61 false false false false true false false false false false false true false false false false true true true true 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 842,167 586,192 8,058 1,467 9,525 xbrli:pure xbrli:shares iso4217:GBP NI035553 2023-05-01 2024-04-30 NI035553 2024-04-30 NI035553 2023-04-30 NI035553 2022-05-01 2023-04-30 NI035553 2023-04-30 NI035553 2022-04-30 NI035553 core:PlantMachinery 2023-05-01 2024-04-30 NI035553 core:FurnitureFittings 2023-05-01 2024-04-30 NI035553 core:MotorVehicles 2023-05-01 2024-04-30 NI035553 bus:RegisteredOffice 2023-05-01 2024-04-30 NI035553 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 NI035553 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 NI035553 bus:Agent1 2023-05-01 2024-04-30 NI035553 bus:Director1 2023-05-01 2024-04-30 NI035553 bus:Director2 2023-05-01 2024-04-30 NI035553 bus:Director4 2023-05-01 2024-04-30 NI035553 bus:Director5 2023-05-01 2024-04-30 NI035553 bus:Director7 2023-05-01 2024-04-30 NI035553 bus:Director8 2023-05-01 2024-04-30 NI035553 bus:Director9 2023-05-01 2024-04-30 NI035553 bus:Director10 2023-05-01 2024-04-30 NI035553 bus:CompanySecretary1 2023-05-01 2024-04-30 NI035553 core:WithinOneYear 2024-04-30 NI035553 core:WithinOneYear 2023-04-30 NI035553 core:LandBuildings 2023-04-30 NI035553 core:PlantMachinery 2023-04-30 NI035553 core:FurnitureFittings 2023-04-30 NI035553 core:MotorVehicles 2023-04-30 NI035553 core:LandBuildings 2024-04-30 NI035553 core:PlantMachinery 2024-04-30 NI035553 core:FurnitureFittings 2024-04-30 NI035553 core:MotorVehicles 2024-04-30 NI035553 core:DeferredTaxation 2023-05-01 2024-04-30 NI035553 core:UKTax 2023-05-01 2024-04-30 NI035553 core:UKTax 2022-05-01 2023-04-30 NI035553 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 NI035553 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI035553 core:RetainedEarningsAccumulatedLosses 2022-04-30 NI035553 core:RetainedEarningsAccumulatedLosses 2024-04-30 NI035553 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI035553 core:ShareCapital 2024-04-30 NI035553 core:ShareCapital 2023-04-30 NI035553 core:BetweenOneFiveYears 2024-04-30 NI035553 core:BetweenOneFiveYears 2023-04-30 NI035553 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 NI035553 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 NI035553 core:LandBuildings 2023-04-30 NI035553 core:PlantMachinery 2023-04-30 NI035553 core:FurnitureFittings 2023-04-30 NI035553 core:MotorVehicles 2023-04-30 NI035553 core:DeferredTaxation 2023-04-30 NI035553 core:DeferredTaxation 2024-04-30 NI035553 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 NI035553 bus:HighestPaidDirector 2023-05-01 2024-04-30 NI035553 bus:HighestPaidDirector 2022-05-01 2023-04-30 NI035553 bus:MediumEntities 2023-05-01 2024-04-30 NI035553 bus:Audited 2023-05-01 2024-04-30 NI035553 bus:Medium-sizedCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI035553 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI035553 bus:FullAccounts 2023-05-01 2024-04-30 NI035553 bus:OrdinaryShareClass1 2024-04-30 NI035553 bus:OrdinaryShareClass1 2023-04-30 NI035553 core:ComputerEquipment 2023-05-01 2024-04-30 NI035553 core:ComputerEquipment 2023-04-30 NI035553 core:ComputerEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: NI035553
ATC Systems Limited
Financial Statements
30 April 2024
ATC Systems Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
6
Statement of income and retained earnings
11
Statement of financial position
12
Notes to the financial statements
13
ATC Systems Limited
Officers and Professional Advisers
The board of directors
Mr P Mc Cormack
Mr M Holmes
Mrs J Mc Cormack
Mr J Quinn
Mr FC Blair
Mr D Thompson
Mr M Rogan
Ms O Hartnett
Company secretary
Mr P Mc Cormack
Registered office
3 Enterprise Way
Mallusk
BT36 4EW
Auditor
Maneely Mc Cann Chartered Accountants
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Bank of Ireland
7 Donegall Square North
Belfast
BT1 5LU
Solicitors
Lewis Silkin (N.I.) LLP
32-38 Linenhall Street
Belfast
BT2 8BG
Reid Black Solicitors
Six Mile Chambers
59 Main Street
Ballyclare
BT39 9AA
ATC Systems Limited
Strategic Report
Year ended 30 April 2024
Principal activities and business review The principal activity of the company is the manufacture and maintenance of control systems. The company operates throughout Ireland. The directors consider the results for the current year and position of the company at year end to be satisfactory. The directors are committed to long term creation of shareholder value by increasing the company's market share through organic growth. The directors have plans in place to ensure the company is strongly placed to retain its market position. The company's result for the year is an operating profit of £1,095,523 (2023: £822,157) and a profit on ordinary activities before taxation of £1,099,340 (2023: £827,242). At the year end net assets of the company were £10,318,581 (2023: £9,861,414). Principal risks and uncertainties The company's performance is sensitive to any changes in the construction industry, competition from other providers of manufacture and installation of control systems, interest rates, inflation and availability of credit. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. The directors however, focus on managing and mitigating these risks as part of the overall business strategy. Key Performance Indicators Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
This report was approved by the board of directors on 29 January 2025 and signed on behalf of the board by:
Mr P Mc Cormack
Mr J Quinn
Director
Director
Registered office:
3 Enterprise Way
Mallusk
BT36 4EW
ATC Systems Limited
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the company for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
Mr P Mc Cormack
Mr M Holmes
Mrs J Mc Cormack
Mr J Quinn
Mr FC Blair
Mr D Thompson
Mr M Rogan
Ms O Hartnett
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Future developments
The directors continue to seek opportunities for development that fit with the company's strategic objectives.
