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REGISTERED NUMBER: 03865372 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ATAM (UK) LIMITED

ATAM (UK) LIMITED (REGISTERED NUMBER: 03865372)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ATAM (UK) LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr A C Farnham
Mr S W T Morecroft



SECRETARY: Mrs H E Farnham



REGISTERED OFFICE: The Fluid Power Centre
Watling Street
Nuneaton
Warwickshire
CV11 6BQ



REGISTERED NUMBER: 03865372 (England and Wales)



ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ



BANKERS: National Westminster Bank plc
13 The Borough
Hinckley
Leicestershire
LE10 1NW

ATAM (UK) LIMITED (REGISTERED NUMBER: 03865372)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 51,300 54,080

CURRENT ASSETS
Stocks 491,840 374,574
Debtors 5 180,282 190,819
Cash at bank 181,252 333,567
853,374 898,960
CREDITORS
Amounts falling due within one year 6 (507,280 ) (549,933 )
NET CURRENT ASSETS 346,094 349,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

397,394

403,107

CREDITORS
Amounts falling due after more than one
year

7

(21,694

)

(36,778

)
NET ASSETS 375,700 366,329

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 375,600 366,229
375,700 366,329

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2024 and were signed on its behalf by:





Mr A C Farnham - Director


ATAM (UK) LIMITED (REGISTERED NUMBER: 03865372)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. COMPANY INFORMATION

ATAM (UK) Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is The Fluid Power Centre, Watling Street, Nuneaton, Warwickshire, CV11 6BQ and the registered number is 03865372.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings15% straight line basis
Motor vehicles25% straight line basis
Computer equipment25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ATAM (UK) LIMITED (REGISTERED NUMBER: 03865372)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Cash and cash equivalents
Cash at bank and in hand 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 current liabilities.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

ATAM (UK) LIMITED (REGISTERED NUMBER: 03865372)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Short
leasehold Fixtures
land & and Motor Computer
buildings fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 - 5,676 84,414 6,291 96,381
Additions 8,591 2,329 - 2,425 13,345
Disposals - - (26,224 ) - (26,224 )
At 31 December 2023 8,591 8,005 58,190 8,716 83,502
DEPRECIATION
At 1 January 2023 - 3,616 33,497 5,188 42,301
Charge for year 323 499 14,548 755 16,125
Eliminated on disposal - - (26,224 ) - (26,224 )
At 31 December 2023 323 4,115 21,821 5,943 32,202
NET BOOK VALUE
At 31 December 2023 8,268 3,890 36,369 2,773 51,300
At 31 December 2022 - 2,060 50,917 1,103 54,080

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 174,247 187,375
Amounts owed by group undertakings 510 5
Other debtors 27 -
Prepayments 5,498 3,439
180,282 190,819

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 15,084 15,084
Trade creditors 380,552 328,829
Corporation tax 25,161 15,776
Social security and other taxes 50,108 46,790
Other creditors 1,172 1,172
Amounts due to related parties 11,181 38,939
Accruals and deferred income 24,022 103,343
507,280 549,933

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 21,694 36,778

Obligations under hire purchase contracts totalling £36,678 ( 2022 £51,862) are secured on the assets concerned.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is ATAM (Holdings) Limited.