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ARDMEL AUTOMATION LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 30 JUNE 2023

 
ARDMEL AUTOMATION LIMITED
 

COMPANY INFORMATION


Directors
Mr S R Fernando 
Mr S Ruwan Fernando 
Ms S C Fernando 
Ms A H H Kidd 




Registered number
SC071946



Registered office
52 - 53 Nasmyth Road
Southfield Industrial Estate

Glenrothes

Fife

KY6 2SD




Independent auditors
EQ Audit Services LLP (Statutory Auditor)
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
ARDMEL AUTOMATION LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated statement of financial position
 
 
10
Company statement of financial position
 
 
11
Consolidated statement of changes in equity
 
 
12
Company statement of changes in equity
 
 
13
Consolidated statement of cash flows
 
 
14 - 15
Consolidated analysis of net debt
 
 
15
Notes to the financial statements
 
 
16 - 32


 
ARDMEL AUTOMATION LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 30 June 2023.

Business review
 
The principal activities of the Group during the year was the manufacture, marketing and selling of seam sealing tape materials and the design, manufacture and selling of specialised textile machinery including Ultrasonic 'Sewing Machine' and cutters and the design, manufacture and sales of specialised outdoor clothing.
The directors are content to report increased trading and profitability during the period under review and a further enhancement of the Group's overall financial position.
Despite the global challenges experienced during the period under review demand for the Group's products has remained strong and this together with careful strategic and cost management has allowed the Group to continue to trade successfully.
The directors are aware of the ongoing risk from external factors on the UK and global economy but remain confident that the Group will continue to be profitable in the forthcoming accounting period.

Principal risks and uncertainties
 
Although results are positive the ongoing war in Ukraine has impacted upon Ardmel Automation Limited at certain levels, including inflationary pressures. The directors are mindful that the ongoing war in Ukraine may have an uncertain impact for an indeterminate period but believe that the Group will be able to meet these challenges due to a policy of strong financial management. 
The directors consider the main risks which the Group is exposed to concern trading conditions with foreign customers, including currency fluctuations and the changing conditions in foreign markets. The directors monitor exchange rates and endeavour to undertake transactions when the rates are favourable to the Group. The directors have good relationships with contacts in countries where exports are made and this helps to mitigate the risks in this area.
The Group's principal financial instruments comprise bank balances and Group company loans. The main purpose of these instruments is to finance company operations. Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is detailed below.
Loans to the Group consist of Group company balances. There are no fixed repayment terms on these loans and no interest is charged. 

Page 1

 
ARDMEL AUTOMATION LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Financial key performance indicators
 
Key performance indicators are monitored over key areas including control over all aspects of working capital and cash flow and the monitoring of actual results against prior periods. The Group's key performance indicators include turnover which increased by 35.4% to £14,471,705, gross margin which decreased from 43.7% to 32.0% and profit before tax which decreased from £2,146,143 to £2,112,147 during the year to 30 June 2023.


This report was approved by the board on 9 November 2023 and signed on its behalf.



Mr S Ruwan Fernando
Director

Page 2

 
ARDMEL AUTOMATION LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,627,330 (2022 - £1,750,501).

Particulars of dividends paid are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

Mr S R Fernando 
Mr S Ruwan Fernando 
Ms S C Fernando 
Ms A H H Kidd 

Page 3

 
ARDMEL AUTOMATION LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 17 July 2023 Ardmel Automation Limited acquired 100% of the share capital of A&D Precision Engineering Ltd.

Auditors

The auditorsEQ Audit Services LLP (Statutory Auditor)will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 November 2023 and signed on its behalf.
 





