Company registration number 09159096 (England and Wales)
ATHENA (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ATHENA (UK) LIMITED
COMPANY INFORMATION
Directors
Mr JP Hotham
Mrs TL Butters
Mr JM Marshall
Secretary
Mrs TL Butters
Company number
09159096
Registered office
Belfast Yard
Gelderd Road
Birstall
Batley
West Yorkshire
WF17 9PY
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
ATHENA (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
ATHENA (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

Review of the business

2024 remained a challenging year, with ongoing pressures remaining from the global pandemic. New customer and supplier relations were made along with satisfying and maintaining existing relations. Material prices stabilised during the year, along with skilled labour accessibility.

 

The delay in new work from previous years remained during 2024, confidence within the industry remained uncertain, interest rates rising during the year caused housebuilders to be wary of starting new projects / delaying start dates of current projects.

 

Unfortunately, towards the end of the 2024 financial year, 2 new customers fell into administration, leaving a bad debt of £649,506. Whilst this caused cashflow implications for the group, the group has available reserves built up over previous years to deal with unfortunate situations such as this.

 

Although the business environment continues to be challenging the directors have continued to grow the business by monitoring changes, challenges and following the strategic aim of the group.

 

Although uncertainty remained into 2024, results have remained positive during the year. 2025 has started with reported profits in line with budgets for the first four months. The directors expect 2025 to be another profitable period of trading, showing a strong position both operationally and financially.

 

The directors are extremely pleased with the position of the group going forward, the continuing operations of the group activities showing a healthy profit, 2024 has again shown an increase in the reserves, leaving the group in a sound financial position at the end of the year.

 

Machinery stock has been rotated during the year, selling old machinery, and purchasing new, through HP financing, HP interest rates began to decrease during 2024. Plant is utilised wholly within the group with less external hire expected.

 

The group have secured an order book for 2025/26 to maintain sustainable growth with both well-established long-standing clients and a portfolio of new clients that we are looking forward to building relationships with, the group is looking forward with cautious optimism.

 

The group profit after tax and minority interest for the year amounted to £542,823 (2023 - £1,666,607).

 

Principal risks and uncertainties

Material price increases, lead time of products, increase in HP interest rates. The directors continue to follow the already well laid plans and contingencies to deal with the current market risks and will continue to monitor on a regular basis.

 

Credit risk, the company have put policies in place to ensure credit checks are made on potential new customers prior to agreeing an order, existing customers are regularly checked on credit risks to ensure the group has the correct cover.

 

The groups policy is to sell ageing assets and purchase new, maintaining a strong fleet of vehicles and machinery. Assets are purchased using asset finance, this helps maintain liquidity to ensure sufficient funds are available for ongoing operations.

 

 

ATHENA (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance indicators

The key financial performance indicators were as follows: -

 

                        2024        2023    

                        £        £

Group turnover                    17,681,661    19,962,439

Gross Profit                    3,508,464    3,826,836

Operating Profit                    941,175     1,978,652

Net cash flow operations                2,255,083    2,020,552

 

On behalf of the board

Mrs TL Butters
Director
20 February 2025
ATHENA (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

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

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £281,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr JP Hotham
Mrs TL Butters
Mr JM Marshall
Auditor

BHP LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mrs TL Butters
Director
20 February 2025
ATHENA (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ATHENA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATHENA (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Athena (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 group and parent 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 group's and parent 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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

ATHENA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATHENA (UK) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of company minutes and legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ATHENA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATHENA (UK) LIMITED
- 7 -

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.

