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Registered number: 01536154










ATKINSON NORTHERN LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ATKINSON NORTHERN LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr J E Atkinson 
Mr J J Boyd FCA 
Mr M R Atkinson 
Mr J D E Atkinson 
Mr J A Atkinson 
Mrs S M Gilbertson 
Mr C J Gilbertson 




REGISTERED NUMBER
01536154



REGISTERED OFFICE
Thornton House
Cargo Fleet Lane

Middlesbrough

TS3 8DE




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

Teesside

TS24 0UX





 
ATKINSON NORTHERN LIMITED
 

CONTENTS



Page
Directors' report
1 - 4
Group strategic report
5 - 7
Independent auditors' report
8 - 11
Consolidated profit and loss account
12
Consolidated statement of comprehensive income
13
Consolidated balance sheet
14 - 15
Company balance sheet
16
Consolidated statement of changes in equity
17
Company statement of changes in equity
18
Consolidated statement of cash flows
19 - 20
Consolidated analysis of net debt
21
Notes to the financial statements
22 - 43


 
ATKINSON NORTHERN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

During the year the Group was engaged in the trade of builders' merchants and in property investment.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £4,675,959 (2022 - £7,140,429).

Dividends of £1,356,650 were paid during the year.

DIRECTORS

The directors who served during the year were:

Mr J E Atkinson 
Mr J J Boyd FCA 
Mr M R Atkinson 
Mr J D E Atkinson 
Mr J A Atkinson 
Mrs S M Gilbertson 
Mr C J Gilbertson 

Page 1

 
ATKINSON NORTHERN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

HEALTH AND SAFETY OF EMPLOYEES

The well-being of the Group’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Group has taken the necessary action to ensure compliance with the Act, including the adoption of a safety statement.

ENVIRONMENTAL MATTERS

The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.

FUTURE DEVELOPMENTS

The Group aims to continue increasing its share of the construction materials market across the north of England by opening appropriately located branches and focussing on improving its online offering to customers and acquiring good quality freehold property.

RESEARCH AND DEVELOPMENT ACTIVITIES

Research & development activities continue to focus on the increasingly significant area of on-line sales.

ENGAGEMENT WITH EMPLOYEES

The directors recognise the importance of good communication and relationships with employees and carrying
out regular consultations to take employees' views into account.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Group recognises the importance of its position within the supply chain and the need to deal with suppliers and customers ethically and to represent the company’s values for the long term success of the business.  
Consideration is taken of the company’s impact on the local communities and it acts fairly and responsibly with both suppliers and customers alike.  Three members of the board engage regularly with key customers and are kept informed of customer performance and activity through direct reports from management teams.
J T Atkinson & Sons Limited is a member of an independent builders merchant buying group, Fortis Merchants Limited, for which two directors are directly involved in negotiations and relationship management with key suppliers.

DISABLED EMPLOYEES

It is Group policy to give full and fair consideration to the employment needs of disabled persons and to comply
with any legislation with regard to disabled persons, and to assist in their training and career development.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

Third party indemnity insurance policy was in place for the benefit of the directors during the year.

Page 2

 
ATKINSON NORTHERN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION


The Group's greenhouse gas emissions and energy consumption for the year are as follows:
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Page 3

 
ATKINSON NORTHERN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Atkinson Northern Limited have followed the 2019 HM Government Environmental Reporting Guidelines and have used the 2023 UK Government's Conversion Factors for Company Reporting. We have used an operational approach to define our boundary. 
The primary source for energy consumption is consolidated invoices and supplier interval data. The electricity and gas data has been recorded over a 12-month period from January 2023 to December 2023. The data was collated directly from monthly invoices. The reporting spreadsheet provides a breakdown of monthly and annual consumption for each meter in KWh. Where consumption has gone beyone the reporting period a pro-rata figure has been used.
Company transport data was provided by J T Atkinson & Sons Limited, data was generated over the course of supply period. Transport has been outlined according to total mileage for all vehicle types (van, HGV, diesel, and petrol cars). Emissions generated from forklift trucks have been outlined using recorded mileage within the reporting period.
The Atkinson Northern Limited chosen intensity measurement ratio is tCO2/ (£M) annual turnover.
All Atkinson Northern Limited gas and electric sites are supplied by green contracts. Solar PV has been installed on a further 4 sites and the introduction of a salary sacrifice scheme for electric vehicles for employees has been taken into effect.


