REGISTERED NUMBER: NI044562 (Northern Ireland)

ADVANCED TIMBER CRAFT (NI) LTD

Unaudited Financial Statements for the Year Ended 31 October 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Eileen Orr

Thomas Orr

Neil Orr

Kyra Orr

REGISTERED OFFICE:

10 Browns Road

Antrim Road

Newtownabbey

Co. Antrim

BT36 4RN

REGISTERED NUMBER:

NI044562 (Northern Ireland)

ACCOUNTANTS:

Cooper Parry Advisory Limited

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Property, plant and equipment

5

147,169

146,559

CURRENT ASSETS

Inventories

6

40,847

87,845

Receivables: amounts falling due within one year

7

59,936

309,220

Cash at bank and in hand

258

152

101,041

397,217

PAYABLES

Amounts falling due within one year

8

(323,456

)

(478,884

)

NET CURRENT LIABILITIES

(222,415

)

(81,667

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(75,246

)

64,892

PAYABLES

Amounts falling due after more than one year

9

(83,580

)

(97,294

)

PROVISIONS FOR LIABILITIES

(24,033

)

(24,041

)

NET LIABILITIES

(182,859

)

(56,443

)

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

(182,959

)

(56,543

)

SHAREHOLDERS' FUNDS

(182,859

)

(56,443

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Eileen Orr - Director

Thomas Orr - Director

Neil Orr - Director

Kyra Orr - Director

1.	STATUTORY INFORMATION

Advanced Timber Craft (NI) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property

Nil

Plant and machinery

25% Reducing Balance

Fixtures, fittings and equipment

25% Reducing Balance

Motor vehicles

25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Going concern

The company is currently experiencing a downturn in trading activity and the Directors' are at present reviewing the future options for the Company. The Company's ability to service its debt commitments is dependant upon the support of the Bank and Directors'. Should such support not be available in the future, the company will not be able to trade as a going concern.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.

Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the comapny's taxable profits and its results as stated in the financial statements.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as deduction, net of tax, from the proceeds.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 18 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2023

89,667

234,075

123,544

50,560

497,846

Additions

-

676

1,929

25,516

28,121

Disposals

-

(27,440

)

-

(10,750

)

(38,190

)

At 31 October 2024

89,667

207,311

125,473

65,326

487,777

DEPRECIATION

At 1 November 2023

-

214,561

102,665

34,061

351,287

Charge for year

-

3,419

5,701

11,879

20,999

Eliminated on disposal

-

(20,928

)

-

(10,750

)

(31,678

)

At 31 October 2024

-

197,052

108,366

35,190

340,608

NET BOOK VALUE

At 31 October 2024

89,667

10,259

17,107

30,136

147,169

At 31 October 2023

89,667

19,514

20,879

16,499

146,559

6.	INVENTORIES

2024

2023

£

£

Inventories

40,847

87,845

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade receivables

31,305

189,160

Other receivables

28,631

120,060

59,936

309,220

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

19,948

68,450

Trade payables

150,644

321,457

Taxation & social security

17,703

30,618

Other payables

135,161

58,359

323,456

478,884

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

51,734

83,380

Hire purchase contracts

31,846

13,914

83,580

97,294

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

19,948

68,450

Amounts falling due between one and two years:

Bank loans between 1-5 years

51,734

83,380

11.	SECURED DEBTS

Bank Loans and overdraft are secured by a First Legal Charge over premises and circa two acres of land at 10 Browns Road, Newtownabbey.

Hire Purchase liabilities are secured against the asset to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A balance of £21,625 (2023 - £20,113) was owing from the company to the directors at the year end.