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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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ARROWSMITH ENGINEERING (COVENTRY) LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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ARROWSMITH ENGINEERING (COVENTRY) LTD |
ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ARROWSMITH ENGINEERING (COVENTRY) LTD |
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COMPANY INFORMATION |
for the year ended 31 March 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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BALANCE SHEET |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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BALANCE SHEET - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Arrowsmith Engineering (Coventry) Ltd is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Stocks |
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 items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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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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ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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Transfer to ownership | (203,545 | ) | (14,686 | ) | - | (218,231 | ) |
At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | (62,996 | ) | (4,404 | ) | - | (67,400 | ) |
At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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PROVISIONS |
At 1 April 2018 |
and 31 March 2019 | 121,617 |
NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments |
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ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Invoice discounting current account | 1,775,671 | 1,015,691 |
Accrued expenses |
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Deferred government grants |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Deferred government grants |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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ARROWSMITH ENGINEERING (COVENTRY) LTD (REGISTERED NUMBER: 00900323) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Other loans |
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Hire purchase contracts | 352,545 | 426,637 |
Invoice discounting account | 1,775,671 | 1,159,374 |
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Close Brothers Invoice Finance hold an all assets debenture consisting of a fixed and floating charge |
over all of the assets of the company. |
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Genesis Asset Finance Limited hold a legal mortgage consisting of a fixed and floating charge over the |
assets of the company. |
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11. | RELATED PARTY DISCLOSURES |
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Included in other debtors is a loan of £132,379 (2018: £Nil) to a company associated by common |
control. The loan is interest free and repayable on demand. |
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Included in other debtors is a loan of £125,000 (2018: £Nil) to a company in which a director of this |
company is also a director. The loan is interest free and repayable on demand. |
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Included in other loans is a loan of £85,000 (2018: £85,000) from a company associated by common |
control. The loan is interest free and repayable on demand. |
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Management charges include £264,829 (2018 £217,100) worth of charges from companies associated |
by common control. |