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REGISTERED NUMBER: 02590442 (England and Wales)











Ascott Analytical Equipment Limited

Financial Statements

for the Year Ended 30 April 2022






Ascott Analytical Equipment Limited (Registered number: 02590442)

Contents of the Financial Statements
for the Year Ended 30 April 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Ascott Analytical Equipment Limited

Company Information
for the Year Ended 30 April 2022







DIRECTOR: A G Wain



REGISTERED OFFICE: Unit 6 Gerard
Lichfield Road Ind Estate
Tamworth
Staffordshire
B79 7UW



REGISTERED NUMBER: 02590442 (England and Wales)



AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF



BANKERS: National Westminster Bank PLC
8 Market Street
Tamworth
Staffordshire
B79 7LS

Ascott Analytical Equipment Limited (Registered number: 02590442)

Statement of Financial Position
30 April 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 190,545 209,344

CURRENT ASSETS
Stocks 698,251 452,609
Debtors 6 1,283,091 871,242
Cash at bank and in hand 640,173 717,786
2,621,515 2,041,637
CREDITORS
Amounts falling due within one year 7 1,154,044 1,211,733
NET CURRENT ASSETS 1,467,471 829,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,658,016

1,039,248

CAPITAL AND RESERVES
Called up share capital 9 560 560
Capital redemption reserve 10 1 1
Retained earnings 10 1,657,455 1,038,687
SHAREHOLDERS' FUNDS 1,658,016 1,039,248

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 director and authorised for issue on 3 August 2022 and were signed by:





A G Wain - Director


Ascott Analytical Equipment Limited (Registered number: 02590442)

Notes to the Financial Statements
for the Year Ended 30 April 2022


1. STATUTORY INFORMATION

Ascott Analytical Equipment 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Stock provisions. Through experience over time, the management have formulated a standard policy of provisioning based on stock movement. This is monitored on an ongoing basis and judgement used on a line by line basis should trends change significantly.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on despatch of chambers.

Ascott Analytical Equipment Limited (Registered number: 02590442)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery15% reducing balance
Fixtures, fittings & equipment15% reducing balance
Motor vehicles25% reducing balance

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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Ascott Analytical Equipment Limited (Registered number: 02590442)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


3. ACCOUNTING POLICIES - continued

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into accounts by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after modification, is also charged to the Statement of Comprehensive Income over the remaining vesting period.

Where equity instruments are granted to persons other than employees, the Statement of Comprehensive Income is charged with fair value of goods and services received.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 21 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2021 603,038
Additions 42,407
Disposals (103,602 )
At 30 April 2022 541,843
DEPRECIATION
At 1 May 2021 393,694
Charge for year 34,330
Eliminated on disposal (76,726 )
At 30 April 2022 351,298
NET BOOK VALUE
At 30 April 2022 190,545
At 30 April 2021 209,344

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,043,476 682,266
Other debtors 239,615 188,976
1,283,091 871,242

Ascott Analytical Equipment Limited (Registered number: 02590442)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 50,000
Trade creditors 983,386 715,844
Amounts owed to group undertakings - 370,400
Taxation and social security 57,146 3,777
Other creditors 113,512 71,712
1,154,044 1,211,733

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 67,556 36,667
Between one and five years 233,646 -
301,202 36,667

9. CALLED UP SHARE CAPITAL

Allotted, called up and fully paid:

2022 2021
Number £ Number £
Ordinary A shares of £1 each 300 300 300 300
Ordinary B shares of £1 each 100 100 100 100
Ordinary C shares of £1 each 100 100 100 100
Ordinary D shares of £1 each 60 60 60 60
560 560 560 560

Shares rank pari passu in all respects.

Ordinary B, C and D shares form part of a share based payment scheme.

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2021 1,038,687 1 1,038,688
Profit for the year 796,068 796,068
Dividends (177,300 ) (177,300 )
At 30 April 2022 1,657,455 1 1,657,456

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Barlow FCCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

Ascott Analytical Equipment Limited (Registered number: 02590442)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


12. RELATED PARTY DISCLOSURES

During the year Varium Holdings Limited, the parent company, raised management charges amounting to £180,000 (2021: £158,000) to Ascott Analytical Equipment Limited. During the year a dividend of £163,584 (2021: £70,000) was paid to Varium Holdings Limited. The balance due to Varium Holdings Limited at the year end was £nil (2021: £370,400).

During the year Sandstone Property Management Limited, a company in which Varium Holdings Limited is also the parent, charged the company rent of £138,560 (2021 - £81,333). The amount owed to Sandstone Property Management Limited at the year end was nil (2021 - £30,000).

13. POST BALANCE SHEET EVENTS

On 3rd May 2022, Weiss Technik GmbH, part of the Schunk Group, purchased the entire share capital of the company.

14. SHARE-BASED PAYMENT TRANSACTIONS

The share options are exercisable on certain profit targets being achieved. All share options are in respect of Ordinary D Shares and the number of employees holding share options as at 30 April 2022 was nil (2021: 1).

WeightedWeighted
averageaverage
exerciseexercise
price (pence)Numberprice (pence)Number
2022202220212021

Outstanding at the beginning of the year10081008
Options issued/expired in year100(8)100-

Outstanding at the end of the year100-1008