Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302023-06-30332022-07-01falseholding companyfalsefalse 08505342 2022-07-01 2023-06-30 08505342 2021-07-01 2022-06-30 08505342 2023-06-30 08505342 2022-06-30 08505342 2021-07-01 08505342 3 2021-07-01 2022-06-30 08505342 d:Director1 2022-07-01 2023-06-30 08505342 d:Director1 2023-06-30 08505342 d:Director2 2022-07-01 2023-06-30 08505342 d:Director3 2022-07-01 2023-06-30 08505342 d:Director4 2022-07-01 2023-06-30 08505342 d:Director4 2023-06-30 08505342 d:RegisteredOffice 2022-07-01 2023-06-30 08505342 d:Agent1 2022-07-01 2023-06-30 08505342 e:PlantMachinery 2022-07-01 2023-06-30 08505342 e:MotorVehicles 2022-07-01 2023-06-30 08505342 e:FurnitureFittings 2022-07-01 2023-06-30 08505342 e:CurrentFinancialInstruments 2023-06-30 08505342 e:CurrentFinancialInstruments 2022-06-30 08505342 e:Non-currentFinancialInstruments 2023-06-30 08505342 e:Non-currentFinancialInstruments 2022-06-30 08505342 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 08505342 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 08505342 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 08505342 e:Non-currentFinancialInstruments e:AfterOneYear 2022-06-30 08505342 e:ShareCapital 2023-06-30 08505342 e:ShareCapital 2021-07-01 2022-06-30 08505342 e:ShareCapital 2022-06-30 08505342 e:ShareCapital 2021-07-01 08505342 e:CapitalRedemptionReserve 2023-06-30 08505342 e:CapitalRedemptionReserve 2022-06-30 08505342 e:CapitalRedemptionReserve 2021-07-01 08505342 e:CapitalRedemptionReserve 3 2021-07-01 2022-06-30 08505342 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08505342 e:RetainedEarningsAccumulatedLosses 2023-06-30 08505342 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 08505342 e:RetainedEarningsAccumulatedLosses 2022-06-30 08505342 e:RetainedEarningsAccumulatedLosses 2021-07-01 08505342 e:RetainedEarningsAccumulatedLosses 3 2021-07-01 2022-06-30 08505342 d:OrdinaryShareClass1 2022-07-01 2023-06-30 08505342 d:OrdinaryShareClass1 2023-06-30 08505342 d:OrdinaryShareClass1 2022-06-30 08505342 d:OrdinaryShareClass4 2022-07-01 2023-06-30 08505342 d:OrdinaryShareClass4 2023-06-30 08505342 d:OrdinaryShareClass4 2022-06-30 08505342 d:OrdinaryShareClass5 2022-07-01 2023-06-30 08505342 d:OrdinaryShareClass5 2023-06-30 08505342 d:OrdinaryShareClass5 2022-06-30 08505342 d:FRS102 2022-07-01 2023-06-30 08505342 d:Audited 2022-07-01 2023-06-30 08505342 d:FullAccounts 2022-07-01 2023-06-30 08505342 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08505342 e:Subsidiary1 2022-07-01 2023-06-30 08505342 e:Subsidiary1 1 2022-07-01 2023-06-30 08505342 d:Consolidated 2023-06-30 08505342 d:ConsolidatedGroupCompanyAccounts 2022-07-01 2023-06-30 08505342 2 2022-07-01 2023-06-30 08505342 6 2022-07-01 2023-06-30 08505342 e:ShareCapital 3 2021-07-01 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08505342









AEROSPACE TOOLING CORPORATION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
COMPANY INFORMATION


Directors
Amy-Louise Mary Crofton (appointed 28 March 2023)
Dale Warren Harris 
Donald Miller Macleod 
Daniel Jonathan Halliday (resigned 28 March 2023)




Registered number
08505342



Registered office
Charles Lake House
Claire Caseway

Crossways Business Park

Dartford

Kent

DA2 6QA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
HSBC
39 High Street

Ashford

Kent

TN24 8TG





 
AEROSPACE TOOLING CORPORATION LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 33


 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors present their strategic report to accompany the financial statements for the year ended 30 June 2023.

