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REGISTERED NUMBER: 04448557 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 October 2021

for

Automet Limited

Automet Limited (Registered number: 04448557)






Contents of the Financial Statements
for the year ended 31 October 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Automet Limited

Company Information
for the year ended 31 October 2021







DIRECTORS: P Humphries
C P Humphries
Miss A C Humphries
Mrs A B Humphries



SECRETARY: Mrs A B Humphries



REGISTERED OFFICE: 3-4 Wharfside
The Boatyard
Worsley
Manchester
M28 2WN



REGISTERED NUMBER: 04448557 (England and Wales)



ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
3-4 Wharfside
The Boatyard
Worsley
Manchester
Greater Manchester
M28 2WN



BANKERS: Santander UK PLC
2 Triton Square
Regent's Place
London
NW1 3AN

Automet Limited (Registered number: 04448557)

Balance Sheet
31 October 2021

2021 2020
Notes £ £
FIXED ASSETS
Tangible assets 4 437,120 240,860

CURRENT ASSETS
Stocks 25,000 20,000
Debtors 5 790,804 736,511
Cash at bank 725,714 713,690
1,541,518 1,470,201
CREDITORS
Amounts falling due within one year 6 (363,993 ) (270,419 )
NET CURRENT ASSETS 1,177,525 1,199,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,614,645

1,440,642

CREDITORS
Amounts falling due after more than one year 7 (541,357 ) (591,537 )

PROVISIONS FOR LIABILITIES (79,930 ) (41,955 )
NET ASSETS 993,358 807,150

CAPITAL AND RESERVES
Called up share capital 9 9 9
Retained earnings 993,349 807,141
SHAREHOLDERS' FUNDS 993,358 807,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2022 and were signed on its behalf by:





P Humphries - Director


Automet Limited (Registered number: 04448557)

Notes to the Financial Statements
for the year ended 31 October 2021

1. STATUTORY INFORMATION

Automet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost less estimated residual value,of each asset on a systematic basis over their estimated useful lives as follows:

Improvement to property-25% on cost
Freehold Property-10% on cost
Motor vehicles-25% on cost
Plant & machinery-25% on reducing balance basis
Fixtures and fittings-25% on reducing balance basis

Government grants
Government grants in respect of the Coronavirus Job Retention Scheme and interest on the Coronavirus Business Interruption Loan are recognised within the Income Statement on an accruals basis.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Automet Limited (Registered number: 04448557)

Notes to the Financial Statements - continued
for the year ended 31 October 2021

2. ACCOUNTING POLICIES - continued

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.

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.

Share capital
Ordinary shares are classed as equity.

Distribution to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 15 ) .

4. TANGIBLE FIXED ASSETS
Freehold Improvements Plant and
property to property machinery
£ £ £
COST
At 1 November 2020 103,972 151,445 913,469
Additions - - 290,000
At 31 October 2021 103,972 151,445 1,203,469
DEPRECIATION
At 1 November 2020 50,622 101,781 803,104
Charge for year 10,397 37,861 38,737
At 31 October 2021 61,019 139,642 841,841
NET BOOK VALUE
At 31 October 2021 42,953 11,803 361,628
At 31 October 2020 53,350 49,664 110,365

Automet Limited (Registered number: 04448557)

Notes to the Financial Statements - continued
for the year ended 31 October 2021

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 November 2020 46,383 24,790 1,240,059
Additions 3,536 - 293,536
At 31 October 2021 49,919 24,790 1,533,595
DEPRECIATION
At 1 November 2020 33,588 10,104 999,199
Charge for year 4,083 6,198 97,276
At 31 October 2021 37,671 16,302 1,096,475
NET BOOK VALUE
At 31 October 2021 12,248 8,488 437,120
At 31 October 2020 12,795 14,686 240,860

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade debtors 266,023 284,965
Other debtors 11,307 1,622
Amounts owed by connected company 464,471 404,738
VAT 49,003 30,210
Prepayments - 14,976
790,804 736,511

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Bank loans and overdrafts 129,728 135,963
Hire purchase contracts 60,987 -
Trade creditors 102,281 82,094
Tax 42,985 38,150
Social security & other taxes 8,708 6,366
Other creditors 10,000 -
Directors' current accounts 2,331 860
Accrued expenses 6,973 6,986
363,993 270,419

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£ £
Bank loans - 1-2 years 129,724 135,963
Bank loans - 2-5 years 347,420 455,574
Hire purchase contracts 64,213 -
541,357 591,537

Automet Limited (Registered number: 04448557)

Notes to the Financial Statements - continued
for the year ended 31 October 2021

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£ £
Bank loans 606,868 727,500

There is a floating charge which covers all the property or undertaking of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £ £
6 Ordinary £1 6 6
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
9 9

10. OPERATING LEASES

At 31 October 2021 the Company had future minimum lease payments due under non-cancellable operating leases totalling £189,669.