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REGISTRAR OF COMPANIES

Registration number: 11415192

Atom Packs Limited

Unaudited Financial Statements

30 June 2024

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Atom Packs Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Atom Packs Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Atom Packs Limited for the year ended 30 June 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

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

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

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

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



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

6 February 2025

 

Atom Packs Limited

(Registration number: 11415192)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,000

6,500

Tangible assets

5

87,635

60,744

 

91,635

67,244

Current assets

 

Stocks

74,468

55,355

Debtors

6

3,346

7,858

Cash at bank and in hand

 

131,857

148,319

 

209,671

211,532

Creditors: Amounts falling due within one year

7

(101,135)

(93,594)

Net current assets

 

108,536

117,938

Total assets less current liabilities

 

200,171

185,182

Provisions for liabilities

(14,832)

(11,943)

Net assets

 

185,339

173,239

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

185,337

173,237

Total equity

 

185,339

173,239

 

Atom Packs Limited

(Registration number: 11415192)
Balance Sheet as at 30 June 2024 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2025
 

.........................................

T S Gale

Director

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Shed
Braithwaite New Farm
Braithwaite
KESWICK
CA12 5RY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance basis

Motor vehicles

15% reducing balance basis

Furniture, fittings and office equipment

33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Internally generated software development costs are capitalised if they meet the criteria for development costs under FRS 102.18.8. Internally generated software development costs are initially measured at cost and subsequently carried at cost less accumulated amortisation and impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Internally generated software development costs

10 years straight line

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 10).

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

10,000

4,500

14,500

At 30 June 2024

10,000

4,500

14,500

Amortisation

At 1 July 2023

5,000

3,000

8,000

Amortisation charge

1,000

1,500

2,500

At 30 June 2024

6,000

4,500

10,500

Carrying amount

At 30 June 2024

4,000

-

4,000

At 30 June 2023

5,000

1,500

6,500

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 July 2023

75,518

13,800

5,201

94,519

Additions

20,592

33,837

2,373

56,802

Disposals

(322)

(13,800)

(854)

(14,976)

At 30 June 2024

95,788

33,837

6,720

136,345

Depreciation

At 1 July 2023

30,336

173

3,266

33,775

Charge for the year

11,950

2,465

1,484

15,899

Eliminated on disposal

(141)

(173)

(650)

(964)

At 30 June 2024

42,145

2,465

4,100

48,710

Carrying amount

At 30 June 2024

53,643

31,372

2,620

87,635

At 30 June 2023

45,182

13,627

1,935

60,744

6

Debtors

2024
£

2023
£

Other debtors

3,346

7,858

3,346

7,858

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

311

2,143

Trade creditors

 

2,935

7,724

Taxation and social security

 

11,342

5,328

Corporation tax liability

 

16,897

10,720

Other creditors

 

69,650

67,679

 

101,135

93,594

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

311

2,143

 

Atom Packs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Transition to FRS 102

For the year ended 30 June 2024, the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabilities from the transition date, 1 July 2022. The only transition adjustment being the inclusion of a deferred tax liability, as follows:

Balance Sheet at 1 July 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(3,952)

(3,952)

Capital and reserves

Profit and loss account

133,011

-

(3,952)

129,059

Balance Sheet at 30 June 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(11,943)

(11,943)

Capital and reserves

Profit and loss account

185,180

-

(11,943)

173,237