Business review
 
Turnover fell year on year by £206k largely due to the reduction of a single programme of work.  Profitability also came under pressure in the face of rising inflation, increased energy prices and supply chain cost increases. The group has put in place mitigation for these issues in the coming year and has a clear strategy in place to return to growth. We look forward to making further progress in the coming year.

Principal risks and uncertainties
 
The directors regularly monitor and review the key risks of the group. These are considered to relate to:
- the ongoing impact of inflation and high energy prices
- the efficiency and timeliness of the global suply chain
- the increasing cost of finance

Financial key performance indicators
 
The directors consider that disclosure is not required of any key financial performance indicators for an understanding of the group other than is given by the information within these financial statements.


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



___________________________
D W Harris
Director

Date: 26 October 2023

Page 1

 
AEROSPACE TOOLING CORPORATION 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 £154,694 (2022 - £863,556).

No dividends were voted during the year (2022: £Nil).

Directors

The directors who served during the year were:

Amy-Louise Mary Crofton (appointed 28 March 2023)
Dale Warren Harris 
Donald Miller Macleod 
Daniel Jonathan Halliday (resigned 28 March 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.

Page 2

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





___________________________
D W Harris
Director

Date: 26 October 2023

Page 3

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED
 

Opinion


We have audited the financial statements of Aerospace Tooling Corporation 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 Balance Sheet, the Company Balance Sheet, 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 4

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION 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 2, 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 
Page 5

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED (CONTINUED)


parent company or to cease operations, or have no realistic alternative but to do so.


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
•  The engagement partner ensured that the engagement team collectively had the appropriate competence, 
   capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•  We identified the laws and regulations applicable to the company through discussion with directors and other
   management, and from our commercial knowledge and experience of the construction and hire industry which
   the company operates in;
•  The specific laws and regulations which we considered may have a direct material effect on the financial
    statements or the operations of the company, are as follows;
     o Companies Act 2006
     o FRS102
     o Health and Safety legislation
     o Employment legislation
     o Tax legislation
     o Scottish Environmental Protection Agency; and
     o Control of substances hazardous to health comliant.
•  We assessed the extent of compliance with the laws and regulations identified above through making
    enquiries of management, reviewing board minutes and inspecting relevant correspondence; and
•  Laws and regulations were communicated within the audit team at the planning meeting, and during the audit
   as any further laws and regulation were identified. The audit team remained alert to instances of non-
   compliance throughout the audit;We assessed the susceptibility of the company’s financial statements to
   material misstatement, including obtaining an understanding of how fraud might occur by:
•  Making enquires of management as to where they consider there was susceptibility to fraud and their
   knowledge of actual suspected and alleged fraud;
•  Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
   regulations;
•  Reviewing the financial statements and testing the disclosures against supporting documentation;
•  Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
•  Inspecting and testing journal entries to identify unusual or unexpected transactions;
•  Assessing whether judgement and assumptions made in determining significant accounting estimates,
   including stock provisions and the useful economic lives of tangible fixed assets, were
   indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
 
Page 6

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED (CONTINUED)


  company’s usual course of business.
 
Page 7

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROSPACE TOOLING CORPORATION LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
•   Management bias in the estimates and judgements made;
•   Management override of controls; and
•   Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
31 October 2023
Page 8

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,199,831
7,406,168

Cost of sales
  
(3,398,762)
(2,863,156)

Gross profit
  
3,801,069
4,543,012

Administrative expenses
  
(3,589,788)
(3,594,542)

Operating profit
 5 
211,281
948,470

Interest receivable and similar income
 9 
7,032
40

Interest payable and similar expenses
 10 
(26,384)
(21,738)

Profit before taxation
  
191,929
926,772

Tax on profit
 11 
(37,235)
(63,216)

Profit for the financial year
  
154,694
863,556

  

Purchase of own shares
  
-
(580,344)

Other comprehensive income for the year
  
-
(580,344)

Total comprehensive income for the year
  
154,694
283,212

Profit for the year attributable to:
  

Owners of the parent company
  
154,694
863,556

  
154,694
863,556

Total comprehensive income for the year attributable to:
  

Owners of the parent company
  
154,694
283,212

  
154,694
283,212

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 17 to 33 form part of these financial statements.

