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Company registration number: 10156329
Alumitech Ltd
Unaudited filleted financial statements
30 June 2023
ALUMITECH LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr H Sellwood
Mr P Vincent
Company number 10156329
Registered office 5 Pilland Way
Pottington Business Park
Barnstaple
Devon
EX31 1QW
Business address 5 Pilland Way
Pottington Business Park
Barnstaple
Devon
EX31 1QW
Accountants Westcotts
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT
ALUMITECH LTD
STATEMENT OF FINANCIAL POSITION
30 JUNE 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 202,033 156,214
_______ _______
202,033 156,214
Current assets
Stocks 5,000 6,699
Debtors 7 277,983 180,441
Cash at bank and in hand 175,064 252,655
_______ _______
458,047 439,795
Creditors: amounts falling due
within one year 8 ( 321,281) ( 248,571)
_______ _______
Net current assets 136,766 191,224
_______ _______
Total assets less current liabilities 338,799 347,438
Creditors: amounts falling due
after more than one year 9 ( 25,290) ( 36,567)
Provisions for liabilities ( 49,510) ( 39,053)
_______ _______
Net assets 263,999 271,818
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 263,899 271,718
_______ _______
Shareholders funds 263,999 271,818
_______ _______
For the year ending 30 June 2023 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mr H Sellwood
Director
Company registration number: 10156329
ALUMITECH LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Pilland Way, Pottington Business Park, Barnstaple, Devon, EX31 1QW.
Principal activity
The principal activity of the company is the manufacture and installation of windows.
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'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment - 33.3 % straight line
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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.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 theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 12 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2022 and 30 June 2023 8,000 8,000
_______ _______
Amortisation
At 1 July 2022 and 30 June 2023 8,000 8,000
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 30 June 2022 - -
_______ _______
6. Tangible assets
Office equipment Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 July 2022 6,467 153,592 31,580 107,233 298,872
Additions 6,780 49,861 51,575 - 108,216
Disposals - ( 14,656) ( 17,738) - ( 32,394)
_______ _______ _______ _______ _______
At 30 June 2023 13,247 188,797 65,417 107,233 374,694
_______ _______ _______ _______ _______
Depreciation
At 1 July 2022 5,217 72,363 17,070 48,008 142,658
Charge for the year 3,077 18,826 11,497 14,807 48,207
Disposals - ( 9,061) ( 9,143) - ( 18,204)
_______ _______ _______ _______ _______
At 30 June 2023 8,294 82,128 19,424 62,815 172,661
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2023 4,953 106,669 45,993 44,418 202,033
_______ _______ _______ _______ _______
At 30 June 2022 1,250 81,229 14,510 59,225 156,214
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 39,497 137,555
Amounts owed by group undertakings and undertakings in which the company has a participating interest 192,248 -
Other debtors 46,238 42,886
_______ _______
277,983 180,441
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,250 7,557
Trade creditors 126,753 26,584
Accruals and deferred income 2,796 3,039
Social security and other taxes 13,068 42,730
Other creditors 169,414 168,661
_______ _______
321,281 248,571
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 25,290 36,567
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 85,992) ( 36,420) 25,826 ( 96,586)
Director 18,495 ( 36,420) 46,910 28,985
_______ _______ _______ _______
( 67,497) ( 72,840) 72,736 ( 67,601)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 75,463) ( 36,150) 25,621 ( 85,992)
Director ( 39,135) ( 36,150) 93,780 18,495
_______ _______ _______ _______
( 114,598) ( 72,300) 119,401 ( 67,497)
_______ _______ _______ _______