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Company registration number: 03465595
Alternative Precision Sheet Metal Limited
Unaudited filleted financial statements
31 December 2021
Alternative Precision Sheet Metal Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Alternative Precision Sheet Metal Limited
Directors and other information
Directors Mr BD Dumbarton
Mr DSh Dumbarton (Appointed 2 August 2021)
Secretary Mrs DM Dumbarton
Company number 03465595
Registered office Units 8-10 Prydwen Road
Swansea West Industrial Park
Fforestfach
Swansea
SA5 4HN
Business address Units 8-10 Prydwen Road
Swansea West Industrial Park
Fforestfach
Swansea
SA5 4HN
Accountant Pearl Hargood
Hafan
Heol Y Mynydd
Penbre
Llanelli
SA16 0AJ
Alternative Precision Sheet Metal Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 308,384 339,226
_______ _______
308,384 339,226
Current assets
Stocks 15,500 13,500
Debtors 6 55,418 47,665
Cash at bank and in hand 180,109 180,677
_______ _______
251,027 241,842
Creditors: amounts falling due
within one year 7 ( 193,625) ( 200,707)
_______ _______
Net current assets 57,402 41,135
_______ _______
Total assets less current liabilities 365,786 380,361
Creditors: amounts falling due
after more than one year 8 ( 180,273) ( 250,748)
_______ _______
Net assets 185,513 129,613
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 185,413 129,513
_______ _______
Shareholders funds 185,513 129,613
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 August 2022 , and are signed on behalf of the board by:
Mr BD Dumbarton
Director
Alternative Precision Sheet Metal Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 8-10 Prydwen Road, Swansea West Industrial Park, Fforestfach, Swansea, SA5 4HN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2020. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied , stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
The company operates a defined contribution plan for the benefit of its emplyees. Contributions are expensed as they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2020: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 500,224 20,993 13,995 535,212
Additions 9,123 3,819 - 12,942
Disposals ( 16,590) ( 9,184) - ( 25,774)
_______ _______ _______ _______
At 31 December 2021 492,757 15,628 13,995 522,380
_______ _______ _______ _______
Depreciation
At 1 January 2021 163,517 18,474 13,995 195,986
Charge for the year 42,810 974 - 43,784
Disposals ( 16,590) ( 9,184) - ( 25,774)
_______ _______ _______ _______
At 31 December 2021 189,737 10,264 13,995 213,996
_______ _______ _______ _______
Carrying amount
At 31 December 2021 303,020 5,364 - 308,384
_______ _______ _______ _______
At 31 December 2020 336,707 2,519 - 339,226
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 52,296 43,275
Other debtors 3,122 4,390
_______ _______
55,418 47,665
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 10,000 833
Trade creditors 18,003 26,860
Social security and other taxes 54,530 67,152
Other creditors 111,092 105,862
_______ _______
193,625 200,707
_______ _______
The Company is in receipt of a government guarantee bounce back loan of £50,000. The loan is repayable from year 2 to 6 with interest charged from year 2 at 2.5%. The finance lease included in other creditors is secured on the assets concerned with a restricted guarantee of £25,000 from the director BD Dumbarton.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 39,167 49,167
Other creditors 141,106 201,581
_______ _______
180,273 250,748
_______ _______
The Company is in receipt of a government guarantee bounce back loan of £50,000. The loan is repayable from year 2 to 6 with interest charged from year 2 at 2.5%. The finance lease included in other creditors is secured on the assets concerned with a restricted guarantee of £25,000 from the director BD Dumbarton.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2020.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.