REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Atlas Business Group Of Companies |
Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Atlas Business Group Of Companies |
Limited |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Atlas Business Group Of Companies |
Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors: amounts falling due within one year | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Statement of Financial Position - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Atlas Business Group of Companies Ltd ('The Company') is primarily engaged in information technology services. |
The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business is Weston Centre Business Hub, Weston Road, Crewe, CW1 6FL and the address of the registered office is Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF. The registered number can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principle accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
Going concern |
The directors have reviewed the company's financial requirements for the period covering the twelve months from the date of these financial statements were signed. |
No uncertainties that could significant doubt about the ability of the company to continue as a going concern have been identified by the directors. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. |
Revenue |
Revenue (described as turnover) is the value of goods and services (net of VAT) provided to customers during the period, plus the amount received from the sales of surplus IT addresses. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses are being amortised over their useful life of five years. |
Research and development |
Expenditure on research and development is written off in the period it is incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life of five years so as to match the expenditure with the anticipated sales from the related income. The carrying value of each project is reviewed annually for impairment. |
Computer software |
Computer software, including internal costs that will have a continuing use in the company, is initially measured at cost. After initial recognition it is measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of five years. |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives or, if held under a finance lease, over the lease term, whichever is the shorter. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. |
Office machinery | - 20% on reducing balance |
Fixtures and fittings | - 20% on reducing balance and 33.33% on cost |
Computer equipment | - 20% on reducing balance, 20% on cost, 33.33% on cost and straight |
line over remainder of lease |
The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of financial position date. |
Stocks |
Stocks are stated at the lower of cost and selling price less costs to complete and sell. Cost includes all costs of purchase and also other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis. An impairment loss is recognised for damaged, returned and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the end of the financial year. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Research |
and | Computer |
Goodwill | development | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 100 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF |
Nature of business: |
% |
Class of shares: | holding |
8. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks and work-in-progress |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 28,393 | 27,359 |
Other creditors |
Deferred income | 97,500 | 110,000 |
Accrued expenses |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
12. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 39,265 | 10,569 |
Other provisions |
Leave pay provision | 7,400 | 4,800 |
Provision to cover |
foreseeable future losses | - | 17,542 |
Aggregate amounts | 46,665 | 32,911 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Utilised during year | ( |
) |
Balance at 31 December 2023 |
Atlas Business Group Of Companies |
Limited (Registered number: 03204893) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | PROVISIONS FOR LIABILITIES - continued |
The above other provision at 31 December 2023 consists of a leave pay provision of £7,400 (2022: £4,800) and an exceptional provision to cover foreseeable future losses of £nil (2022: £17,542). Under FRS 102 (Section 1A) there is a requirement to recognise a leave pay provision which represents holiday balances accrued as a result of services rendered in the current period which employees are entitled to carry forward. The provision is measured as the salary cost payable for the period of absence. |
13. | DIRECTORS' ADVANCES AND INTEREST IN CONTRACTS |
During the year rent paid to the directors by the company amounted to £nil(2022: £3,500). |