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Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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ASTEK INNOVATIONS LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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ASTEK INNOVATIONS LIMITED |
ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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Contents of the Financial Statements |
for the year ended 31 March 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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Current assets |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 10 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital | 12 |
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Share premium |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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 director on
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ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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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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Astek Innovations Limited is a
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company's registered number and registered office address are as below: |
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Registered number: | 05097602 |
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Registered office: | Astek House |
Atlantic Street |
Altrincham |
Cheshire |
WA14 5DH |
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2. | Statement of compliance |
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3. | 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 |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and |
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or |
receivable, excluding discounts, rebates, value added tax and other sales taxes.The usual payment terms |
apply, revenue is recognised upon delivery of the goods. |
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Goodwill |
Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of the |
entity's identifiable assets and liabilities. |
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Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on straight line basis |
over its estimated useful life of twenty years. |
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Goodwill is reviewed for impairment at the end of the first full financial period following the acquisition and the |
other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
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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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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost |
includes the original purchase price, costs directly attributable to bringing the asset to its working condition for |
its intended use, dismantling and restoration costs and borrowing costs capitalised. |
ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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3. | Accounting policies - continued |
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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 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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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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Hire purchase and leasing commitments |
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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4. | Employees and directors |
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The average number of employees during the year was
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ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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5. | Intangible fixed assets |
Patents and | Development |
Goodwill | licences | costs | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Amortisation |
At 1 April 2018 |
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Amortisation for year |
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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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6. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | 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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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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ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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7. | 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 | 317,090 |
Net book value |
At 31 March 2019 |
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At 31 March 2018 |
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8. | Stocks |
2019 | 2018 |
£ | £ |
Stocks of goods for re-sale |
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9. | 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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10. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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11. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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12. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary shares | £1 | 186,528 | 186,528 |
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13. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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14. | Ultimate controlling party |
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The immediate parent company is Y.I. Europe Limited a company registered in United Kingdom. The ultimate |
parent company is Young Innovations Inc, a company registered in USA. The smallest and largest group for |
which consolidated financial statements are prepared is Young Innovations Inc. Copies of these financial |
statements can be obtained from 2260 Wendt Street, Algonquin, Il, United States, 60012 |