MATTERS COVERED IN THE STRATEGIC REPORT

The following matters are included in the strategic report: the business review, the principal risks and uncertainties and financial performance indicators.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.
 
POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 May 2024 and signed on its behalf.
 





Mr J E Atkinson
Director

Page 4

 
ATKINSON NORTHERN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Atkinson Northern Limited is a private limited company, incorporated in the UK and registered in England and Wales. Its trading subsidiaries are J T Atkinson & Sons Limited whose principal activity is the operation of a builders merchant and Northern General Properties Limited whose princial activity is the ownership and rental of properties for investment purposes and group useage.

BUSINESS REVIEW
 
The group achieved an operating profit of £5.5m and the group’s net assets rose from £69.8m to £73.5m. The group sales dropped by 2.2%, this was largely due to a softening of demand in the construction materials market which is anticipated to continue throughout 2024. Atkinson Northern remains committed to providing finance to fund the growth of its subsidiaries J T Atkinson & Sons Limited and Northern General Properties Limited. 
The builders merchant strategy continues to be increasing the market share of J T Atkinson & Sons Limited and maintaining the position as a leading supplier of construction materials within the existing trading area across the north of England. The directors are pleased to see J T Atkinson & Sons Limited branches which have been opened in recent years reach maturity and make meaningful contributions to the overall branch network.
Northern General Properties Limited remains committed to providing good quality premises for the builders merchants. The property valuation carried out in 2023 was reused in the year, as it was felt unlikley that this would have materially changed, resulting in no movement in the revaluation reserve. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal risks and uncertainties remain the level of demand in the repair, maintenance, improvements and construction markets in the North of England and the competitive pressures in those markets.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The board monitors performance using a range of indicators, some of the most significant of which are as follows :-
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Page 5

 
ATKINSON NORTHERN LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
Section 172(1) Statement
 
The directors act in good faith to make decisions, the outcome of which, they consider will be most likely to promote the success of the Group for the benefit of its members as a whole both in current periods and in the long term.
 
In discharging their duties above, the directors carefully consider amongst other matters, the impact on and interests of other stakeholders in the Group and factor these into their decision making process.
 
Employees
 
Directors receive information on various staff metrics. The directors are committed to promoting a healthy workforce comprising both physical and mental wellbeing. The directors keep staff informed of key issues through structured communication channels, promote inclusion in the workplace and also provide training and development opportunities where they are considered of benefit to the company and employees. Using the Group’s recruitment and development strategies, the directors seek to attract and retain talented staff.
 
The Group’s policy regarding disabled persons is set out in the Directors Report as well as further detail regarding communication with employees.
 
Customers
 
The directors commit considerable time, effort and resources into understanding and responding to the needs of our customers with a view to fostering long term mutually beneficial partnerships. We act to service our customers' needs to the highest standards and work quickly to resolve any isolated disagreements that may arise from time to time.
 
Suppliers
 
The directors have established Group procedures to ensure that external suppliers are individually verified to ensure they meet an approved standard required by the Group. The Group seeks to pay all suppliers any undisputed amounts due and that conform with the Group’s billing requirements within agreed terms. The Group has established procedures for dispute resolution in a timely and fair manner.
Community and the environment
 
The Group takes its role within the community very seriously and promotes and encourages community and charitable contribution. The Group also recognises the importance of its environmental responsibilities and has measures in place to monitor and control its impact on the local environment and its compliance with any regulatory environmental standards. The Group seeks to implement policies aimed at reducing any potential detrimental environmental impact of its activities.
Standards and conduct
 
The Group, of which the Company is a member, and the Company have a series of defined codes of practice regarding ethical standards and the conduct of business. These are clearly communicated to every staff member and adherence to which is expected and enforced.

