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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
COMPANY INFORMATION
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AIR COMPRESSORS & TOOLS LTD
CONTENTS
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AIR COMPRESSORS & TOOLS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The company has chosen in accordance with Section 414C(ii) of the Companies Act 2006 to set out in the company strategic report the following which the directors believe to be of strategic importance: - Business review - Financial key performance indicators - Corporate and social responsibility Air Compressors & Tools Limited (the company) is a part of the Atlas Copco Group (the group), which is a world-leading provider of sustainable productivity solutions. The Group serves customers in more than 180 countries with products and service focused on productivity, energy efficiency, safety and ergonomics. Its vision is to become and remain 'First in Mind—First in Choice®' for all of its stakeholders. This principle also drives the Group’s strategy which is to create positive value for customers, shareholders and employees in an increasingly resource-constrained world. The Atlas Copco Group strives to reduce its environmental footprint across the value chain and to deliver energy efficient products designed with a life-cycle approach. The impacts of climate change presents both challenges and opportunities for Atlas Copco, who wants to be part of a solution to this increasing Global concern. Air Compressors & Tools Limited uses environmental management systems to help in minimising its environmental impact. The company is ISO 9001 and 14001 certified. Operations in the UK are based on two sites, Warrington and Hemel Hempstead. The company comprises two business areas, Industrial Technique and Compressor Technique. Principal activities The company’s principal activities during the year were the marketing and distribution of air compressors and compressed air products under the trading names, ABAC (UK), Worthington, MARK and Allup. On 1 December 2012, the UK Desoutter business was transferred to another group company, Etablissement Georges Renault S.A.S., based in France. Under the terms of an agency agreement, staff employed by Air Compressors & Tools Ltd provide sales, finance and internal sales support for the selling of Desoutter and CP branded products in the UK. Under the agreement all costs of providing these services are invoiced to Etablissement Georges Renault S.A.S.
As shown in the Statement of Comprehensive Income on page 10, turnover for existing operations for the year was £26,107k (2023: £24,813k) which represents an increase of 5% (2023: Increase of 25%). Gross profit for the year was £11,314k (2023: £9,098k) which gives a margin of 43% (2023: 37%). The increase in margin is mainly as a result of a transfer price adjustment being made during the year to ensure profit is within the range expected per the transfer price agreement.
Operating profit was £ 720k compared to £794k the previous year. Operating profit as a percentage of turnover is 2.8% (2023: 3.2%). The company has net assets of £13,111k (2023: £12,716k), with net current Assets of £12,324k (2023: £11,966k). The increase in assets is driven mainly by an increase in amounts owed by debtors at the year-end.
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AIR COMPRESSORS & TOOLS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Following the Brexit referendum in 2016 and the exit from the EU that came in force on 1st January 2021, the directors continue to closely monitor developments. The company is keeping up to date with all the changes and is putting appropriate measures in place to mitigate any associated risks . Performance was strong in 2024. The current expectation and outlook of the market is strong with large orders in hand.
The company is exposed to other risks in its operations. These risks include: Credit risk The company's principal financial assets are bank balances, trade receivables and other receivables. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Funding and liquidity risk In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments the company utilises group funds. Group Treasury has the operational responsibility for financial risk management in the Group. Group Treasury manages and controls financial risk exposures, ensures that appropriate financing is in place through loans and committed credit facilities, and manages the Group's liquidity. With the recent exit from the European Union, there is still a level of uncertainty and caution in some business sectors. The company constantly monitors this situation and believes that its strong market position and focused market approach together with a concentration on customer relationships puts it in a good position to sustain business levels during any period of uncertainty.
A key performance indicator set by the Atlas Copco Group for the UK businesses, is growth in sales. The 2024 target for the Compressor Technique side of the business was to increase sales by 10% (2023: 10%) over that of prior year. Actual sales for the Compressor Technique side of the business for 2024 was up 5.2% on 2023. This increase is as a direct result of business activity returning to normal levels after the effects of the global pandemic.
Another key performance indicator set by the Group for UK Businesses is to attract, develop and retain qualified and motivated employees. This is measured every 2 years via the use of an employer net promoter score (NPS) survey. Based on results corrective or reinforcement actions are implemented. The last survey was carried out in April 2023. Both operations within the entity met the Group's NPS target. The next survey will be carried out in April 2025.
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AIR COMPRESSORS & TOOLS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Air Compressors & Tools Limited strives to be a responsible corporate citizen in all its activities by finding synergies between economic growth, environmental stewardship and socially responsible operations. The Company and its employees currently support ‘Water for All’, which is a charity founded by Atlas Copco employees. The Charity’s mission is to provide people in need with long term access to clean drinking water.
The Group’s vision is to become and remain 'First in Mind—First in Choice®' for all of its stakeholders. This principle also drives the Group’s strategy in order to create positive value for customers, shareholders and employees in an increasingly resource-constrained world. The Group views sustainability as an opportunity to drive product innovation, reduce costs, mitigate risks and create business opportunities for long-term strategic growth.
The Board of Directors confirm that during the year under review, it has acted to promote the long-term success of the Company for the benefit of shareholders, whilst having due regard to the matters set out in section 172(1) (a) to (f) of the Companies Act 2006, being:
(a) The likely consequences of any decision in the long term (b) The interests of the Company’s employees (c) The need to foster the Company’s business relationships with suppliers, customers and others (d) The impact of the Company’s operations on the community and the environment (e) The desirability of the Company maintaining a reputation for high standards of business conduct (f) The need to act fairly between members of the company In reaching our decisions we consider our purpose, vision, values and the Group’s strategic priorities as outlined in the Annual Report of Atlas Copco AB (https://www.atlascopcogroup .com/en/investor -relations/financial -reports-presentations /financial-publications ). We have a process in place for decision-making and we aim to make sure that our decisions are consistent across the board. As is usual practice for similar companies, we delegate authority for day-to-day management to the management team and then engage them in setting, approving and overseeing execution of the business strategy and related policies. We review health and safety, financial and operational performance and legal and regulatory compliance at our Board meetings.