Ann Brown (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
20 February 2025
ATHENA (UK) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,679,030
19,962,439
Cost of sales
(14,173,197)
(16,135,603)
Gross profit
3,505,833
3,826,836
Administrative expenses
(2,587,448)
(1,856,719)
Other operating income
4,245
8,535
Operating profit
4
922,630
1,978,652
Interest receivable and similar income
7
44,540
-
0
Interest payable and similar expenses
8
(161,180)
(190,364)
Profit before taxation
805,990
1,788,288
Tax on profit
9
(263,167)
(621,681)
Profit for the financial year
24
542,823
1,166,607
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ATHENA (UK) LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,194,694
5,410,772
Current assets
Stocks
14
61,157
5,332
Debtors
15
3,124,714
3,640,582
Cash at bank and in hand
3,484,981
3,071,369
6,670,852
6,717,283
Creditors: amounts falling due within one year
16
(3,336,190)
(3,518,867)
Net current assets
3,334,662
3,198,416
Total assets less current liabilities
8,529,356
8,609,188
Creditors: amounts falling due after more than one year
17
(1,335,600)
(1,945,155)
Provisions for liabilities
Provisions
20
44,087
155,909
Deferred tax liability
21
1,206,994
1,069,363
(1,251,081)
(1,225,272)
Net assets
5,942,675
5,438,761
Capital and reserves
Called up share capital
23
200
200
Revaluation reserve
24
242,091
-
0
Profit and loss reserves
24
5,700,384
5,438,561
Total equity
5,942,675
5,438,761
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Mrs TL Butters
Director
Company registration number 09159096 (England and Wales)
ATHENA (UK) LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
600,000
361,581
Investments
12
200
200
600,200
361,781
Current assets
Debtors
15
30,452
-
0
Cash at bank and in hand
1,217,376
1,343,373
1,247,828
1,343,373
Creditors: amounts falling due within one year
16
(16,555)
(402,295)
Net current assets
1,231,273
941,078
Total assets less current liabilities
1,831,473
1,302,859
Provisions for liabilities
Deferred tax liability
21
60,523
-
0
(60,523)
-
Net assets
1,770,950
1,302,859
Capital and reserves
Called up share capital
23
200
200
Revaluation reserve
24
242,091
-
0
Profit and loss reserves
24
1,528,659
1,302,659
Total equity
1,770,950
1,302,859

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £507,000 (2023 - £828,295 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Mrs TL Butters
Director
Company registration number 09159096 (England and Wales)
ATHENA (UK) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
200
-
0
4,603,654
4,603,854
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
1,166,607
1,166,607
Dividends
10
-
-
(331,700)
(331,700)
Balance at 31 August 2023
200
-
0
5,438,561
5,438,761
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
542,823
542,823
Dividends
10
-
-
(281,000)
(281,000)
Revaluation of tangible fixed assets
-
242,091
-
242,091
Balance at 31 August 2024
200
242,091
5,700,384
5,942,675
ATHENA (UK) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
200
-
0
806,064
806,264
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
828,295
828,295
Dividends
10
-
-
(331,700)
(331,700)
Balance at 31 August 2023
200
-
0
1,302,659
1,302,859
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
507,000
507,000
Dividends
10
-
-
(281,000)
(281,000)
Revaluation of tangible fixed assets
-
242,091
-
242,091
Balance at 31 August 2024
200
242,091
1,528,659
1,770,950
ATHENA (UK) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,236,538
2,020,552
Interest paid
(161,180)
(190,364)
Income taxes paid
(484,996)
(148,346)
Net cash inflow from operating activities
1,590,362
1,681,842
Investing activities
Purchase of tangible fixed assets
(984,799)
(1,330,182)
Proceeds from disposal of tangible fixed assets
757,463
933,398
Loans made to other entities
(109,503)
-
Interest received
44,540
-
0
Net cash used in investing activities
(292,299)
(396,784)
Financing activities
Repayment of bank loans
(28,972)
(57,952)
Payment of finance leases obligations
(574,479)
(480,016)
Dividends paid to equity shareholders
(281,000)
(331,700)
Net cash used in financing activities
(884,451)
(869,668)
Net increase in cash and cash equivalents
413,612
415,390
Cash and cash equivalents at beginning of year
3,071,369
2,655,979
Cash and cash equivalents at end of year
3,484,981
3,071,369
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
1
Accounting policies
Company information

Athena (UK) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Belfast Yard, Gelderd Road, Birstall, Batley, West Yorkshire, WF17 9PY.