Page 9

 
AEROSPACE TOOLING CORPORATION LIMITED
REGISTERED NUMBER: 08505342

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,103,997
1,188,991

Tangible assets
 13 
1,239,646
1,186,280

  
2,343,643
2,375,271

Current assets
  

Stocks
 15 
462,386
391,799

Debtors: amounts falling due within one year
 16 
1,524,047
1,472,227

Cash at bank and in hand
 17 
365,143
610,953

  
2,351,576
2,474,979

Creditors: amounts falling due within one year
 18 
(1,309,632)
(1,438,072)

Net current assets
  
 
 
1,041,944
 
 
1,036,907

Total assets less current liabilities
  
3,385,587
3,412,178

Creditors: amounts falling due after more than one year
 19 
(287,604)
(555,751)

Provisions for liabilities
  

Deferred taxation
 22 
(306,360)
(219,498)

Net assets
  
2,791,623
2,636,929


Capital and reserves
  

Called up share capital 
 23 
4,000
4,000

Capital redemption reserve
  
2,854
2,854

Profit and loss account
  
2,784,769
2,630,075

  
2,791,623
2,636,929


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




___________________________
D W Harris
___________________________
D M Macleod
Director
Director


Date: 26 October 2023

The notes on pages 17 to 33 form part of these financial statements.
Page 10

 
AEROSPACE TOOLING CORPORATION LIMITED
REGISTERED NUMBER: 08505342
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023


Page 11

 
AEROSPACE TOOLING CORPORATION LIMITED
REGISTERED NUMBER: 08505342

COMPANY BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
8,804,357
8,804,357

  
8,804,357
8,804,357

Current assets
  

Debtors: amounts falling due within one year
 16 
486
486

  
486
486

Creditors: amounts falling due within one year
 18 
(213,744)
(213,744)

Net current liabilities
  
 
 
(213,258)
 
 
(213,258)

Total assets less current liabilities
  
8,591,099
8,591,099

  

Creditors: amounts falling due after more than one year
 19 
(7,781,017)
(7,673,256)

  

Net assets
  
810,082
917,843


Capital and reserves
  

Called up share capital 
 23 
4,000
4,000

Capital redemption reserve
  
2,854
2,854

Profit and loss account
  
803,228
910,989

  
810,082
917,843


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


___________________________
D W Harris
___________________________
D M Macleod
Director
Director


Date: 26 October 2023

The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
AEROSPACE TOOLING CORPORATION LIMITED
 

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


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

£
£
£
£

At 1 July 2022
4,000
2,854
2,630,075
2,636,929



Profit for the year
-
-
154,694
154,694


At 30 June 2023
4,000
2,854
2,784,769
2,791,623



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


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

£
£
£
£

At 1 July 2021
4,035
2,319
2,346,863
2,353,217



Profit for the year
-
-
863,556
863,556

Purchase of own shares
(535)
535
(580,344)
(580,344)

Shares issued during the year
500
-
-
500


At 30 June 2022
4,000
2,854
2,630,075
2,636,929


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
AEROSPACE TOOLING CORPORATION LIMITED
 

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


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

£
£
£
£

At 1 July 2022
4,000
2,854
910,989
917,843



Loss for the year
-
-
(107,761)
(107,761)


At 30 June 2023
4,000
2,854
803,228
810,082



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


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

£
£
£
£

At 1 July 2021
4,035
2,319
1,595,130
1,601,484



Loss for the year
-
-
(103,797)
(103,797)

Purchase of own shares
(535)
535
(580,344)
(580,344)

Shares issued during the year
500
-
-
500


At 30 June 2022
4,000
2,854
910,989
917,843


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
AEROSPACE TOOLING CORPORATION 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
154,694
863,556

Adjustments for:

Amortisation of intangible assets
571,931
572,393

Depreciation of tangible assets
253,752
243,853

Profit on disposal of tangible assets
(9,327)
-

Interest paid
26,384
21,738

Interest received
(7,032)
(40)

Taxation charge
37,235
63,216

(Increase) in stocks
(70,587)
(81,670)

(Increase) in debtors
(2,122)
(212,698)

(Decrease) in creditors
(333,828)
(642,617)

Corporation tax (paid)/received
(79,639)
-

Net cash generated from operating activities

541,461
827,731


Cash flows from investing activities

Purchase of intangible fixed assets
(486,937)
(596,375)

Purchase of tangible fixed assets
(313,238)
(164,892)

Sale of tangible fixed assets
15,451
-

Interest received
7,032
40

HP interest paid
(14,544)
(9,173)

