Aerospace & Engineering Tools Ltd 05262043 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the supply of tooling for aerospace manufacture and maintenance. Digita Accounts Production Advanced 6.30.9574.0 true true 05262043 2022-04-01 2023-03-31 05262043 2023-03-31 05262043 core:CurrentFinancialInstruments 2023-03-31 05262043 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05262043 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05262043 core:WithinOneYear 2023-03-31 05262043 core:FurnitureFittings 2023-03-31 05262043 core:MotorVehicles 2023-03-31 05262043 bus:SmallEntities 2022-04-01 2023-03-31 05262043 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05262043 bus:FullAccounts 2022-04-01 2023-03-31 05262043 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05262043 bus:RegisteredOffice 2022-04-01 2023-03-31 05262043 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 05262043 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05262043 core:FurnitureFittings 2022-04-01 2023-03-31 05262043 core:MotorVehicles 2022-04-01 2023-03-31 05262043 countries:EnglandWales 2022-04-01 2023-03-31 05262043 2022-03-31 05262043 core:FurnitureFittings 2022-03-31 05262043 core:MotorVehicles 2022-03-31 05262043 2021-04-01 2022-03-31 05262043 2022-03-31 05262043 core:CurrentFinancialInstruments 2022-03-31 05262043 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05262043 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05262043 core:WithinOneYear 2022-03-31 05262043 core:FurnitureFittings 2022-03-31 05262043 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05262043

Aerospace & Engineering Tools Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Aerospace & Engineering Tools Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Aerospace & Engineering Tools Ltd

Company Information

Director

Mr C Durkin

Company secretary

Mr C Durkin

Registered office

Unit 3 Riverside
Waters Meeting Road
Bolton
BL1 8TU

Accountants

HML Davies Limited
Chartered Certified Accountant
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

 

Aerospace & Engineering Tools Ltd

(Registration number: 05262043)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,182

1,610

Current assets

 

Stocks

5

29,256

29,143

Debtors

6

321,421

321,322

Cash at bank and in hand

 

85,562

319,430

 

436,239

669,895

Creditors: Amounts falling due within one year

7

(405,496)

(613,808)

Net current assets

 

30,743

56,087

Total assets less current liabilities

 

31,925

57,697

Creditors: Amounts falling due after more than one year

7

(22,379)

(32,086)

Net assets

 

9,546

25,611

Capital and reserves

 

Called up share capital

732

732

Capital redemption reserve

268

268

Retained earnings

8,546

24,611

Shareholders' funds

 

9,546

25,611

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Aerospace & Engineering Tools Ltd

(Registration number: 05262043)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 February 2024
 

.........................................
Mr C Durkin
Company secretary and director

 

Aerospace & Engineering Tools Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Riverside
Waters Meeting Road
Bolton
BL1 8TU

These financial statements were authorised for issue by the director on 15 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Aerospace & Engineering Tools Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Aerospace & Engineering Tools Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

 

Aerospace & Engineering Tools Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

17,305

5,370

22,675

At 31 March 2023

17,305

5,370

22,675

Depreciation

At 1 April 2022

15,695

5,370

21,065

Charge for the year

428

-

428

At 31 March 2023

16,123

5,370

21,493

Carrying amount

At 31 March 2023

1,182

-

1,182

At 31 March 2022

1,610

-

1,610

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

29,256

29,143

6

Debtors

Current

2023
£

2022
£

Trade debtors

159,284

255,258

Prepayments

7,364

6,032

Other debtors

154,773

60,032

 

321,421

321,322

 

Aerospace & Engineering Tools Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10,000

10,000

Trade creditors

 

221,693

407,008

Taxation and social security

 

23,935

34,223

Accruals and deferred income

 

7,609

7,858

Other creditors

 

142,259

154,719

 

405,496

613,808

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

22,379

32,086

8

Obligations under leases and hire purchase contracts

Operating leases

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
£

2022
£

Total

87,750

2,211