to its success in delivering a high quality of service.

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business.

Engagement with suppliers and customers is also key to our success. We meet with our key franchises partners regularly through the year to maintain strong and positive relationships with them.

Our plan considers the impact of the group's operations on the community and environment, and in particular we work hard to pursue waste-saving opportunities and ensure we deal with waste in the most appropriate manner.

The group prides itself on maintaining its strong reputation throughout the industries that it operates within. The directors support the management teams of each business to promote our products and services and to exceed customers' expectations.

As the board of directors, our intention is to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will construct to the delivery of our plan.


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

GROUP STRATEGIC REPORT
for the Year Ended 30 SEPTEMBER 2023

FUTURE OUTLOOK
Across the trading elements of the Group, we look forward to 2023-24 with continued optimism.

In Oliver Agriculture Limited the future outlook continues to be buoyant with a strong start to the 2024 business year. Despite the recent wet weather, our customers have remained confident with better levels of autumn drilled crops than the national average resulting in successful early out of season order campaign. We have taken delivery of all the prior year carry over orders as supplier despatches continued to improve. Our Budget is forecasting at least a similar outcome to the 2022-23 trading year. We must be cognisant to the market volatility and maintain strong stock and credit control, whilst being mindful of the rise of interest rates and stocking charges and their impact on gross margin.

Oliver Landpower Limited has had a strong start to the next financial year with sales up 94% over the same period last year, with a strong order book for the rest of the year and a greatly improved gross profit. This growth has come from continued demand for the company's core products and the acquisition of the Stratford-upon-Avon based LQG Agri Limited business in October 2022, and the opening of the Colchester depot in January 2023 which is now fully operational. The products the company sell are still in demand, component shortages following the COVID-19 Pandemic have improved and consequently stock lead times have returned to pre-pandemic levels, control of stock levels particularly with increased cost of funds is essential to be able to provide competitive machinery purchasing solutions for our customers.

ATO Holdings Limited looks to continue to maintain its existing revenue streams in farming, property rental and management and administration. Dividend payments from Oliver Agriculture Limited will continue whilst Oliver Landpower Limited will have the opportunity to consolidate following on from it's expansion in this financial year.

Long term the group's strategy is to continue to grow all aspects of the business whilst controlling costs, increasing margin, continuing to implement efficiencies, and to maintain a tight control on debtors. The group will ensure that it will employ sufficient numbers of staff to achieve this. To this end we continue to engage with our apprenticeship programme and invest in specialist manufacturer training for existing staff.

Continued focus will be made on information technology enhancements in all areas of the business to increase efficiencies and in turn growth. In 2024 we will continue to review our marketing activities and continue to embrace web based social media activities to communicate our message to existing and potential customers, whilst complying with General Data Protection Regulation (GDPR).

ON BEHALF OF THE BOARD:





Ms A C Barnes - Director


11 April 2024

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023.

DIVIDENDS
Particulars of dividends paid by ATO Holdings Limited during the year and any proposed are detailed in note 10 to the accounts.

In order to comply with current accounting disclosure requirements the dividends paid on the preferred ordinary shares of £74,670 are included in interest payable and similar expenses in the consolidated income statement.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mr A J S Oliver
Mr J M Humphreys
Ms A C Barnes

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The group operates a centralised treasury function which is responsible for managing the liquidity and interest risks associated with the group's activities.

The group's principal financial instruments include bank overdrafts and hire purchase loans, the main purpose of which are to provide working capital for the group's operations. In addition, the group has various other financial assets and liabilities such as trade receivable and trade payables arising directly from its operations, together with cash deposits held in the parent company.

Liquidity Risk
The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of its business.