 

The group consists of Athena (UK) Limited and all of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Athena (UK) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue is generally recognised as contract activity progresses, such that for incomplete contracts it reflects the partial performance of contractual obligations.

 

The amount of profit recognised on incomplete contracts represents the profit earned to date. Full provision is made for known or expected losses at completion immediately as such losses are identified.

 

The amount by which revenue is recognised on incomplete contracts exceeds payments received on account is classified in the balance sheet as "Amounts recoverable on contracts".

1.6
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.

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:

Freehold land and buildings
2% straight line
Plant and machinery
10% straight line
Fixtures and fittings
20% straight line
Gym Equipment
10% straight line
Motor vehicles
10% 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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.9
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’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 if, and only if, there is 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.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 21 -
1.15
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.

1.16
Retirement benefits

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

1.17
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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue Recognition

There is an element of estimation uncertainty in the calculation of contracts in progress at year end. The stages of work completed are monitored by Athena Haulage Limited. An application record is maintained. The director is confident that this methodology provided the most accurate method of estimating the amount due on contracts in progress at year end.

Tangible fixed assets - Depreciation

Due to the nature of the company’s trade and size of the hire fleet, it is necessary to consider the useful lives of assets, which reflect the directors’ estimate. The depreciation rates chosen by the directors are based on their best estimate of useful economic life, taking into account historic life cycles of the fleet and future expectations.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
17,679,030
19,962,439
2024
2023
£
£
Turnover analysed by geographical market
UK
17,679,030
19,962,439
2024
2023
£
£
Other revenue
Interest income
44,540
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
220,918
179,967
Depreciation of tangible fixed assets held under finance leases
426,569
492,561
Loss on disposal of tangible fixed assets
38,018
23,539
Operating lease charges
1,151,990
3,096,383
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,875
20,475
Audit of the financial statements of the company's subsidiaries
5,250
4,575
26,125
25,050
For other services
Taxation compliance services
2,570
2,450
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
-
-
Management
1
1
-
-
Construction
4
4
-
-
Adminstration
7
4
-
-
Total
15
12
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
550,381
469,679
-
0
-
0
Social security costs
47,220
42,605
-
-
Pension costs
9,846
8,435
-
0
-
0
607,447
520,719
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
25,995
-
0
Other interest income
18,545
-
Total income
44,540
-
0
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,788
498
Interest on finance leases and hire purchase contracts
159,368
189,866
Other interest
24
-
Total finance costs
161,180
190,364
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
126,711
298,223
Adjustments in respect of prior periods
(1,176)
-
0
Total current tax
125,535
298,223
Deferred tax
Origination and reversal of timing differences
137,632
323,458
Total tax charge
263,167
621,681

