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Registration number: 05911597

A.V. Atkinson (Fourways) Ltd.
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

A.V. Atkinson (Fourways) Ltd.

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

A.V. Atkinson (Fourways) Ltd.

(Registration number: 05911597)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,053

10,742

Current assets

 

Debtors

5

53,039

49,685

Cash at bank and in hand

 

329

44

 

53,368

49,729

Creditors: Amounts falling due within one year

6

(372,722)

(355,544)

Net current liabilities

 

(319,354)

(305,815)

Total assets less current liabilities

 

(311,301)

(295,073)

Provisions for liabilities

(2,013)

(2,041)

Net liabilities

 

(313,314)

(297,114)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(313,315)

(297,115)

Shareholders' deficit

 

(313,314)

(297,114)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 13 August 2024
 

.........................................
R E M Atkinson
Director

 

A.V. Atkinson (Fourways) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

A.V. Atkinson (Fourways) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

 

A.V. Atkinson (Fourways) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 26 (2023 - 22).

 

A.V. Atkinson (Fourways) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

30,724

2,360

33,084

At 31 March 2024

30,724

2,360

33,084

Depreciation

At 1 April 2023

20,478

1,864

22,342

Charge for the year

2,565

124

2,689

At 31 March 2024

23,043

1,988

25,031

Carrying amount

At 31 March 2024

7,681

372

8,053

At 31 March 2023

10,246

496

10,742

5

Debtors

2024
£

2023
£

Trade debtors

29,810

18,018

Other debtors

22,945

31,178

Prepayments

284

489

53,039

49,685

 

A.V. Atkinson (Fourways) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

62,131

48,321

Trade creditors

 

14,179

25,811

Taxation and social security

 

31,342

13,775

Accruals and deferred income

 

13,370

14,886

Other creditors

 

251,700

252,751

 

372,722

355,544


Creditors include a bank overdarft which is secured by way of a debenture placing fixed and floating charges on all of the company's assets.

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

62,131

48,321

8

Related party transactions

During the year the director had a loan due to the company as set out below. Interest was paid on the loan at the prevailing HMRC beneficial loan rate of 2.25%. The loan is repayable on demand. The company also paid rent during the year of £91,218 (2023 - £56,472) to the director in respect of the use of its business premises.

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

R E M Atkinson

Loans to director

13,834

4,611

18,445

 

13,834

4,611

18,445

     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

R E M Atkinson

Loans to director

13,562

272

13,834

 

13,562

272

13,834

     

 

 

A.V. Atkinson (Fourways) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the director and related companies under common control.