Interest Rate Risk
Through the close management of cash resources and bank overdrafts, the group is able to maintain positive net cash funds and therefore not be exposed to external bank interest rates. Hire purchase and stocking finance agreements are monitored to achieve efficient financing costs.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The group aims to have positive and strong business relationships with key stakeholders, such as customers and suppliers, to ensure long term sustainable value. Within the group, the director and management teams of each business deal directly with the engagement of the customers and suppliers in relation to that business. These key personnel know their businesses the best and therefore are best placed to foster strong relationships with these key stakeholders. The directors of ATO Holdings Limited support the group by having positive and strong business relationships with the group’s key-stakeholders and support the individual businesses where required.

STREAMLINED ENERGY AND CARBON REPORTING
The group has excluded any subsidiaries which are not obliged to report individually according to the thresholds from the energy usage calculation. The resulting energy usage deems the parent company to be a low energy user and therefore no disclosure is required.


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

REPORT OF THE DIRECTORS
for the Year Ended 30 SEPTEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Ms A C Barnes - Director


11 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ATO HOLDINGS LIMITED

Opinion
We have audited the financial statements of ATO Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ATO HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Owing to the inherent limitations of an audit, there is unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, omission or misrepresentation.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- enquiry of management and those charged with governance around actual and potential litigation and claims;
- enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and
regulations;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- adjustments for appropriateness and evaluating the business rationale of significant transactions outside the
normal course of business; and
- auditing the risk of management override of controls, including through testing journal entries and other means.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ATO HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Mason BSc FCA (Senior Statutory Auditor)
for and on behalf of FKCA Limited
Statutory Auditor
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

11 April 2024

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 4 88,531,245 58,582,744

Cost of sales 81,476,052 53,348,188
GROSS PROFIT 7,055,193 5,234,556

Distribution costs 1,723,077 1,276,435
Administrative expenses 2,902,219 2,108,245
4,625,296 3,384,680
OPERATING PROFIT 6 2,429,897 1,849,876

Interest receivable and similar income 26,306 4,353
Other finance income 25 4,000 -
30,306 4,353
2,460,203 1,854,229

Interest payable and similar expenses 8 159,652 125,126
PROFIT BEFORE TAXATION 2,300,551 1,729,103

Tax on profit 9 535,050 458,879
PROFIT FOR THE FINANCIAL YEAR 1,765,501 1,270,224
Profit attributable to:
Owners of the parent 1,647,911 1,094,938
Non-controlling interests 117,590 175,286
1,765,501 1,270,224

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 30 SEPTEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,765,501 1,270,224


OTHER COMPREHENSIVE INCOME/(LOSS)
Actuarial gain/(loss) on pension scheme 22,000 (6,000 )
Income tax relating to other comprehensive
income/(loss)

(2,440

)

11,400
OTHER COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR, NET
OF INCOME TAX


19,560


5,400
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,785,061

1,275,624

Total comprehensive income attributable to:
Owners of the parent 2,476,259 1,100,338
Non-controlling interests (691,198 ) 175,286
1,785,061 1,275,624

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 41,979 -
Tangible assets 13 3,798,612 3,601,445
Investments 14 - -
3,840,591 3,601,445

CURRENT ASSETS
Stocks 15 20,668,424 13,647,224
Debtors 16 7,882,700 9,766,572
Cash at bank and in hand 953,548 2,060,934
29,504,672 25,474,730
CREDITORS
Amounts falling due within one year 17 19,853,229 17,058,415
NET CURRENT ASSETS 9,651,443 8,416,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,492,034

12,017,760

CREDITORS
Amounts falling due after more than one
year

18

(2,082,389

)

(1,623,242

)

PROVISIONS FOR LIABILITIES 22 (608,531 ) (559,867 )

PENSION ASSET 25 63,750 80,190
NET ASSETS 10,864,864 9,914,841

CAPITAL AND RESERVES
Called up share capital 23 175,000 175,000
Capital redemption reserve 24 364,700 364,700
Other reserves 24 2,670 2,670
Retained earnings 24 10,097,734 8,456,513
SHAREHOLDERS' FUNDS 10,640,104 8,998,883

