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Registration number: 07040248

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ATM Renovations & Lettings Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 October 2023

 

ATM Renovations & Lettings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

ATM Renovations & Lettings Limited

Company Information

Directors

Mr T P Mortlock

Mrs A E Mortlock

Registered office

Newton Villa
19 Alexandra Road
Brecon
Powys
LD3 7PB

 

Bankers

National Westminster Bank plc
27 High Street
Brecon
Powys
LD3 7LF

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

ATM Renovations & Lettings Limited

(Registration number: 07040248)

Balance Sheet
as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

972,000

820,000

Current assets

 

Debtors

5

3,595

9,408

Cash at bank and in hand

 

2,923

240,919

 

6,518

250,327

Creditors: Amounts falling due within one year

6

(120,093)

(337,646)

Net current liabilities

 

(113,575)

(87,319)

Total assets less current liabilities

 

858,425

732,681

Creditors: Amounts falling due after more than one year

6

(563,838)

(507,677)

Provisions for liabilities

(43,933)

(34,390)

Net assets

 

250,654

190,614

Capital and reserves

 

Called up share capital

100

100

Other reserves

222,486

181,799

Profit and loss account

28,068

8,715

Total equity

 

250,654

190,614

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

ATM Renovations & Lettings Limited

(Registration number: 07040248)

Balance Sheet
as at 31 October 2023

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

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

Mr T P Mortlock

Director

 

ATM Renovations & Lettings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Newton Villa
19 Alexandra Road
Brecon
Powys
LD3 7PB

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

Turnover represents rents receivable during the year.

Revenue is recognised when a tenant occupies a property. Rent receivable is credited to income in the period to which it relates.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

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

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

ATM Renovations & Lettings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Tangible assets

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

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

Investment property

The investment properties are revalued annually at their open market value. The surplus or deficit on revaluation is recognised in the income statement.

No depreciation is provided on the investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors, the properties are held primarily for the investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view.

Cash and cash equivalents

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

Trade debtors

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

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

Trade creditors

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

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

ATM Renovations & Lettings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

Share capital

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 November 2022

820,000

820,000

Revaluations

50,230

50,230

Additions

101,770

101,770

At 31 October 2023

972,000

972,000

Depreciation

Carrying amount

At 31 October 2023

972,000

972,000

At 31 October 2022

820,000

820,000

Included within the net book value of land and buildings above is £972,000 (2022 - £820,000) in respect of freehold land and buildings.
 

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

7,286

Prepayments

 

1,400

855

Other debtors

 

2,195

1,267

 

3,595

9,408

 

ATM Renovations & Lettings Limited

Notes to the Financial Statements
for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

24,961

17,245

Trade creditors

 

1,470

-

Accruals and deferred income

 

1,263

1,249

Other creditors

 

92,399

319,152

 

120,093

337,646

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

563,838

507,677

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

563,838

507,677

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,247

17,245

Other borrowings

7,714

-

24,961

17,245