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COMPANY REGISTRATION NUMBER: NI013117
AUTOMATION CONTROLS (BELFAST) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
AUTOMATION CONTROLS (BELFAST) LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
614,399
592,856
Current assets
Stocks
38,375
46,054
Debtors
8
195,671
320,261
Investments
9
352,251
99,544
Cash at bank and in hand
348,645
569,149
---------
------------
934,942
1,035,008
Creditors: amounts falling due within one year
10
274,272
318,287
---------
------------
Net current assets
660,670
716,721
------------
------------
Total assets less current liabilities
1,275,069
1,309,577
Provisions
Taxation including deferred tax
113
113
------------
------------
Net assets
1,274,956
1,309,464
------------
------------
Capital and reserves
Called up share capital
11
54,002
54,002
Revaluation reserve
518,895
518,895
Profit and loss account
702,059
736,567
------------
------------
Shareholders funds
1,274,956
1,309,464
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AUTOMATION CONTROLS (BELFAST) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
Mr T McGoran
Director
Company registration number: NI013117
AUTOMATION CONTROLS (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Musgrave Park Industrial Estate, 22 Stockman's Way, Belfast, BT9 7JU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, the revenue recognised represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.
Income tax
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. Provision is made for deferred taxation using the liability method, on all material timing differences to the extent that it is probable that a liability or asset will crystallise. Full provision is made for deferred taxation on timing differences arising from the provision of employee pensions.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Land and buildings
-
4% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
18,363
35,471
Adjustments in respect of prior periods
( 75)
--------
--------
Total current tax
18,363
35,396
--------
--------
--------
--------
Tax on profit
18,363
35,396
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 23 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
51,855
217,686
--------
---------
Profit on ordinary activities by rate of tax
11,677
41,360
Adjustment to tax charge in respect of prior periods
( 75)
Effect of expenses not deductible for tax purposes
11,790
734
Effect of capital allowances and depreciation
( 4,410)
( 10,646)
Effect of different UK tax rates on some earnings
(365)
Other tax adjustment
(329)
4,023
--------
---------
Tax on profit
18,363
35,396
--------
---------
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
68,000
50,000
--------
--------
7. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2022
550,000
72,731
14,260
636,991
Additions
9,000
22,963
31,963
---------
--------
--------
---------
At 31 October 2023
550,000
81,731
37,223
668,954
---------
--------
--------
---------
Depreciation
At 1 November 2022
31,447
12,688
44,135
Charge for the year
8,549
1,871
10,420
---------
--------
--------
---------
At 31 October 2023
39,996
14,559
54,555
---------
--------
--------
---------
Carrying amount
At 31 October 2023
550,000
41,735
22,664
614,399
---------
--------
--------
---------
At 31 October 2022
550,000
41,284
1,572
592,856
---------
--------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
178,976
309,924
Other debtors
16,695
10,337
---------
---------
195,671
320,261
---------
---------
9. Investments
2023
2022
£
£
Time Investments
102,251
99,544
Investment (Downings)
250,000
---------
--------
352,251
99,544
---------
--------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
178,442
192,950
Corporation tax
18,363
35,471
Social security and other taxes
6,642
48,073
Other creditors
70,825
41,793
---------
---------
274,272
318,287
---------
---------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
54,002
54,002
54,002
54,002
--------
--------
--------
--------
12. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102. Transactions with directors are disclosed in note 13 of the financial statements.