NON-CONTROLLING INTERESTS 224,760 915,958
TOTAL EQUITY 10,864,864 9,914,841

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Ms A C Barnes - Director


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

COMPANY BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 1,330,454 1,341,157
Investments 14 1,415,775 551,015
2,746,229 1,892,172

CURRENT ASSETS
Stocks 15 5,675 6,739
Debtors 16 2,549,621 1,499,717
Cash at bank 945,478 2,014,485
3,500,774 3,520,941
CREDITORS
Amounts falling due within one year 17 920,669 656,358
NET CURRENT ASSETS 2,580,105 2,864,583
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,326,334

4,756,755

CREDITORS
Amounts falling due after more than one
year

18

(1,086,411

)

(882,986

)

PENSION ASSET 25 63,750 80,190
NET ASSETS 4,303,673 3,953,959

CAPITAL AND RESERVES
Called up share capital 23 175,000 175,000
Capital redemption reserve 24 364,700 364,700
Other reserves 24 2,670 2,670
Retained earnings 24 3,761,303 3,411,589
SHAREHOLDERS' FUNDS 4,303,673 3,953,959

Company's profit/(loss) for the financial year 356,404 (834 )

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Ms A C Barnes - Director


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 SEPTEMBER 2023

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 October 2021 175,000 7,382,425 364,700

Changes in equity
Profit for the year - 1,094,938 -
Other comprehensive income - 5,400 -
Total comprehensive income - 1,100,338 -
Dividends - (26,250 ) -
Balance at 30 September 2022 175,000 8,456,513 364,700

Changes in equity
Profit for the year - 1,647,911 -
Other comprehensive income - 19,560 -
Total comprehensive income - 1,667,471 -
Dividends - (26,250 ) -
Balance at 30 September 2023 175,000 10,097,734 364,700
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 October 2021 2,670 7,924,795 740,672 8,665,467

Changes in equity
Profit for the year - 1,094,938 175,286 1,270,224
Other comprehensive income - 5,400 - 5,400
Total comprehensive income - 1,100,338 175,286 1,275,624
Dividends - (26,250 ) - (26,250 )
Balance at 30 September 2022 2,670 8,998,883 915,958 9,914,841

Changes in equity
Profit for the year - 1,647,911 117,590 1,765,501
Other comprehensive income - 19,560 (808,788 ) (789,228 )
Total comprehensive income - 1,667,471 (691,198 ) 976,273
Dividends - (26,250 ) - (26,250 )
Balance at 30 September 2023 2,670 10,640,104 224,760 10,864,864

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 SEPTEMBER 2023

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 October 2021 175,000 3,433,273 364,700 2,670 3,975,643

Changes in equity
Deficit for the year - (834 ) - - (834 )
Other comprehensive income - 5,400 - - 5,400
Total comprehensive income - 4,566 - - 4,566
Dividends - (26,250 ) - - (26,250 )
Balance at 30 September 2022 175,000 3,411,589 364,700 2,670 3,953,959

Changes in equity
Profit for the year - 356,404 - - 356,404
Other comprehensive income - 19,560 - - 19,560
Total comprehensive income - 375,964 - - 375,964
Dividends - (26,250 ) - - (26,250 )
Balance at 30 September 2023 175,000 3,761,303 364,700 2,670 4,303,673

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 SEPTEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 254,056 1,436,341
Interest paid (31,185 ) (16,588 )
Interest element of hire purchase payments
paid

(53,797

)

(33,868

)
Tax paid (327,158 ) (207,932 )
Net cash from operating activities (158,084 ) 1,177,953

Cash flows from investing activities
Purchase of tangible fixed assets (490,604 ) (485,120 )
Purchase of fixed asset investments (282,533 ) -
Sale of tangible fixed assets 50,655 74,498
Interest received 26,306 4,353
Net cash from investing activities (696,176 ) (406,269 )

