IRIS Accounts Production v24.1.9.2 NI044562 Board of Directors Board of Directors Board of Directors Board of Directors 1.11.22 31.10.23 31.10.23 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0445622022-10-31NI0445622023-10-31NI0445622022-11-012023-10-31NI0445622021-10-31NI0445622021-11-012022-10-31NI0445622022-10-31NI044562ns15:NorthernIreland2022-11-012023-10-31NI044562ns14:PoundSterling2022-11-012023-10-31NI044562ns10:Director12022-11-012023-10-31NI044562ns10:Director22022-11-012023-10-31NI044562ns10:Director32022-11-012023-10-31NI044562ns10:Director42022-11-012023-10-31NI044562ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31NI044562ns10:SmallEntities2022-11-012023-10-31NI044562ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-31NI044562ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-31NI044562ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-31NI044562ns10:FullAccounts2022-11-012023-10-31NI044562ns10:OrdinaryShareClass12022-11-012023-10-31NI044562ns10:RegisteredOffice2022-11-012023-10-31NI044562ns5:CurrentFinancialInstruments2023-10-31NI044562ns5:CurrentFinancialInstruments2022-10-31NI044562ns5:Non-currentFinancialInstruments2023-10-31NI044562ns5:Non-currentFinancialInstruments2022-10-31NI044562ns5:ShareCapital2023-10-31NI044562ns5:ShareCapital2022-10-31NI044562ns5:RetainedEarningsAccumulatedLosses2023-10-31NI044562ns5:RetainedEarningsAccumulatedLosses2022-10-31NI044562ns5:LandBuildings2022-10-31NI044562ns5:PlantMachinery2022-10-31NI044562ns5:FurnitureFittings2022-10-31NI044562ns5:MotorVehicles2022-10-31NI044562ns5:LandBuildings2022-11-012023-10-31NI044562ns5:PlantMachinery2022-11-012023-10-31NI044562ns5:FurnitureFittings2022-11-012023-10-31NI044562ns5:MotorVehicles2022-11-012023-10-31NI044562ns5:LandBuildings2023-10-31NI044562ns5:PlantMachinery2023-10-31NI044562ns5:FurnitureFittings2023-10-31NI044562ns5:MotorVehicles2023-10-31NI044562ns5:LandBuildings2022-10-31NI044562ns5:PlantMachinery2022-10-31NI044562ns5:FurnitureFittings2022-10-31NI044562ns5:MotorVehicles2022-10-31NI044562ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31NI044562ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31NI044562ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-10-31NI044562ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-10-31NI044562ns10:OrdinaryShareClass12023-10-31
REGISTERED NUMBER: NI044562 (Northern Ireland)















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: Eileen Orr
Thomas Orr
Neil Orr
Kyra Orr





REGISTERED OFFICE: 10 Browns Road
Antrim Road
Newtownabbey
Co. Antrim
BT36 4RN





REGISTERED NUMBER: NI044562 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
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 5 146,559 157,028

CURRENT ASSETS
Inventories 6 87,845 105,495
Receivables: amounts falling due within
one year

7

309,220

495,593
Cash at bank and in hand 152 446
397,217 601,534
PAYABLES
Amounts falling due within one year 8 (478,884 ) (612,505 )
NET CURRENT LIABILITIES (81,667 ) (10,971 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,892

146,057

PAYABLES
Amounts falling due after more than
one year

9

(97,294

)

(136,017

)

PROVISIONS FOR LIABILITIES (24,041 ) (24,051 )
NET LIABILITIES (56,443 ) (14,011 )

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings (56,543 ) (14,111 )
SHAREHOLDERS' FUNDS (56,443 ) (14,011 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 July 2024 and were signed on its behalf by:




Eileen Orr - Director Thomas Orr - Director




Neil Orr - Director Kyra Orr - Director


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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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 propertyNil
Plant and machinery25% Reducing Balance
Fixtures, fittings and equipment25% Reducing Balance
Motor vehicles25% 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 - 20 ).

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 89,667 233,287 117,130 63,895 503,979
Additions - 788 6,414 22,000 29,202
Disposals - - - (35,335 ) (35,335 )
At 31 October 2023 89,667 234,075 123,544 50,560 497,846
DEPRECIATION
At 1 November 2022 - 208,057 95,706 43,188 346,951
Charge for year - 6,504 6,959 12,641 26,104
Eliminated on disposal - - - (21,768 ) (21,768 )
At 31 October 2023 - 214,561 102,665 34,061 351,287
NET BOOK VALUE
At 31 October 2023 89,667 19,514 20,879 16,499 146,559
At 31 October 2022 89,667 25,230 21,424 20,707 157,028

6. INVENTORIES
2023 2022
£ £
Inventories 87,845 135,495
Finished goods - (30,000 )
87,845 105,495

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 189,160 418,685
Other receivables 120,060 76,908
309,220 495,593

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans (see note 10) 68,450 56,172
Trade payables 321,457 426,680
Taxation & social security 30,618 31,056
Other payables 58,359 98,597
478,884 612,505

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Bank loans (see note 10) 83,380 114,314
Hire purchase contracts 13,914 21,703
97,294 136,017

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 68,450 56,172

Amounts falling due between one and two years:
Bank loans between 1-5 years 83,380 114,314

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: £ £
100 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.