Mr S Ruwan Fernando
Director

Page 4

 
ARDMEL AUTOMATION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL AUTOMATION LIMITED
 

Opinion


We have audited the financial statements of Ardmel Automation Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
ARDMEL AUTOMATION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL AUTOMATION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ARDMEL AUTOMATION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL AUTOMATION LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
ARDMEL AUTOMATION LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL AUTOMATION LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





MARK GIBSON (Senior statutory auditor) 
for and on behalf of
EQ Audit Services LLP (Statutory Auditor)
Chartered Accountants
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

9 November 2023
Page 8

 
ARDMEL AUTOMATION LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

  

Turnover
 4 
14,471,705
10,685,510

Cost of sales
  
(9,837,678)
(6,018,298)

Gross profit
  
4,634,027
4,667,212

Distribution costs
  
(297,579)
(363,470)

Administrative expenses
  
(2,300,171)
(2,211,788)

Other operating income
 5 
66,910
50,145

Operating profit
 6 
2,103,187
2,142,099

Interest receivable and similar income
 9 
8,960
4,044

Profit before taxation
  
2,112,147
2,146,143

Tax on profit
 10 
(484,817)
(395,642)

Profit for the year
  
1,627,330
1,750,501

  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(1,272)
-

Total comprehensive income for the year
  
1,626,058
1,750,501

Profit for the year attributable to:
  

Owners of the parent Company
  
1,627,330
1,750,501

  
1,627,330
1,750,501

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,626,058
1,750,501

  
1,626,058
1,750,501

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
ARDMEL AUTOMATION LIMITED
REGISTERED NUMBER: SC071946

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 13 
1,404,666
1,460,076

Investments
 14 
28,747
28,747

  
1,433,413
1,488,823

Current assets
  

Stocks
 15 
3,600,215
2,485,249

Debtors: amounts falling due within one year
 16 
4,223,687
2,745,724

Bank and cash balances
  
4,052,553
5,119,104

  
11,876,455
10,350,077

Creditors: amounts falling due within one year
 18 
(2,586,040)
(2,775,219)

Net current assets
  
 
 
9,290,415
 
 
7,574,858

Total assets less current liabilities
  
10,723,828
9,063,681

Provisions for liabilities
  

Deferred taxation
 20 
(186,924)
(152,835)

  
 
 
(186,924)
 
 
(152,835)

Net assets
  
10,536,904
8,910,846


Capital and reserves
  

Called up share capital 
 21 
13,334
13,334

Revaluation reserve
  
344,728
349,318

Capital redemption reserve
  
26,668
26,668

Profit and loss account
  
10,152,174
8,521,526

  
10,536,904
8,910,846


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 November 2023.




Mr S Ruwan Fernando
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
ARDMEL AUTOMATION LIMITED
REGISTERED NUMBER: SC071946

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 13 
1,332,812
1,383,445

Investments
 14 
17,682
17,682

  
1,350,494
1,401,127

Current assets
  

Stocks
 15 
814,660
477,316

Debtors: amounts falling due within one year
 16 
2,008,669
1,774,173

Bank and cash balances
  
575,513
876,297

  
3,398,842
3,127,786

Creditors: amounts falling due within one year
 18 
(1,115,384)
(1,190,691)

Net current assets
  
 
 
2,283,458
 
 
1,937,095

Total assets less current liabilities
  
3,633,952
3,338,222

  

Provisions for liabilities
  

Deferred taxation
 20 
(168,960)
(138,275)

  
 
 
(168,960)
 
 
(138,275)

Net assets
  
3,464,992
3,199,947


Capital and reserves
  

Called up share capital 
 21 
13,334
13,334

Revaluation reserve
  
344,728
349,318

Capital redemption reserve
  
26,668
26,668

Profit and loss account
  
3,080,262
2,810,627

  
3,464,992
3,199,947


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 November 2023.


Mr S Ruwan Fernando
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
ARDMEL AUTOMATION LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2021
13,334
26,668
352,636
6,771,707
7,164,345


Comprehensive income for the year

Profit for the year
-
-
-
1,750,501
1,750,501

Dividends: Equity capital
-
-
-
(4,000)
(4,000)

Transfer to/from profit and loss account
-
-
(3,318)
3,318
-



At 1 July 2022
13,334
26,668
349,318
8,521,526
8,910,846


Comprehensive income for the year

Profit for the year
-
-
-
1,627,330
1,627,330

Deferred tax rate increase on unrealised capital gain
-
-
(1,272)
-
(1,272)