Cash flows from financing activities
Loan repayments in year (25,109 ) (29,933 )
Capital repayments in year (498,291 ) (685,795 )
Equity dividends paid (26,250 ) (26,250 )
Dividends paid on non-equity shares (74,670 ) (74,670 )
Net cash from financing activities (624,320 ) (816,648 )

Decrease in cash and cash equivalents (1,478,580 ) (44,964 )
Cash and cash equivalents at beginning of
year

2

2,036,882

2,081,846

Cash and cash equivalents at end of year 2 558,302 2,036,882

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 SEPTEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,300,551 1,729,103
Depreciation charges 760,157 641,358
Profit on disposal of fixed assets (25,797 ) (68,100 )
Non-cash pension movement 40,000 54,000
Finance costs 159,652 125,126
Finance income (30,306 ) (4,353 )
3,204,257 2,477,134
Increase in stocks (6,543,011 ) (4,285,982 )
Decrease/(increase) in trade and other debtors 1,883,873 (3,826,941 )
Increase in trade and other creditors 1,708,937 7,072,130
Cash generated from operations 254,056 1,436,341

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 953,548 2,060,934
Bank overdrafts (395,246 ) (24,052 )
558,302 2,036,882
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 2,060,934 2,432,964
Bank overdrafts (24,052 ) (351,118 )
2,036,882 2,081,846


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 SEPTEMBER 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.10.22 Cash flow changes At 30.9.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,060,934 (1,107,386 ) 953,548
Bank overdrafts (24,052 ) (371,194 ) (395,246 )
2,036,882 (1,478,580 ) 558,302
Debt
Finance leases (1,273,222 ) 498,291 (955,775 ) (1,730,706 )
Debts falling due
within 1 year (30,104 ) 25,109 (25,109 ) (30,104 )
Debts falling due
after 1 year (459,856 ) - 25,109 (434,747 )
(1,763,182 ) 523,400 (955,775 ) (2,195,557 )
Total 273,700 (955,180 ) (955,775 ) (1,637,255 )

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

ATO Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention except for the modifications to a fair value basis for the defined benefit pension scheme as specified in the accounting policies.

Basis of consolidation
The consolidated accounts incorporate the accounts of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group accounts by virtue of section 408 of the Companies Act 2006.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

In the course of preparing the financial statements, management has made a judgement in respect of determining the net realisable value of stock held by the company at the balance sheet date. Factors that have been considered when calculating the value include (but are not restricted to) the selling environment, stock condition and amount of time stock items are held by the company.

Due to the nature of the industry items of stock held by the group at the balance sheet date may be held for a significant amount of time and so increase the level of judgement required by management to value that stock.

Turnover
Turnover is measured at the fair value of consideration received (or receivable), net of discounts and value added taxes. Turnover includes revenue earned from the sales of agricultural and groundcare equipment, ongoing services and maintenance of agricultural and groundcare equipment, hire of machinery, farming and rents.

Turnover arising from the sale of agricultural and groundcare machinery is recognised in full upon delivery to the customer, when it is considered significant rights and obligations of ownership have been transferred.

Turnover arising from farming activities is recognised in the year of harvest at fair value, less costs to sell, at the year end.

Turnover is respect of rents and hire is recognised on an accruals basis.

In respect of contracts for on-going services and maintenance of agricultural and groundcare equipment, turnover represents the value of work done in the year by reference to the stage of completion, including estimates of amounts not invoiced.

Goodwill
Goodwill, being the amount paid in connection with an increase in the ownership of a subsidiary in 2023, is being amortised evenly over its estimated useful life of two year.

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings-2% on cost of buildings and over the remaining period of the lease
Plant and machinery-25% on cost and 10% on reducing balance
Fixtures and fittings-25% on cost and 10% on reducing balance
Motor vehicles-20% on cost

All fixed assets are initially recorded at cost.

Investments
Investments in subsidiaries are accounted for at cost less impairment in the individual company financial statements.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are recognised in the group's balance sheet when the company becomes 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 associated liabilities.

