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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 |
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CHARLES AUSTEN PUMPS LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 |
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CHARLES AUSTEN PUMPS LIMITED |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 9 |
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Other Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Cash Flow Statement | 13 |
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Notes to the Cash Flow Statement | 14 |
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Notes to the Financial Statements | 16 |
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CHARLES AUSTEN PUMPS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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The directors present their strategic report for the year ended 30 April 2021. |
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REVIEW OF BUSINESS |
The Company is engaged in the development, manufacture and distribution of vacuum pumps and compressors worldwide and are able to provide both off the shelf units and adapted units designed by the inhouse Research and Development team. |
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There have been no changes in the company's activities in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year. |
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The Company shows a healthy increase in sales as a result of the continued investment in new product development and exploiting commercial opportunities created by its new inventions in pump technology. |
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It is felt that this is a satisfactory result as the Company continues to grow and become stronger in both profitability and asset value. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk and uncertainties facing the Company are : |
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Competitive risks |
The Company is subject to competitive risks. The Company's strength is managing these risks to diversify its sales into new geographical markets, to closely monitor major competitors within the markets that it trades in and to seek competitive advantage from continuous innovation and product development within the sector. |
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Political and legislative risk |
The Company is subject to political and legislative risks. The Company's strength in managing these risks is demonstrated by its ability to successfully diversify sales into new markets. This diversification mitigates the risk to the Company of any change in legislation for any single market or political uncertainty. |
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Credit risk |
This principally relates to trade receivables which are short-term and without undue concentration. They are subject to a strong credit control process in order to mitigate credit risk. |
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COVID-19 |
The outbreak and unprecedented spread of the COVID-19 pandemic across the globe has had a profound impact on local and global markets and is expected to continue to shape the economic landscape for the immediate future. The directors continue to monitor closely the impact of unfolding events so as to respond swiftly to any consequential implications on the business. |
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Brexit and Foreign exchange risk |
On 31 December 2020, a new trading relationship between the UK and the European Union was put in place. In the period immediately following the implementation of Brexit there was an increase in costs for obtaining Customs clearance and delays on clearance of some shipments. Those delays have significantly reduced in recent months and the cross-border transportation is working more efficiently. As a substantial exporter, the Company continues to manage its' worldwide exchange rate exposure. The geographical spread of export sales mitigates the risks from any changes trading with the EC alone. The Company has arrangements in place to cover any expected difficulties and remains capable of reacting fast to new challenges to maintain all markets. |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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KEY PERFORMANCE INDICATORS |
During the year, the company's key financial and other performance indicators were as follows: |
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2021 | 2020 | Change |
£ | £ | % |
Turnover | 17,928 | 14,618 | 22.6 |
Operating profit | 3,901 | 1,923 | 102.9 |
EBITDA | 4,193 | 2,150 | 95.0 |
Cash | 8,882 | 3,810 | 133.1 |
Net Assets | 13,830 | 11,558 | 19.6 |
Average number of employees | 75 | 81 | -7.4 |
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The Company had another strong year of sales and profit growth. Despite continued downward market price pressures, gross profit margins improved to 36.2% (2020: 30.9 %) due mainly to lean manufacturing methods, better stock control and a well-balanced sales mix. |
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STRATEGY |
The Company continues to re-invest all profits into improving its' business, increasing production efficiency, financing continued Research and Development into new products and pumping technologies and investing into Patents to protect all of its' Intellectual Property. |
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ON BEHALF OF THE BOARD: |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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The directors present their report with the financial statements of the company for the year ended 30 April 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacturing pumps. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 30 April 2021 will be £
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RESEARCH AND DEVELOPMENT |
The company continues to invest into ongoing Research & Development particularly in the traditional medical markets. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2020 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
