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17 October 2023
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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03999048
2022-07-01
2023-06-30
03999048
2023-06-30
03999048
2022-06-30
03999048
2021-07-01
2022-06-30
03999048
2022-06-30
03999048
2021-06-30
03999048
bus:Director1
2022-07-01
2023-06-30
03999048
bus:Director2
2022-07-01
2023-06-30
03999048
core:WithinOneYear
2023-06-30
03999048
core:WithinOneYear
2022-06-30
03999048
core:ShareCapital
2023-06-30
03999048
core:ShareCapital
2022-06-30
03999048
core:RetainedEarningsAccumulatedLosses
2023-06-30
03999048
core:RetainedEarningsAccumulatedLosses
2022-06-30
03999048
core:BetweenOneFiveYears
2023-06-30
03999048
bus:SmallEntities
2022-07-01
2023-06-30
03999048
bus:Audited
2022-07-01
2023-06-30
03999048
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
03999048
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
03999048
bus:AbridgedAccounts
2022-07-01
2023-06-30
03999048
core:LandBuildings
core:ShortLeaseholdAssets
2022-07-01
2023-06-30
03999048
core:PlantMachinery
2022-07-01
2023-06-30
03999048
core:FurnitureFittings
2022-07-01
2023-06-30
03999048
core:MotorVehicles
2022-07-01
2023-06-30
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of ALP (Europe) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03999048
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 30 JUNE 2023
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
30 June 2023
Fixed assets
Tangible assets |
5 |
|
99,412 |
|
116,270 |
|
|
|
|
|
|
Current assets
Stocks |
846,340 |
|
930,944 |
|
Debtors |
2,529,996 |
|
1,937,633 |
|
Cash at bank and in hand |
1,924,095 |
|
2,240,183 |
|
|
-------------- |
|
-------------- |
|
|
5,300,431 |
|
5,108,760 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
1,061,529 |
|
1,072,222 |
|
|
-------------- |
|
-------------- |
|
Net current assets |
|
4,238,902 |
|
4,036,538 |
|
|
-------------- |
|
-------------- |
Total assets less current liabilities |
|
4,338,314 |
|
4,152,808 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
19,986 |
|
17,241 |
|
|
-------------- |
|
-------------- |
Net assets |
|
4,318,328 |
|
4,135,567 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
51,000 |
|
51,000 |
Profit and loss account |
|
4,267,328 |
|
4,084,567 |
|
|
-------------- |
|
-------------- |
Shareholders funds |
|
4,318,328 |
|
4,135,567 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
17 October 2023
, and are signed on behalf of the board by:
C D Shakes |
A J Shakes |
Director |
Director |
|
|
Company registration number:
03999048
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 30 JUNE 2023
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged 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 abridged 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.
Revenue recognition
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.
Income tax
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.
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.
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.
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.
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:
|
Computer equipment |
- |
20% reducing balance - 33% straight line
|
|
Plant and machinery |
- |
20% reducing balance
|
|
Fixtures and fittings |
- |
20% reducing balance
|
|
Motor vehicles |
- |
20% reducing balance
|
|
Office equipment |
- |
20% straight line
|
|
|
|
|
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.
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.
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 abridged 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.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors and amounts owed by/to group undertakings. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Contingent liabilities Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non occurrence of uncertain future events not wholly within the group's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from proceeds.
Defined contribution plans
The company operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. The assets of the plan are held separately from the company in an independently administered fund.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
15
).
5.
Tangible Assets
|
£ |
Cost |
|
At 1 July 2022 |
390,710 |
Additions |
8,244 |
|
------------ |
At 30 June 2023 |
398,954 |
|
------------ |
Depreciation |
|
At 1 July 2022 |
274,440 |
Charge for the year |
25,102 |
|
------------ |
At 30 June 2023 |
299,542 |
|
------------ |
Carrying amount |
|
At 30 June 2023 |
99,412 |
|
------------ |
At 30 June 2022 |
116,270 |
|
------------ |
|
|
6.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
95,124 |
53,343 |
|
Later than 1 year and not later than 5 years |
360,679 |
– |
|
|
------------ |
------------ |
|
|
455,803 |
53,343 |
|
|
------------ |
------------ |
|
|
|
|
7.
Summary Audit Opinion
The auditor's report dated
17 October 2023
was
unqualified
.
The senior statutory auditor was
D J Hanby
, for and on behalf of
Langard Lifford Hall Limited
.
8.
Related Party Transactions
Amounts owed to the directors at the balance sheet date are included in creditors and totalled £651 (2022: £799).
9.
Controlling Party
ALP Lighting Components Inc., a company incorporated in the USA, owns the entire issued ordinary share capital of ALP (Europe) Limited.
10.
Ultimate Controlling Party
By virtue of their shareholdings in ALP Lighting Components Inc., the directors, Messrs S M Brown and D R Brown are the ultimate controlling parties.