REGISTERED NUMBER: |
ADVANCED TIMBER CRAFT (NI) LTD |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
REGISTERED NUMBER: |
ADVANCED TIMBER CRAFT (NI) LTD |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ADVANCED TIMBER CRAFT (NI) LTD |
Company Information |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Statement of Financial Position |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories | 6 |
Receivables: amounts falling due within one year |
7 |
Cash at bank and in hand |
PAYABLES |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PAYABLES |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Statement of Financial Position - continued |
31 OCTOBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Advanced Timber Craft (NI) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation |
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified when necessary to include the revaluation of certain fixed assets. |
The accounting policies detailed below have been applied consistently throughout the year. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment and depreciation |
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
Freehold property | Nil |
Plant and machinery | 25% Reducing Balance |
Fixtures, fittings and equipment | 25% Reducing Balance |
Motor vehicles | 25% Straight line |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Inventories |
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. |
Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the comapny's taxable profits and its results as stated in the financial statements. |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 |
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement. |
Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as deduction, net of tax, from the proceeds. |
Government grants |
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
6. | INVENTORIES |
2023 | 2022 |
£ | £ |
Inventories |
Finished goods | ( |
) |
7. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade receivables |
Other receivables |
8. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Trade payables |
Taxation & social security |
Other payables |
9. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Hire purchase contracts |
ADVANCED TIMBER CRAFT (NI) LTD (REGISTERED NUMBER: NI044562) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Amounts falling due between one and two years: |
Bank loans between 1-5 years |
11. | SECURED DEBTS |
Bank loans are secured by a letter of guarantee from the directors for £225,000. |
Hire Purchase liabilities are secured against the asset to which they relate. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
A balance of £19,636 (2021 - £13,613) was owing from the company to the directors at the year end. |