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Registrar

Registration number: 08183811

AATI Rail Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

AATI Rail Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

AATI Rail Limited

Company Information

Directors

R Oxborough

H J Bisset

DG Bisset

Registered office

11 Swinbourne Drive
Springwood Industrial Estate
Braintree
Essex
CM7 2YP

Solicitors

Gisby Harrison Solicitors
Goffs Oak House
Goffs Lane
Goffs Oak
Herts
EN7 5HG

Bankers

Barclays Bank PLC
1 Bank Street
Braintree
Essex
CM7 7UQ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

AATI Rail Limited

(Registration number: 08183811)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

793,397

799,298

Current assets

 

Stocks

6

271,053

378,528

Debtors

7

567,623

605,084

Cash at bank and in hand

 

995

20,714

 

839,671

1,004,326

Creditors: Amounts falling due within one year

8

(45,711)

(215,448)

Net current assets

 

793,960

788,878

Total assets less current liabilities

 

1,587,357

1,588,176

Creditors: Amounts falling due after more than one year

8

(15,629)

(19,624)

Provisions for liabilities

(190,130)

(188,610)

Net assets

 

1,381,598

1,379,942

Capital and reserves

 

Called up share capital

9

10,000

10,000

Revaluation reserve

10

384,871

411,227

Retained earnings

986,727

958,715

Shareholders' funds

 

1,381,598

1,379,942

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................
H J Bisset
Director

   
     
 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is: 11 Swinbourne Drive, Springwood Industrial Estate, Braintree, Essex, CM7 2YP.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Changes in accounting estimate

Changes in depreciation policy

Office equipment depreciation policy has changed in the year from 15% reducing balance to straight line over 1-3 years.

Plant and machinery depreciation policy has changed in the year from 2-10% straight line / 15% reducing balance to straight line over 1-59 years.

Fixtures and fittings depreciation policy has changed in the year from 15% reducing balance to straight line over 3-15 years.

These changes in policy were considered by the directors to be more appropriate due to the valuation undertaken in the year. This change has taken effect from the valuation date of 31/03/2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of cast stair nosings products. Turnover is shown net of value added tax, returns and discounts.

The company recognises revenue when:
• the amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the company's activities.

 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

Tax is recognised in profit or loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Intangible fixed assets

This comprises of capitalised costs in relation to designs and trademark costs. The anticipated useful life of the costs capitalised is ten years.

Tangible assets

Tangible assets are stated in the statement of financial position at market value, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

All assets have been revalued in the year to market value.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line over 1-3 years

Plant & equipment

Straight line over 1-59 years

Fixtures and fittings

Straight line over 3-15 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their useful lives, as follows:

Asset class

Amortisation method and rate

Designs and trademarks

10% Straight line method

Trade debtors

Trade debtors are amounts due from customers for the sale of stair nosings in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost, after making due allowances for obsolete and slow moving items and estimated selling price less costs to complete and sell.

Cost represents the expenditure incurred in bringing each product to its present location and condition as follows:

Raw Materials – Purchase cost
Finished goods – Cost of direct materials, transport and labour

Work in Progress represents the proportion of the job complete at the year end. It includes all direct expenditure and an appropriate proportion of fixed and variable overheads, and is uplifted to the sales value.

 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

No members of staff are employed directly through AATI Rail Limited and staff costs are recharged through management charges by other group members.

 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Designs & trademark costs
£

Total
£

Cost or valuation

At 1 April 2023

5,150

5,150

At 31 March 2024

5,150

5,150

Amortisation

At 1 April 2023

5,150

5,150

At 31 March 2024

5,150

5,150

Carrying amount

At 31 March 2024

-

-

 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
 £

Office equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

5,139

6,082

825,191

836,412

Additions

-

-

25,598

25,598

Revaluation

(3,100)

(1,867)

(53,997)

(58,964)

Disposals

-

(3,486)

(5,998)

(9,484)

At 31 March 2024

2,039

729

790,794

793,562

Depreciation

At 1 April 2023

3,275

3,843

29,996

37,114

Charge for the year

-

178

588

766

Eliminated on disposal

-

(2,480)

(1,621)

(4,101)

Revaluation

(3,275)

(1,541)

(28,798)

(33,614)

At 31 March 2024

-

-

165

165

Carrying amount

At 31 March 2024

2,039

729

790,629

793,397

At 31 March 2023

1,864

2,239

795,195

799,298

Revaluation

The fair value of all of the company's asset classes were revalued on 31 March 2024. An independent valuer was not involved. The revalued amounts have been derived by the directors of the company based on the market prices at the date of revaluation.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £224,715 (2023 - £236,982).

6

Stocks and work in progress

2024
£

2023
£

Stocks and work in progress

271,053

378,528

 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

99,024

322,363

Amounts owed by group undertakings

413,743

250,392

Other debtors

41,341

11,687

Prepayments

13,515

20,642

567,623

605,084

Included within Debtors are balances due from group undertakings, whilst these amounts are due on demand it is unlikely they will be repaid in full during the coming year.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

4,469

9,170

Trade creditors

 

22,473

29,262

Other creditors

 

16,444

174,686

Accrued expenses

 

2,325

2,330

 

45,711

215,448

Creditors due within one year include invoice discounting facilities and net obligations under finance lease and hire purchase contracts which are secured of £4,469 (2023 - £153,891).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

15,629

19,624


Creditors due after one year include net obligations under finance lease and hire purchase contracts which are secured of £15,629 (2023 - £19,624).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       
 

AATI Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(26,356)

(26,356)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

411,227

411,227

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,469

9,170

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

15,629

19,624

12

Parent and ultimate parent undertaking

The company's immediate parent is Finch Seamen Enfield Group Limited, incorporated in England and Wales.

 The ultimate parent is Bisset Holdings Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Bisset Holdings Limited. These financial statements are available upon request from Old Station Road, Loughton, Essex, United Kingdom, IG10 4PL.