Company Registration No. 02126890 (England and Wales)
ALTEC PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ALTEC PRODUCTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ALTEC PRODUCTS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALTEC PRODUCTS LIMITED FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Altec Products Limited for the year ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Altec Products Limited, as a body, in accordance with the terms of our engagement letter dated 23 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Altec Products Limited and state those matters that we have agreed to state to the board of directors of Altec Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Altec Products Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Altec Products 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 Altec Products Limited. You consider that Altec Products 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 Altec Products 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.

Azets
11 March 2024
1 Fry Street
Holsworthy
Devon
United Kingdom
EX22 6DY
ALTEC PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,421,181
1,366,787
Investments
4
536,198
641,496
1,957,379
2,008,283
Current assets
Debtors
2,829
-
0
Cash at bank and in hand
21,274
30,263
24,103
30,263
Creditors: amounts falling due within one year
(1,062,598)
(836,443)
Net current liabilities
(1,038,495)
(806,180)
Total assets less current liabilities
918,884
1,202,103
Provisions for liabilities
(16,371)
-
0
Net assets
902,513
1,202,103
Capital and reserves
Called up share capital
5
80
80
Capital redemption reserve
20
20
Profit and loss reserves
902,413
1,202,003
Total equity
902,513
1,202,103
ALTEC PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 11 March 2024 and are signed on its behalf by:
C Lycett-Smith
A Gilbert
Director
Director
A Timms
Director
Company Registration No. 02126890
ALTEC PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information

Altec Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Victoria Commercial Centre, Station Approach, Victoria, St. Austell, Cornwall, United Kingdom, PL26 8LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ALTEC PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ALTEC PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Total
£
Cost
At 1 September 2022
1,366,787
Additions
54,394
At 31 August 2023
1,421,181
Depreciation and impairment
At 1 September 2022 and 31 August 2023
-
0
Carrying amount
At 31 August 2023
1,421,181
At 31 August 2022
1,366,787
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
536,198
641,496
ALTEC PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 September 2022
641,496
Disposals
(105,298)
At 31 August 2023
536,198
Carrying amount
At 31 August 2023
536,198
At 31 August 2022
641,496
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary of £1 each
80
80
80
80
6
Employee Ownership Trust

On 31st January 2020 the Altec & Victoria Employee Ownership Trust (the Trust) acquired 100% of the issued share capital in the Company for an agreed market value of £4,300,000. In connection with this transaction and change of ownership, the Board made an initial unconditional capital contribution or gift to the Trust of £820,000 and is providing financial support to the Trust in respect of a Loan Agreement entered into between the Trust and the Sellers, Mr Graham Honey and Ms June Hayden for the balance of the consideration payable. Further unconditional capital contributions or gifts of £1,290,000 have been made to the Trust by the Company to balance sheet date under the terms of the Loan Agreement. As at balance sheet date, the amount outstanding and owed by the Trust to the Sellers is £2,190,000. The Board have indicated they will continue to support the change of ownership transaction and Loan Agreement.

 

7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

ALTEC PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
7
Related party transactions
(Continued)
- 8 -

Altec Extrusions Limited subsidiary company of Altec Products Limited. Altec Products Limited received loan advances of £180,000 and a repayment of £3,075.

 

At the balance sheet date the amount outstanding to Altec Extrusions Limited was £794,363 (2022 - £617,438).

 

Victoria Services (Cornwall) Limited subsidiary company of Altec Products Limited. Altec Products Limited received loan advances of £114,912 and repayments of £51,312.

 

At the balance sheet date the amount outstanding to Victoria Services (Cornwall) Limited was £106,362 (2022 - £42,762).

 

During the year ended 31 August 2023 the loan of £245 owed to to JD Profile Limited was written off as the company was dissolved on 22 February 2022. No interest was paid upon this loan

8
Controlling party

Altec & Victoria Employee Ownership Trust is the controlling party by virtue of its 100% shareholding. The registered of the company is Station Approach, Victoria, St Austell, United Kingdom, PL26 8LG

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