Page 6

 
ATKINSON NORTHERN LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 7 May 2024 and signed on its behalf.



Mr J E Atkinson
Director

Page 7

 
ATKINSON NORTHERN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of Atkinson Northern Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
ATKINSON NORTHERN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 9

 
ATKINSON NORTHERN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED (CONTINUED)


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company, the group and the industry in which they operate, and considered the risk of acts by the company and group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals, review of provisions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Page 10

 
ATKINSON NORTHERN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATKINSON NORTHERN LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





P C A Harrison MSc, BSc, FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
Teesside
TS24 0UX

18 September 2024
Page 11

 
ATKINSON NORTHERN LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
134,075,411
137,063,742

Cost of sales
  
(96,049,351)
(96,883,233)

GROSS PROFIT
  
38,026,060
40,180,509

Distribution costs
  
(19,839,938)
(17,128,328)

Administrative expenses
  
(12,092,186)
(13,146,373)

Exceptional administrative expenses
 6 
-
(37,575)

Other operating income
 5 
671,137
518,184

Fair value movements
  
-
832,000

Other operating charges
  
(1,210,862)
(1,265,675)

OPERATING PROFIT
 7 
5,554,211
9,952,742

Interest receivable and similar income
 11 
181,108
38,393

Interest payable and similar expenses
 12 
(39,156)
(24,573)

PROFIT BEFORE TAX
  
5,696,163
9,966,562

Tax on profit
 13 
(1,020,204)
(2,826,133)

PROFIT FOR THE FINANCIAL YEAR
  
4,675,959
7,140,429

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent
  
4,675,959
7,140,429

  
4,675,959
7,140,429

The notes on pages 22 to 43 form part of these financial statements.

Page 12

 
ATKINSON NORTHERN LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

4,675,959
7,140,429

OTHER COMPREHENSIVE INCOME
  


Unrealised surplus on revaluation of tangible fixed assets
  
-
3,829,441

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
4,675,959
10,969,870

The notes on pages 22 to 43 form part of these financial statements.

Page 13

 
ATKINSON NORTHERN LIMITED
REGISTERED NUMBER: 01536154

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 15 
6,650,455
7,861,317

Tangible assets
 16 
35,091,888
30,260,700

Investments
 18 
2,627
2,627

Investment property
 17 
4,563,034
4,412,000

  
46,308,004
42,536,644

CURRENT ASSETS
  

Stocks
 19 
19,437,116
22,413,293

Debtors: amounts falling due within one year
 20 
17,298,212
17,665,670

Cash at bank and in hand
 21 
8,163,295
7,535,899

  
44,898,623
47,614,862

Creditors: amounts falling due within one year
 22 
(15,622,939)
(17,760,989)

NET CURRENT ASSETS
  
 
 
29,275,684
 
 
29,853,873

TOTAL ASSETS LESS CURRENT LIABILITIES
  
75,583,688
72,390,517

Creditors: amounts falling due after more than one year
 23 
(819,736)
(886,049)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 26 
(1,623,075)
(1,682,900)

NET ASSETS
  
73,140,877
69,821,568


CAPITAL AND RESERVES
  

Called up share capital 
 28 
272,030
272,030

Revaluation reserve
 27 
6,911,494
7,131,248

Capital redemption reserve
 27 
404,250
404,250

Profit and loss account
 27 
65,553,103
62,014,040

  
73,140,877
69,821,568


Page 14

 
ATKINSON NORTHERN LIMITED
REGISTERED NUMBER: 01536154
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2024.




