Company registration number 03331909 (England and Wales)
ACRASTYLE SWITCHGEAR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ACRASTYLE SWITCHGEAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACRASTYLE SWITCHGEAR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
2,000,000
2,000,000
Current assets
Cash at bank and in hand
98
24
Creditors: amounts falling due within one year
6
(1,347,508)
(1,288,995)
Net current liabilities
(1,347,410)
(1,288,971)
Total assets less current liabilities
652,590
711,029
Capital and reserves
Called up share capital
7
3,047,376
3,047,376
Profit and loss reserves
(2,394,786)
(2,336,347)
Total equity
652,590
711,029

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2023 and are signed on its behalf by:
Mr A Jalan
Director
Company Registration No. 03331909
ACRASTYLE SWITCHGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Acrastyle Switchgear Limited is a private company limited by shares incorporated in England and Wales. The registered office is North Lonsdale Road, Ulverston, Cumbria, LA12 9DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Acrastyle Switchgear Limited is a wholly owned subsidiary of Acrastyle Power (India) Ltd, a company registered in India. The ultimate parent company is Hamilton and Company Ltd, again a company registered in India. The results of Acrastyle Switchgear Limited are included in the consolidated financial statements of both Acrastyle Power (India) Ltd and Hamilton and Company Ltd which are available from their registered offices in India.

1.2
Going concern

The accounts have been prepared on a going concern basis. This is deemed appropriate due to the continued support of the group.true

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ACRASTYLE SWITCHGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ACRASTYLE SWITCHGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,400
2,220
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,000,000
2,000,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,216,361
1,168,928
Taxation and social security
127,667
116,707
Other creditors
3,480
3,360
1,347,508
1,288,995
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,047,376
3,047,376
3,047,376
3,047,376
ACRASTYLE SWITCHGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified. However it included a paragraph regarding an uncertainty relating to going concern as follows:

Going concern

We draw attention to note 1.3 in the financial statements, which indicates that the accounts are prepared on a going concern basis due to the continued financial support of the group. The financial statements do not include any adjustments that would result from the withdrawal of the support which is described in note 1.3. Our opinion is not modified in respect of this matter.

 

The senior statutory auditor was Sarah Roberts BSc FCA.
The auditor was JL Winder & Co.
ACRASTYLE SWITCHGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Related party transactions

Acrastyle Switchgear Limited is a wholly owned subsidiary of Acrastyle Power (India) Limited. During the year interest of £54,800 (2022:£54,800) was charged by Acrastyle Power (India) Limited in respect of loans made to the company in previous years. Withholding tax has been accounted for on this and is included in creditors. Repayments of £nil (2022 :£nil) were made by Acrastyle Switchgear Limited to Acrastyle Power (India) Limited in the year.

 

The balance owing at the year end was £1,193,274 (2022: £1,149,434).

 

During the year the company advanced £nil (2022:£nil) to it's subsidiary Acrastyle Limited which then repaid £nil (2022:£nil) in the year. Acrastyle Limited made payments on behalf of the company totalling £3,326 (2022:£3,593). The company paid £nil (2022 :£nil) to Acrastyle Limited in respect of payments made on its behalf in the previous year.

 

The balance owing to the company at the year end was £23,087 (2022:£19,494)

 

 


10
Parent company

Acrastyle Switchgear Limited is a wholly owned subsidiary of Acrastyle Power (India) Limited, a company registered in India. The ultimate parent company is Hamilton and Company Ltd.

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