Preferred ordinary shares, which result in fixed returns to the holder, are classified as liabilities. The dividends on these preferred ordinary shares are recognised in the profit and loss account as an interest expense.

Basic financial assets and liabilities, including trade and other debtors, trade and other creditors, bank overdrafts and preferred ordinary shares that are classified as debt are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates two defined contribution pension schemes and a defined benefit pension scheme.

(i) Defined contribution schemes

The assets of the funded schemes are held separately from those of the group companies in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund.

(ii) Defined benefit scheme

The company operates a defined benefit pension scheme in respect of employees of the subsidiary companies and accounts for this in accordance with FRS 102.

The subsidiary companies contribute to the scheme, which is closed to new members, on the same basis as if their employees were members of the defined contribution scheme. As a consequence any surplus or deficiency of assets arising in the defined benefit scheme, after the defined contributions are received from the subsidiary companies, will be the responsibility of the company.

Pension scheme liabilities are recognised in the balance sheet at the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The defined benefit obligations are measured on an actuarial basis using the Projected Unit Credit method. Under this method the present value of the scheme's liabilities are calculated by estimating the future benefit payments from the scheme based on pensionable service up to the valuation date and final pensionable salaries projected to retirement. These are then discounted back to the valuation date at the valuation rate of interest.

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits - continued
By its nature, a projection of the liabilities involves a degree of estimation.

The pension scheme assets consist of cash (0%), a Unitised with Profits policy (46.2%) and Annuities (53.8%) which are valued at its fair value.

The pension scheme surplus recognised in the balance sheet is restricted in accordance with FRS102 regulations.

The deferred tax relating to a defined benefit asset is offset against the defined benefit asset and not included with other deferred tax assets or liabilities.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 82,213,169 54,906,786
Rendering of services 6,061,864 3,333,488
Farming 105,600 168,340
Rent received 150,612 174,130
88,531,245 58,582,744

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 85,520,473 56,752,003
Europe and rest of the world 3,010,772 1,830,741
88,531,245 58,582,744

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

5. EMPLOYEES AND DIRECTORS

Group Company
2023 2022 2023 2022
£ £ £ £
Wages and salaries 7,061,765 5,330,500 175,432 138,681
Social security costs 694,291 569,842 18,836 15,208
Other pension costs 422,858 409,787 8,768 6.534
8,178,914 6,310,129 203,036 160.423

The average number of employees during the period was as follows:
Group Company
2023 2022 2023 2022

Sales and service 155 128 - -
Administration 23 18 5 4
178 146 5 4

2023 2022
£    £   
Directors' remuneration 143,486 149,481
Directors' pension contributions to money purchase schemes 6,914 5,890

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 347,926 215,683
Depreciation - owned assets 294,198 332,589
Depreciation - assets on hire purchase contracts 451,967 308,769
Profit on disposal of fixed assets (25,797 ) (68,100 )
Goodwill amortisation 13,993 -

7. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

10,140

12,700
Fees payable to the company's auditors for other services to the group:
The auditing of accounts of any associate of the company 40,000 40,000
Taxation compliance services 3,260 3,260
Other non- audit services 5,200 5,200

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Mortgage 31,185 16,588
Hire purchase 53,797 33,868
Preferred ordinary dividends 74,670 74,670
159,652 125,126

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 486,386 192,408

Deferred tax 48,664 266,471
Tax on profit 535,050 458,879

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,300,551 1,729,103
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

575,138

328,530

Effects of:
Expenses not deductible for tax purposes 19,708 30,394
Capital allowances in excess of depreciation - (34,413 )
Depreciation in excess of capital allowances 16,766 -

Effect of change in tax rate (76,562 ) 134,368
Total tax charge 535,050 458,879

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Actuarial gain/(loss) on pension scheme 22,000 (2,440 ) 19,560

2022
Gross Tax Net
£    £    £   
Actuarial gain/(loss) on pension scheme (6,000 ) 11,400 5,400

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

9. TAXATION - continued

The UK tax rate changed to 25% from 19% on 1 April 2023. This law was substantively enacted on 24 May 2021.