Mr J E Atkinson
Mr J J Boyd FCA
Director
Director

The notes on pages 22 to 43 form part of these financial statements.

Page 15

 
ATKINSON NORTHERN LIMITED
REGISTERED NUMBER: 01536154

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 18 
43,842,409
38,842,409

  
43,842,409
38,842,409

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 20 
5,809
9,706

Cash at bank and in hand
 21 
6,393,498
5,551,033

  
6,399,307
5,560,739

Creditors: amounts falling due within one year
 22 
(1,097,305)
(208,845)

NET CURRENT ASSETS
  
 
 
5,302,002
 
 
5,351,894

TOTAL ASSETS LESS CURRENT LIABILITIES
  
49,144,411
44,194,303

  

  

NET ASSETS
  
49,144,411
44,194,303


CAPITAL AND RESERVES
  

Called up share capital 
 28 
272,030
272,030

Capital redemption reserve
 27 
404,250
404,250

Profit and loss account
  
48,468,131
43,518,023

  
49,144,411
44,194,303


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2024.


Mr J E Atkinson
Mr J J Boyd FCA
Director
Director

The notes on pages 22 to 43 form part of these financial statements.

Page 16

 
ATKINSON NORTHERN LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
272,030
404,250
7,131,248
62,014,040
69,821,568



Profit for the year
-
-
-
4,675,959
4,675,959

Transfer to/from profit and loss account
-
-
(219,754)
219,754
-

Dividends: Equity capital
-
-
-
(1,356,650)
(1,356,650)


AT 31 DECEMBER 2023
272,030
404,250
6,911,494
65,553,103
73,140,877



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
272,030
404,250
3,043,651
56,488,417
60,208,348



Profit for the year
-
-
-
7,140,429
7,140,429

Surplus on revaluation of other fixed assets
-
-
3,829,441
-
3,829,441

Dividends: Equity capital
-
-
-
(1,356,650)
(1,356,650)

Transfer to/from profit and loss account
-
-
258,156
(258,156)
-


AT 31 DECEMBER 2022
272,030
404,250
7,131,248
62,014,040
69,821,568


The notes on pages 22 to 43 form part of these financial statements.

Page 17

 
ATKINSON NORTHERN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
272,030
404,250
43,518,023
44,194,303



Profit for the year
-
-
6,306,758
6,306,758

Dividends: Equity capital
-
-
(1,356,650)
(1,356,650)


AT 31 DECEMBER 2023
272,030
404,250
48,468,131
49,144,411



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
272,030
404,250
34,154,296
34,830,576



Profit for the year
-
-
10,720,377
10,720,377

Dividends: Equity capital
-
-
(1,356,650)
(1,356,650)


AT 31 DECEMBER 2022
272,030
404,250
43,518,023
44,194,303


The notes on pages 22 to 43 form part of these financial statements.

Page 18

 
ATKINSON NORTHERN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

PROFIT FOR THE FINANCIAL YEAR
4,675,959
7,140,429

ADJUSTMENTS FOR:

Amortisation of intangible assets
1,210,862
1,265,675

Depreciation of tangible assets
2,368,913
1,853,014

Profit on disposal of tangible assets
(86,960)
(55,177)

Interest paid
39,156
24,573

Interest received
(181,108)
(38,393)

Taxation charge
48,508
2,817,966

Decrease/(increase) in stocks
2,976,177
(3,181,245)

Decrease/(increase) in debtors
983,541
(1,105,015)

(Decrease) in creditors
(232,062)
(929,030)

Net fair value losses/(gains) recognised in P&L
-
(832,000)

Corporation tax (paid)
(1,244,518)
(2,557,521)

NET CASH GENERATED FROM OPERATING ACTIVITIES

10,558,468
4,403,276


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
-
(13,903)

Purchase of tangible fixed assets
(7,323,440)
(4,163,151)