Transfer to/from profit and loss account
-
-
(3,318)
3,318
-


At 30 June 2023
13,334
26,668
344,728
10,152,174
10,536,904


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
ARDMEL AUTOMATION LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2021
13,334
26,668
352,636
2,559,191
2,951,829


Comprehensive income for the year

Profit for the year
-
-
-
252,118
252,118

Dividends: Equity capital
-
-
-
(4,000)
(4,000)

Transfer to/(from) profit and loss account
-
-
(3,318)
3,318
-



At 1 July 2022
13,334
26,668
349,318
2,810,627
3,199,947


Comprehensive income for the year

Profit for the year
-
-
-
266,317
266,317

Deferred tax rate increase on unrealised capital gain
-
-
(1,272)
-
(1,272)

Transfer to/(from) profit and loss account
-
-
(3,318)
3,318
-


At 30 June 2023
13,334
26,668
344,728
3,080,262
3,464,992


The notes on pages 16 to 32 form part of these financial statements.

Page 13

 
ARDMEL AUTOMATION LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,627,330
1,750,501

Adjustments for:

Depreciation of tangible assets
134,644
114,770

Loss on disposal of tangible assets
(8,310)
-

Interest received
(8,960)
(4,044)

Taxation charge
484,817
395,642

(Increase) in stocks
(1,114,966)
(595,738)

(Increase)/decrease in debtors
(1,477,963)
2,217,079

(Decrease) in creditors
(189,179)
(3,796,979)

Corporation tax (paid)
(452,000)
(356,549)

Net cash generated from operating activities

(1,004,587)
(275,318)


Cash flows from investing activities

Purchase of tangible fixed assets
(80,924)
(303,607)

Sale of tangible fixed assets
10,000
-

Interest received
8,960
4,044

Net cash from investing activities

(61,964)
(299,563)
Page 14

 
ARDMEL AUTOMATION LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of other loans
-
(75,376)

Dividends paid
-
(4,000)

Net cash used in financing activities
-
(79,376)

Net (decrease) in cash and cash equivalents
(1,066,551)
(654,257)

Cash and cash equivalents at beginning of year
5,119,104
5,773,361

Cash and cash equivalents at the end of year
4,052,553
5,119,104


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,052,553
5,119,104

4,052,553
5,119,104



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023




At 1 July 2022
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

5,119,104

(1,066,551)

4,052,553


5,119,104
(1,066,551)
4,052,553

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Ardmel Automation Limited is a company limited by shares, incorporated in Scotland. Its registered office address is 52 - 53 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2SD.
The principal activity of the group was that of the manufacture and sales of specialised textile machinery including Ultrasonic 'sewing machine' and cutters, and the design, manufacture, distributor, wholesaler and sales of specialist outdoor clothing. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 16

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

The current 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 18

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.16

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the group’s financial statements relates to depreciation, particularly plant and machinery depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.
Other areas of significant estimation within the group's financial statements relate to the valuation of stock. The directors review the valuation methodology on a regular basis to ensure the carrying value of stock remains appropriate. Due consideration is given to amounts realised following the year end in relation to stock included in the financial statements at the year end.

Page 20

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Tape sales
2,843,393
2,173,332

Spare sales
596,693
424,410

Other sales
875,896
110,552

Machine sales
215,124
538,912

Garment sales
9,940,599
7,438,304

14,471,705
10,685,510


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,043,387
7,949,170

Rest of the world
3,428,318
2,736,340

14,471,705
10,685,510



5.


Other operating income

2023
2022
£
£

Other operating income
41,350
-

Net rents receivable
25,560
33,145

Insurance claims receivable
-
17,000

66,910
50,145



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
134,644
114,770

Fees payable to the Group's auditor and its associates for the audit of the Company's annual financial statements
25,125
24,000

Non audit fees
24,486
27,904

Foreign currency (gains)/losses
(204,111)
(26,428)

Page 21

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,893,254
1,631,922
530,767
463,011

Social security costs
159,455
151,271
68,084
41,354

Cost of defined contribution scheme
133,607
53,929
44,414
17,295

2,186,316
1,837,122
643,265
521,660


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Number of production staff
45
48
13
15



