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Registered number: 04822805










ALUMINIUM SPECIAL PRODUCTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
REGISTERED NUMBER: 04822805

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
173,906
165,294

Current assets
  

Stocks
  
808,973
961,918

Debtors: amounts falling due within one year
 5 
2,562,749
3,395,147

Cash at bank and in hand
  
94,077
80,034

  
3,465,799
4,437,099

Creditors: amounts falling due within one year
 6 
(1,406,304)
(2,624,643)

Net current assets
  
 
 
2,059,495
 
 
1,812,456

Total assets less current liabilities
  
2,233,401
1,977,750

Creditors: amounts falling due after more than one year
 7 
(35,150)
(37,365)

Provisions for liabilities
  

Deferred tax
 8 
(20,528)
(16,741)

  
 
 
(20,528)
 
 
(16,741)

Net assets
  
2,177,723
1,923,644


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Profit and loss account
  
2,175,723
1,921,644

  
2,177,723
1,923,644


Page 1

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
REGISTERED NUMBER: 04822805
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




D M Robinson
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Aluminium Special Products Limited (the company) is a private company limited by shares, incorporated in England. The address of the registered office and principal place of business is Second Avenue, Pensnett Trading Estate, Kingswinford, West Midlands, DY6 7UW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.3

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, as below.

Depreciation is provided on the following basis:

Plant and machinery
-
10% and 20% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% 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.

Page 3

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

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.

 
2.8

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

 
2.10

Operating leases: the Company as lessee

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

Page 4

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.
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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 21).

Page 5

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 August 2022
803,189
169,824
79,735
1,052,748


Additions
26,879
40,170
2,269
69,318



At 31 July 2023

830,068
209,994
82,004
1,122,066



Depreciation


At 1 August 2022
662,313
161,875
63,266
887,454


Charge for the year on owned assets
37,705
15,118
7,883
60,706



At 31 July 2023

700,018
176,993
71,149
948,160



Net book value



At 31 July 2023
130,050
33,001
10,855
173,906



At 31 July 2022
140,876
7,949
16,469
165,294

Page 6

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,237,647
2,418,066

Other debtors
1,225,263
723,450

Prepayments and accrued income
99,839
253,631

2,562,749
3,395,147


Included in trade debtors is an amount of £1,237,647 (2022: £2,418,066) against which the company has received an advance of £380,964 (2022: £692,433).


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
615,064
1,166,655

Corporation tax
67,894
120,113

Other taxation and social security
88,647
138,679

Obligations under finance lease and hire purchase contracts
30,197
25,153

Other creditors
427,143
776,532

Accruals and deferred income
177,359
397,511

1,406,304
2,624,643


Included in creditors falling due within one year are obligations under hire purchase agreements of £30,197 (2022: £25,153), and advances against debtors of £380,964 (2022: £711,985), included within other creditors which are secured on the assets to which they relate.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
35,150
37,365

35,150
37,365


Included in creditors falling due after more than one year are obligations under hire purchase agreements of £35,150 (2022: £37,365) which are secured on the assets to which they relate.

Page 7

 
ALUMINIUM SPECIAL PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Deferred taxation




2023


£






At beginning of year
(16,741)


Movement in year
(3,787)



At end of year
(20,528)

2023
2022
£
£


Accelerated capital allowances
(20,528)
(16,741)

(20,528)
(16,741)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £78,693 (2022: £48,107). Contributions totalling £Nil (2022: £264) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
36,482
54,725

Later than 1 year and not later than 5 years
-
36,482

36,482
91,207

 
Page 8