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
805,990
1,788,288
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
201,498
384,840
Tax effect of expenses that are not deductible in determining taxable profit
1,224
335
Tax effect of income not taxable in determining taxable profit
-
0
805
Adjustments in respect of prior years
(1,176)
-
0
Effect of change in corporation tax rate
-
(38)
Other permanent differences
917
-
0
Deferred tax adjustments in respect of prior years
(117)
-
0
Tax at marginal rate
(894)
-
0
Remeasurement of deferred tax for changes in tax rates
61,715
235,739
Taxation charge
263,167
621,681
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
281,000
331,700
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Gym Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 September 2023
383,613
5,711,321
4,933
-
0
1,072,281
7,172,148
Additions
-
0
865,353
1,466
100,783
17,197
984,799
Disposals
-
0
(1,468,095)
-
0
-
0
(15,466)
(1,483,561)
Revaluation
216,387
-
0
-
0
-
0
-
0
216,387
At 31 August 2024
600,000
5,108,579
6,399
100,783
1,074,012
6,889,773
Depreciation and impairment
At 1 September 2023
22,032
1,370,735
4,933
-
0
363,676
1,761,376
Depreciation charged in the year
3,672
531,937
403
3,359
108,116
647,487
Eliminated in respect of disposals
-
0
(681,120)
-
0
-
0
(6,960)
(688,080)
Revaluation
(25,704)
-
0
-
0
-
0
-
0
(25,704)
At 31 August 2024
-
0
1,221,552
5,336
3,359
464,832
1,695,079
Carrying amount
At 31 August 2024
600,000
3,887,027
1,063
97,424
609,180
5,194,694
At 31 August 2023
361,581
4,340,586
-
0
-
0
708,605
5,410,772
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold land and buildings
£
Cost or valuation
At 1 September 2023
383,613
Revaluation
216,387
At 31 August 2024
600,000
Depreciation and impairment
At 1 September 2023
22,032
Depreciation charged in the year
3,672
Revaluation
(25,704)
At 31 August 2024
-
0
Carrying amount
At 31 August 2024
600,000
At 31 August 2023
361,581

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
3,533,653
3,841,515
-
0
-
0
Motor vehicles
280,900
425,315
-
0
-
0
3,814,553
4,266,830
-
-

Freehold property includes land with an estimated cost of £200,000 (2022 - £200,000) which is not depreciated.

The fair value of the freehold property has been arrived at on the basis of a valuation carried out in February 2024 by Holroyd Miller Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
200
200
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
200
Carrying amount
At 31 August 2024
200
At 31 August 2023
200
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Athena Haulage Ltd
Belfast Yard Gelderd Road, Birstall, Batley, WF17 9PY
Ordinary
100.00
Athena Plant Ltd
Belfast Yard Gelderd Road, Birstall, Batley, WF17 9PY
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
61,157
5,332
-
0
-
0
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,802
23,304
-
0
-
0
Gross amounts owed by contract customers
2,686,991
3,436,563
-
0
-
0
Corporation tax recoverable
106,878
25,447
-
0
-
0
Other debtors
241,808
155,268
30,452
-
0
3,037,479
3,640,582
30,452
-
Amounts falling due after more than one year:
Other debtors
87,235
-
0
-
0
-
0
Total debtors
3,124,714
3,640,582
30,452
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
-
0
9,517
-
0
-
0
Obligations under finance leases
19
1,231,126
1,215,505
-
0
-
0
Trade creditors
1,717,027
1,453,793
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
47
360,013
Corporation tax payable
86,687
364,716
5,040
-
0
Other taxation and social security
16,944
81,855
-
-
Other creditors
50,849
176,613
11,468
42,282
Accruals and deferred income
233,557
216,868
-
0
-
0
3,336,190
3,518,867
16,555
402,295
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
19,455
-
0
-
0
Obligations under finance leases
19
1,335,600
1,925,700
-
0
-
0
1,335,600
1,945,155
-
-
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
28,972
-
0
-
0
Payable within one year
-
0
9,517
-
0
-
0
Payable after one year
-
0
19,455
-
0
-
0

Loans includes amounts totalling £Nil (2023 - £28,972) which are secured via a debenture including a fixed and floating charge over the assets of the company. Similar debentures are held against the assets of all members of the Athena (UK) Limited group of companies. As further security, guarantees are also held with the Athena (UK) Limited group of companies and the directors.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,231,126
1,215,505
-
0
-
0
In two to five years
1,335,600
1,925,700
-
0
-
0
2,566,726
3,141,205
-
-

Finance lease obligations are secured against the liabilities to which they relate.

