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Company No: 06818917 (England and Wales)

ATC-INNOVATION LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

ATC-INNOVATION LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

ATC-INNOVATION LTD

COMPANY INFORMATION

For the financial year ended 29 February 2024
ATC-INNOVATION LTD

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR Mr J Palmer
REGISTERED OFFICE Hitchcock House Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
BUSINESS ADDRESS 57 Queen Alexandra Road
Salisbury
SP2 9LL
COMPANY NUMBER 06818917 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
ATC-INNOVATION LTD

BALANCE SHEET

As at 29 February 2024
ATC-INNOVATION LTD

BALANCE SHEET (continued)

As at 29 February 2024
2024 2023
£ £
Current assets
Debtors 4 279 271
Cash at bank and in hand 587 533
866 804
Creditors: amounts falling due within one year 5 ( 11,009) ( 8,092)
Net current liabilities (10,143) (7,288)
Total assets less current liabilities (10,143) (7,288)
Net liabilities ( 10,143) ( 7,288)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 10,144 ) ( 7,289 )
Total shareholder's deficit ( 10,143) ( 7,288)

For the financial year ending 29 February 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 financial statements of ATC-Innovation Ltd (registered number: 06818917) were approved and authorised for issue by the Director on 20 July 2024. They were signed on its behalf by:

Mr J Palmer
Director
ATC-INNOVATION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
ATC-INNOVATION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
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-Innovation 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 Hitchcock House Hilltop Park, Devizes Road, Salisbury, SP3 4UF, United Kingdom. The principal place of business is 57 Queen Alexandra Road, Salisbury, SP2 9LL.

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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £10,143. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current 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 corporation 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
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 March 2023 713 713
At 29 February 2024 713 713
Accumulated depreciation
At 01 March 2023 713 713
At 29 February 2024 713 713
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Debtors

2024 2023
£ £
Other debtors 279 271

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 11,009 8,092

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1