Registered number:
FOR THE YEAR ENDED 31 AUGUST 2021
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TENABLE SCREW COMPANY LIMITED
COMPANY INFORMATION
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TENABLE SCREW COMPANY LIMITED
CONTENTS
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TENABLE SCREW COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
Introduction
The Directors present their strategic report for the year ended 31st August 2021. Review of the Business The company is a manufacturing company and the principal activity continues to be the manufacture and sale of turned parts. The Directors regard Turnover and Gross Margin as the key performance indicators of the business. Trading conditions remained difficult during this period that included the Covid-19 pandemic. There was a significant increase in sales for the year and as a result an increase in gross profit. Costs levels were generally maintained and controlled well resulting in an overall profit. Capital investment was lower than average in this year. Principal risks and uncertainties The company faces a challenge of managing the effect on sales and profitability as a result of rising raw material costs, lead times and the availability of raw materials which are a key element within the manufacturing processes. The company’s future trading success remains dependant upon the overall state of the economy. Following the UK leaving the European Union the company faces the loss of customers and turnover from this decision and will continue to plan to minimise its future impact. The company has adequate resources to continue and adopt the going concern basis in preparing the annual report and financial statements. It continues to be a challenge to recruit new employees including apprentices who have the necessary education and skills to meet the needs of the business. The company’s ability to generate export sales will be affected by fluctuations in the value of sterling.
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TENABLE SCREW COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
The company’s operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The company operates using positive bank balances.
Given the size of the company, the Directors have not delegated the responsibility of monitoring risk management to a sub-committee of the board. The policies set by the board are implemented by the Directors and the company’s finance department. The company is exposed to commodity price risk as a result of operations and currency risk. However, given the size of the company’s operations, the cost of managing exposure to commodity price and currency risk exceeds any potential benefits. The Directors will revisit the appropriateness of this policy should the company’s operations change in size or nature. Suitable credit control procedures are in place and receivable balances are regularly monitored on an ongoing basis.
This report was approved by the board on 13 June 2022
and signed on its behalf.
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TENABLE SCREW COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The directors present their report and the financial statements for the year ended 31 August 2021.
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
545,387
(2020 -
loss
£
520,693
)
.
The directors will not be recommending a dividend for the year ended 31 August 2021 (2020: £nil).
The directors who served during the year were:
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TENABLE SCREW COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
There have been no significant events affecting the company since the balance sheet date.
The auditor, TWP Accounting LLP, 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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TENABLE SCREW COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENABLE SCREW COMPANY LIMITED
We have audited the financial statements of Tenable Screw Company Limited (the 'Company') for the year ended 31 August 2021, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 Auditor's 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 Auditor's 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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TENABLE SCREW COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENABLE SCREW COMPANY LIMITED (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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TENABLE SCREW COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENABLE SCREW COMPANY LIMITED (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 Auditor's 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:
∙
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
∙
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
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Enquire of management and those charged with governance around actual and potential litigation and claims.
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
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Review of after year end information to ensure expenditure have been accounted for in the correct period.
∙
Perform analytical review procedures to identify any irregularities and investigation thereon.
∙
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditor's Report.
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TENABLE SCREW COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENABLE SCREW COMPANY LIMITED (CONTINUED)
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 Auditor's 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 Old Rectory
Church Street
Surrey
KT13 8DE
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TENABLE SCREW COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2021
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TENABLE SCREW COMPANY LIMITED
REGISTERED NUMBER:
00363073
BALANCE SHEET
AS AT
31 AUGUST 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 22 form part of these financial statements.
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TENABLE SCREW COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2021
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Tenable Screw Company Limited is incorporated in England and Wales and limited by shares. The principal activity of the company is the manufacture and supply of turned parts.
The address of the registered office is given in the company information of these financial statements.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.
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.
Finished goods and work in progress are included at valuation, on a basis consistent with previous years. The carrying amount of stock sold is recognised as an expense in the period which the related revenue is recognised.
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
Accounting policies (continued)
The whole of the turnover is attributable to the supply of manufactured turned parts.
22.64% of the company's turnover (2020 - 17.3%) is attributable to geographical markets outside the United Kingdom.
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
10.
Taxation (continued)
There are no factors that may affect future tax charges.
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
11.
Tangible fixed assets (continued)
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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TENABLE SCREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Capital redemption reserve
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £115,476 (2020 - £124,363). Contributions totalling £23,717 (2020 - £22,066) were payable to the fund at the balance sheet date and are included in creditors.
The company is controlled commonly by its directors. There is no one controlling party.
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