47 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04357801 2023-04-01 2024-03-31 04357801 2024-03-31 04357801 2023-03-31 04357801 2022-04-01 2023-03-31 04357801 2023-03-31 04357801 2022-03-31 04357801 core:PlantMachinery 2023-04-01 2024-03-31 04357801 core:MotorVehicles 2023-04-01 2024-03-31 04357801 bus:Director1 2023-04-01 2024-03-31 04357801 core:PlantMachinery 2023-03-31 04357801 core:MotorVehicles 2023-03-31 04357801 core:PlantMachinery 2024-03-31 04357801 core:MotorVehicles 2024-03-31 04357801 core:AfterOneYear 2024-03-31 04357801 core:AfterOneYear 2023-03-31 04357801 core:WithinOneYear 2024-03-31 04357801 core:WithinOneYear 2023-03-31 04357801 core:ShareCapital 2024-03-31 04357801 core:ShareCapital 2023-03-31 04357801 core:SharePremium 2024-03-31 04357801 core:SharePremium 2023-03-31 04357801 core:RetainedEarningsAccumulatedLosses 2024-03-31 04357801 core:RetainedEarningsAccumulatedLosses 2023-03-31 04357801 core:MoreThanFiveYears 2024-03-31 04357801 core:MoreThanFiveYears 2023-03-31 04357801 core:PlantMachinery 2023-03-31 04357801 core:MotorVehicles 2023-03-31 04357801 bus:Director1 2023-03-31 04357801 bus:Director1 2022-03-31 04357801 bus:SmallEntities 2023-04-01 2024-03-31 04357801 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04357801 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04357801 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04357801 bus:FullAccounts 2023-04-01 2024-03-31 04357801 core:OfficeEquipment 2023-04-01 2024-03-31 04357801 core:OfficeEquipment 2023-03-31 04357801 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04357801
Atlas Distribution Services Limited
Filleted Unaudited Financial Statements
31 March 2024
Atlas Distribution Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
29,222
45,341
Current assets
Debtors
6
1,005,887
962,878
Cash at bank and in hand
208,253
260,820
------------
------------
1,214,140
1,223,698
Creditors: amounts falling due within one year
7
865,252
700,928
------------
------------
Net current assets
348,888
522,770
---------
---------
Total assets less current liabilities
378,110
568,111
Creditors: amounts falling due after more than one year
8
27,512
45,582
Provisions
Taxation including deferred tax
5,552
8,615
---------
---------
Net assets
345,046
513,914
---------
---------
Capital and reserves
Called up share capital
115
115
Share premium account
19,485
19,485
Profit and loss account
325,446
494,314
---------
---------
Shareholders funds
345,046
513,914
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Atlas Distribution Services Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mr. Rowe
Director
Company registration number: 04357801
Atlas Distribution Services Limited
Notes to the Financial Statements
Year ended 31 March 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 19 Belgravia Close, Barnet, Herts, EN5 5XA, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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
-
25% straight line
Motor vehicles
-
25% straight line
Office equipment and furniture
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 47 (2023: 54 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
75,469
143,925
104,072
323,466
Additions
4,860
9,268
14,128
Disposals
( 78,958)
( 78,958)
--------
---------
---------
---------
At 31 March 2024
80,329
64,967
113,340
258,636
--------
---------
---------
---------
Depreciation
At 1 April 2023
73,329
121,885
82,911
278,125
Charge for the year
2,504
17,505
10,238
30,247
Disposals
( 78,958)
( 78,958)
--------
---------
---------
---------
At 31 March 2024
75,833
60,432
93,149
229,414
--------
---------
---------
---------
Carrying amount
At 31 March 2024
4,496
4,535
20,191
29,222
--------
---------
---------
---------
At 31 March 2023
2,140
22,040
21,161
45,341
--------
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
777,592
773,468
Other debtors
228,295
189,410
------------
---------
1,005,887
962,878
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
616,459
457,521
Social security and other taxes
140,144
171,237
Other creditors
108,649
72,170
---------
---------
865,252
700,928
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,748
32,710
Other creditors
4,764
12,872
--------
--------
27,512
45,582
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 5 years
342,422
342,422
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr. Rowe
43,276
43,276
--------
--------
11. Related party transactions
During the year the company acquired logistical services from a related party entity, controlled by a family member. The value of the services acquired were £339,200 (2023: £600,448) and at the year end the same related party entity owes the company £20,511 and this amount is recorded in other debtors. Meanwhile the company owed the related party entity £276,322 (2023: £283,885) at the year end and this is recorded in trade creditors.