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Registration number: 05444218

Alltech Systems (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Alltech Systems (UK) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Alltech Systems (UK) Ltd

Company Information

Director

Mr Mark Richard Allum

Company secretary

Mrs Julie Allum

Registered office

3 Chapel Street
Redruth
Cornwall
TR15 2BY

 

Alltech Systems (UK) Ltd

(Registration number: 05444218)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

7,800

11,700

Tangible assets

6

46,996

63,017

 

54,796

74,717

Current assets

 

Stocks

7

23,360

24,536

Debtors

8

191,913

159,249

Cash at bank and in hand

 

65,236

104,774

 

280,509

288,559

Creditors: Amounts falling due within one year

9

(120,210)

(129,460)

Net current assets

 

160,299

159,099

Total assets less current liabilities

 

215,095

233,816

Creditors: Amounts falling due after more than one year

9

-

(14,775)

Provisions for liabilities

(11,580)

(8,390)

Net assets

 

203,515

210,651

Capital and reserves

 

Called up share capital

2

2

Retained earnings

203,513

210,649

Shareholders' funds

 

203,515

210,651

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 November 2023
 

.........................................
Mr Mark Richard Allum
Director

 

Alltech Systems (UK) Ltd

Notes to the Unaudited 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:
3 Chapel Street
Redruth
Cornwall
TR15 2BY

The principal place of business is:
18 Penvale Close
Barripper
Camborne
Cornwall
TR14 0QP

These financial statements were authorised for issue by the director on 6 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Alltech Systems (UK) Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 - 50% reducing balance

Motor Vehicles

25% reducing balance/straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Alltech Systems (UK) Ltd

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

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Alltech Systems (UK) Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

10,784

14,184

Amortisation expense

3,900

3,900

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

60,000

60,000

At 31 March 2023

60,000

60,000

Amortisation

At 1 April 2022

48,300

48,300

Amortisation charge

3,900

3,900

At 31 March 2023

52,200

52,200

Carrying amount

At 31 March 2023

7,800

7,800

At 31 March 2022

11,700

11,700

 

Alltech Systems (UK) Ltd

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

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

46,435

64,512

110,947

Additions

3,325

34,332

37,657

Disposals

(26,450)

(41,666)

(68,116)

At 31 March 2023

23,310

57,178

80,488

Depreciation

At 1 April 2022

14,571

33,359

47,930

Charge for the year

2,445

8,340

10,785

Eliminated on disposal

(4,800)

(20,423)

(25,223)

At 31 March 2023

12,216

21,276

33,492

Carrying amount

At 31 March 2023

11,094

35,902

46,996

At 31 March 2022

31,864

31,153

63,017

7

Stocks

2023
£

2022
£

Raw materials and consumables

23,360

24,536

8

Debtors

Current

2023
£

2022
£

Trade debtors

136,067

101,530

Prepayments

7,176

8,615

Other debtors

48,670

49,104

 

191,913

159,249

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

3,528

Trade creditors

 

68,412

72,147

Taxation and social security

 

24,705

37,836

Accruals and deferred income

 

2,850

2,665

Other creditors

 

24,243

13,284

 

120,210

129,460

 

Alltech Systems (UK) Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

14,775

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

-

14,775

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

-

3,528

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,137 (2022 - £19,610). This is a contract hire commitment.

12

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Interest free loan

49,105

(435)

48,670

       
     

 

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Interest free loan

50,392

(1,287)

49,105