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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 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. |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHARLES AUSTEN PUMPS LIMITED |
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Opinion |
We have audited the financial statements of Charles Austen Pumps Limited (the 'company') for the year ended 30 April 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
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 UK, including the FRC'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. |
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Conclusions relating to going concern |
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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, 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 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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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHARLES AUSTEN PUMPS LIMITED |
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Matters on which we are required to report by exception |
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 Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- at the planning stage the areas of risk of material misstatement due to fraud or irregularities were identified. |
The risk of both are deemed to be low. |
- the risks were assessed in conjunction with the systems and controls of the entity. These are deemed to be strong. |
- the main risk areas were discussed with both the Informed management and those charged with governance. |
- our audit testing was then designed in conjunction with the risks identified. |
- a sceptical attitude was maintained throughout the audit. |
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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHARLES AUSTEN PUMPS LIMITED |
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Use of our 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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
Jamesons House |
Compton Way |
Witney |
OX28 3AB |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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3,589,554 | 1,724,833 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income | ( |
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3,899,909 | 1,932,273 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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BALANCE SHEET |
30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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Investments | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Investments | 14 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 15 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 17 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 May 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 April 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 April 2021 |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Purchase of fixed asset investments | (723 | ) | - |
Sale of tangible fixed assets |
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Interest received | ( |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Amount withdrawn by directors | (1,433 | ) | (6,260 | ) |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of
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2 |
3,784,525 |
4,203,498 |
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Cash and cash equivalents at end of year | 2 | 8,882,059 |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2021 | 2020 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 5,492 | 5,475 |
Finance income | 1,037 | (9,442 | ) |
4,192,852 | 2,154,620 |
Decrease/(increase) in stocks |
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(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 30 April 2021 |
30.4.21 | 1.5.20 |
£ | £ |
Cash and cash equivalents | 8,882,059 | 3,810,121 |
Bank overdrafts |
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8,882,059 | 3,784,525 |
Year ended 30 April 2020 |
30.4.20 | 1.5.19 |
£ | £ |
Cash and cash equivalents | 3,810,121 | 4,203,498 |
Bank overdrafts | ( |
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3,784,525 | 4,203,498 |
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CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.5.20 | Cash flow | At 30.4.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,810,121 | 5,071,938 | 8,882,059 |
Bank overdrafts | (25,596 | ) | 25,596 | - |
3,784,525 |
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8,882,059 |
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Liquid resources |
Current asset investments | 94,444 | 167 | 94,611 |
94,444 | 167 | 94,611 |
Total | 3,878,969 | 5,097,701 | 8,976,670 |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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1. | STATUTORY INFORMATION |
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Charles Austen Pumps Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 " The Financial Reporting Standard applicable tin the UK and Republic of Ireland" and the Companies Act 2006. |
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The financial statements have been prepared under the historical cost convention. |
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The financial statements hae been prepared on a going concern basis. The company's business activities, together with principal risks and uncertainties are set out in the Strategic Report and the Company has considered a period of at least 12 months from the date of approval of these financial statements. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It is considered that there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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Warranty Provision |
Historical warranty spend data is collated across all models and used to estimate the future warranty spend based upon the balance of the warranty period remaining. |
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Turnover |