Financial instruments
The company's operations expose it to a variety of financial risks in respect to its use of financial instruments that include the effects of change in credit risk, liquidity risk and interest rate risk.
Given the size of the company, the directors' have not delegated the responsibility of monitoring financial risk management to a subcommittee of the board. The policies set by the board of directors are implemented by the company's finance department. The main risks are summarised below:
Credit risk
The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk.
Liquidity risk
The company actively maintains short term debt finance that is designed to ensure that the company has sufficient funds for operations and planned expansions.
Interest risk
The company has interest bearing assets, namely cash balances, which earn interest at a fixed rate. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 29 January 2025 and signed on behalf of the board by:
Mr P Mc Cormack
Mr J Quinn
Director
Director
Registered office:
3 Enterprise Way
Mallusk
BT36 4EW
ATC Systems Limited
Independent Auditor's Report to the Members of ATC Systems Limited
Year ended 30 April 2024
Opinion
We have audited the financial statements of ATC Systems Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Cathal Maneely
(Senior Statutory Auditor)
For and on behalf of
Maneely Mc Cann Chartered Accountants
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
29 January 2025
ATC Systems Limited
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
7,857,802
7,924,253
Cost of sales
5,447,853
5,370,122
------------
------------
Gross profit
2,409,949
2,554,131
Administrative expenses
1,314,426
1,731,974
------------
------------
Operating profit
5
1,095,523
822,157
Other interest receivable and similar income
9
3,817
5,085
------------
------------
Profit before taxation
1,099,340
827,242
Tax on profit
10
257,173
241,050
------------
---------
Profit for the financial year and total comprehensive income
842,167
586,192
------------
---------
Dividends paid and payable
11
( 385,000)
Retained earnings at the start of the year
9,851,414
9,265,222
-------------
------------
Retained earnings at the end of the year
10,308,581
9,851,414
-------------
------------
All the activities of the company are from continuing operations.
ATC Systems Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
12
1,622,947
1,616,690
Current assets
Stocks
13
321,744
482,365
Debtors
14
12,341,068
11,427,349
Cash at bank and in hand
2,218,358
2,127,972
-------------
-------------
14,881,170
14,037,686
Creditors: amounts falling due within one year
15
6,176,011
5,784,904
-------------
-------------
Net current assets
8,705,159
8,252,782
-------------
------------
Total assets less current liabilities
10,328,106
9,869,472
Provisions
Taxation including deferred tax
16
9,525
8,058
-------------
------------
Net assets
10,318,581
9,861,414
-------------
------------
Capital and reserves
Called up share capital
19
10,000
10,000
Profit and loss account
20
10,308,581
9,851,414
-------------
------------
Shareholders funds
10,318,581
9,861,414
-------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr P Mc Cormack
Mr J Quinn
Director
Director
Company registration number: NI035553
ATC Systems Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 3 Enterprise Way, Mallusk, BT36 4EW.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Manach Limited which can be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL. As such advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: no cash flow statement has been presented for the company, and Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation charge 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% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computers
-
25% reducing balance
The annual depreciation charge which would be necessary to write down the book value of the land and buildings to residual value is considered to be immaterial and is therefore not provided for.
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 are 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.
Stocks
Stocks are measured 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 incurred in bringing the stock to its present location and condition.
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
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.
