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27 September 2023
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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
02114497
2022-01-01
2022-12-31
02114497
2022-12-31
02114497
2021-12-31
02114497
2021-01-01
2021-12-31
02114497
2021-12-31
02114497
2020-12-31
02114497
bus:Director2
2022-01-01
2022-12-31
02114497
core:WithinOneYear
2022-12-31
02114497
core:WithinOneYear
2021-12-31
02114497
core:FurnitureFittings
2021-12-31
02114497
core:FurnitureFittings
2022-12-31
02114497
core:Warranties
2022-01-01
2022-12-31
02114497
core:DeferredTaxation
2022-01-01
2022-12-31
02114497
core:FurnitureFittings
2022-01-01
2022-12-31
02114497
core:AfterOneYear
2022-12-31
02114497
core:AfterOneYear
2021-12-31
02114497
core:ShareCapital
2022-12-31
02114497
core:ShareCapital
2021-12-31
02114497
core:RetainedEarningsAccumulatedLosses
2022-12-31
02114497
core:RetainedEarningsAccumulatedLosses
2021-12-31
02114497
core:BetweenOneFiveYears
2022-12-31
02114497
core:BetweenOneFiveYears
2021-12-31
02114497
core:FurnitureFittings
2021-12-31
02114497
core:Warranties
2021-12-31
02114497
core:DeferredTaxation
2021-12-31
02114497
core:Warranties
2022-12-31
02114497
core:DeferredTaxation
2022-12-31
02114497
bus:SmallEntities
2022-01-01
2022-12-31
02114497
bus:Audited
2022-01-01
2022-12-31
02114497
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
02114497
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
02114497
bus:FullAccounts
2022-01-01
2022-12-31
02114497
core:ComputerEquipment
2021-12-31
02114497
core:ComputerEquipment
2022-12-31
02114497
core:ComputerEquipment
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
02114497
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
6 |
51,849 |
31,285 |
|
|
|
|
Current assets
Stocks |
7 |
1,085,965 |
628,780 |
Debtors |
8 |
1,044,643 |
1,063,167 |
Cash at bank and in hand |
201,645 |
1,435,036 |
|
------------ |
------------ |
|
2,332,253 |
3,126,983 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
(
830,659) |
(
900,952) |
|
------------ |
------------ |
Net current assets |
1,501,594 |
2,226,031 |
|
------------ |
------------ |
Total assets less current liabilities |
1,553,443 |
2,257,316 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
(
4,101) |
(
11,836) |
|
|
|
|
Provisions |
12 |
(
96,128) |
(
120,416) |
|
------------ |
------------ |
Net assets |
1,453,214 |
2,125,064 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
1,136,815 |
1,886,815 |
Profit and loss account |
316,399 |
238,249 |
|
------------ |
------------ |
Shareholder's funds |
1,453,214 |
2,125,064 |
|
------------ |
------------ |
|
|
|
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 comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2023
, and are signed on behalf of the board by:
Company registration number:
02114497
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 28/29 Hollies Business Park, Hollies Park Road, Cannock, Staffordshire, England, WS11 1DB.
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 the Republic of Ireland' and the Companies Act 2006.
3.
Accounting policies
(a)
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.
(b)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, 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. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is is probable will be recovered.
(c)
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.
(d)
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e)
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(f)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(g)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings & equipment |
- |
12.5% reducing balance and 33.33% straight line |
|
Computer equipment |
- |
25% reducing balance or over the term of the lease |
|
|
|
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
(h)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(i)
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 stock to its present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
(j)
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(k)
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
(l)
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
(m)
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(n)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities classified as receivable and payable within one year are not amortised. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
(o)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2021:
8
).
5.
Taxation
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Current tax |
|
|
|
UK corporation tax on profits for the current period |
72,539 |
57,049 |
|
Deferred tax |
|
|
|
Origination and reversal of timing differences |
289 |
(1,023) |
|
|
-------- |
-------- |
|
Total tax charge |
72,828 |
56,026 |
|
|
-------- |
-------- |
|
|
|
|
6.
