Company registration number 01936399 (England and Wales)
ATEC SECURITY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ATEC SECURITY LIMITED
COMPANY INFORMATION
Directors
Mr L Abraham
Mr K Simons
Mr S Adcock
Mrs C Adcock
Mr J Adcock
Secretary
Mrs C Adcock
Company number
01936399
Registered office
Unit 1 Element Court
Hilton Cross Business Park
Featherstone
Wolverhampton
West Midlands
UK
WV10 7FE
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ATEC SECURITY LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 13
ATEC SECURITY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of security engineering and services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L Abraham
Mr K Simons
Mr S Adcock
Mrs C Adcock
Mr J Adcock
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S Adcock
Director
5 November 2024
ATEC SECURITY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ATEC SECURITY LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ATEC Security Limited for the year ended 30 April 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of ATEC Security Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of ATEC Security Limited and state those matters that we have agreed to state to the board of directors of ATEC Security Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ATEC Security Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that ATEC Security Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ATEC Security Limited. You consider that ATEC Security Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ATEC Security Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bryden Johnson Limited
6 November 2024
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ATEC SECURITY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2024
2023
£
£
Turnover
9,185,956
8,055,683
Cost of sales
(5,981,106)
(5,373,651)
Gross profit
3,204,850
2,682,032
Administrative expenses
(2,443,432)
(2,239,876)
Operating profit
761,418
442,156
Interest payable and similar expenses
(55,564)
(20,021)
Profit before taxation
705,854
422,135
Tax on profit
(177,486)
(97,768)
Profit for the financial year
528,368
324,367

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ATEC SECURITY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
857,767
437,065
Current assets
Stocks
79,986
90,481
Debtors
4
2,180,915
2,632,494
Cash at bank and in hand
932,828
893,758
3,193,729
3,616,733
Creditors: amounts falling due within one year
5
(2,171,198)
(2,643,930)
Net current assets
1,022,531
972,803
Total assets less current liabilities
1,880,298
1,409,868
Creditors: amounts falling due after more than one year
6
(543,458)
(292,972)
Provisions for liabilities
(214,442)
(109,266)
Net assets
1,122,398
1,007,630
Capital and reserves
Called up share capital
8
190,439
190,412
Share premium account
12,022
7,650
Capital redemption reserve
14
14
Profit and loss reserves
919,923
809,554
Total equity
1,122,398
1,007,630

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

ATEC SECURITY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mr S Adcock
Director
Company Registration No. 01936399
ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
1
Accounting policies
Company information

ATEC Security Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Element Court, Hilton Cross Business Park, Featherstone, Wolverhampton, West Midlands, UK, WV10 7FE.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

 

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Tangible fixed assets

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

ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -

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

Plant and machinery
20% reducing balance
Fixtures & fittings and Computer equipment
10% reducing balance & 33% straight line
Motor vehicles
20% Straight line

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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

 

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

Basic financial assets

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

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

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

 

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

 

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

ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 9 -
1.12
Retirement benefits

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

1.13
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
51
48
ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
679,729
Additions
560,213
Disposals
(99,980)
At 30 April 2024
1,139,962
Depreciation and impairment
At 1 May 2023
242,664
Depreciation charged in the year
109,511
Eliminated in respect of disposals
(69,980)
At 30 April 2024
282,195
Carrying amount
At 30 April 2024
857,767
At 30 April 2023
437,065
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,605,630
1,923,469
Amounts owed by contract customers
203,057
271,056
Other debtors
4,335
18,935
Prepayments and accrued income
367,893
372,725
2,180,915
2,586,185
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
46,309
Total debtors
2,180,915
2,632,494

 

ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Obligations under finance leases
7
113,170
47,023
Trade creditors
708,368
974,884
Corporation tax
26,387
45,565
Other taxation and social security
403,818
398,042
Other creditors
12,197
65,215
Accruals and deferred income
857,258
1,063,201
2,171,198
2,643,930
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
37,500
87,500
Obligations under finance leases
7
505,958
205,472
543,458
292,972

Other borrowings are secured by a personal guarantee given by the director.

7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
113,170
47,023
In two to five years
505,958
205,472
619,128
252,495

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
3,880
1,160
39
12
Ordinary A shares of 1p each
10,000
10,000
100
100
Ordinary B shares of 1p each
12,000
12,000
120
120
Ordinary C shares of 1p each
8,000
8,000
80
80
Ordinary D shares of 1p each
10,000
10,000
100
100
43,880
41,160
439
412
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
190,000
190,000
190,000
190,000
Preference shares classified as equity
190,000
190,000
Total equity share capital
190,439
190,412

During the year, 1,920 Ordinary shares were issued at nominal value, 400 Ordinary shares were issued at £7.62 each and a further 400 Ordinary shares were issued at £3.33 each.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
391,324
588,604
10
Directors' transactions

At the balance sheet date, included within other creditors is £Nil (2023: £54,038) due to the directors of the company.

ATEC SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
11
Share based payments

In the year ended 30 April 2023, on 13 April 2023, a further 200 options were granted under the Enterprise Management Incentive Scheme at an exercise price of £7.62 per share.

 

In the year ended 30 April 2024, on 7 March 2024, a further 2,720 options were granted under the Enterprise Management Incentive Scheme at an exercise price of £7.62, £3.33 and £0.01 per share.

 

The options will vest once performance targets detailed in the scheme rules have been met.

 

The company has valued the share options at fair value based on a Black- Scholes model with key assumptions detailed below:

 

Option type            EMI EMI     EMI EMI

 

Grant date            13/04/23 07/03/24     07/03/24 07/03/24

 

Share price at grant date        £7.62 £7.62 £3.33 £0.01

 

Exercise price            £7.62 £7.62 £3.33 £0.01

 

Number of employees        1 1 1 8

 

Shares under option        200        400 400 1,920

 

Vesting period            vest as targets vest as targets     vest as targets vest as targets

achieved achieved achieved     achieved    

 

Expected Volatility        50% 50%         50% 50%

 

Option life            7 years 7 years 7 years 7 years

 

Expected life            6 years 6 years        6 years 6 years

 

Risk free interest rate 1.75%        1.75%         1.75% 1.75%

 

Attrition rate            50%        50%        50% 50%

 

No charge to the profit or loss account has been recorded, as it has no material effect to the financial statements.

 

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