Registered number
02035744
ATM Automation Limited
Filleted Accounts
31 May 2024
ATM Automation Limited
Registered number: 02035744
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 69,168 74,879
69,168 74,879
Current assets
Stocks 6 226,820 99,031
Debtors 7 3,080,700 2,747,796
Cash at bank and in hand 1,715,757 657,138
5,023,277 3,503,965
Creditors: amounts falling due within one year 8 (2,428,154) (1,359,345)
Net current assets 2,595,123 2,144,620
Total assets less current liabilities 2,664,291 2,219,499
Creditors: amounts falling due after more than one year 9 (116,754) (233,500)
Provisions for liabilities 11 - (4,454)
Net assets 2,547,537 1,981,545
Capital and reserves
Called up share capital 12 10,000 10,000
Profit and loss account 2,537,537 1,971,545
Shareholders' funds 2,547,537 1,981,545
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hirji
Director
Approved by the board on 17 December 2024
The notes form part of these financial statements.
ATM Automation Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Statutory information
ATM Automation Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the company information page.
The presentation currency of the accounts is the pound sterling (£).
The principal activity of the company continued to be that of the design, manufacture and sale of robotics.
2 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006. The accounts have been prepared under the historical cost convention.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover 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
Turnover from the sale of goods is recognised when all of the following conditions are met:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company 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 company 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.
Tangible fixed assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Plant and machinery Straight line over 5 years
Fixtures and fittings Straight line over 10 years
Computer equipment Straight line over 5 years
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurrend bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Going concern
At the time of approving the accounts, the directors have a reasonable expectation that the company has adequate resources to continue in operating existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised as the amount of tax payable using the rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred Tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction value, net of transaction costs, and are measured subsequently at amortised cost determined using the effective interest method.
Dividends
Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Long term contracts
Turnover and profits on long term contracts are recognised in proportion to the stage of completion reached when the outcome can be assessed with reasonable certainty.
Amounts recoverable on contracts are included within debtors and are stated at cost plus attributable profit less any foreseeable losses.
Payments received in excess of amounts recoverable are included within creditors.
3 Audit information
Disclosure under Section 444(5B) of the Companies Act 2006.
The Report of the Auditors was unqualified.
Matt Hutchinson FCA FCCA (Senior Statutory Auditor)
for and on behalf of The Rowleys Partnership Ltd.
Date of audit report: 17 December 2024
4 Employees 2024 2023
Number Number
Average number of persons employed by the company 40 39
5 Tangible fixed assets
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 1 June 2023 137,553 193,667 291,430 622,650
Additions 10,697 498 8,798 19,993
At 31 May 2024 148,250 194,165 300,228 642,643
Depreciation
At 1 June 2023 102,303 171,729 273,739 547,771
Charge for the year 13,264 5,624 6,816 25,704
At 31 May 2024 115,567 177,353 280,555 573,475
Net book value
At 31 May 2024 32,683 16,812 19,673 69,168
At 31 May 2023 35,250 21,938 17,691 74,879
6 Stocks 2024 2023
£ £
Raw materials 191,549 95,177
Work in progress 35,271 3,854
226,820 99,031
7 Debtors 2024 2023
£ £
Trade debtors 270,498 567,706
Amounts recoverable on contracts 462,833 292,720
Amounts owed by group undertakings 2,126,725 1,771,725
Prepayments and accrued income 24,988 19,234
Other debtors 195,656 96,411
3,080,700 2,747,796
8 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 93,396 70,050
Trade creditors 909,052 476,956
Payments on accounts 1,164,760 418,484
Taxation and social security costs 133,415 232,452
Accruals and deferred income 31,181 32,335
Other creditors 96,350 129,068
2,428,154 1,359,345
9 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans due in 2-5 years 116,754 233,500
116,754 233,500
10 Loans 2024 2023
£ £
Creditors include:
Secured bank loan 210,150 303,550
The bank loan is secured by a fixed debenture over the assets of the company.
11 Provisions for liabilities 2024 2023
£ £
Deferred tax - 4,454
Deferred tax
£
Balance at 1 June 2023 4,454
Provided during year (4,454)
Balance at 31 May 2024 -
12 Called up share capital 2024 2023
£ £
Allotted, issued and fully paid: Nominal
Number: Class: value:
10,000 Ordinary £1 10,000 10,000
13 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 433,070 113,589
14 Contingent liabilities
The assets of the company are secured by way of a cross guarantee in favour of the bank loans and other loans in the ultimate parent undertaking, Mahtec Limited. At 31 May 2024, borrowings of £1,210,150 (2023: £1,553,550) were covered by this guarantee.
15 Related party disclosures
In accordance with FRS102 Section 33 "Related Party Disclosures", transactions with fellow group undertakings are not disclosed.
Hopper Properties LLP, which shares a director with the company charged rent of £80,004 (2023: £80,004) to the company during the year in respect of the premises from which the company operates.
During the year personal expenses were paid on behalf of a director and their close family member of £2,281 (2023:£2,468).
16 Controlling party
The immediate parent undertaking is ATM (Holdings) Limited and the ultimate parent undertaking is Mahtec Limited, companies which are incorporated in England and Wales. At the year end the ultimate controlling party is considered to be S Hirji, by virtue of his controlling equity interests in Mahtec Limited.
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