REGISTERED NUMBER: |
Ascott Analytical Equipment Limited |
Financial Statements |
for the Year Ended 30 April 2022 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | 15% reducing balance |
Fixtures, fittings & equipment | 15% reducing balance |
Motor vehicles | 25% 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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2021 |
Additions |
Disposals | ( |
) |
At 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
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 | 1,038,688 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2022 | 1,657,456 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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). |
Weighted | Weighted |
average | average |
exercise | exercise |
price (pence | ) | Number | price (pence | ) | Number |
2022 | 2022 | 2021 | 2021 |
Outstanding at the beginning of the year | 100 | 8 | 100 | 8 |
Options issued/expired in year | 100 | (8 | ) | 100 | - |
Outstanding at the end of the year | 100 | - | 100 | 8 |