Sale of tangible fixed assets
712,684
93,409

Purchase of investment properties
(151,034)
-

Interest received
181,108
38,393

HP interest paid
(37,536)
(23,713)

NET CASH FROM INVESTING ACTIVITIES

(6,618,218)
(4,068,965)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of finance leases
(468,202)
(69,109)

Dividends paid
(1,356,650)
(1,356,650)

Interest paid
(1,620)
(860)

NET CASH USED IN FINANCING ACTIVITIES
(1,826,472)
(1,426,619)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
2,113,778
(1,092,308)

Cash and cash equivalents at beginning of year
4,337,645
5,429,953

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
6,451,423
4,337,645
Page 19

 
ATKINSON NORTHERN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
8,163,295
7,535,899

Bank overdrafts
(1,711,872)
(3,198,254)

6,451,423
4,337,645


The notes on pages 22 to 43 form part of these financial statements.
Page 20

 
ATKINSON NORTHERN LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

7,535,899

627,396

-

8,163,295

Bank overdrafts

(3,198,254)

1,486,382

-

(1,711,872)

Finance leases

(1,270,505)

468,202

(502,385)

(1,304,688)


3,067,140
2,581,980
(502,385)
5,146,735

The notes on pages 22 to 43 form part of these financial statements.

Page 21

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

The company is a private company, limited by shares, incorporated in England and Wales.
The registered office is:-
Thornton House
Cargo Fleet Lane
Middlesbrough
TS3 8DE

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the Group and company have adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the Group and company have adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 22

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.6

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of 10 years. 

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model, other than freehold land and buildings, long leasehold property (see note 2.8) and investment properties (see note 2.9), are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 23

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Group use buildings
-
50 years
Short term leasehold buildings
-
Over the period of the lease
Plant and equipment
-
Between 4 and 8 years
Motor vehicles
-
Between 4 and 5 years
Fixtures and fittings
-
Between 4 and 8 years
Computer equipment
-
Over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined by a external valuers and derived from the market value of similar properties and the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit and loss account.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 24

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

  
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus re-location costs on an average cost basis. 
Stock cost is further reduced for rebates receivable as these effectively reduce the cost of the stock.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss account

  
2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

  
2.13

Pensions

Defined contribution pension plan
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 25

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The directors believe that the following judgements are critical due to the degree of estimation required and/or the potential material impact on the financial statements:
PROVISIONS
The recognition of the debtor in respect of rebates receivable, the related stock provision, and the impairment provision for old and obsolete stock.
The rebates receivable provision is based on the amount of stock purchased from each individual supplier multiplied by the rebate percentage which is agreed with each supplier. This is compared to total rebates received in the year and the remaining amount due is included in the financial statements as a debtor.
A provision is accounted for in the financial statements to reduce the value of the stock held at the year end to account for the reduction in stock prices which arise from the rebates receivable from suppliers.
The stock impairment provision is calculated based on the age of stock and is designed to provide for older stock which may otherwise be carried at above realisable value.
PROPERTY VALUATIONS
The directors consider that the investment properties, freehold land and buildings and long term leasehold properties are valued at their fair value in the financial statements. The valuations are undertaken by an external professional valuer who carried out a desktop review at 31 December 2022. In the opinion of the directors there has been no significant change in value since this date.


4.


TURNOVER

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Net rents receivable
414,648
443,108

Insurance claims receivable
-
1,210

Solar panel income
96,489
73,866

Lease surrender fee
160,000
-

671,137
518,184


Page 26

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


EXCEPTIONAL ITEMS

2023
2022
£
£


Contribution to defined benefit pension scheme
-
37,575

-
37,575


7.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
2,280,747
1,853,014

Amortisation of intangible assets, including goodwill
1,210,862
1,265,675

Other operating lease rentals
389,162
414,240


8.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the company's auditors and their associates:


2023
2022
£
£

Fees payable to the Group's auditors and their associates for the audit of the Group's financial statements
42,000
43,975

