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01548414







AEROTECH, LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 JUNE 2024

AEROTECH, LIMITED
 
COMPANY INFORMATION


Directors
S. A. Botos 
S. Smith 
J. Wisyanski 




Company secretary
Clark Nominees Limited



Registered number
01548414



Registered office
5th Floor
Thames Tower

Station Road

Reading

Berkshire

RG1 1LX




Independent auditors
CLA Evelyn Partners Limited
Accountants & Statutory Auditors

Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS





AEROTECH, LIMITED

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 21

AEROTECH, LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
Aerotech Ltd is a subsidiary of Aerotech Inc. and the main operating activities of the business are Sales and Technical Support of Aerotech’s global product range. We operate a consultative sales process understanding our prospects needs and assist them in the selection of the solutions that will help solve their needs.    

Business review
 
FY2024 was a year where the investment in our facilities delivered the capacity increase of our manufacturing sites, previously affected by global supply chain shortages allowing orders from both backlog and current fiscal year to ship throughout the year. At the start of the year our backlogs were higher than we would like causing longer lead times to our customers. Throughout the year the backlog has been reduced and our lead times are now where we want them to be. Net Orders generally tracked below plan based on the combination of lower demand in capital equipment spending and the fact that many repeat customers still have their own stocks of our equipment which they had purchased to secure their supply chain. Net Orders Received (NOR) from sales activities finished at 70% of our plan. Our Global Technical Support maintained their order rate too adding to the overall net orders of the business.
In terms of overall financial performance, the company met its financial goals in terms of shipments and profitability. The Company is in a solid financial position, with little risks to cash shortages in the new financial year. The profit for the year was higher than the prior year, at £2,630,588 (2023: £ 2,360,960) with net assets of £7,014,045 (2023: £5,988,153).
Dividends of £1,604,695 (2023: £1,268,928) were paid.
Of the orders received, 27% were first orders for new revenue streams. Of the new business, 57% were new design wins from current customers and 43% were new logo first orders. The business of the Company is a mix of domestic and foreign territories, mainly western European countries. The split based on orders is 45% foreign and 55% domestic.
Opportunity generation was slightly lower than the previous year with 64% of opportunities created for new business opportunities. 52% of these opportunities were for new logo customers showing the continued new business focus. Whilst the amounts of New Logo opportunities were slightly lower the number of opportunities was higher.

Principal risks and uncertainties
 
Our backlog is much lower than last year so it is more important this year to secure new orders. We are still observing some weakness in the order rates but believe that our main markets are showing the signs of recovery and when expect strong rebound when it happens. 

Financial key performance indicators
 
As a summary, the Key Performance Indicators are as follows: 
• Sales: £17.196m (2023 - £18.454m) -7% YOY 
• Profit Before Tax: £3.455m (2023 - £2.969m) +16% YOY 
• Current ratio: 9.11 (2023 - 3.83)  
• Net Assets:  £7.014m (2023 - £5.988m) 

Page 1

AEROTECH, LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Other key performance indicators
 
No additional KPIs are monitored by management. 


This report was approved by the board and signed on its behalf.



S. Smith
Director

Date: 28 July 2024
Page 2

AEROTECH, LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,629,882 (2023 - £2,360,959).

A dividend of £1,604,695 (2023 - £1,268,928) was approved and paid during the year.

Directors

The directors who served during the year were:

S. A. Botos 
S. Smith 
J. Wisyanski 

Future developments

There are no future developments likely to affect the Company aside from those referenced in the Strategic Report.

