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COMPANY REGISTRATION NUMBER: 02696617
AUTOMATED WIRE BENDING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
AUTOMATED WIRE BENDING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
12
AUTOMATED WIRE BENDING LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
S Perna
Company secretary
S Perna
Registered office
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambs
PE2 6LR
Accountants
Streets
Chartered Accountants
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambs
PE2 6LR
Bankers
National Westminster Bank Plc
PO Box No15
Cathedral Square
Peterborough
Cambridgeshire
PE1 1HW
AUTOMATED WIRE BENDING LIMITED
DIRECTOR'S REPORT
YEAR ENDED 30 JUNE 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30 June 2023 .
Director
The director who served the company during the year was as follows:
S Perna
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 11 February 2024 and signed on behalf of the board by:
S Perna
Company Secretary
Registered office:
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambs
PE2 6LR
AUTOMATED WIRE BENDING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 JUNE 2023
2023
2022
Note
£
£
Turnover
3,894,109
4,013,702
Cost of sales
2,834,675
2,722,306
------------
------------
Gross profit
1,059,434
1,291,396
Distribution costs
256,039
198,123
Administrative expenses
681,505
385,087
Other operating income
1,112
------------
------------
Operating profit
121,890
709,298
Interest payable and similar expenses
20,352
13,115
------------
------------
Profit before taxation
101,538
696,183
Tax on profit
23,577
54,430
---------
---------
Profit for the financial year and total comprehensive income
77,961
641,753
---------
---------
Dividends paid and payable
( 500,000)
( 500,000)
Retained earnings at the start of the year
1,702,691
1,560,938
------------
------------
Retained earnings at the end of the year
1,280,652
1,702,691
------------
------------
All the activities of the company are from continuing operations.
AUTOMATED WIRE BENDING LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
575,159
421,203
Current assets
Stocks
465,532
424,622
Debtors
6
1,264,107
1,863,012
Cash at bank and in hand
443
443
------------
------------
1,730,082
2,288,077
Creditors: amounts falling due within one year
7
770,143
849,104
------------
------------
Net current assets
959,939
1,438,973
------------
------------
Total assets less current liabilities
1,535,098
1,860,176
Creditors: amounts falling due after more than one year
8
153,867
96,756
Provisions
Taxation including deferred tax
100,479
60,629
------------
------------
Net assets
1,280,752
1,702,791
------------
------------
AUTOMATED WIRE BENDING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
35
35
Capital redemption reserve
65
65
Profit and loss account
1,280,652
1,702,691
------------
------------
Shareholders funds
1,280,752
1,702,791
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 February 2024 , and are signed on behalf of the board by:
S Perna
Director
Company registration number: 02696617
AUTOMATED WIRE BENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Enterprise House, 38 Tyndall Court, Commerce Road, Lynch Wood, Peterborough, PE2 6LR. The trading address is Vicarage Farm Road, Peterborough, PE1 5TP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Research and development
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. There are no estimates or assumptions that have a significant effect on on the carrying amounts of assets and liabilities within financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
Over 50 years
Leasehold Property
-
Over 50 years
Plant and Machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 52 (2022: 52 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
31,477
1,291,045
43,950
43,545
1,410,017
Additions
227,790
27,777
255,567
--------
------------
--------
--------
------------
At 30 June 2023
31,477
1,518,835
43,950
71,322
1,665,584
--------
------------
--------
--------
------------
Depreciation
At 1 July 2022
630
938,775
17,142
32,267
988,814
Charge for the year
630
86,468
6,702
7,811
101,611
--------
------------
--------
--------
------------
At 30 June 2023
1,260
1,025,243
23,844
40,078
1,090,425
--------
------------
--------
--------
------------
Carrying amount
At 30 June 2023
30,217
493,592
20,106
31,244
575,159
--------
------------
--------
--------
------------
At 30 June 2022
30,847
352,270
26,808
11,278
421,203
--------
------------
--------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
762,519
989,233
Amounts owed by group undertakings and undertakings in which the company has a participating interest
363,968
787,955
Other debtors
137,620
85,824
------------
------------
1,264,107
1,863,012
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
193,453
127,931
Trade creditors
342,386
446,397
Social security and other taxes
128,442
227,380
Other creditors
105,862
47,396
---------
---------
770,143
849,104
---------
---------
Bank loans and overdrafts are secured on the assets of the company.
Included within other creditors is hire purchase of £60,892 (2022 - £Nil) which is secured on the assets to which it relates.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
36,026
96,756
Other creditors
117,841
---------
--------
153,867
96,756
---------
--------
Bank loans and overdrafts are secured on the assets of the company.
Included within other creditors is hire purchase of £117,841 (2022 - £Nil) which is secured on the assets to which it relates.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
1,112
----
-------
10. Director's advances, credits and guarantees
The director operates a loan account with the company. At the start of the year the director owed £75,610 to the company. During the year they received advances of £132,713 and repaid £100,000. At the end of the year the director owed £108,323. No interest was paid and the loan is repayable on demand.
11. Related party transactions
The company has taken advantage of the exemption available under FRS 102 Section 1A from disclosing transactions with group companies.
12. Controlling party
The company is a wholly owned subsidiary of AWB (Holdings) Limited , a company registered in England and Wales.
AUTOMATED WIRE BENDING LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 30 JUNE 2023
The following pages do not form part of the financial statements.
AUTOMATED WIRE BENDING LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AUTOMATED WIRE BENDING LIMITED
YEAR ENDED 30 JUNE 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Automated Wire Bending Limited for the year ended 30 June 2023, which comprise the statement of income and retained earnings, statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Automated Wire Bending Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Automated Wire Bending Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Automated Wire Bending Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Automated Wire Bending 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 Automated Wire Bending Limited. You consider that Automated Wire Bending 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 Automated Wire Bending 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.
Streets Chartered Accountants
Enterprise House 38 Tyndall Court Commerce Road Lynch Wood Peterborough Cambs PE2 6LR
12 February 2024