This report was approved by the board on 23 September 2025 and signed on its behalf.
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AIR COMPRESSORS & TOOLS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
On 1 December 2012, the UK Desoutter business was transferred to another group company, Etablissement Georges Renault S.A.S., based in France. Under the terms of an agency agreement, staff employed by Air Compressors & Tools Ltd provide sales, finance and internal sales support for the selling of Desoutter and CP branded products in the UK. Under the agreement all costs of providing these services are invoiced to Etablissement Georges Renault S.A.S.
The profit for the year, after taxation, amounted to £395k (2023 - £508 thousand).
As at the date of signing no dividend has been paid or proposed for the year ended 31 December 2024 (2023: £Nil).
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AIR COMPRESSORS & TOOLS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
The focus for the company going forward remains unchanged in creating customer value through innovation while staying agile and keeping a close eye on efficiency.
The directors remain optimistic about the future and are confident that Air Compressors & Tools Limited will yield profitable growth. The company's future developments are aligned with the Group's vision as stated above.
There have been no significant events affecting the Company since the year end.
The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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AIR COMPRESSORS & TOOLS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR COMPRESSORS & TOOLS LTD
We have audited the financial statements of AIR COMPRESSORS & TOOLS LTD (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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AIR COMPRESSORS & TOOLS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR COMPRESSORS & TOOLS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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AIR COMPRESSORS & TOOLS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR COMPRESSORS & TOOLS LTD (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are: • to identify and assess the risks of material misstatement of the financial statements due to fraud; • to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and • to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 101 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). • We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up. • Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on manual journals indicating large or unusual transactions based on our understanding of the business. • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
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AIR COMPRESSORS & TOOLS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AIR COMPRESSORS & TOOLS LTD (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
The Plaza
100 Old Hall Street
L3 9QJ
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AIR COMPRESSORS & TOOLS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
REGISTERED NUMBER: 00164206
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
REGISTERED NUMBER: 00164206
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 34 form part of these financial statements.
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AIR COMPRESSORS & TOOLS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Air Compressors & Tools Limited is a Company incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The nature of the Company's operations and its principal activities are set out in the Directors' Report. Air Compressors & Tools Limited is a private company limited by shares.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 74A(b) of IAS 16
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Atlas Copco AB as at 31 December 2022 and these financial statements may be obtained from Patent and Registration Office, Bolagsavdelningen, Storgatan 13, S85181, Sundsvall, Sweden.
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In accordance with their responsibilities, the directors of the company have considered the appropriateness of the going concern basis, which has been used in the preparation of these financial statements.
The company continues to manage its liquidity needs through a group bank pooling facility managed by the ultimate parent company, Atlas Copco AB. The company has no external debt and with the bank pooling facility it ensures sufficient resources are immediately available if need be. At the year-end the company has an intercompany cash balance of £25k (2023: £50k) and was in a net current asset position of £13,168k (2023: £12,735k). The going concern of Air Compressors & Tools Limited is linked to that of the overall group. The Directors made enquiries of the group to ascertain the group position on going concern. Following these enquiries, the Directors are satisfied the group's strategy is robust and that they will continue as a going concern. The directors have considered the company’s current and prospects and its availability of intercompany financing. In turn, the company has received assurances, in the form of a letter of support, that Atlas Copco Airpower NV will continue to provide sufficient cash resources as required to enable the company to meet its liabilities as they fall due for the period to 30 September 2026. The company therefore continues to adopt the going concern basis in preparing its financial statements which has been applied consistently throughout the year.
Functional and presentation currency
Transactions and balances
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. Financial assets and financial liabilities are initially measured at fair value. The Company's accounting policies in respect of financial instruments transactions are further explained below:
Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Fair value through profit or loss All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. Impairment of financial assets The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Financial liabilities Fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship. At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 If the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There were no critical judgements, estimates or assumptions that the directors have made in the process of applying the Company's accounting policies that have significant effect on the financial statements. Key sources of estimation uncertainity Although there are uncertainties, none of these are deemed key.
Analysis of turnover by country of destination:
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Tangible fixed assets (continued)
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contribution pension scheme, a Company Sponsored Group Personal Pension Plan. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £506k (2023:429k). There were no outstanding contributions at 31 December 2024 (2023:£nil).
The company is also the primary member of a group wide pension scheme providing benefits based on final pensionable pay. This final salary scheme was closed to future accrual on 31 July 2010. All members were moved to the group's defined contribution scheme.
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AIR COMPRESSORS & TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company and controlling party is Atlas Copco UK Holdings Limited, a company incorporated in Great Britain and registered in England and Wales. The company's registered address is Swallowdale Lane, Hemel Hempstead, Hertfordshire, HP2 7EA. Atlas Copco UK Holdings Limited does not prepare group financial statements. Copies of the company’s financial statements can be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The company’s ultimate parent and ultimate controlling party is Atlas Copco AB, which prepares consolidated group financial statements. This company is incorporated in Sweden and it's registered address is SE-105 23 Stockholm, Sweden. Copies of its financial statements are available from the Patent and Registration Office, Bolagsavdelningen, Storgatan 13, S85181, Sundsvall, Sweden. This is the largest and smallest company which prepares group financial statements.
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