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Registration number: 05185060

Amelec Technical Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Amelec Technical Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Amelec Technical Solutions Ltd

Company Information

Director

Mr Bhim Sisodiya

Registered office

1 Hathaway Court
Crownhill
Milton Keynes
Buckinghamshire
MK8 0LG

Accountants

Thompsons MK Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

 

Amelec Technical Solutions Ltd

(Registration number: 05185060)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

24,019

27,775

Investments

6

118,141

118,141

Other financial assets

7

680,000

918,094

 

822,160

1,064,010

Current assets

 

Stocks

8

128,272

33,426

Debtors

9

97,324

126,371

Cash at bank and in hand

 

27,534

60,021

 

253,130

219,818

Creditors: Amounts falling due within one year

10

(232,660)

(236,307)

Net current assets/(liabilities)

 

20,470

(16,489)

Total assets less current liabilities

 

842,630

1,047,521

Creditors: Amounts falling due after more than one year

10

(88,238)

(152,209)

Provisions for liabilities

(85,000)

(85,000)

Net assets

 

669,392

810,312

Capital and reserves

 

Called up share capital

180

180

Share premium reserve

8,910

8,910

Retained earnings

660,302

801,222

Shareholders' funds

 

669,392

810,312

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

 

Amelec Technical Solutions Ltd

(Registration number: 05185060)
Balance Sheet as at 31 July 2023

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.

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 16 April 2024
 

.........................................
Mr Bhim Sisodiya
Director

 

Amelec Technical Solutions Ltd

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

1

General information

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

The address of its registered office is:
1 Hathaway Court
Crownhill
Milton Keynes
Buckinghamshire
MK8 0LG

These financial statements were authorised for issue by the director on 16 April 2024.

The company registration number is 05185060

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.

 

Amelec Technical Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is the difference between fair value of consideration paid for an acquired entity and the aggregate of the fair value of that's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Amelec Technical Solutions Ltd

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

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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 the profit and loss account on a straight line basis.

 

Amelec Technical Solutions Ltd

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

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 16 (2022 - 19).

 

Amelec Technical Solutions Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

10,000

10,000

At 31 July 2023

10,000

10,000

Amortisation

At 1 August 2022

10,000

10,000

At 31 July 2023

10,000

10,000

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 August 2022

40,765

66,215

9,582

16,290

Additions

-

439

603

-

At 31 July 2023

40,765

66,654

10,185

16,290

Depreciation

At 1 August 2022

23,217

63,258

7,466

11,136

Charge for the year

1,755

849

906

1,288

At 31 July 2023

24,972

64,107

8,372

12,424

Carrying amount

At 31 July 2023

15,793

2,547

1,813

3,866

At 31 July 2022

17,548

2,957

2,116

5,154

 

Amelec Technical Solutions Ltd

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

Total
£

Cost or valuation

At 1 August 2022

132,852

Additions

1,042

At 31 July 2023

133,894

Depreciation

At 1 August 2022

105,077

Charge for the year

4,798

At 31 July 2023

109,875

Carrying amount

At 31 July 2023

24,019

At 31 July 2022

27,775

Included within the net book value of land and buildings above is £15,793 (2022 - £17,548) in respect of long leasehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

118,141

118,141

Subsidiaries

£

Cost or valuation

At 1 August 2022

118,141

Provision

Carrying amount

At 31 July 2023

118,141

At 31 July 2022

118,141

 

Amelec Technical Solutions Ltd

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

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

918,094

918,094

Additions

8,121

8,121

Disposals

(246,215)

(246,215)

At 31 July 2023

680,000

680,000

Impairment

Carrying amount

At 31 July 2023

680,000

680,000

8

Stocks

2023
£

2022
£

Other inventories

128,272

33,426

9

Debtors

Current

2023
£

2022
£

Trade debtors

85,154

121,188

Prepayments

775

676

Other debtors

11,395

4,507

 

97,324

126,371

 

Amelec Technical Solutions Ltd

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

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

63,971

61,273

Trade creditors

 

37,915

38,336

Taxation and social security

 

35,824

41,948

Accruals and deferred income

 

94,950

94,750

 

232,660

236,307

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

88,238

152,209

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

180

180

180

180

         
 

Amelec Technical Solutions Ltd

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

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

88,238

152,209

2023
£

2022
£

Current loans and borrowings

Bank borrowings

63,971

58,087

Hire purchase contracts

-

3,186

63,971

61,273