REGISTERED NUMBER: 05843035 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
AMSTECH GROUP (UK) LIMITED |
REGISTERED NUMBER: 05843035 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
AMSTECH GROUP (UK) LIMITED |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Statement of Comprehensive Income | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
AMSTECH GROUP (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of asbestos advice and removal. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 2,722,953 | 2,696,053 |
Cost of sales | (1,628,712 | ) | (1,404,914 | ) |
GROSS PROFIT | 1,094,241 | 1,291,139 |
Administrative expenses | (917,722 | ) | (1,144,941 | ) |
176,519 | 146,198 |
Other operating income | - | 12,420 |
OPERATING PROFIT | 4 | 176,519 | 158,618 |
Interest receivable and similar income | 766 | 15 |
177,285 | 158,633 |
Interest payable and similar expenses | (15,896 | ) | (18,343 | ) |
PROFIT BEFORE TAXATION | 161,389 | 140,290 |
Tax on profit | 5 | (39,139 | ) | (17,168 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
122,250 |
123,122 |
Profit attributable to: |
Owners of the parent | 122,250 | 123,122 |
Total comprehensive income attributable to: |
Owners of the parent | 122,250 | 123,122 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 3,000 | 3,000 |
Tangible assets | 9 | 318,412 | 365,963 |
Investments | 10 | - | - |
321,412 | 368,963 |
CURRENT ASSETS |
Debtors | 11 | 313,580 | 685,729 |
Cash at bank and in hand | 553,977 | 315,352 |
867,557 | 1,001,081 |
CREDITORS |
Amounts falling due within one year | 12 | (381,937 | ) | (422,790 | ) |
NET CURRENT ASSETS | 485,620 | 578,291 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
807,032 |
947,254 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(91,786 |
) |
(203,390 |
) |
NET ASSETS | 715,246 | 743,864 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 1,000 | 1,000 |
Retained earnings | 714,246 | 742,864 |
SHAREHOLDERS' FUNDS | 715,246 | 743,864 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by: |
Mr M A O'Neill - Director |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 114,929 | 94,033 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
COMPANY BALANCE SHEET - continued |
30 JUNE 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | 1,000 | 699,742 | 700,742 |
Changes in equity |
Dividends | - | (80,000 | ) | (80,000 | ) |
Total comprehensive income | - | 123,122 | 123,122 |
Balance at 30 June 2022 | 1,000 | 742,864 | 743,864 |
Changes in equity |
Dividends | - | (150,868 | ) | (150,868 | ) |
Total comprehensive income | - | 122,250 | 122,250 |
Balance at 30 June 2023 | 1,000 | 714,246 | 715,246 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Amstech Group (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements have had to be made by management in preparing these financial statements. |
There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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. |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 37 (2022 - 37 ) . |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 7,714 | 12,307 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 39,139 | - |
Previous years taxation | - | 17,168 |
Tax on profit | 39,139 | 17,168 |
6. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 150,868 | 80,000 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 | 3,000 |
NET BOOK VALUE |
At 30 June 2023 | 3,000 |
At 30 June 2022 | 3,000 |
Company |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 | 178,639 | 65,654 | 558,170 | 90,410 | 892,873 |
Reclassification/transfer | - | - | 34,776 | - | 34,776 |
At 30 June 2023 | 178,639 | 65,654 | 592,946 | 90,410 | 927,649 |
DEPRECIATION |
At 1 July 2022 | 168,596 | 58,141 | 220,965 | 79,208 | 526,910 |
Charge for year | 3,125 | 1,878 | 79,974 | 1,943 | 86,920 |
Reclassification/transfer | - | - | (4,593 | ) | - | (4,593 | ) |
At 30 June 2023 | 171,721 | 60,019 | 296,346 | 81,151 | 609,237 |
NET BOOK VALUE |
At 30 June 2023 | 6,918 | 5,635 | 296,600 | 9,259 | 318,412 |
At 30 June 2022 | 10,043 | 7,513 | 337,205 | 11,202 | 365,963 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2022 | 503,360 |
Reclassification/transfer | 34,776 |
At 30 June 2023 | 538,136 |
DEPRECIATION |
At 1 July 2022 | 186,227 |
Charge for year | 79,206 |
Reclassification/transfer | (4,593 | ) |
At 30 June 2023 | 260,840 |
NET BOOK VALUE |
At 30 June 2023 | 277,296 |
At 30 June 2022 | 317,133 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Reclassification/transfer |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Reclassification/transfer | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2022 |
Reclassification/transfer |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 30/34 North Street, Hailsham, East Sussex, BN27 1DW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 30/34 North Street, Hailsham, East Sussex, BN27 1DW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 30/34 North Street, Hailsham, East Sussex, BN27 1DW |
Nature of business: |
% |
Class of shares: | holding |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 260,350 | 253,324 |
Amounts owed by group undertakings | - | - |
Other debtors | 53,230 | 432,405 |
313,580 | 685,729 |
AMSTECH GROUP (UK) LIMITED (REGISTERED NUMBER: 05843035) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | 48,333 | 60,000 |
Hire purchase contracts | 63,270 | 108,446 |
Trade creditors | 124,522 | 151,304 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 71,176 | 69,543 |
Other creditors | 74,636 | 33,497 |
381,937 | 422,790 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 80,834 | 129,167 |
Hire purchase contracts | 10,952 | 74,223 |
91,786 | 203,390 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |