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Company No: 11076978 (England and Wales)

ATC MAINTENANCE LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ATC MAINTENANCE LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ATC MAINTENANCE LTD

BALANCE SHEET

As at 30 November 2023
ATC MAINTENANCE LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Current assets
Debtors 3 13,025 15,142
Cash at bank and in hand 12,110 4,834
25,135 19,976
Creditors: amounts falling due within one year 4 ( 6,087) ( 9,021)
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 ( 8,927) ( 10,422)
Net assets 10,121 533
Capital and reserves
Called-up share capital 1 1
Profit and loss account 10,120 532
Total shareholder's funds 10,121 533

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of ATC Maintenance Ltd (registered number: 11076978) were approved and authorised for issue by the Director on 27 August 2024. They were signed on its behalf by:

M T Gardner
Director
ATC MAINTENANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ATC MAINTENANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Taxation

Current tax
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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2023 2022
£ £
Trade debtors 492 876
Other debtors 12,533 14,266
13,025 15,142

4. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 1,495 1,459
Trade creditors 0 3,756
Corporation tax 2,249 1,926
Other taxation and social security 893 0
Other creditors 1,450 1,880
6,087 9,021

5. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 8,927 10,422

There are no amounts included above in respect of which any security has been given by the small entity.

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:

2023 2022
£ £
Bank loans (repayable by instalments) 2,557 4,210

6. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

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.