20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for losses on contracts
44,087
155,909
-
-
Movements on provisions:
Onerous contract provisions
Group
£
At 1 September 2023
155,909
Provision for losses on contracts
44,087
Utilisation of provision
(155,909)
At 31 August 2024
44,087
ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
20
Provisions for liabilities
(Continued)
- 30 -

Onerous contract provisioning which represents adjustments to recognise the full anticipated loss on specific contracts, in the year those losses are identified. The value included in the financial statements at the financial year end was £44,087 (2023: £155,909)

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,146,471
1,069,363
Revaluations
60,523
-
1,206,994
1,069,363
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
60,523
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
1,069,363
-
Charge to profit or loss
141,794
60,523
Effect of change in tax rate - profit or loss
(4,163)
-
Liability at 31 August 2024
1,206,994
60,523

£70,490 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,846
8,435

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
24
Reserves
Profit and loss reserves

Share capital represents the number of shares issued at nominal price.

 

The profit and loss accounts represents accumulated comprehensive income for the year and prior periods, after the deduction of dividends.

 

The revaluation reserve contains the gains made by the group arising from increases in the value of its Freehold Property.

25
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Other related parties
21,670
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
109,503
-
26
Directors' transactions

Dividends totalling £281,000 (2023 - £331,700) were paid in the year in respect of shares held by the company's directors.

At the year end, £11,468 (2023 - £34,594) was owed to J Marshall, and included in creditors. During the year advances of £155,626 and repayments of £132,500 were made. The balance is interest free and repayable on demand.

 

At the year end, £30,451 (2023 - £7,688) was owed from J Hotham, and included in debtors. During the year advances of £163,140 and repayments of £125,000 were made. The balance is interest free and repayable on demand.