Number of administrative staff
18
18
6
3



Number of management staff
4
4
4
4

67
70
23
22


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
185,749
194,270

Group contributions to defined contribution pension schemes
93,689
22,228

279,438
216,498


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
8,960
4,044

Page 22

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
452,000
356,549


Total current tax
452,000
356,549

Deferred tax


Origination and reversal of timing differences
32,817
39,093

Total deferred tax
32,817
39,093


Taxation on profit on ordinary activities
484,817
395,642

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,112,147
2,146,143


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022 - 19%)
432,990
407,767

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,351
191

Additional super-deduction capital allowances
(2,713)
(17,306)

Adjustments to tax charge in respect of prior periods
46,992
-

Change in tax rate
(2,642)
-

Depreciation on non qualifying assets
3,239
3,002

Other differences leading to an increase (decrease) in the tax charge
3,621
1,988

Marginal relief
(21)
-

Total tax charge for the year
484,817
395,642


Factors that may affect future tax charges

There was an increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) which was enacted in 2021. The 19% rate will continue to apply for companies with profits up to £50,000. 

Page 23

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Dividends

2023
2022
£
£


Equity dividends on ordinary shares
-
4,000


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £266,317 (2022 - £252,118).

Page 24

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2022
790,000
949,630
54,295
9,849
31,502
1,835,276


Additions
-
47,821
22,122
10,981
-
80,924


Disposals
-
-
(16,297)
-
-
(16,297)



At 30 June 2023

790,000
997,451
60,120
20,830
31,502
1,899,903



Depreciation


At 1 July 2022
15,800
299,720
24,590
4,275
30,815
375,200


Charge for the year on owned assets
15,800
103,802
13,574
1,115
353
134,644


Disposals
-
-
(14,607)
-
-
(14,607)



At 30 June 2023

31,600
403,522
23,557
5,390
31,168
495,237



Net book value



At 30 June 2023
758,400
593,929
36,563
15,440
334
1,404,666



At 30 June 2022
774,200
649,910
29,705
5,574
687
1,460,076

The Group's properties at 52/53 Nasmyth Road, 58 Nasmyth Road and 44 Ramsden Road, Glenrothes were revalued in June 2021 on an open market value basis at amounts of £345,000, £230,000 and £215,000 respectively by Falconer Consultants. The directors are of the opinion that the fair values remain unchanged as at the year end date. 

Cost or valuation at 30 June 2023 is as follows:

Land and buildings
£


At cost
624,117
At valuation:

Revaluations as at 30 June 2022
165,883



790,000

Page 25

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           13.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
624,117
624,117

Accumulated depreciation
(215,744)
(203,262)

Net book value
408,373
420,855


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£

Cost or valuation


At 1 July 2022
790,000
847,640
54,295
9,849
30,433
1,732,217


Additions
-
39,940
22,122
10,981
-
73,043


Disposals
-
-
(16,297)
-
-
(16,297)



At 30 June 2023

790,000
887,580
60,120
20,830
30,433
1,788,963



Depreciation


At 1 July 2022
15,800
273,674
24,590
4,275
30,433
348,772


Charge for the year on owned assets
15,800
91,497
13,574
1,115
-
121,986


Disposals
-
-
(14,607)
-
-
(14,607)



At 30 June 2023

31,600
365,171
23,557
5,390
30,433
456,151



Net book value



At 30 June 2023
758,400
522,409
36,563
15,440
-
1,332,812



At 30 June 2022
774,200
573,966
29,705
5,574
-
1,383,445

The Company's properties at 52/53 Nasmyth Road, 58 Nasmyth Road and 44 Ramsden Road, Glenrothes were revalued in June 2021 on an open market value basis at amounts of £345,000, £230,000 and £215,000 respectively by Falconer Consultants. The directors are of the opinion that the fair values remain unchanged as at the year end date. 