Page 3

AEROTECH, LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
 
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S. Smith
Director

Date: 28 July 2024
Page 4

AEROTECH, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROTECH, LIMITED

Opinion


We have audited the financial statements of Aerotech, Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

AEROTECH, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROTECH, LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

AEROTECH, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROTECH, LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims.  We also drew on our existing understanding of the company’s industry and regulation.
We understand that the Company complies with the framework through:

Outsourcing payroll, accounts preparation and tax compliance to external experts; and

Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties.  We identified the following laws and regulations as being of significance in the context of the Company:
 
The Companies Act 2006 and FRS 102 in respect of the preparation of the financial statements.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur.  The areas identified in this discussion were:

Stock provision and valuation, as these are estimates made by management;

Misappropriation of assets due to high stock values;

Payment of bonuses based on sales levels, which creates an incentive for management to manipulate results;

Staff changes in the year, especially with key authorisations and potential lack of segregation of duties; and

Manipulation of the financial statements, especially revenue, via fraudulent journal entries.

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

Challenging management regarding the assumptions used in the estimates identified above, and comparison to market data and post-year-end data as appropriate;

Substantive work on material areas affecting profits;
Page 7

AEROTECH, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AEROTECH, LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
 
Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times; and

Obtaining detail of staff changes in the year and the authorisation controls in place.
 
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Accountants
Statutory Auditors
  
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

Date: 31 July 2024
Page 8

AEROTECH, LIMITED
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,195,996
18,453,938

Cost of sales
  
(11,273,316)
(13,015,219)

Gross profit
  
5,922,680
5,438,719

Administrative expenses
  
(2,467,480)
(2,489,195)

Operating profit
 5 
3,455,200
2,949,524

Interest receivable and similar income
 9 
58,318
20,431

Interest payable and similar expenses
  
(5,881)
-

Profit before tax
  
3,507,637
2,969,955

Tax on profit
 10 
(877,755)
(608,996)

Profit after tax
  
2,629,882
2,360,959

  

  

Retained earnings at the beginning of the year
  
5,795,523
4,703,492

Profit for the year
  
2,629,882
2,360,959

Dividends declared and paid
  
(1,604,695)
(1,268,928)

Retained earnings at the end of the year
  
6,820,710
5,795,523
The notes on pages 13 to 21 form part of these financial statements.
Page 9

AEROTECH, LIMITED
REGISTERED NUMBER:01548414

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
66,075
1,084

  
66,075
1,084

Current assets
  

Stocks
 13 
470,137
445,292

Debtors: amounts falling due within one year
 14 
4,396,467
5,334,312

Bank and cash balances
  
2,938,108
2,320,369

  
7,804,712
8,099,973

Creditors: amounts falling due within one year
 15 
(857,448)
(2,112,905)

Net current assets
  
 
 
6,947,264
 
 
5,987,068

Total assets less current liabilities
  
7,013,339
5,988,152

  

Net assets
  
7,013,339
5,988,152


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Other reserves
 17 
191,628
191,628

Profit and loss account
 17 
6,820,711
5,795,524

  
7,013,339
5,988,152


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S. Smith
Director

Date: 28 July 2024

The notes on pages 13 to 21 form part of these financial statements.
Page 10

AEROTECH, LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,629,882
2,360,959

Adjustments for:

Depreciation of tangible assets
2,984
2,156

Interest paid
5,881
-

Interest received
(58,318)
(20,431)

Taxation charge
877,755
608,996

(Increase) in stocks
(24,845)
(160,991)

Decrease/(increase) in debtors
1,079,675
(1,926,883)

(Increase)/decrease in amounts owed by groups
(141,831)
772,837

(Decrease) in creditors
(935,937)
(222,869)

(Decrease)/increase in amounts owed to groups
(78,296)
78,296

Corporation tax (paid)
(1,118,979)
(557,690)

Net cash generated from operating activities

2,237,971
934,380


Cash flows from investing activities

Purchase of tangible fixed assets
(67,974)
-

Interest received
58,318
20,431

Net cash from investing activities

(9,656)
20,431

Cash flows from financing activities

Dividends paid
(1,604,695)
(1,268,928)

Interest paid
(5,881)
-

Net cash used in financing activities
(1,610,576)
(1,268,928)

Net increase/(decrease) in cash and cash equivalents
617,739
(314,117)

Cash and cash equivalents at beginning of year
2,320,369
2,634,486

Cash and cash equivalents at the end of year
2,938,108
2,320,369


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,938,108
2,320,369

2,938,108
2,320,369


The notes on pages 13 to 21 form part of these financial statements.

