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Company registration number: 08354624
Atlas Skip & Grab Hire Limited
Unaudited filleted financial statements
31 January 2024
Atlas Skip & Grab Hire Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 8,993 58,827
_______ _______
8,993 58,827
Current assets
Debtors 6 15,854 21,425
Cash at bank and in hand - 399
_______ _______
15,854 21,824
Creditors: amounts falling due
within one year 7 ( 83,236) ( 117,723)
_______ _______
Net current liabilities ( 67,382) ( 95,899)
_______ _______
Total assets less current liabilities ( 58,389) ( 37,072)
Creditors: amounts falling due
after more than one year 8 ( 35,000) ( 52,634)
_______ _______
Net liabilities ( 93,389) ( 89,706)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 93,489) ( 89,806)
_______ _______
Shareholders deficit ( 93,389) ( 89,706)
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr C H Murphy
Director
Company registration number: 08354624
Atlas Skip & Grab Hire Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Colworth House, Colworth Park, Sharnbrook, Bedford, MK44 1LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has effectively ceased trading and is seeking to dispose of its remaining assets. It is believed that there is no material difference in the presentation of these accounts from the going concern concept.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 5 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 February 2023 19,125 82,447 101,572
Disposals ( 19,125) ( 59,452) ( 78,577)
_______ _______ _______
At 31 January 2024 - 22,995 22,995
_______ _______ _______
Depreciation
At 1 February 2023 5,307 37,437 42,744
Charge for the year - 2,998 2,998
Disposals ( 5,307) ( 26,433) ( 31,740)
_______ _______ _______
At 31 January 2024 - 14,002 14,002
_______ _______ _______
Carrying amount
At 31 January 2024 - 8,993 8,993
_______ _______ _______
At 31 January 2023 13,818 45,010 58,828
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 15,737 18,102
Other debtors 117 3,323
_______ _______
15,854 21,425
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 15,401 16,603
Trade creditors 12,555 16,114
Social security and other taxes 11,736 11,218
Other creditors 43,544 73,788
_______ _______
83,236 117,723
_______ _______
Included is creditors is a Hire Purchase liability of £8,469 (last year : £18,500) which is secured on the vehicles to which the debt relates.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 35,000 37,500
Other creditors - 15,134
_______ _______
35,000 52,634
_______ _______
Included in creditors is an amount of £Nil (last year : £15,134) in respect of Hire Purchase which is secured on the vehicles to which it relates.
Included within creditors: amounts falling due after more than one year is an amount of £ 12,500 (2023 £ 17,500 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr C H Murphy - - -
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr C H Murphy ( 3,499) 3,499 -
_______ _______ _______
10. Related party transactions
The company has taken advantage of the exemption to allow it not to disclose transactions with its parent company.
11. Controlling party
The company is a wholly owned subsidiary of Atlas Surfacing Limited (of the same registered office).