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Registration number: 09679329

Absolute Pattern And Toolmakers Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2023

 

Absolute Pattern And Toolmakers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Absolute Pattern And Toolmakers Limited

Company Information



 

Directors

Mr Daniel David Lamb

Mr Scott Anthony Johnson

Mr Neil Stephen Hughes

Mr John David Walmsley

Registered office

Units 4 & 20 Perkins Yard
Mansfield Road
Derby
DE21 4AW

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Absolute Pattern And Toolmakers Limited

(Registration number: 09679329)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

141,486

70,142

Current assets

 

Stocks

5

34,345

30,598

Debtors

6

208,845

181,057

Cash at bank and in hand

 

126,225

116,821

 

369,415

328,476

Creditors: Amounts falling due within one year

7

(373,716)

(248,048)

Net current (liabilities)/assets

 

(4,301)

80,428

Total assets less current liabilities

 

137,185

150,570

Provisions for liabilities

(29,004)

(13,327)

Net assets

 

108,181

137,243

Capital and reserves

 

Called up share capital

8

80

80

Share premium reserve

(9,980)

(9,980)

Retained earnings

118,081

147,143

Shareholders' funds

 

108,181

137,243

 

Absolute Pattern And Toolmakers Limited

(Registration number: 09679329)
Balance Sheet as at 31 August 2023

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

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mr Daniel David Lamb
Director

.........................................
Mr Scott Anthony Johnson
Director

.........................................
Mr Neil Stephen Hughes
Director

.........................................
Mr John David Walmsley
Director

 

Absolute Pattern And Toolmakers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Units 4 & 20 Perkins Yard
Mansfield Road
Derby
DE21 4AW
England

The principal place of business is:
Units 4 & 20
Perkins Yard
Mansfield Road
Derby
DE21 4AW

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.

 

Absolute Pattern And Toolmakers Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings, tools and equipment

25% on reducing balance

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.

 

Absolute Pattern And Toolmakers Limited

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

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.

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.

 

Absolute Pattern And Toolmakers Limited

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

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 directors) during the year, was 11 (2022 - 13).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

26,033

8,700

259,736

294,469

Additions

276

-

123,900

124,176

Disposals

-

-

(4,250)

(4,250)

At 31 August 2023

26,309

8,700

379,386

414,395

Depreciation

At 1 September 2022

21,596

5,030

197,701

224,327

Charge for the year

1,178

918

46,486

48,582

At 31 August 2023

22,774

5,948

244,187

272,909

Carrying amount

At 31 August 2023

3,535

2,752

135,199

141,486

At 31 August 2022

4,437

3,670

62,035

70,142

5

Stocks

2023
£

2022
£

Work in progress

29,095

25,598

Other inventories

5,250

5,000

34,345

30,598

 

Absolute Pattern And Toolmakers Limited

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

6

debtors

Current

2023
£

2022
£

Trade debtors

204,586

176,986

Prepayments

4,259

4,071

 

208,845

181,057

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

270,624

128,840

Trade creditors

 

25,995

23,348

Taxation and social security

 

75,342

93,791

Accruals and deferred income

 

990

990

Other creditors

 

765

1,079

 

373,716

248,048

Creditors: amounts falling due after more than one year

2023
£

2022
£

 

Absolute Pattern And Toolmakers Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

80

80

80

80

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

270,624

128,840