50 01/06/2022 31/05/2023 2023-05-31 false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI072570 2022-06-01 2023-05-31 NI072570 2023-05-31 NI072570 2022-05-31 NI072570 2021-06-01 2022-05-31 NI072570 2022-05-31 NI072570 2021-05-31 NI072570 bus:RegisteredOffice 2022-06-01 2023-05-31 NI072570 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 NI072570 bus:Director1 2022-06-01 2023-05-31 NI072570 core:LandBuildings core:LongLeaseholdAssets 2022-05-31 NI072570 core:PlantMachinery 2022-05-31 NI072570 core:FurnitureFittingsToolsEquipment 2022-05-31 NI072570 core:MotorVehicles 2022-05-31 NI072570 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 NI072570 core:PlantMachinery 2023-05-31 NI072570 core:FurnitureFittingsToolsEquipment 2023-05-31 NI072570 core:MotorVehicles 2023-05-31 NI072570 core:WithinOneYear 2023-05-31 NI072570 core:WithinOneYear 2022-05-31 NI072570 core:AfterOneYear 2023-05-31 NI072570 core:AfterOneYear 2022-05-31 NI072570 core:PlantMachinery 2022-06-01 2023-05-31 NI072570 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 NI072570 core:MotorVehicles 2022-06-01 2023-05-31 NI072570 core:ShareCapital 2023-05-31 NI072570 core:ShareCapital 2022-05-31 NI072570 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI072570 core:RetainedEarningsAccumulatedLosses 2022-05-31 NI072570 core:LandBuildings core:LongLeaseholdAssets 2022-05-31 NI072570 core:PlantMachinery 2022-05-31 NI072570 core:FurnitureFittingsToolsEquipment 2022-05-31 NI072570 core:MotorVehicles 2022-05-31 NI072570 bus:Director1 2022-05-31 NI072570 bus:Director1 2023-05-31 NI072570 bus:Director1 2021-05-31 NI072570 bus:Director1 2022-05-31 NI072570 bus:Director1 2021-06-01 2022-05-31 NI072570 bus:SmallEntities 2022-06-01 2023-05-31 NI072570 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 NI072570 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 NI072570 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 NI072570 bus:FullAccounts 2022-06-01 2023-05-31
Company registration number: NI072570
ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Trading as Advanced Electronic Solutions Global Ltd
Unaudited filleted financial statements
31 May 2023
ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Directors and other information
Director Mr Paul Creighton
Company number NI072570
Registered office Unit 4C
Kilcronagh Business Park
Cookstown
Co Tyrone
BT80 9HG
Business address Unit 4C
Kilcronagh Business Park
Cookstown
Co Tyrone
BT80 9HG
Accountants Corr & Corr
2nd Floor
The Cornmill
Lineside, Coalisland
Co Tyrone
BT71 4LP
Bankers Bank of Ireland
32 James Street
Cookstown
Co Tyrone
BT80 8LU
ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Report to the director on the preparation of the
unaudited statutory financial statements of ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Year ended 31 May 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 ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD for the year ended 31 May 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD, as a body, in accordance with the terms of our engagement letter dated 1 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD and its director as a body for our work or for this report.
It is your duty to ensure that ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD 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 loss of ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD. You consider that ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD 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 ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD. 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.
Corr & Corr
Chartered Accountants
2nd Floor
The Cornmill
Lineside, Coalisland
Co Tyrone
BT71 4LP
18 October 2023
ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 509,159 560,848
_______ _______
509,159 560,848
Current assets
Stocks 707,491 837,232
Debtors 6 2,277,909 1,911,196
Cash at bank and in hand 65,723 114,377
_______ _______
3,051,123 2,862,805
Creditors: amounts falling due
within one year 7 ( 748,459) ( 833,217)
_______ _______
Net current assets 2,302,664 2,029,588
_______ _______
Total assets less current liabilities 2,811,823 2,590,436
Creditors: amounts falling due
after more than one year 8 ( 386,525) ( 162,478)
_______ _______
Net assets 2,425,298 2,427,958
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 2,425,198 2,427,858
_______ _______
Shareholders funds 2,425,298 2,427,958
_______ _______
For the year ending 31 May 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr Paul Creighton
Director
Company registration number: NI072570
ADVANCED ELECTRONIC SOLUTIONS GLOBAL LTD
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 4C, Kilcronagh Business Park, Cookstown, Co Tyrone, BT80 9HG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 50 (2022: 49 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2022 433,722 484,221 228,101 55,109 1,201,153
Additions - 13,950 1,294 - 15,244
Disposals - ( 21,420) - - ( 21,420)
_______ _______ _______ _______ _______
At 31 May 2023 433,722 476,751 229,395 55,109 1,194,977
_______ _______ _______ _______ _______
Depreciation
At 1 June 2022 - 418,473 197,551 24,281 640,305
Charge for the year - 46,918 12,308 7,707 66,933
Disposals - ( 21,420) - - ( 21,420)
_______ _______ _______ _______ _______
At 31 May 2023 - 443,971 209,859 31,988 685,818
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2023 433,722 32,780 19,536 23,121 509,159
_______ _______ _______ _______ _______
At 31 May 2022 433,722 65,748 30,550 30,828 560,848
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,417,597 1,149,672
Other debtors 860,312 761,524
_______ _______
2,277,909 1,911,196
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 428,165 452,376
Trade creditors 201,334 185,765
Corporation tax 10,141 94,037
Social security and other taxes 25,438 14,133
Other creditors 83,381 86,906
_______ _______
748,459 833,217
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 362,145 127,749
Other creditors 24,380 34,729
_______ _______
386,525 162,478
_______ _______
9. Reserves
Called up share capital represents the nominal value of shares that have been issued. Profit and loss accounts includes all current and prior retained profits and losses.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Creighton ( 603) 30,480 ( 30,480) ( 603)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Creighton ( 603) 49,543 ( 49,543) ( 603)
_______ _______ _______ _______
11. Controlling party
Management consider the board of directors to be the ultimate controlling party.
12. Going Concern
The directors do not consider Going Concern to be an issue
13. Research & Development
The company is actively involved in research and development activities throughout the production process.