Company Registration No. 01733698 (England and Wales)
ALLSWAGE UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ALLSWAGE UK LIMITED
COMPANY INFORMATION
Directors
Mr D J West
Mr N M West
Mr P J Feasey
Mrs C L Fitzpatrick
Mr A P Crawley
Secretary
Mr P J Feasey
Company number
01733698
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
37 Church Street
Wednesfield
Wolverhampton
West Midlands
WV11 1SS
ALLSWAGE UK LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ALLSWAGE UK LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALLSWAGE UK LIMITED FOR THE YEAR ENDED 29 JUNE 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Allswage UK Limited for the year ended 29 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Allswage UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Allswage UK Limited and state those matters that we have agreed to state to the Board of Directors of Allswage UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Allswage UK Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Allswage UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Allswage UK Limited. You consider that Allswage UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Allswage UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
19 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ALLSWAGE UK LIMITED
BALANCE SHEET
AS AT 29 JUNE 2023
29 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
112,148
172,647
Current assets
Stocks
678,432
671,762
Debtors
4
360,657
310,753
Cash at bank and in hand
42,168
150,375
1,081,257
1,132,890
Creditors: amounts falling due within one year
5
(959,819)
(985,988)
Net current assets
121,438
146,902
Total assets less current liabilities
233,586
319,549
Creditors: amounts falling due after more than one year
6
(45,751)
(132,785)
Provisions for liabilities
7
(26,466)
(31,770)
Net assets
161,369
154,994
Capital and reserves
Called up share capital
8
50
50
Capital redemption reserve
50
50
Profit and loss reserves
161,269
154,894
Total equity
161,369
154,994

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ALLSWAGE UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 JUNE 2023
29 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr P J Feasey
Director
Company Registration No. 01733698
ALLSWAGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
- 4 -
1
Accounting policies
Company information

Allswage UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

ALLSWAGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 5 -

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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

ALLSWAGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.11

Invoice discounting

The company has entered into invoice discounting arrangements for certain trade debtors. Amounts due from the customers are shown in full in trade debtors. Amounts due to the finance company are shown in creditors due within twelve months under the other creditors heading and amounts due from the finance company are shown in debtors due within twelve months under the other debtors heading.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 19 (2022 - 18).

3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 June 2022
158,435
49,544
52,897
184,517
445,393
Additions
-
0
-
0
3,604
-
0
3,604
Disposals
-
0
-
0
-
0
(57,068)
(57,068)
At 29 June 2023
158,435
49,544
56,501
127,449
391,929
Depreciation and impairment
At 30 June 2022
110,089
36,355
45,937
80,365
272,746
Depreciation charged in the year
7,248
1,980
5,583
20,224
35,035
Eliminated in respect of disposals
-
0
-
0
-
0
(28,000)
(28,000)
At 29 June 2023
117,337
38,335
51,520
72,589
279,781
Carrying amount
At 29 June 2023
41,098
11,209
4,981
54,860
112,148
At 29 June 2022
48,346
13,189
6,960
104,152
172,647
ALLSWAGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
3
Tangible fixed assets
(Continued)
- 7 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
9,312
10,955
Motor vehicles
51,043
94,647
Computer equipment
-
0
3,476
60,355
109,078
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
320,173
296,055
Amounts owed by group undertakings
16,637
-
0
Other debtors
23,847
14,698
360,657
310,753
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,455
15,455
Trade creditors
322,029
377,992
Amounts owed to group undertakings
-
0
38,347
Taxation and social security
130,067
159,124
Other creditors
492,268
395,070
959,819
985,988
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,621
45,076
Other creditors
16,130
87,709
45,751
132,785
ALLSWAGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 8 -
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
26,466
31,770
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary of £1 each
50
50
50
50
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
64,466
113,525
Bank loans
45,076
60,531
Factoring account
398,398
316,311
507,940
490,367
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
All monies due or to become due from the company to the factoring company, Aldemore, are secured against trade debtors.
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Control

Ultimate parent company

The ultimate parent company is Allswage UK Properties Limited, a company registered in England and Wales.

 

Ultimate controlling party

The ultimate controlling party is Mr D J West and Mrs A M West, by virtue of their controlling interest in the ultimate parent company.

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