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Registration number: 09609570

Advanced Technology Cutting Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Advanced Technology Cutting Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Advanced Technology Cutting Limited

Company Information

Director

Mr Christopher Taylor

Registered office

403 Bradford Road
Batley
West Yorkshire
WF17 5LY

 

Advanced Technology Cutting Limited

(Registration number: 09609570)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

333,574

446,894

Current assets

 

Stocks

5

93,779

67,372

Debtors

6

454,198

425,515

Cash at bank and in hand

 

392

2,028

 

548,369

494,915

Creditors: Amounts falling due within one year

7

(785,366)

(587,238)

Net current liabilities

 

(236,997)

(92,323)

Total assets less current liabilities

 

96,577

354,571

Creditors: Amounts falling due after more than one year

7

(65,687)

(218,137)

Provisions for liabilities

(21,912)

(36,335)

Net assets

 

8,978

100,099

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

7,978

99,099

Shareholders' funds

 

8,978

100,099

For the financial year ending 30 September 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 and 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 director on 12 June 2025
 

.........................................
Mr Christopher Taylor
Director

 

Advanced Technology Cutting Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
403 Bradford Road
Batley
West Yorkshire
WF17 5LY
England

These financial statements were authorised for issue by the director on 12 June 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Adjusting events after the financial period

The depreciation charge for 2024 includes an exceptional impairment to plant and machinery of £43,114 based on its sale value after the year end.

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.

 

Advanced Technology Cutting Limited

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

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 machinery

10 years straight line basis

Funriture and fittings

5 years straight line basis

Office equipment

3 years straight line basis

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 merchandise sold 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.

 

Advanced Technology Cutting Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Advanced Technology Cutting Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 1).

Walker & Smith Limited, a fellow subsidiary company, employs staff who carry out work on behalf of Advanced Technology Cutting Limited. The employment cost of this work is recharged at cost to Advanced Technology Cutting Limited.

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

3,507

688,766

692,273

Additions

334

-

334

At 30 September 2024

3,841

688,766

692,607

Depreciation

At 1 October 2023

2,212

243,167

245,379

Charge for the year

810

112,844

113,654

At 30 September 2024

3,022

356,011

359,033

Carrying amount

At 30 September 2024

819

332,755

333,574

At 30 September 2023

1,295

445,599

446,894

Impairment

Plant and Machinery
The depreciation charge for 2024 includes an exceptional impairment to plant and machinery based on its sale value after the year end. The amount of impairment loss included in profit or loss is £43,114 (2023 - £Nil). The impairment loss is included in Depreciation.

 

Advanced Technology Cutting Limited

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

5

Stocks

2024
£

2023
£

Other inventories

93,779

67,372

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

298,210

322,933

Amounts owed by related parties

11

79,248

68,578

Other debtors

 

76,740

34,004

   

454,198

425,515

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

409,231

367,422

Trade creditors

 

241,994

139,685

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

13,265

29,040

Taxation and social security

 

64,505

45,608

Accruals and deferred income

 

56,371

5,483

 

785,366

587,238

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

65,687

218,137

 

Advanced Technology Cutting Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

800

800

800

800

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

57,999

101,999

Hire purchase contracts

7,688

116,138

65,687

218,137

Current loans and borrowings

2024
£

2023
£

Bank borrowings

265,781

288,972

Hire purchase contracts

143,450

78,450

409,231

367,422

 

Advanced Technology Cutting Limited

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £256,306 (2023 - £307,683). The Company, in common with its parent company, Advanced Technology Manufacturing Limited, and all its fellow subsidiaries, has provided a guarantee and legal mortgage to cover all present and future debts due by group companies to HSBC UK Bank plc, which at 30 September 2024 amounted to £256,306 - (2023 - £307,683).

11

Related party transactions

Loans to related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

-

137,037

137,037

Advanced

79,248

-

79,248

Repaid

-

(137,037)

(137,037)

At end of period

79,248

-

79,248

2023

Other related parties
£

Total
£

At start of period

130,000

130,000

Advanced

7,037

7,037

At end of period

137,037

137,037

Terms of loans to related parties

During the year the company made a non interest bearing loan available to its parent company, Advanced Technology Manuafacturing Limited, after settling the loan it had received from its parent company, Advanced Technology Manuafacturing Limited.
 During the year the company received repayments of non interest bearing loans made available to its fellow subsidiaries, Walker & Smith Limited and Chris Taylor Fabrications Limited.

Loans from related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

29,040

68,459

97,499

Repaid

(29,040)

(55,194)

(84,234)

At end of period

-

13,265

13,265

 

Advanced Technology Cutting Limited

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

2023

Parent
£

Other related parties
£

Total
£

At start of period

-

6,902

6,902

Advanced

34,800

61,557

96,357

Repaid

(5,760)

-

(5,760)

At end of period

29,040

68,459

97,499

Terms of loans from related parties

During the year the company repaid a a non interest bearing loan available by its parent company, Advanced Technology Manuafacturing Limited.
 During the period the company continued to receive a non interest bearing 'trade' loan from its fellow subsidiary, Walker & Smith Limited.