Deferred taxes at both balance sheet dates have been measured using the enacted rate of 25%.

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

2023 2022
£ £
Paid during the year:
Equity dividends on ordinary shares 26,250 26,250
Non-equity dividends on preferred ordinary shares 74,670 74,670
100,920 100,920

Proposed after the year end and not recognised as a liability:
Equity dividends on ordinary shares 26,250 26,250
Non-equity dividends on preferred ordinary shares 74,670 74,670
100,920 100,920

The dividends paid on the preferred ordinary shares are included within interest payable and similar charges.

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 55,972
At 30 September 2023 55,972
AMORTISATION
Amortisation for year 13,993
At 30 September 2023 13,993
NET BOOK VALUE
At 30 September 2023 41,979

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Land and Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 1,587,547 2,993,354 782,196 2,089,612 7,452,709
Additions 53,088 301,709 74,511 538,882 968,190
Disposals - (60,525 ) - (80,104 ) (140,629 )
At 30 September 2023 1,640,635 3,234,538 856,707 2,548,390 8,280,270
DEPRECIATION
At 1 October 2022 230,899 1,921,839 618,907 1,079,619 3,851,264
Charge for year 22,832 305,849 42,015 375,469 746,165
Eliminated on disposal - (51,455 ) - (64,316 ) (115,771 )
At 30 September 2023 253,731 2,176,233 660,922 1,390,772 4,481,658
NET BOOK VALUE
At 30 September 2023 1,386,904 1,058,305 195,785 1,157,618 3,798,612
At 30 September 2022 1,356,648 1,071,515 163,289 1,009,993 3,601,445

Included in cost of land and buildings is freehold land of £720,724 (2022 - £720,724) which is not depreciated.

The net book value of tangible fixed assets includes investment property rented to other group entities with a carrying value of £1,268,671 (2022 - £1,004,252).

The net book value of tangible fixed assets includes £ 1,268,671 (2022 - £ 1,289,504 ) in respect of assets held under hire purchase contracts.

Company
Fixtures
Land and and
buildings fittings Totals
£    £    £   
COST
At 1 October 2022 1,388,724 21,063 1,409,787
Additions - 3,543 3,543
At 30 September 2023 1,388,724 24,606 1,413,330
DEPRECIATION
At 1 October 2022 50,800 17,830 68,630
Charge for year 12,800 1,446 14,246
At 30 September 2023 63,600 19,276 82,876
NET BOOK VALUE
At 30 September 2023 1,325,124 5,330 1,330,454
At 30 September 2022 1,337,924 3,233 1,341,157

Included in cost of land and buildings is freehold land of £ 720,724 (2022 - £ 720,724 ) which is not depreciated.

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2022 551,015
Additions 864,760
At 30 September 2023 1,415,775
NET BOOK VALUE
At 30 September 2023 1,415,775
At 30 September 2022 551,015


The group or the company's investment at the Balance Sheet date in the share capital of the companies include the follow:


Subsidiary
Class of
Shares
Held
directly
Held
indirectly
% %
Oliver LP 2010 Limited Ordinary 91.67 -
Oliver AG 2010 Limited Ordinary 100.00 -
A T Oliver & Sons Limited Ordinary - 95.83
Oliver Landpower Limited Ordinary - 91.67
Oliver Agriculture Limited Ordinary - 100.00

The registered office address of all subsidiaries is Wandon End Works, Wandon End, Luton, Bedfordshire, LU2 8NY.

15. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Finished goods 20,668,424 13,647,224 5,675 6,739

An impairment loss of £283,841 was recognised in cost of sales against slow-moving and obsolete stock in the group during the year (2022 - £476,825).

The net book value of stock includes £7,580,901 (2022 - £5,345,245) in respect of assets held under stocking plan contracts. The net book value of stock includes £468,491 (2022 - £104,061) in respect of assets held under hire purchase contracts.