Tangible assets
|
Fixtures, fittings & equipment |
Computer equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 |
58,211 |
72,926 |
131,137 |
Additions |
41,288 |
– |
41,288 |
|
-------- |
-------- |
--------- |
At 31 December 2022 |
99,499 |
72,926 |
172,425 |
|
-------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 January 2022 |
50,929 |
48,923 |
99,852 |
Charge for the year |
12,031 |
8,693 |
20,724 |
|
-------- |
-------- |
--------- |
At 31 December 2022 |
62,960 |
57,616 |
120,576 |
|
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2022 |
36,539 |
15,310 |
51,849 |
|
-------- |
-------- |
--------- |
At 31 December 2021 |
7,282 |
24,003 |
31,285 |
|
-------- |
-------- |
--------- |
|
|
|
|
7.
Stocks
|
2022 |
2021 |
|
£ |
£ |
Stocks |
1,085,965 |
628,780 |
|
------------ |
--------- |
|
|
|
An impairment loss of £
30,846
(2021: £ 47,411
) was recognised in cost of sales against stock during the year, due to obsolete and slow moving stock.
8.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
962,166 |
959,207 |
Prepayments and accrued income |
66,950 |
103,528 |
Other debtors |
15,527 |
432 |
|
------------ |
------------ |
|
1,044,643 |
1,063,167 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
58,965 |
75,643 |
Gross amounts owed to contract customers |
226,985 |
110,857 |
Amounts owed to group undertakings |
209,388 |
347,327 |
Accruals and deferred income |
123,781 |
192,351 |
Corporation tax |
41,689 |
42,987 |
Social security and other taxes |
161,613 |
124,487 |
Obligations under finance leases and hire purchase contracts |
7,735 |
7,112 |
Other creditors |
503 |
188 |
|
--------- |
--------- |
|
830,659 |
900,952 |
|
--------- |
--------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Obligations under finance leases and hire purchase contracts |
4,101 |
11,836 |
|
------- |
-------- |
|
|
|
11.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
8,384 |
8,384 |
Later than 1 year and not later than 5 years |
4,192 |
12,577 |
|
-------- |
-------- |
|
12,576 |
20,961 |
Less: future finance charges |
(
740) |
(
2,013) |
|
-------- |
-------- |
Present value of minimum lease payments |
11,836 |
18,948 |
|
-------- |
-------- |
|
|
|
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Obligations under finance leases are secured on the assets for which the money was borrowed.
12.
Provisions
|
Warranties |
Deferred tax |
Total |
|
£ |
£ |
£ |
At 1 January 2022 |
114,800 |
5,616 |
120,416 |
Amounts charged / (credited) to statement of comprehensive income |
(
24,577) |
289 |
(
24,288) |
|
--------- |
------- |
--------- |
At 31 December 2022 |
90,223 |
5,905 |
96,128 |
|
--------- |
------- |
--------- |
|
|
|
|
13.
Parent company
The immediate parent undertaking at the balance sheet date was Carl Cloos Schweisstechnik GmbH.
Carl Cloos Schweisstechnik GmbH is controlled by Estun Automation Co. Limited, a company incorporated in China and is considered to be the ultimate controlling party.
The registered office of Estun Automation Co. Limited is No.16 Shuige Road, Jiangning Economic and Technology Zone, Ninjung City, Jiangsu Province, P.R. China.
14.
Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
|
2022 |
2021 |
|
£ |
£ |
Tangible assets |
50,692 |
– |
|
-------- |
---- |
|
|
|
15.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
15,179 |
28,454 |
Later than 1 year and not later than 5 years |
260 |
15,439 |
|
-------- |
-------- |
|
15,439 |
43,893 |
|
-------- |
-------- |
|
|
|
16.
Summary audit opinion
The auditor's report dated
27 September 2023
was
unqualified
.
The senior statutory auditor was
David Mcdonald
, for and on behalf of
Jacksons
.
17.
Related party transactions
In accordance with FRS 102 section 33.1A the company has taken advantage of the exemption available not to disclose details of transactions entered into between wholly owned subsidiaries of Carl Cloos Schweisstechnik GmbH.