Atlas eMAR Ltd
Atlas eMAR Ltd
Registered number: 8972421
Unaudited Financial Statements
For The Year Ended
31 December 2021
Atlas eMAR Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Atlas eMAR Ltd
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
8972421
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 31 December 2021 | 31 December 2020 as restated |
||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
|
|
||
| Tangible Assets | 4 |
|
|
||
| Investments | 5 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 6 |
|
|
||
| Debtors | 7 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 8 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 9 |
( |
( |
||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
( |
( |
|||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
|
|
||
| Share premium account |
|
|
|||
| Profit and Loss Account |
|
|
|||
| SHAREHOLDERS' FUNDS | 1,147,724 | 844,815 | |||
Atlas eMAR Ltd
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 6 form part of these financial statements.
Atlas eMAR Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Research and Development
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by SSAP13 when its future recoverability can be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life of 5 years so as to match the expenditure with the anticipated sales from the related project. Provision is made for any impairment.
1.4.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are amortised to the profit and loss account over its estimated economic life of 5 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was 11 (2020: 10)
Atlas eMAR Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Intangible Assets
| Development Costs | Intellectual Property | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
|
|
|
|
| Additions |
|
|
|
| As at
|
|
|
|
| Amortisation | |||
| As at
|
|
|
|
| Provided during the period |
|
|
|
| As at
|
|
|
|
| Net Book Value | |||
| As at
|
|
|
|
| As at
|
|
|
|
4.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
|
|
|
|
| Additions |
|
|
|
| As at
|
|
|
|
| Depreciation | |||
| As at
|
|
|
|
| Provided during the period |
|
|
|
| As at
|
|
|
|
| Net Book Value | |||
| As at
|
|
|
|
| As at
|
|
|
|
Atlas eMAR Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
5.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
|
100 |
| As at
|
100 |
| Provision | |
| As at
|
- |
| As at
|
- |
| Net Book Value | |
| As at
|
100 |
| As at
|
100 |
6.
Stocks
| 31 December 2021 | 31 December 2020 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Stock - finished goods |
|
|
|
|
|
|
||
7.
Debtors
| 31 December 2021 | 31 December 2020 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Corporation tax recoverable assets |
|
|
|
| VAT |
|
- | |
|
|
|
||
| Due after more than one year | |||
| Other debtors |
|
|
|
|
|
|
||
|
|
|
||
Atlas eMAR Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
8.
Creditors: Amounts Falling Due Within One Year
| 31 December 2021 | 31 December 2020 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other taxes and social security |
|
|
|
| VAT | - |
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
9.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2021 | 31 December 2020 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
11.
Related Party Transactions
Beacon Digital Ltd
Mr Tariq Muhammad is a director and shareholder of the Company and a director of Beacon Digital Ltd.
The Company has made a loan to Beacon Digital Ltd and at the year end was owed £6,909. (2020: £133,393)
Beacon Labs Ltd
Mr Tariq Muhammad is a director and shareholder of the Company and a director of Beacon Labs Ltd.
The Company owed Beacon Labs Ltd and at the year end £25,901.76. (2020: £42,978.2 owed to Atlas eMar).
Titan PMR Ltd
Titan PMR Ltd is under common ownership
The Company has made a loan to Titan PMR Ltd and at the year end was owed £1,040,594 (2020: £715,355)
Invatech Health Ltd
Mr Tariq Muhammad is a director and shareholder of the Company and a director of Invatech Health Ltd.
The Company has made a loan to Invatech Health Ltd and at the year end was owed £85,791 (2020: £71,863).
12.
General Information
Atlas eMAR Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
8972421
. The registered office is Maple House, 5 The Maples, Cleeve, Bristol, BS49 4FS.