Fees payable to the Group's auditors in respect of:

Taxation compliance services
9,208
7,074

All non-audit services not included above
27,050
31,698

Page 27

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
17,803,422
16,114,843
-
-

Social security costs
1,746,936
1,746,979
-
-

Cost of defined contribution scheme
521,595
474,167
-
-

20,071,953
18,335,989
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Sales and distribution
470
463
-
-



Administration and management
67
93
7
7

537
556
7
7


10.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
504,049
500,583

Group contributions to defined contribution pension schemes
20,150
18,933

524,199
519,516


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £161,325 (2022 - £163,752).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,734 (2022 - £9,210).

Page 28

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
181,108
38,393

181,108
38,393


12.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
670
860

Finance leases and hire purchase contracts
37,536
23,713

Other interest payable
950
-

39,156
24,573


13.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,106,046
1,859,057

Adjustments in respect of previous periods
(26,017)
(71,820)


1,080,029
1,787,237


Total current tax
1,080,029
1,787,237

Deferred tax


Origination and reversal of timing differences
(59,825)
1,038,896

Total deferred tax
(59,825)
1,038,896


Tax on profit
1,020,204
2,826,133
Page 29

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,696,163
9,966,560


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,447,002
1,893,646

Effects of:


Non deductible amortisation of goodwill and impairment
163,375
243,373

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
23,915
(134,216)

Capital allowances for year in excess of depreciation
(508,027)
(143,746)

Adjustments to tax charge in respect of prior periods
(26,017)
(71,820)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(20,219)
-

Short-term timing difference leading to an increase (decrease) in taxation
(59,825)
1,038,896

Total tax charge for the year
1,020,204
2,826,133


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

Deferred tax in respect of the investment properties and freehold land and buildings which are held at valuation is assessed at £Nil as the overall net indexed cost of these assets is in excess of their valuation.


14.


DIVIDENDS

2023
2022
£
£

'G' Ordinary


Dividends
491,500
491,500

'J' Ordinary


Dividends
865,150
865,150

1,356,650
1,356,650

Page 30

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


INTANGIBLE ASSETS

Group





Goodwill

£



Cost


At 1 January 2023
12,108,299



At 31 December 2023

12,108,299



Amortisation


At 1 January 2023
4,246,982


Charge for the year on owned assets
1,210,862



At 31 December 2023

5,457,844



Net book value



At 31 December 2023
6,650,455



At 31 December 2022
7,861,317



There are no intangible fixed assets held in the parent company.
The net book value of the goodwill on consolidation amounts to £1,208,932 and purchased goodwill £5,441,523.

Page 31

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


TANGIBLE FIXED ASSETS

Group






Land and buildings
Short-term leasehold property
Plant and equipment, fixtures & fittings, computer equipment & motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
19,170,000
5,501,590
15,913,886
40,585,476


Additions
1,922,245
1,540,317
4,363,263
7,825,825


Disposals
-
(257,143)
(2,077,883)
(2,335,026)



At 31 December 2023

21,092,245
6,784,764
18,199,266
46,076,275



Depreciation


At 1 January 2023
-
863,308
9,461,468
10,324,776


Charge for the year on owned assets
268,168
292,581
1,605,281
2,166,030


Charge for the year on financed assets
-
-
202,883
202,883


Disposals
-
-
(1,709,302)
(1,709,302)



At 31 December 2023

268,168
1,155,889
9,560,330
10,984,387



Net book value



At 31 December 2023
20,824,077
5,628,875
8,638,936
35,091,888



At 31 December 2022
19,170,000
4,638,282
6,452,418
30,260,700

Page 32

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           16.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
19,737,693
18,070,000

Long leasehold
1,086,384
1,100,000

Short leasehold
5,628,875
4,638,282

26,452,952
23,808,282


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
1,557,838
1,609,833

1,557,838
1,609,833

The land and buildings and long term leasehold property were valued at 31 December 2022 at £19,170,000 by Holder & Co Limited, an independent property advisor, based on a desktop review. The valuations were made at fair value, in accordance with the RICS valuation professional standard definition. The directors consider this to remain a fair value of the investment property at 31 December 2023. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
19,298,546
17,376,301

Accumulated depreciation
(2,491,068)
(2,258,509)

Net book value
16,807,478
15,117,792

There are no tangible fixed assets in the holding company.

