Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,302,971 | 1,212,033 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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2,011,670 | 1,470,050 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 1,000,502 | 693,118 | ||
Total assets less current liabilities | 2,303,473 | 1,905,151 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Alderman Tooling Limited (registered number:
Karen Friendship
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Alderman Tooling Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered number is 02251944. The address of the Company's registered office is Bell Close, Newnham Industrial Estate, Plymouth, PL7 4JH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Alderman Tooling Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer software |
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Other intangible assets relate to capitalised computer software costs.
Leasehold improvements |
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Plant and machinery | 10 -
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Vehicles |
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One item contained within Plant and machinery is being depreciated on a straight line basis over 10 years. Computer equipment capitalised within Plant and machinery is depreciated on a straight line basis over 3 years.
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer software | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2021 |
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Additions |
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At 31 May 2022 |
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Accumulated amortisation | |||
At 01 June 2021 |
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Charge for the financial year |
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At 31 May 2022 |
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Net book value | |||
At 31 May 2022 |
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At 31 May 2021 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 June 2021 |
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Additions |
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Disposals |
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At 31 May 2022 |
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Accumulated depreciation | |||||||
At 01 June 2021 |
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Charge for the financial year |
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Disposals |
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At 31 May 2022 |
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Net book value | |||||||
At 31 May 2022 |
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At 31 May 2021 |
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Leased assets included above: | |||||||
Net book value | |||||||
At 31 May 2022 | 0 | 790,620 | 38,437 | 829,057 | |||
At 31 May 2021 | 0 | 638,949 | 0 | 638,949 |
2022 | 2021 | ||
£ | £ | ||
Raw materials |
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Work in progress |
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Finished goods |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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2022 | 2021 | ||
£ | £ | ||
Deferred income |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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182,593 | 145,964 |
2022 | 2021 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2022 | 2021 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and senior employees. 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 £25,040 (2021: £23,404). Contributions totalling £5,594 (2021: £4,644) were outstanding at the year end and are included in other creditors.
Transactions with owners holding a participating interest in the entity
At the year end, a shareholder was owed £26,742 (2021: £42,189) by the company. There is no interest charged on this balance and there is no set repayment date.
Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Dividends paid to entities with beneficiaries that are close family members of the directors | 24,000 | 24,000 | |
Rent paid to a partnership of which the partners are close family members of the directors | 48,000 | 48,000 |
At the year end, a director was owed £50,000 (2021: £Nil) by the company. There is no interest charged on this balance and there is no set repayment date.