Net cash from investing activities

(792,236)
(770,400)
Page 15

 
AEROSPACE TOOLING CORPORATION LIMITED
 

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


2023
2022

£
£



Cash flows from financing activities

Issue of ordinary shares
-
500

Purchase of own shares
-
(52,648)

Repayment of loans
(100,000)
(188,160)

Repayment of/new finance leases
(15,909)
(47,761)

Interest paid
(11,840)
(12,565)

Net cash used in financing activities
(127,749)
(300,634)

Net (decrease) in cash and cash equivalents
(378,524)
(243,303)

Cash and cash equivalents at beginning of year
528,008
771,311

Cash and cash equivalents at the end of year
149,484
528,008


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
365,143
610,953

Bank overdrafts
(215,659)
(82,945)

149,484
528,008


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Aerospace Tooling Corporation Limited is a private company limited by shares and incorporated in England and Wales. Its principal place of business is at Site 4, Piper Street, Baldovie Industrial Estate, Dundee DD4 0NT. The principal activity of the company's subsidiary is the manufacture and repair of turbine components.

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 Balance sheet, 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.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 17

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 18

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

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, which range from 3 to 6 years.
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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 19

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.

  
2.12

Invoice discounting

The group utilises invoice discounting for its trade debts. The accounting policy is to include trade debtors discounted with recourse within trade debtors due within one year and the returnable element of proceeds is recorded within other creditors due within one year. Invoice discounting fees and interest are charged to the profit and loss account when paid. Bad debts are borne by the group and are charged to the profit and loss account when incurred.

 
2.13

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

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 on the following bases:


Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10/25% 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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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 balance sheet 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.

 
2.17

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.

 
2.18

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.

Page 21

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
The areas in the financial statements where these judgements and estimates have been made include the following: 
1. The group makes key assumptions regarding the useful economic life of both intangible and tangible fixed assets and this is further described in notes 2.13 and 2.14 respectively.
2. The group makes key assumptions in determining the valuation of intangible fixed assets based on a percentage of staff costs attributable to specific qualifying projects based on an estimate of the time spent working on these projects.
3. The group makes key assumptions in determining a provision for slow moving raw materials based on the date that specific raw materials were last used.
4. The group makes key assumptions in determining the valuation of work in progress using an hourly overhead rate which is calculated based on an estimate of operatives chargeable hours worked.

Page 22

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Turnover

2023
2022
£
£

Turnover
7,199,831
7,406,168

7,199,831
7,406,168


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,244,309
5,185,075

Rest of the world
1,955,522
2,221,093

7,199,831
7,406,168



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
150,901
178,715


6.


Auditors' remuneration


Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
13,140
12,760


Fees in respect of all other services
7,671
4,926

Page 23

 
AEROSPACE TOOLING CORPORATION 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
2,770,766
2,444,048
48,050
46,533

Social security costs
323,198
286,998
-
-

Cost of defined contribution scheme
88,121
79,487
-
-

3,182,085
2,810,533
48,050
46,533


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.









88
84
3
3


8.


Directors' remuneration




During the year retirement benefits were accruing to 3 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £136,517 (2022 - £134,780).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
7,032
40

7,032
40

Page 24

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
5,306
5,614

Finance leases and hire purchase contracts
14,544
9,173

Other interest payable
6,534
6,951

26,384
21,738


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(49,627)
79,635


Total current tax
(49,627)
79,635

Deferred tax


Origination and reversal of timing differences
86,862
(16,419)


Tax on profit
37,235
63,216
Page 25

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
191,929
926,772


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 20.5% (2022 - 19%)
39,345
176,087

Effects of:


Non-tax deductible amortisation of goodwill and impairment
68,209
71,162

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(1,606)
2,828

Depreciation for year in excess of/(lower than) capital allowances
(21,896)
7,304

Movement in deferred tax provision
86,862
(16,419)

Adjustments to tax charge in respect of prior periods as a result of R&D credits
(159,689)
(177,746)

Adjustments to tax charge in respect of prior periods
3,919
-

Unrelieved tax losses carried forward
22,091
-

Total tax charge for the year
37,235
63,216


Factors that may affect future tax charges

IIn total, the group has tax losses carried forward of £239,661 (2022 - £131,900) which may be offset against the future trading profits of the entity in which the losses arose. 
On 1 April 2023 the main rate of corporation tax in the UK increased to 25%.