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 7,178,900 5,295,005 97,442 140,613
Amounts owed by group undertakings - - 2,433,448 1,348,995
Amounts recoverable on contract 366,564 218,401 - -
Prepayments and accrued income 337,236 4,253,166 18,731 10,109
7,882,700 9,766,572 2,549,621 1,499,717

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) 425,350 54,156 30,104 30,104
Hire purchase contracts (see note 20) 734,728 532,966 - -
Trade creditors 15,282,194 10,085,421 - -
Amounts owed to group undertakings - - 321,588 349,594
Corporation tax 351,636 192,408 25,843 33,155
Taxation and social security 187,341 145,598 4,708 3,782
VAT 1,010,043 320,049 38 -
Liability component of preferred ordinary
shares

74,670

74,670

74,670

74,670
Accruals and deferred income 1,787,267 5,653,147 463,718 165,053
19,853,229 17,058,415 920,669 656,358

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) 434,747 459,856 434,747 459,856
Hire purchase contracts (see note 20) 995,978 740,256 - -
Liability component of preferred ordinary
shares

423,130

423,130

423,130

423,130
Other creditors 228,534 - 228,534 -
2,082,389 1,623,242 1,086,411 882,986

Other creditors are interest free and payable in April 2025.

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 395,246 24,052 - -
Bank loans 30,104 30,104 30,104 30,104
425,350 54,156 30,104 30,104
Amounts falling due between one and two years:
Bank loans 62,550 62,550 62,550 62,550
Amounts falling due between two and five years:
Bank loans - 2-5 years 100,505 100,505 100,505 100,505
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - over 5 years by instalments 271,692 296,801 271,692 296,801

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 734,728 532,966
Between one and five years 995,978 740,256
1,730,706 1,273,222

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 321,000 154,000
Between one and five years 941,500 427,500
In more than five years 950,252 212,500
2,212,752 794,000

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 395,246 24,052 - -
Bank loans 464,851 489,960 464,851 489,960
Hire purchase contracts 1,730,706 1,273,222 - -
Trade creditors 10,014,298 7,631,837 - -
12,605,101 9,419,071 464,851 489,960

Bank overdrafts and loans are secured on land and buildings held by the company. Hire purchase liabilities are secured on the assets to which they relate. Trade creditors are secured on stock.

22. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 608,531 559,867

Group
Deferred
tax
£   
Balance at 1 October 2022 559,867
Provided during year 48,664
Balance at 30 September 2023 608,531

The deferred tax liability expected to reverse next year is £158,000 relating to the reversal of existing timing differences on capital allowances.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150,000 Ordinary £1 150,000 150,000
25,000 Non-voting ordinary £1 25,000 25,000
175,000 175,000

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

23. CALLED UP SHARE CAPITAL - continued

20232022
££
497,800Preferred ordinary£1497,800497,800

Ordinary shares entitles the holder to one vote per share, to receive dividends and to a share of any capital distribution. Ordinary shares can only be owned by directors, if this requirement is not fulfilled then the shares not held by a director should be reclassified to preferred ordinary capital.

Non-voting ordinary shares have the same rights as ordinary shares, and rank pari passu with them, but without the right to receive notice of, attend and vote at any general meeting.

Preferred ordinary shares have the right to a fixed cumulative preferential dividend of 10 pence per annum payable (if the profits and reserves of the company justify the payment) half-yearly on the 6th April and October. The dividend shall rank for payment in priority to a dividend payment on other issued shares. Preferred ordinary shares shall be entitled to an increased dividend where a dividend payable on ordinary shares exceeds 10 pence per annum. On winding up, preferred shares shall be entitled to payment of any arrears of the cumulative dividend and share equally with ordinary and non-voting share capital in any capital distribution.

In order to comply with current accounting disclosure requirements preferred ordinary shares are classified as a liability in the balance sheet.

