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Registration number: 07143840

Applied Tube Technology Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Applied Tube Technology Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Applied Tube Technology Limited

Company Information

Director

Mr DH Rowe

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Auditors

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Applied Tube Technology Limited

(Registration number: 07143840)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,207

949

Current assets

 

Stocks

5

163,371

247,255

Debtors

6

316,510

197,149

Cash at bank and in hand

 

60,023

16,377

 

539,904

460,781

Creditors: Amounts falling due within one year

7

(166,844)

(145,308)

Net current assets

 

373,060

315,473

Total assets less current liabilities

 

375,267

316,422

Provisions for liabilities

(552)

(237)

Net assets

 

374,715

316,185

Capital and reserves

 

Called up share capital

200

200

Retained earnings

374,515

315,985

Shareholders' funds

 

374,715

316,185

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 October 2023
 

.........................................

Mr DH Rowe

Director

 

Applied Tube Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Concept House
Beechwood Way
Langage Science Park
Plympton
Devon
PL7 5HH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 October 2023 was Richard Baker, who signed for and on behalf of Houndiscombe Consultants Limited.

.........................................

Revenue recognition

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

 

Applied Tube Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Computer equipment

33% straight line

Stocks

Stocks are stated at the lower of total cost less amounts invoiced to date, and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Critical accounting estimates and assumptions
The comapny makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Revenue recognition
Contracts for the manufacturing of goods often run for a period that spans the financial reporting date, with revenue and profit on these contracts being based on the degree of completion at the year end. The revenue and profit recognised is calculated using costs incurred to date as a percentage of total expected costs multiplied by the proportion of expected profit on completion. Estimates are required for the percentage of the contract completed at the reporting date, and also on the estimate of the overall profit to be generated.
 

 

Applied Tube Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

12,475

4,244

16,719

Additions

1,013

497

1,510

At 31 March 2023

13,488

4,741

18,229

Depreciation

At 1 April 2022

12,446

3,324

15,770

Charge for the year

69

183

252

At 31 March 2023

12,515

3,507

16,022

Carrying amount

At 31 March 2023

973

1,234

2,207

At 31 March 2022

29

920

949

5

Stocks

2023
£

2022
£

Work in progress

102,788

119,363

Other inventories

60,583

127,892

163,371

247,255

 

Applied Tube Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

194,087

95,994

Amounts owed by group undertakings and undertakings in which the company has a participating interest

110,000

94,000

Other debtors

12,423

7,155

316,510

197,149

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

124,402

98,199

Taxation and social security

11,071

23,492

Accruals and deferred income

10,121

17,476

Other creditors

21,250

6,141

166,844

145,308

8

Parent and ultimate parent undertaking

The company's immediate parent is Applied Automation Holdings Ltd, incorporated in England.

  These financial statements are available upon request from 6 Houndiscombe Road, Plymouth, PL6 4HH

 The ultimate controlling party is David and Valerie Rowe.