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