Page 33

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


INVESTMENT PROPERTY

Group


Freehold investment property

£



Valuation


At 1 January 2023
4,412,000


Additions at cost
151,034



At 31 December 2023
4,563,034



The 2022 valuations were made by Holder & Co Limited, an independent property advisor based on a desktop review. The valuations are made at fair value in accordance with the RICS valuation professional standard definition, on an open market value for existing use basis.





If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,515,630
2,364,596

2,515,630
2,364,596




Page 34

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


FIXED ASSET INVESTMENTS

Group





Unlisted investments

£



Cost or valuation


At 1 January 2023
2,627



At 31 December 2023
2,627






Net book value



At 31 December 2023
2,627



At 31 December 2022
2,627

Company





Investments in subsidiary companies
Unlisted investments
Loans to subsidiaries
Total

£
£
£
£



Cost 


At 1 January 2023
8,342,392
17
30,500,000
38,842,409


Additions
-
-
5,000,000
5,000,000



At 31 December 2023

8,342,392
17
35,500,000
43,842,409






Net book value



At 31 December 2023
8,342,392
17
35,500,000
43,842,409



At 31 December 2022
8,342,392
17
30,500,000
38,842,409

Page 35

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

DIRECT SUBSIDIARY UNDERTAKINGS


The following were direct subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

J T Atkinson & Sons Limited
Thornton House, Cargo Fleet Land, Middlesbrough
£ Ordinary
100%
Northern General Properties Limited
as above
£ Ordinary
100%
The Builders Supply Co (Kendal) Limited - dormant
as above
£ Ordinary
100%
Arch Building Supplies Limited - dormant
as above
£ Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

J T Atkinson & Sons Limited
7,383,496
3,140,412

Northern General Properties Limited
24,076,822
1,090,436

The Builders Supply Co (Kendal) Limited - dormant
5,000
-

Arch Building Supplies Limited - dormant
10,000
-


INDIRECT SUBSIDIARY UNDERTAKINGS


The following were indirect subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

BTSCO Limited - dormant
Thornton House, Cargo Fleet Land, Middlesbrough
£1 Ordinary
100%
Harrogate Timber Limited - dormant
as above
£1 Ordinary
100%
B & TS Timber Merchants Ltd - dormant
as above
£1 Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:

Name
Aggregate of share capital and reserves
£

BTSCO Limited- dormant
100

Harrogate Timber Limited- dormant
2

B & T S Builders Merchants Ltd- dormant
1,000



Page 36

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


STOCKS

Group
Group
2023
2022
£
£

Finished goods and goods for resale
19,437,116
22,413,293

19,437,116
22,413,293


The carrying value of stocks are stated net of impairment losses totalling £1,489,072 (2022 - £1,403,669). Impairment losses totalling  £85,402 (2022 - £318,879) were recognised in profit and loss.