Turnover is stated net of VAT and any discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment where applicable. |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determine on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
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Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
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Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
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Pension costs and other post-retirement benefits |
The company operates three schemes as follows: a) Staff scheme whereby contributions are paid into a separate pension fund independent of the company. Contributions are charged to the profit and loss account when paid. b) Self administered scheme for existing full-time controlling directors with contributions being charged to the profit and loss account when paid. c) Company pensions paid to directors who have reached retirement age and funded out of the normal income of the company. |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Employee benefit trusts |
The company has established a trust for the benefit of employees, former employees and certain of their dependents. Monies contributed to this trust are held by independent trustees and managed at their discretion. Subsequent to making a contribution to the trust the company neither has nor seeks to exercise any control over the trustees decisions in applying funds to benefit employees and consequently in the opinion of the directors the provisions of Urgent Issues Task Force Abstract 13 do not apply to it. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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2021 | 2020 |
£ | £ |
United Kingdom |
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Europe |
|
|
Rest of World | 6,600,725 | 5,326,843 |
|
|
|
4. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
2021 | 2020 |
|
Directors | 1 | 1 |
Management and office | 21 | 26 |
Manufacturing | 53 | 54 |
|
|
|
2021 | 2020 |
£ | £ |
Directors' remuneration |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows: |
|
Money purchase schemes |
|
|
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2021 | 2020 |
£ | £ |
Depreciation - owned assets |
|
|
Loss on disposal of fixed assets |
|
|
Auditors' remuneration |
|
|
Auditors' remuneration for non audit work |
|
|
Foreign exchange differences | ( |
) | ( |
) |
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£ | £ |
Loan |
|
|
Corporation tax interest |
|
|
|
|
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
7. | TAXATION - continued |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2021 | 2020 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
|
( |
) |
|
R&D enhanced expenditure | (291,764 | ) | (273,034 | ) |
Deferred tax | 10,083 | 22,705 |
Total tax charge | 522,757 | 25,905 |
|
8. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Interim |
|
|
|
9. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 |
|
AMORTISATION |
At 1 May 2020 |
and 30 April 2021 |
|
NET BOOK VALUE |
At 30 April 2021 |
|
At 30 April 2020 |
|
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
10. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
|
At 30 April 2021 |
|
|
|
DEPRECIATION |
At 1 May 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 30 April 2021 |
|
|
|
NET BOOK VALUE |
At 30 April 2021 |
|
|
|
At 30 April 2020 |
|
|
|
|
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2020 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 30 April 2021 |
|
|
|
|
DEPRECIATION |
At 1 May 2020 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 30 April 2021 |
|
|
|
|
NET BOOK VALUE |
At 30 April 2021 |
|
|
|
|
At 30 April 2020 |
|
|
|
|
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2020 |
|
Additions |
|
At 30 April 2021 |
|
NET BOOK VALUE |
At 30 April 2021 |
|
At 30 April 2020 |
|
|
12. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
|
|
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
14. | CURRENT ASSET INVESTMENTS |
2021 | 2020 |
£ | £ |
Fixed term deposits |
|
|
|
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' loan accounts | - | 1,433 |
Accrued expenses |
|
|
|
|
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
16. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
17. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 214,928 | 204,845 |
|
Deferred |
tax |
£ |
Balance at 1 May 2020 |
|
Provided during year |
|
Balance at 30 April 2021 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | £1 | 4,348 | 4,348 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 May 2020 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30 April 2021 |
|
|
20. | ULTIMATE PARENT COMPANY |
|
Blue Diamond Pumps Limited is regarded by the directors as being the company's ultimate parent company. |
CHARLES AUSTEN PUMPS LIMITED (REGISTERED NUMBER: 00577254) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
21. | RELATED PARTY DISCLOSURES |
|
|
2021 | 2020 |
£ | £ |
Amount due to related parties |
|
|
Interest charged on outstanding loans |
|
|
Directors loan account | - | 1,433 |
Interest charged on directors loan accounts | - | 297 |
Rent paid to related party | 157,509 | 157,570 |
Rent received from related parties | 27,360 | 27,960 |
Trade debtor amounts due from related parties |
|
|
Sales to related party |
|
|
Management charged by related party |
|
|
Loans due from related parties |
|
|
|
|
2021 | 2020 |
£ | £ |
Loans due to related parties |
|
|
Trade creditor balance due to related party | 109,340 | - |
Purchases from related party | 490,821 | 556,132 |
Loans due from related parties | 107,708 | - |
|
|
2021 | 2020 |
£ | £ |
Amount due from related party |
|
|
|
The controlling party is W E Shepherd. |
|
22. | POST BALANCE SHEET EVENTS |
|
There have been no significant events affecting the Company since the reporting date which require amendment to, or disclosure in, the financial statements. |
|
The board continues to monitor the outbreak of coronavirus and its impact on the Company. The directors have determined that the situation has not had a material impact on the Company's financial statements. |