Page 26

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Tangible fixed assets (continued)


Cost or valuation at 30 June 2023 is as follows:

Land and buildings
£


At cost
624,117
At valuation:

Revaluations as at 30 June 2022
165,883



 790,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:


2023
2022
£
£

Company


Cost
624,117
624,117

Accumulated depreciation
(215,744)
(203,262)

408,373
420,855

Page 27

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Fixed asset investments

Group





Unlisted Investments

£



Cost or valuation


At 1 July 2022
28,747



At 30 June 2023
28,747






Net book value



At 30 June 2023
28,747



At 30 June 2022
28,747

Company





Unlisted Investments

£



Cost or valuation


At 1 July 2022
17,682



At 30 June 2023
17,682






Net book value



At 30 June 2023
17,682



At 30 June 2022
17,682

Page 28

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Keela International Limited
Ordinary
100%
Ilasco Limited
Ordinary
100%
Ilasco (Medical) Limited
Ordinary
100%
Keela Tactical Solutions (India) Private Limited
Ordinary
99%

Investment in Keela Tactical Solutions (India) Private Limited is included at cost and results of this company have been excluded from the consolidated accounts on the grounds of immateriality. The registered office address of Keela Tactical Solutions (India) Private Limited is 501/41 Sector-10, Dwarka Delhi DL 110075.
The registered office address of Keela International Limited, Ilasco Limited and Ilasco (Medical) Limited is 52 - 53 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2SD. 


15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
672,319
379,817
617,688
379,817

Finished goods and goods for resale
2,927,896
2,105,432
196,972
97,499

3,600,215
2,485,249
814,660
477,316



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,804,122
2,329,196
1,834,598
1,507,018

Other debtors
107,152
242,130
97,656
184,711

Prepayments and accrued income
312,413
174,398
76,415
82,444

4,223,687
2,745,724
2,008,669
1,774,173



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,052,553
5,119,104
575,513
876,297


Page 29

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,299,879
1,784,562
444,149
659,509

Amounts owed to group undertakings
-
-
407,495
366,415

Other taxation and social security
634,650
443,993
110,834
30,162

Other creditors
2,114
-
2,116
2

Accruals and deferred income
649,397
546,664
150,790
134,603

2,586,040
2,775,219
1,115,384
1,190,691



19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
4,052,553
5,119,104
575,513
876,297

Financial assets that are debt instruments measured at amortised cost
3,911,274
2,571,326
1,932,254
1,691,729

7,963,827
7,690,430
2,507,767
2,568,026


Financial liabilities

Financial liabilities measured at amortised cost
(2,586,040)
(2,775,219)
(707,890)
(824,276)


Financial assets measured at fair value through profit or loss comprise at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors, tax and social security and loans.

Page 30

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.


Deferred taxation


Group



2023


£






At beginning of year
(152,835)


Charged to profit or loss
(34,089)



At end of year
(186,924)

Company


2023


£






At beginning of year
(138,275)


Charged to profit or loss
(30,685)



At end of year
(168,960)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(181,625)
(148,808)
(163,661)
(134,248)

Chargeable gains
(5,299)
(4,027)
(5,299)
(4,027)

(186,924)
(152,835)
(168,960)
(138,275)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



13,334 (2022 - 13,334) Ordinary shares of £1.00 each
13,334
13,334


Page 31

 
ARDMEL AUTOMATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

22.


Related party transactions

The Company has taken the exemption available under s33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group.
During the year the Company entered into the following transactions with other related parties:


2023
2022
£
£

Sales to other related parties other than group companies
1,494,284
1,991,599
Purchases from other related parties other than group companies
4,374,953
4,238,553
Loans repaid by other related parties other than group companies
-
178,882
Loans repaid to other related parties other than group companies
-
75,376
Net trading balances due from/(to) other related parties other than group companies
1,613,315
120,058


23.


Security and guarantees

The Group has granted security to its bankers over its assets by way of a bond and floating charge and standard securities over certain properties held. No bank borrowings were in place at the balance sheet date.


24.


Post balance sheet events

On 17 July 2023 Ardmel Automation Limited acquired 100% of the share capital of A&D Precision Engineering Ltd.


25.


Controlling party

The company was under the control of Mr S R Fernando throughout the current and previous year.

Page 32