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2021-12-31
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No description of principal activities is disclosed
2021-01-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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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
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Directors |
Mr BD Dumbarton |
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Mr DSh Dumbarton |
(Appointed 2 August 2021) |
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Secretary |
Mrs DM Dumbarton |
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Company number |
03465595 |
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Registered office |
Units 8-10 Prydwen Road |
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Swansea West Industrial Park |
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Fforestfach |
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Swansea |
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SA5 4HN |
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Business address |
Units 8-10 Prydwen Road |
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Swansea West Industrial Park |
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Fforestfach |
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Swansea |
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SA5 4HN |
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Accountant |
Pearl Hargood |
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Hafan |
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Heol Y Mynydd |
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Penbre |
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Llanelli |
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SA16 0AJ |
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Alternative Precision Sheet Metal Limited
Statement of financial position
31 December 2021
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2021 |
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2020 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
308,384 |
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339,226 |
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_______ |
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_______ |
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308,384 |
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339,226 |
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Current assets |
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Stocks |
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15,500 |
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13,500 |
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Debtors |
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6 |
55,418 |
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47,665 |
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Cash at bank and in hand |
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180,109 |
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180,677 |
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_______ |
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_______ |
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251,027 |
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241,842 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
193,625) |
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(
200,707) |
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_______ |
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_______ |
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Net current assets |
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57,402 |
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41,135 |
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_______ |
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_______ |
Total assets less current liabilities |
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365,786 |
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380,361 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
180,273) |
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(
250,748) |
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_______ |
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_______ |
Net assets |
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185,513 |
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129,613 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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185,413 |
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129,513 |
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_______ |
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_______ |
Shareholders funds |
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185,513 |
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129,613 |
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_______ |
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_______ |
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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:
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Plant and machinery |
- |
10 % |
reducing balance |
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Fittings fixtures and equipment |
- |
25 % |
straight line |
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Motor vehicles |
- |
25 % |
straight line |
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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
|
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Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2021 |
500,224 |
20,993 |
13,995 |
535,212 |
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Additions |
9,123 |
3,819 |
- |
12,942 |
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Disposals |
(
16,590) |
(
9,184) |
- |
(
25,774) |
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_______ |
_______ |
_______ |
_______ |
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At 31 December 2021 |
492,757 |
15,628 |
13,995 |
522,380 |
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_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 January 2021 |
163,517 |
18,474 |
13,995 |
195,986 |
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Charge for the year |
42,810 |
974 |
- |
43,784 |
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Disposals |
(
16,590) |
(
9,184) |
- |
(
25,774) |
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_______ |
_______ |
_______ |
_______ |
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At 31 December 2021 |
189,737 |
10,264 |
13,995 |
213,996 |
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_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 December 2021 |
303,020 |
5,364 |
- |
308,384 |
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_______ |
_______ |
_______ |
_______ |
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At 31 December 2020 |
336,707 |
2,519 |
- |
339,226 |
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_______ |
_______ |
_______ |
_______ |
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6.
Debtors
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2021 |
2020 |
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£ |
£ |
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Trade debtors |
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52,296 |
43,275 |
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Other debtors |
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3,122 |
4,390 |
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_______ |
_______ |
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55,418 |
47,665 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2021 |
2020 |
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£ |
£ |
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Bank loans and overdrafts |
|
10,000 |
833 |
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Trade creditors |
|
18,003 |
26,860 |
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Social security and other taxes |
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54,530 |
67,152 |
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Other creditors |
|
111,092 |
105,862 |
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_______ |
_______ |
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193,625 |
200,707 |
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_______ |
_______ |
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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
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2021 |
2020 |
|
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£ |
£ |
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Bank loans and overdrafts |
|
39,167 |
49,167 |
|
Other creditors |
|
141,106 |
201,581 |
|
|
|
_______ |
_______ |
|
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180,273 |
250,748 |
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_______ |
_______ |
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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.