24. RESERVES

Retained earnings includes all current and prior year periods' retained profits and losses attributable to the group.

Capital redemption reserve records the nominal value of shares repurchased by the company.

25. EMPLOYEE BENEFIT OBLIGATIONS

ATO Holdings Limited operates a defined benefit pension scheme for the benefit of certain employees of its subsidiary companies. The scheme's funds are administrated by the company as trustee and are independent of the company's finances. Contributions are paid to the scheme in accordance with the recommendations of an independent actuarial adviser. Contributions to the cost of the scheme are received from the subsidiary companies calculated on a fixed basis in line with the defined contribution scheme. Any differential between contributions paid by the company and received from the subsidiary companies will remain the responsibility of the company.

The company made no contributions to the scheme during the year, as it was agreed with the Actuary that contributions would cease from 31 December 2013 and this agreement has been extended to the next actuarial valuation as a result of the surplus assets in the scheme. As the scheme is closed to new entrants the current service cost as a percentage of pensionable payroll is likely to increase as the membership ages, although it will be applied to a decreasing pensionable payroll.

An actuarial valuation of the scheme was carried out on 1 October 2021 by an independent qualified actuary in accordance with FRS 102.

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

25. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Present value of funded obligations (5,680,000 ) (5,925,000 )
Fair value of plan assets 7,625,000 8,103,000
1,945,000 2,178,000
Present value of unfunded obligations - -
Unrecognised surplus (1,860,000 ) (2,079,000 )
Surplus 85,000 99,000
Deferred tax liability (21,250 ) (18,810 )
Net asset 63,750 80,190

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost 16,000 32,000
Past service cost - -
Administration fee 24,000 22,000
40,000 54,000

Actual return on plan assets (128,000 ) (1,581,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 5,925,000 8,711,000
Current service cost 16,000 32,000
Contributions by scheme participants 6,000 6,000
Interest cost 300,000 163,000
Actuarial losses/(gains) (235,000 ) (2,648,000 )
Benefits paid (332,000 ) (339,000 )
5,680,000 5,925,000

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

25. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 8,103,000 10,039,000
Contributions by scheme participants 6,000 6,000
Administration fee paid from Scheme assets (24,000 ) (22,000 )
Expected return (540,000 ) (1,744,000 )
Interest income 412,000 163,000
Benefits paid (332,000 ) (339,000 )
7,625,000 8,103,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Actuarial gains/(losses) 22,000 (6,000 )
Deferred tax (2,440 ) 11,400
19,560 5,400

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Unitised With-Profits policy 3,524,000 3,706,000
Cash (1,000 ) 30,000
Annuities 4,102,000 4,367,000
7,625,000 8,103,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 5.50% 5.20%
Rate of increase in salaries 4.30% 4.60%
Rate of increase in deferred pensions 2.50% 2.80%
RPI Inflation 3.30% 3.60%

Pension increase in payment:
- RPI, maximum 5%, minimum 3% 3.30% 3.60%
- CPI, maximum 2.5% 2.50% 2.80%

ATO HOLDINGS LIMITED (REGISTERED NUMBER: 00502816)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2023

26. CONTINGENT LIABILITIES

A guarantee has been given by ATO Holdings Limited for supplier credit extended to its subsidiaries A T Oliver & Sons Limited, Oliver Landpower Limited and Oliver Agriculture Limited. At 30 September 2023 the amount owed by the subsidiaries to the suppliers amounted to £8,814,068 (2022- £6,274,375). The maximum liability of the company under the guarantee was £15,950,000 (2022 - £12,600,000).

The company has entered into a Memorandum Accounts Statement System (MASS) agreement with Barclays Bank Plc for bank facility purposes with two subsidiary undertakings, A. T. Oliver & Sons Limited and Oliver Landpower Limited, such that each participant is jointly and severally liable as a principal debtor for all indebtedness owing to the bank on the MASS account.

27. RELATED PARTY DISCLOSURES

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.