Company Registration No. 03081171 (England and Wales)
ASTECH PROJECTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
ASTECH PROJECTS LIMITED
COMPANY INFORMATION
Directors
C Hansford
A Moran
F Schauenburg
J Simon
R Harkness
(Appointed 1 July 2018)
Company number
03081171
Registered office
Unit 15
Berkeley Court
Manor Park
Runcorn
Cheshire
WA7 1TQ
Auditor
Mitchell Charlesworth
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
ASTECH PROJECTS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
ASTECH PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2018.
Principal activities
The principal activity of the company continued to be that of engineering consultants.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Hansford
A Moran
CJ Slavin
(Resigned 12 December 2018)
F Schauenburg
J Simon
R Harkness
(Appointed 1 July 2018)
Auditor
The auditor, Mitchell Charlesworth LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C Hansford
Director
9 April 2019
ASTECH PROJECTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
The directors are responsible for preparing the annual 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 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:
-
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.
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.
ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASTECH PROJECTS LIMITED
- 3 -
Opinion
We have audited the financial statements of Astech Projects Limited (the 'company') for the year ended 31 December 2018 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2018 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.
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 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.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASTECH PROJECTS LIMITED
- 4 -
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 identifie
d
material misstatements in the directors'
r
eport
.
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; or
-
the company is not entitled to claim exemption in preparing a strategic report due to it being a member of an ineligible group.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
ASTECH PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASTECH PROJECTS LIMITED
- 5 -
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.
Robert Davies (Senior Statutory Auditor)
for and on behalf of Mitchell Charlesworth
9 April 2019
Chartered Accountants
Statutory Auditor
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
ASTECH PROJECTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
2018
2017
Notes
£
£
Turnover
3
3,786,521
3,737,376
Cost of sales
(1,179,548)
(1,165,435)
Gross profit
2,606,973
2,571,941
Administrative expenses
(2,520,188)
(2,168,210)
Other operating income
2,146
5,304
Operating profit
4
88,931
409,035
Interest receivable and similar income
7
-
33
Interest payable and similar expenses
8
(1,608)
(317)
Profit before taxation
87,323
408,751
Tax on profit
9
(16,390)
(78,151)
Profit for the financial year
70,933
330,600
ASTECH PROJECTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
2018
2017
£
£
Profit for the year
70,933
330,600
Other comprehensive income
-
-
Total comprehensive income for the year
70,933
330,600
ASTECH PROJECTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 8 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
11
191,934
151,384
Tangible assets
12
63,334
49,148
255,268
200,532
Current assets
Stocks
14
248,058
87,401
Debtors
15
924,280
976,435
Cash at bank and in hand
2,895
224,624
1,175,233
1,288,460
Creditors: amounts falling due within one year
16
(929,639)
(518,219)
Net current assets
245,594
770,241
Total assets less current liabilities
500,862
970,773
Creditors: amounts falling due after more than one year
17
(17,012)
-
Provisions for liabilities
20
(17,017)
(13,573)
Net assets
466,833
957,200
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
122,450
122,450
Treasury shares
(61,300)
-
Profit and loss reserves
404,683
833,750
Total equity
466,833
957,200
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
ASTECH PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2019 and are signed on its behalf by:
C Hansford
Director
Company Registration No. 03081171
ASTECH PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 10 -
Share capital
Share premium account
Treasury shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2017
1,000
122,450
-
1,003,150
1,126,600
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
-
330,600
330,600
Dividends
10
-
-
-
(500,000)
(500,000)
Balance at 31 December 2017
1,000
122,450
-
833,750
957,200
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
-
70,933
70,933
Dividends
10
-
-
-
(500,000)
(500,000)
Other movements
-
-
(61,300)
-
(61,300)
Balance at 31 December 2018
1,000
122,450
(61,300)
404,683
466,833
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 11 -
1
Accounting policies
Company information
Astech Projects Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 15, Berkeley Court, Manor Park, Runcorn, Cheshire, WA7 1TQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% Straight Line
Patents
10% Straight Line
Development costs
10% Straight Line
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
20% Straight Line
Plant and machinery
25% Reducing Balance
Fixtures and fittings
20% Straight Line
Equipment/Computer equipment
25% Reducing Balance/33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 13 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.9
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 14 -
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
paymen
ts 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. A
m
ounts 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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 15 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 16 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2018
2017
£
£
Turnover analysed by class of business
United Kingdom
3,786,521
3,737,376
2018
2017
£
£
Other significant revenue
Interest income
-
33
2018
2017
£
£
Turnover analysed by geographical market
UK
1,365,041
1,831,314
Other
2,421,480
1,906,062
3,786,521
3,737,376
4
Operating profit
2018
2017
Operating profit for the year is stated after charging:
£
£
Exchange losses
4,179
2,052
Depreciation of owned tangible fixed assets
15,631
21,638
Loss on disposal of tangible fixed assets
63
-
Amortisation of intangible assets
20,409
17,311
Cost of stocks recognised as an expense
1,179,548
1,165,435
Operating lease charges
73,050
72,742
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £4,179 (2017 - £2,052).
