Company No:
Contents
Note | 2023 | 2022 | ||
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Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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25,135 | 19,976 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 19,048 | 10,955 | ||
Total assets less current liabilities | 19,048 | 10,955 | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of ATC Maintenance Ltd (registered number:
M T Gardner
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
ATC Maintenance Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 20-22 Wenlock Road, London, N1 7GU, England, United Kingdom. The principal place of business is Unit 42 William Sparrow Works, Bower Hinton, Martock, Somerset, TA12 6LG.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Trade debtors |
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Other debtors |
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Bank loans |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Bank loans |
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The unsecured bank loans balance of £10,422 (2022 - £11,881) relates to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the initial loan value of £14,000.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
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Bank loans (repayable by instalments) |
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Transactions with the entity's director
Advances
At 1 December 2022, the balance owed by the director was £1,565. During the year, £5,750 was advanced to the director, and £nil was repaid by the director. At 30 November 2023, the balance owed by the director was £7,315.
At 1 December 2021, the balance owed to the director was £180. During the year, £1,745 was advanced to the director, and £nil was repaid by the director. At 30 November 2022, the balance owed by the director was £1,565.