ATHENA (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 32 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
542,823
1,166,607
Adjustments for:
Taxation charged
263,167
621,681
Finance costs
161,180
190,364
Investment income
(44,540)
-
0
Loss on disposal of tangible fixed assets
38,018
23,539
Depreciation and impairment of tangible fixed assets
647,487
672,528
Decrease in provisions
(111,822)
(33,137)
Movements in working capital:
(Increase)/decrease in stocks
(55,825)
20,852
Decrease/(increase) in debtors
706,802
(51,589)
Increase/(decrease) in creditors
89,248
(590,293)
Cash generated from operations
2,236,538
2,020,552
28
Analysis of changes in net funds/(debt) - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
3,071,369
413,612
3,484,981
Borrowings excluding overdrafts
(28,972)
28,972
-
Obligations under finance leases
(3,141,205)
574,479
(2,566,726)
(98,808)
1,017,063
918,255
2024-08-312023-09-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr JP HothamMr JM MarshallJames Michael MarshallMrs TL Buttersfalse09159096bus:Consolidated2023-09-012024-08-31091590962023-09-012024-08-3109159096bus:Director12023-09-012024-08-3109159096bus:CompanySecretaryDirector12023-09-012024-08-3109159096bus:Director22023-09-012024-08-3109159096bus:CompanySecretary12023-09-012024-08-3109159096bus:Director32023-09-012024-08-3109159096bus:RegisteredOffice2023-09-012024-08-31091590962024-08-3109159096bus:Consolidated2024-08-3109159096bus:Consolidated2022-09-012023-08-31091590962022-09-012023-08-3109159096bus:Consolidated2023-08-31091590962023-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-08-3109159096core:PlantMachinerybus:Consolidated2024-08-3109159096core:FurnitureFittingsbus:Consolidated2024-08-3109159096core:ComputerEquipmentbus:Consolidated2024-08-3109159096core:MotorVehiclesbus:Consolidated2024-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-08-3109159096core:PlantMachinerybus:Consolidated2023-08-3109159096core:FurnitureFittingsbus:Consolidated2023-08-3109159096core:ComputerEquipmentbus:Consolidated2023-08-3109159096core:MotorVehiclesbus:Consolidated2023-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssets2024-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3109159096core:ShareCapitalbus:Consolidated2024-08-3109159096core:ShareCapitalbus:Consolidated2023-08-3109159096core:RevaluationReservebus:Consolidated2024-08-3109159096core:RevaluationReservebus:Consolidated2023-08-3109159096core:ShareCapital2024-08-3109159096core:ShareCapital2023-08-3109159096core:RevaluationReserve2024-08-3109159096core:RevaluationReserve2023-08-3109159096core:RetainedEarningsAccumulatedLosses2024-08-3109159096core:ShareCapitalbus:Consolidated2022-08-3109159096core:SharePremiumbus:Consolidated2022-08-31091590962022-08-3109159096core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-08-3109159096core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-08-3109159096core:ShareCapital2022-08-3109159096core:RevaluationReserve2022-08-3109159096core:RetainedEarningsAccumulatedLosses2022-08-3109159096core:RetainedEarningsAccumulatedLosses2023-08-3109159096bus:Consolidated2022-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-3109159096core:PlantMachinery2023-09-012024-08-3109159096core:FurnitureFittings2023-09-012024-08-3109159096core:ComputerEquipment2023-09-012024-08-3109159096core:MotorVehicles2023-09-012024-08-3109159096core:UKTaxbus:Consolidated2023-09-012024-08-3109159096core:UKTaxbus:Consolidated2022-09-012023-08-3109159096bus:Consolidated12023-09-012024-08-3109159096bus:Consolidated12022-09-012023-08-3109159096bus:Consolidated22023-09-012024-08-3109159096bus:Consolidated22022-09-012023-08-3109159096bus:Consolidated32023-09-012024-08-3109159096bus:Consolidated32022-09-012023-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-08-3109159096core:PlantMachinerybus:Consolidated2023-08-3109159096core:FurnitureFittingsbus:Consolidated2023-08-3109159096core:ComputerEquipmentbus:Consolidated2023-08-3109159096core:MotorVehiclesbus:Consolidated2023-08-3109159096bus:Consolidated2023-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3109159096core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-012024-08-3109159096core:PlantMachinerybus:Consolidated2023-09-012024-08-3109159096core:FurnitureFittingsbus:Consolidated2023-09-012024-08-3109159096core:ComputerEquipmentbus:Consolidated2023-09-012024-08-3109159096core:MotorVehiclesbus:Consolidated2023-09-012024-08-3109159096core:PlantMachinery2024-08-3109159096core:PlantMachinery2023-08-3109159096core:MotorVehicles2024-08-3109159096core:MotorVehicles2023-08-3109159096core:Subsidiary12023-09-012024-08-3109159096core:Subsidiary22023-09-012024-08-3109159096core:CurrentFinancialInstrumentsbus:Consolidated2024-08-3109159096core:CurrentFinancialInstrumentsbus:Consolidated2023-08-3109159096core:CurrentFinancialInstruments2024-08-3109159096core:CurrentFinancialInstruments2023-08-3109159096core:Non-currentFinancialInstrumentsbus:Consolidated2024-08-3109159096core:Non-currentFinancialInstrumentsbus:Consolidated2023-08-3109159096core:Non-currentFinancialInstruments2024-08-3109159096core:Non-currentFinancialInstruments2023-08-3109159096core:WithinOneYearbus:Consolidated2024-08-3109159096core:WithinOneYearbus:Consolidated2023-08-3109159096core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3109159096core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3109159096core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-08-3109159096core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-08-3109159096core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3109159096core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3109159096core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-08-3109159096core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-08-3109159096core:WithinOneYear2024-08-3109159096core:WithinOneYear2023-08-3109159096core:BetweenTwoFiveYearsbus:Consolidated2024-08-3109159096core:BetweenTwoFiveYearsbus:Consolidated2023-08-3109159096core:BetweenTwoFiveYears2024-08-3109159096core:BetweenTwoFiveYears2023-08-3109159096bus:PrivateLimitedCompanyLtd2023-09-012024-08-3109159096bus:FRS1022023-09-012024-08-3109159096bus:Audited2023-09-012024-08-3109159096bus:ConsolidatedGroupCompanyAccounts2023-09-012024-08-3109159096bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP