Silverfin false 31/05/2023 01/06/2022 31/05/2023 Karen Louise Friendship 28/08/2001 Bertram Andrew Northmore 24/07/2019 06 November 2023 The principal activity of the Company during the financial year was that of precision engineering. 02251944 2023-05-31 02251944 bus:Director1 2023-05-31 02251944 bus:Director2 2023-05-31 02251944 2022-05-31 02251944 core:CurrentFinancialInstruments 2023-05-31 02251944 core:CurrentFinancialInstruments 2022-05-31 02251944 core:Non-currentFinancialInstruments 2023-05-31 02251944 core:Non-currentFinancialInstruments 2022-05-31 02251944 core:ShareCapital 2023-05-31 02251944 core:ShareCapital 2022-05-31 02251944 core:RetainedEarningsAccumulatedLosses 2023-05-31 02251944 core:RetainedEarningsAccumulatedLosses 2022-05-31 02251944 core:ComputerSoftware 2022-05-31 02251944 core:ComputerSoftware 2023-05-31 02251944 core:LeaseholdImprovements 2022-05-31 02251944 core:PlantMachinery 2022-05-31 02251944 core:Vehicles 2022-05-31 02251944 core:LeaseholdImprovements 2023-05-31 02251944 core:PlantMachinery 2023-05-31 02251944 core:Vehicles 2023-05-31 02251944 2021-05-31 02251944 bus:OrdinaryShareClass1 2023-05-31 02251944 bus:OrdinaryShareClass2 2023-05-31 02251944 bus:OrdinaryShareClass3 2023-05-31 02251944 core:WithinOneYear 2023-05-31 02251944 core:WithinOneYear 2022-05-31 02251944 core:BetweenOneFiveYears 2023-05-31 02251944 core:BetweenOneFiveYears 2022-05-31 02251944 2022-06-01 2023-05-31 02251944 bus:FullAccounts 2022-06-01 2023-05-31 02251944 bus:SmallEntities 2022-06-01 2023-05-31 02251944 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02251944 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02251944 bus:Director1 2022-06-01 2023-05-31 02251944 bus:Director2 2022-06-01 2023-05-31 02251944 core:ComputerSoftware core:TopRangeValue 2022-06-01 2023-05-31 02251944 core:OtherResidualIntangibleAssets 2022-06-01 2023-05-31 02251944 core:LeaseholdImprovements 2022-06-01 2023-05-31 02251944 core:PlantMachinery 2022-06-01 2023-05-31 02251944 core:Vehicles 2022-06-01 2023-05-31 02251944 2021-06-01 2022-05-31 02251944 core:ComputerSoftware 2022-06-01 2023-05-31 02251944 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 02251944 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 02251944 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 02251944 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 02251944 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 02251944 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 02251944 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 02251944 bus:OrdinaryShareClass3 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02251944 (England and Wales)

ALDERMAN TOOLING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

ALDERMAN TOOLING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

ALDERMAN TOOLING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
ALDERMAN TOOLING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 34,675 44,525
Tangible assets 4 1,214,974 1,258,446
1,249,649 1,302,971
Current assets
Stocks 5 706,082 588,746
Debtors 6 561,248 552,906
Cash at bank and in hand 420,301 870,018
1,687,631 2,011,670
Creditors: amounts falling due within one year 7 ( 704,425) ( 1,011,168)
Net current assets 983,206 1,000,502
Total assets less current liabilities 2,232,855 2,303,473
Creditors: amounts falling due after more than one year 8 ( 52,300) ( 182,593)
Provision for liabilities 9 ( 272,534) ( 278,373)
Net assets 1,908,021 1,842,507
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 1,907,921 1,842,407
Total shareholders' funds 1,908,021 1,842,507

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

Directors' responsibilities:

The financial statements of Alderman Tooling Limited (registered number: 02251944) were approved and authorised for issue by the Director on 06 November 2023. They were signed on its behalf by:

Karen Louise Friendship
Director
ALDERMAN TOOLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
ALDERMAN TOOLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Alderman Tooling Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered number is 02251944. The address of the Company's registered office is Bell Close, Newnham Industrial Estate, Plymouth, PL7 4JH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Alderman Tooling Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

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. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets relate to capitalised computer software costs.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 12 % reducing balance
Plant and machinery 10 - 25 % reducing balance
Vehicles 25 % reducing balance

Two items contained within Leasehold improvements are being depreciated on a straight line basis over 5 and 25 years.

One item contained within Plant and machinery is being depreciated on a straight line basis over 10 years. Computer equipment capitalised within Plant and machinery is depreciated on a straight line basis over 3 years.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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 assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 50 51

3. Intangible assets

Computer software Total
£ £
Cost
At 01 June 2022 49,250 49,250
At 31 May 2023 49,250 49,250
Accumulated amortisation
At 01 June 2022 4,725 4,725
Charge for the financial year 9,850 9,850
At 31 May 2023 14,575 14,575
Net book value
At 31 May 2023 34,675 34,675
At 31 May 2022 44,525 44,525

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2022 174,242 2,456,465 93,500 2,724,207
Additions 131,217 16,270 0 147,487
Disposals 0 ( 24,135) 0 ( 24,135)
At 31 May 2023 305,459 2,448,600 93,500 2,847,559
Accumulated depreciation
At 01 June 2022 76,668 1,350,428 38,665 1,465,761
Charge for the financial year 11,548 165,702 13,709 190,959
Disposals 0 ( 24,135) 0 ( 24,135)
At 31 May 2023 88,216 1,491,995 52,374 1,632,585
Net book value
At 31 May 2023 217,243 956,605 41,126 1,214,974
At 31 May 2022 97,574 1,106,037 54,835 1,258,446

5. Stocks

2023 2022
£ £
Raw materials 475,487 349,653
Work in progress 86,459 75,899
Finished goods 144,136 163,194
706,082 588,746

6. Debtors

2023 2022
£ £
Trade debtors 502,532 503,910
Prepayments 48,716 48,519
Other debtors 10,000 477
561,248 552,906

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 321,803 527,330
Amounts owed to directors 0 50,000
Accruals and deferred income 116,416 118,156
Corporation tax 38,212 29,607
Other taxation and social security 103,831 120,207
Obligations under finance leases and hire purchase contracts (secured) 105,366 155,274
Other creditors 18,797 10,594
704,425 1,011,168

Net obligations under finance leases and hire purchase contracts are secured against the assets to which the finance relates.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Deferred income 6,370 9,555
Obligations under finance leases and hire purchase contracts (secured) 45,930 151,296
Other creditors 0 21,742
52,300 182,593

Net obligations under finance leases and hire purchase contracts are secured against the assets to which the finance relates.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 278,373) ( 162,207)
Credited/(charged) to the Statement of Income and Retained Earnings 5,839 ( 116,166)
At the end of financial year ( 272,534) ( 278,373)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
49 Ordinary shares of £ 1.00 each 49 49
33 A Ordinary shares of £ 1.00 each 33 33
18 B Ordinary shares of £ 1.00 each 18 18
100 100

11. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
tangible fixed assets 140,583 0

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 48,371 48,742
between one and five years 0 48,371
48,371 97,113

Included within the amounts above is rent payable to a partnership of which the partners are close family members of the directors.

Pensions

The Company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £29,451 (2022: £25,040). Contributions totalling £6,272 (2022: £5,594) were outstanding at the year end and are included in other creditors.

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Dividends paid to entities with beneficiaries that are close family members of the directors 24,000 24,000
Rent paid to a partnership of which the partners are close family members of the directors 48,000 48,000