Page 26

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Intangible assets

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 July 2022
5,298,111
4,708,032
10,006,143


Additions
486,937
-
486,937



At 30 June 2023

5,785,048
4,708,032
10,493,080



Amortisation


At 1 July 2022
4,109,120
4,708,032
8,817,152


Charge for the year on owned assets
571,931
-
571,931



At 30 June 2023

4,681,051
4,708,032
9,389,083



Net book value



At 30 June 2023
1,103,997
-
1,103,997



At 30 June 2022
1,188,991
-
1,188,991



Page 27

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 July 2022
3,607,161
55,990
469,681
4,132,832


Additions
224,557
49,700
38,981
313,238


Disposals
-
(55,990)
-
(55,990)



At 30 June 2023

3,831,718
49,700
508,662
4,390,080



Depreciation


At 1 July 2022
2,602,581
38,640
305,331
2,946,552


Charge for the year on owned assets
170,315
11,227
71,171
252,713


Charge for the year on financed assets
-
1,035
-
1,035


Disposals
-
(49,866)
-
(49,866)



At 30 June 2023

2,772,896
1,036
376,502
3,150,434



Net book value



At 30 June 2023
1,058,822
48,664
132,160
1,239,646



At 30 June 2022
1,004,580
17,350
164,350
1,186,280

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2023
2022
£
£



Plant and machinery
175,987
207,507

Motor vehicles
48,665
17,351

224,652
224,858

Page 28

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
8,804,357



At 30 June 2023
8,804,357





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Principal activity

Class of shares

Holding

Aerospace Tooling Limited
Manufacture and repair of turbine components
Ordinary
100%


15.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
250,041
190,032

Work in progress
212,345
201,767

462,386
391,799


Page 29

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

16.


Debtors







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


Trade debtors
1,431,825
1,357,676
-
-

Other debtors
50,188
486
486
486

Prepayments and accrued income
42,034
114,065
-
-

1,524,047
1,472,227
486
486



17.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
365,143
610,953

Less: bank overdrafts
(215,659)
(82,945)

149,484
528,008


Page 30

 
AEROSPACE TOOLING CORPORATION 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
£
£
£
£

Bank overdrafts
215,659
82,945
-
-

Bank loans
33,333
92,704
-
-

Trade creditors
472,015
500,750
-
-

Corporation tax
-
79,564
-
-

Other taxation and social security
154,533
221,627
-
-

Obligations under finance lease and hire purchase contracts
48,829
50,960
-
-

Other creditors
385,263
409,522
213,744
213,744

1,309,632
1,438,072
213,744
213,744


Bank loans and the invoice discounting facility are secured by way of a fixed and floating charge over all the assets and undertakings of the group.
Obligations under hire purchase contracts are secured over the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

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

Bank loans
-
40,629
-
-

Net obligations under finance leases and hire purchase contracts
127,268
141,046
-
-

Amounts owed to group undertakings
-
-
7,620,681
7,299,180

Other creditors
160,336
374,076
160,336
374,076

287,604
555,751
7,781,017
7,673,256




Page 31

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.


Loans


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
33,333
92,704

Amounts falling due 1-2 years

Bank loans
-
40,629

Amounts falling due 2-5 years


33,333
133,333



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
52,058
50,960

Between 1-5 years
75,209
141,046

127,267
192,006


22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(219,498)
(235,917)


Charged to profit or loss
(86,862)
16,419



At end of year
(306,360)
(219,498)

Page 32

 
AEROSPACE TOOLING CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
22.Deferred taxation (continued)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(306,360)
(219,498)

(306,360)
(219,498)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



350,000 (2022 - 350,000) Ordinary A shares of £0.01 each
3,500
3,500
24,995 (2022 - 24,995) Ordinary D1 shares of £0.01 each
250
250
25,046 (2022 - 25,046) Ordinary D2 shares of £0.01 each
250
250

4,000

4,000



24.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £88,121 (2022 - £79,487). Contributions totalling £14,905 (2022 - £16,344) were payable to the fund at the balance sheet date.


25.


Commitments under operating leases

At 30 June 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
130,500
129,167

Later than 1 year and not later than 5 years
227,917
320,833

358,417
450,000

26.


Controlling party

There is no one single controlling party.

 
Page 33