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
Employees
38
37
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
5
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
1,493,810
1,349,753
Social security costs
171,146
150,382
Pension costs
107,806
91,460
1,772,762
1,591,595
6
Directors' remuneration
2018
2017
£
£
Remuneration for qualifying services
274,501
247,833
Company pension contributions to defined contribution schemes
68,713
56,837
Compensation for loss of office
105,379
-
448,593
304,670
Remuneration disclosed above include the following amounts paid to the highest paid director:
2018
2017
£
£
Remuneration for qualifying services
224,836
91,379
7
Interest receivable and similar income
2018
2017
£
£
Interest income
Interest on bank deposits
-
33
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
-
33
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 18 -
8
Interest payable and similar expenses
2018
2017
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,023
-
Interest on finance leases and hire purchase contracts
585
-
1,608
-
Other finance costs:
Other interest
-
317
1,608
317
9
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
12,887
74,220
Adjustments in respect of prior periods
59
-
Total current tax
12,946
74,220
Deferred tax
Origination and reversal of timing differences
3,444
3,931
Total tax charge
16,390
78,151
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
(Continued)
- 19 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2018
2017
£
£
Profit before taxation
87,323
408,751
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 19.25%)
16,591
78,685
Tax effect of expenses that are not deductible in determining taxable profit
145
59
Adjustments in respect of prior years
59
-
Effect of change in corporation tax rate
-
(13)
Permanent capital allowances in excess of depreciation
(3,849)
(4,451)
Under/(over) provided in prior years
-
(60)
Deferred tax movement
3,444
3,931
Taxation charge for the year
16,390
78,151
10
Dividends
2018
2017
2018
2017
Per share
Per share
Total
Total
1
1
£
£
Interim paid
500.00
500.00
400,000
400,000
Ordinary A
Interim paid
500.00
500.00
100,000
100,000
Total dividends
Interim paid
500,000
500,000
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 20 -
11
Intangible fixed assets
Software
Patents
Development costs
Total
£
£
£
£
Cost
At 1 January 2018
114,067
65,780
24,648
204,495
Additions - internally developed
50,310
10,649
-
60,959
At 31 December 2018
164,377
76,429
24,648
265,454
Amortisation and impairment
At 1 January 2018
9,232
41,414
2,465
53,111
Amortisation charged for the year
13,935
4,009
2,465
20,409
At 31 December 2018
23,167
45,423
4,930
73,520
Carrying amount
At 31 December 2018
141,210
31,006
19,718
191,934
At 31 December 2017
104,835
24,366
22,183
151,384
12
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment/Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2018
22,893
135,514
73,337
164,846
396,590
Additions
-
-
-
29,882
29,882
Disposals
-
-
-
(4,750)
(4,750)
At 31 December 2018
22,893
135,514
73,337
189,978
421,722
Depreciation and impairment
At 1 January 2018
22,893
131,180
73,210
120,161
347,444
Depreciation charged in the year
-
1,060
27
14,544
15,631
Eliminated in respect of disposals
-
-
-
(4,687)
(4,687)
At 31 December 2018
22,893
132,240
73,237
130,018
358,388
Carrying amount
At 31 December 2018
-
3,274
100
59,960
63,334
At 31 December 2017
-
4,334
127
44,687
49,148
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 21 -
13
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
679,266
792,330
Carrying amount of financial liabilities
Measured at amortised cost
895,208
395,636
14
Stocks
2018
2017
£
£
Finished goods and goods for resale
248,058
87,401
15
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
676,178
792,107
Corporation tax recoverable
18,927
-
Other debtors
3,088
223
Prepayments and accrued income
226,087
184,105
924,280
976,435
16
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
18
161,763
-
Obligations under finance leases
19
5,048
-
Trade creditors
251,319
159,392
Corporation tax
-
670
Other taxation and social security
51,443
121,913
Other creditors
33,254
21,652
Accruals and deferred income
426,812
214,592
929,639
518,219
A debenture is held dated 03/05/2006. All assets of the company are held as security formally charged to National Westminster Bank PLC.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 22 -
17
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Obligations under finance leases
19
17,012
-
18
Loans and overdrafts
2018
2017
£
£
Bank overdrafts
161,763
-
Payable within one year
161,763
-
19
Finance lease obligations
2018
2017
Future minimum lease payments due under finance leases:
£
£
Within one year
5,048
-
In two to five years
17,012
-
22,060
-
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is
5
years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Provisions for liabilities
2018
2017
Notes
£
£
Deferred tax liabilities
21
17,017
13,573
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 23 -
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
17,017
13,573
There were no deferred tax movements in the year.
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
22
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
107,806
91,460
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
800 Ordinary A of £1 each
800
800
200 Ordinary B of £1 each
200
200
1,000
1,000
During the year the company repurchased 50 "B" £1 ordinary shares for a cash consideration of £1,226 per share. The repurchased share capital represented 5% of the total called up share capital. The 50 "B" shares were placed into treasury.
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 24 -
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2018
2017
£
£
Within one year
21,905
2,305
Between two and five years
28,317
30,595
In over five years
370,859
425,131
421,081
458,031
25
Related party transactions
Schauenburg Industrie Produktion GmbH
owns
8
0% of the overall share capital of
Astech Projects
Limited.
During the year
Astech Projects
Limited
paid a management fee
of £
9
4
,
178
(2017
-
£93
,
434)
to Schauenburg Service GmbH.
There is a management bonus of £
16
,
557
(201
7
- £3
5
,
354
) due to C Hansford
,
A
Moran
and R Harkness
.
CJ Slavin resigned as a director on 12 December 2018 and Astech Projects Ltd purchased 50 Ordinary 'B' shares into treasury.
26
Controlling party
The ultimate parent company is
Schau
e
nburg Industrie Produktion GMBH,
a company registered in
Germany
. The registered office of the company is:
35, Weseler Strasse
Muelhien An Der Ruhr
D-45478
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