Atane Limited Company accounts

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COMPANY REGISTRATION NUMBER: NI034947

Atane Limited

Unaudited Financial Statements

31 October 2019

Atane Limited

Financial Statements

Year ended 31 October 2019

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

Atane Limited

Directors' Report

Year ended 31 October 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2019 .

Directors

The directors who served the company during the year were as follows:

Mr D Lamph
Mrs B Lamph
Mr J McVeigh

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 8 to the financial statements.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 July 2020 and signed on behalf of the board by:

Mr D Lamph

Director

Registered office:

61 Malone Road

Belfast

BT9 6SA

Atane Limited

Statement of Income and Retained Earnings

Year ended 31 October 2019

	2019	2018
Note	£	£
Turnover	45,617	177,114

	--------	---------
Gross profit	45,617	177,114

Administrative expenses	15,189	103,657
	--------	---------
Operating profit	30,428	73,457

Interest payable and similar expenses	38,438	37,020
	--------	---------
(Loss)/profit before taxation	( 8,010)	36,437

Tax on (loss)/profit	–	6,923
	-------	--------
(Loss)/profit for the financial year and total comprehensive income	( 8,010)	29,514
	-------	--------

Retained earnings at the start of the year	342,800	313,286
	---------	---------
Retained earnings at the end of the year	334,790	342,800
	---------	---------

All the activities of the company are from continuing operations.

Atane Limited

Statement of Financial Position

31 October 2019

	2019	2018
Note	£	£

Fixed assets

Investments	4	1,847,439	1,847,439

Current assets

Debtors	5	3,753	3,580
Cash at bank and in hand		22,769	3,959
		--------	-------
		26,522	7,539

Creditors: amounts falling due within one year	6	418,024	391,030
		---------	---------
Net current liabilities		391,502	383,491
		------------	------------
Total assets less current liabilities		1,455,937	1,463,948

Creditors: amounts falling due after more than one year	7	1,121,048	1,121,049
		------------	------------
Net assets		334,889	342,899
		------------	------------

Capital and reserves

Called up share capital	99	99
Profit and loss account	334,790	342,800
	---------	---------
Shareholders funds	334,889	342,899
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Atane Limited

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 17 July 2020 , and are signed on behalf of the board by:

Mr D Lamph

Director

Company registration number: NI034947

Atane Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 61 Malone Road, Belfast, BT9 6SA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Other investments other than loans
	£
Cost
At 1 November 2018 and 31 October 2019	1,847,439
	------------
Impairment
At 1 November 2018 and 31 October 2019	–
	------------

Carrying amount
At 31 October 2019	1,847,439
	------------
At 31 October 2018	1,847,439
	------------

5. Debtors

	2019	2018
	£	£
Trade debtors	( 1)	–
Other debtors	3,754	3,580
	-------	-------
	3,753	3,580
	-------	-------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	38,660	35,194
Trade creditors	3,654	3,480
Corporation tax	–	16,069
Other creditors	375,710	336,287
	---------	---------
	418,024	391,030
	---------	---------

7. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	1,121,048	1,121,049
	------------	------------

The bank loan is secured against the property held by the company.

8. Events after the end of the reporting period

Following the end of the financial year ended 31 December 2019, the Coronavirus turned into a pandemic creating health, social, employment and financial problems on a scale not experienced before. The impact of the virus cannot be quantified at the date of approval of the accounts, but these may be significant across a range of issues as outlined.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Lamph	( 103,926)	( 19,750)	( 123,676)
Mr J McVeigh	( 103,925)	( 19,750)	( 123,675)
	---------	--------	---------
	( 207,851)	( 39,500)	( 247,351)
	---------	--------	---------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Lamph	( 119,926)	16,000	( 103,926)
Mr J McVeigh	( 119,925)	16,000	( 103,925)
	---------	--------	---------
	( 239,851)	32,000	( 207,851)
	---------	--------	---------