Page 37

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
11,982,164
11,803,347
-
-

Other debtors
743,821
443,052
5,809
9,706

Prepayments and accrued income
4,572,227
5,419,271
-
-

17,298,212
17,665,670
5,809
9,706



21.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
8,163,295
7,535,899
6,393,498
5,551,033

Less: bank overdrafts
(1,711,872)
(3,198,254)
(828,142)
-

6,451,423
4,337,645
5,565,356
5,551,033


Page 38

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
1,711,872
3,198,254
828,142
-

Trade creditors
9,359,945
9,514,185
-
1,332

Corporation tax
477,362
997,464
230,574
168,925

Other taxation and social security
1,369,793
1,061,715
-
-

Obligations under finance lease and hire purchase contracts
484,952
384,456
-
-

Other creditors
300,757
258,412
-
-

Accruals and deferred income
1,918,258
2,346,503
38,589
38,588

15,622,939
17,760,989
1,097,305
208,845


The parent company bankers hold, as security against any overdraft of the company or certain members of the Group, a composite guarantee given by each of Northern General Properties Limited and  J T Atkinson & Sons Limited in favour of Atkinson Northern Limited and a composite guarantee by Atkinson Northern Limited in favour of each of those two companies.
J T Atkinson & Sons Limited have a fixed and floating charge over all current and future assets of the company.
The obligations under finance leases and hire purchase contacts are secured upon the assets to which they relate.


23.


CREDITORS: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
819,736
886,049

819,736
886,049




Page 39

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
484,952
384,456

Between 1-5 years
819,736
886,049

1,304,688
1,270,505


25.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
8,163,295
7,538,599
50,235,907
44,393,442

Financial assets that are debt instruments measured at amortised cost
16,735,670
16,549,191
5,809
9,706

24,898,965
24,087,790
50,241,716
44,403,148


Financial liabilities

Financial assets that are debt instruments measured at amortised cost
(15,965,313)
(17,649,574)
(866,731)
(39,920)

Financial assets measured at fair value through profit and loss account comprise investments and cash.
Financial assets measured at amortised cost comprise trade debtors, other debtors and rebates receivable.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors, net obligations under finance lease and hire purchase contracts and accruals.

Page 40

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
1,682,900
652,171


Charged to profit or loss
(59,825)
1,038,896


Arising on business combinations
-
(8,167)



At end of year
1,623,075
1,682,900




Group
Group
2023
2022
£
£

Accelerated capital allowances
1,623,075
1,682,900

1,623,075
1,682,900


27.


RESERVES

Revaluation reserve

Included in the revaluation reserve is £2,088,868, which relates to the investment property revaluation reserve, with the remaining balance relating to the freehold land and buildings revaluation reserve.

Capital redemption reserve

The capital redemption reserve represents the cost of the shares acquired by the company by a purchase of own share agreement.

Profit and loss account

The profit and loss account represents the cumulative profits and losses, net of dividends and other adjustments.

Page 41

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



9,830 (2022 - 9,830) 'G' Ordinary shares of £10.00 each
98,300
98,300
17,303 (2022 - 17,303) 'J' Ordinary shares of £10.00 each
173,030
173,030
35,000 (2022 - 35,000) 'G' Founder shares of £0.01 each
350
350
35,000 (2022 - 35,000) 'J' Founder shares of £0.01 each
350
350

272,030

272,030

All shares carry equal voting rights but the Founder shares do not carry any rights to a share in any surplus assets in the event of the company being wound up, nor to any dividends. The Founder shares are regarded as non-equity shares.



29.


CAPITAL COMMITMENTS




At 31 December 2023 the Group and company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
-
(4,079,035)

-
(4,079,035)


30.


PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. 
Contributions totalling £6,507 (2022: £92,472) were payable to the fund at the balance sheet date.

Page 42

 
ATKINSON NORTHERN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
801,400
792,650

Later than 1 year and not later than 5 years
3,089,850
3,132,850

Later than 5 years
7,459,575
8,217,975

11,350,825
12,143,475
The company has no operating lease commitments.


32.


RELATED PARTY TRANSACTIONS

Dividends totalling £761,050 were paid to directors during the year.
Rent of £148,123 was paid to pension schemes in which Mr J E Atkinson, Mr M R Atkinson and Mr J J Boyd have a beneficial interest.
At 31 December 2023 £20,000 (1 January 2023 £20,000) was due to Mrs S M Gilbertson.

 
Page 43