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. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
7,857,802
7,924,253
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in Ireland.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
14,584
11,644
Impairment of trade debtors
4,974
31,481
Operating lease rentals
187,146
161,738
Foreign exchange differences
( 236)
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
18,500
18,500
--------
--------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
3
3
Number of sales staff
5
4
Number of manufacturing & Engineering staff
53
57
----
----
61
64
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,634,060
2,377,826
Social security costs
275,176
251,591
Other pension costs
251,388
114,661
------------
------------
3,160,624
2,744,078
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
557,317
256,975
Amount received under long term incentive schemes
60,000
Net value of assets received under long term incentive schemes
10,982
Company contributions to defined contribution pension plans
26,920
74,219
---------
---------
655,219
331,194
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
6
6
----
----
The number of directors who exercised share options and received shares under a long term incentive scheme during the year was as follows:
2024
2023
No.
No.
Directors who exercised share options
6
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
150,000
90,338
Company contributions to defined contribution pension plans
1,321
---------
--------
150,000
91,659
---------
--------
During the prior year, three new directors were appointed and the associated remuneration for the new directors has been partially included for the prior financial year and fully included for the current financial year.
9. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
3,817
5,085
-------
-------
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
255,706
237,869
Deferred tax:
Origination and reversal of timing differences
1,467
3,181
---------
---------
Tax on profit
257,173
241,050
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,099,340
827,242
------------
---------
Profit on ordinary activities by rate of tax
274,835
161,312
Effect of expenses not deductible for tax purposes
41,299
75,342
Effect of capital allowances and depreciation
( 2,133)
( 1,298)
Utilisation of tax losses
( 58,295)
Impact of change in tax rate
2,513
Movement in deferred tax liability
1,467
3,181
------------
---------
Tax on profit
257,173
241,050
------------
---------
11. Dividends
2024
2023
£
£
Dividends proposed before the year end and recognised as a liability
385,000
---------
----
12. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Computers
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,564,500
81,689
60,858
77,883
248,407
2,033,337
Additions
3,996
4,126
12,719
20,841
------------
--------
--------
--------
---------
------------
At 30 Apr 2024
1,564,500
85,685
64,984
77,883
261,126
2,054,178
------------
--------
--------
--------
---------
------------
Depreciation
At 1 May 2023
81,077
49,001
67,579
218,990
416,647
Charge for the year
153
3,154
2,485
8,792
14,584
------------
--------
--------
--------
---------
------------
At 30 Apr 2024
81,230
52,155
70,064
227,782
431,231
------------
--------
--------
--------
---------
------------
Carrying amount
At 30 Apr 2024
1,564,500
4,455
12,829
7,819
33,344
1,622,947
------------
--------
--------
--------
---------
------------
At 30 Apr 2023
1,564,500
612
11,857
10,304
29,417
1,616,690
------------
--------
--------
--------
---------
------------
13. Stocks
2024
2023
£
£
Work in progress
256,389
227,161
Finished goods and goods for resale
65,355
255,204
---------
---------
321,744
482,365
---------
---------
14. Debtors
2024
2023
£
£
Trade debtors
1,655,279
1,652,981
Amounts owed by undertakings in which the company has a participating interest
10,549,186
9,549,186
Prepayments and accrued income
136,603
225,182
-------------
-------------
12,341,068
11,427,349
-------------
-------------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
859,612
875,704
Amounts owed to group undertakings
741,042
355,337
Amounts owed to undertakings in which the company has a participating interest
1,147,934
1,187,237
Accruals and deferred income
3,056,709
3,019,142
Corporation tax
255,706
237,869
Social security and other taxes
100,007
98,694
Other creditors - wage control
2,310
Other creditors
12,691
10,921
------------
------------
6,176,011
5,784,904
------------
------------
16. Provisions
Deferred tax (note 17)
£
At 1 May 2023
8,058
Additions
1,467
-------
At 30 April 2024
9,525
-------
17. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 16)
9,525
8,058
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
9,525
8,058
-------
-------
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 251,388 (2023: £ 114,661 ).
19. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
68,419
30,272
Later than 1 year and not later than 5 years
95,985
49,736
---------
--------
164,404
80,008
---------
--------
22. Related party transactions
Group party transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 33, Related Party Disclosures. Related party transactions (i) Charioteer Limited Mr Patrick Mc Cormack, director, is also a director and shareholder in Charioteer Limited. At the year end a balance of £771,583 (2023: £771,583) is owed from Charioteer Limited to ATC Systems Limited . (ii) Allurach Limited Mr Patrick Mc Cormack is a director of ATC Systems Limited and Allurach Limited. During the year, cash was transferred from Allurach Limited to ATC Systems Limited . At the year end a balance of £9,777,603 (2023: £8,777,603) is owed from Allurach Limited to ATC Systems Limited . (iii) JBC Control Systems Limited Mr Patrick Mc Cormack is a director of ATC Systems Limited and JBC Control Systems Limited. During the year ATC Systems Limited traded with JBC Control Systems Limited. At the year end a balance of £739,926 (2023: £663,056) is owed from ATC Systems Limited to JBC Control Systems Limited.
23. Controlling party
The company is a wholly owned subsidiary of Manach Limited , a company incorporated in Northern Ireland. Copies of the consolidated financial statements for Manach Limited may be obtained from the registered office at Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.