Company registration number 07708468 (England and Wales)
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
284,516
308,671
Current assets
Stocks
110,485
134,600
Debtors
4
1,207,637
3,060,869
Cash at bank and in hand
1,070,361
1,055,942
2,388,483
4,251,411
Creditors: amounts falling due within one year
5
(896,315)
(2,117,748)
Net current assets
1,492,168
2,133,663
Total assets less current liabilities
1,776,684
2,442,334
Creditors: amounts falling due after more than one year
6
(92,349)
(172,879)
Provisions for liabilities
(61,517)
(368,547)
Net assets
1,622,818
1,900,908
Capital and reserves
Called up share capital
7
120
120
Profit and loss reserves
1,622,698
1,900,788
Total equity
1,622,818
1,900,908
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 July 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.
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
Mr N Smith
Mr K J Bennett
Director
Director
Company Registration No. 07708468
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Athena Professional Technical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Low Mill Business Park, Ulverston, LA12 9EE. The place of business is Low Mill Business Park, Ulverston, LA12 9EE.
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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant, machinery, fixtures & fittings
15% reducing balance
Computer software
5 years straight line
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of overhead expenditure. Profit is recognised on WIP, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
65
73
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
3
Tangible fixed assets
Plant, machinery, fixtures & fittings
Computer software
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
193,480
112,331
103,483
306,713
716,007
Additions
3,249
43,092
4,670
51,011
At 31 July 2023
196,729
155,423
108,153
306,713
767,018
Depreciation and impairment
At 1 August 2022
80,391
87,269
89,324
150,352
407,336
Depreciation charged in the year
17,123
10,787
8,166
39,090
75,166
At 31 July 2023
97,514
98,056
97,490
189,442
482,502
Carrying amount
At 31 July 2023
99,215
57,367
10,663
117,271
284,516
At 31 July 2022
113,089
25,062
14,159
156,361
308,671
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
678,866
924,213
Amounts owed by group undertakings
9,085
8,000
Other debtors
519,686
2,128,656
1,207,637
3,060,869
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
64,060
58,624
Trade creditors
323,180
1,641,923
Amounts owed to group undertakings
59,564
Taxation and social security
251,477
298,513
Other creditors
257,598
59,124
896,315
2,117,748
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
5
Creditors: amounts falling due within one year
(Continued)
- 8 -
Bank loans and overdrafts of £64,060 (2022: £58,624) comprise a Coronavirus Business Interruption Loan (CBIL) where the bank has received a guarantee from the UK Government under the CBIL scheme.
Included within other creditors are obligations under hire purchase agreements of £16,469 (2022: £15,923) which are secured by fixed charges on the fixed assets concerned.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
82,281
146,341
Other creditors
10,068
26,538
92,349
172,879
Bank loans and overdrafts of £82,281 (2022: £146,341) comprise a Coronavirus Business Interruption Loan (CBIL) where the bank has received a guarantee from the UK Government under the CBIL scheme.
Included within other creditors are obligations under hire purchase agreements of £10,068 (2022: £26,538) which are secured by fixed charges on the fixed assets concerned.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
24 'A' Ordinary shares of £1 each
24
24
24 'B' Ordinary shares of £1 each
24
24
24 'C' Ordinary shares of £1 each
24
24
24 'D' Ordinary shares of £1 each
24
24
6 'E' Ordinary shares of £1 each
6
6
3 'F' Ordinary shares of £1 each
3
3
3 'G' Ordinary shares of £1 each
3
3
6 'H' Ordinary shares of £1 each
6
6
3 'I' Ordinary shares of £1 each
3
3
3 'J' Ordinary shares of £1 each
3
3
120
120
8
Related party transactions
The company is a wholly owned subsidiary of 3SB Investment Holdings Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions and balances with that company and its fellow subsidiary, Accounting for Safety Limited.
ATHENA PROFESSIONAL TECHNICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
98,204
98,204
Between two and five years
34,818
133,022
133,022
231,226