Page 11

AEROTECH, LIMITED

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

2,320,369

617,739

2,938,108


2,320,369
617,739
2,938,108

The notes on pages 13 to 21 form part of these financial statements.
Page 12

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Aerotech Limited is a company limited by shares that is domiciled and incorporated in England and Wales.  
The address of the Company's registered office is 5th Floor, Thames Tower, Station Road, Reading, Berkshire, England, RG1 1LX.
The address of the Company's principal place of business is The Old Brick Kiln, Ramsdell, Tadley, Hampshire, RG26 5PR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue and the corresponding cost of sale is recognised when the goods are dispatched to the customer.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the rate from HMRC (HM Revenue & Customs) rate table for each month. Rates are obtained by email from HMRC just prior to the beginnning of the new month, and used from first to last day of the respective calendar month.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

 Dividends

Equity dividends are recognised when they become legally payable.

Page 14

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

 Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

 Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Turnover

The whole of the turnover is attributable to the Company's principal activity of the design and manufacture of precision positioning systems.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
6,710,702
7,740,662

Rest of Europe
8,272,115
7,197,291

Rest of the world
2,213,179
3,515,985

17,195,996
18,453,938


Page 15

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
178,567
80,241

Other operating lease rentals
71,298
68,920


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,500
15,120


.


Fees payable to the Company's auditor and its associates in respect of:

2024
2023
        £
        £

Taxation compliance services

5,000
 
3,780



7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,202,025
1,319,814

Social security costs
137,027
182,031

Cost of defined contribution scheme
60,156
59,455

1,399,208
1,561,300


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.  







Staff numbers
18
17

Page 16

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
186,536
157,163

Company contributions to defined contribution pension schemes
8,752
8,352

195,288
165,515


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

There are no key management personnel other than the directors.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
58,318
20,431


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
877,755
608,996


Total current tax
877,755
608,996
Page 17

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,507,637
2,969,955


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
876,909
608,739

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,022
-

Deferred tax not recognised
(176)
257

Total tax charge for the year
877,755
608,996


11.


Dividends

2024
2023
£
£


Dividends - ordinary shares
1,604,695
1,268,928

Page 18

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 July 2023
93,824


Additions
67,974



At 30 June 2024

161,798



Depreciation


At 1 July 2023
92,740


Charge for the year on owned assets
2,983



At 30 June 2024

95,723



Net book value



At 30 June 2024
66,075



At 30 June 2023
1,084


13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
470,137
445,292


Page 19

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Debtors

2024
2023
£
£


Trade debtors
2,957,295
4,243,870

Amounts owed by group undertakings
1,099,066
957,235

Other debtors
272,679
66,433

Prepayments and accrued income
67,427
66,774

4,396,467
5,334,312



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
574,387
1,415,582

Trade creditors
26,396
28,319

Amounts owed to group undertakings
-
78,296

Corporation tax
2,755
243,979

Other taxation and social security
39,635
47,752

Accruals and deferred income
214,275
298,977

857,448
2,112,905



16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



17.


Reserves

Other reserves

The other reserve represents the share premium account, being excess consideration paid by shareholders over the nominal value of the shares. 

Profit and loss account

The profit and loss account represents the amalgamation of the historic results of the Company. 

Page 20

AEROTECH, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Pension commitments

The Company operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. There were no contributions payable to the fund at the balance sheet date (2023 - £nil).


19.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
109,853
53,579

Later than 1 year and not later than 5 years
260,159
31,466

Later than 5 years
233,656
-

603,668
85,045


20.


Controlling party

The ultimate parent company is Aerotech Inc. which is incorporated in the United States of America. This is the smallest and largest group of which the company is included in the consolidated financial statements.
In the opinion of the directors, the ultimate controlling party is the shareholders of Aerotech Inc. acting in concert, by virtue of their combined shareholding. 
The financial statements are consolidated into the financial statements of the parent company, Aerotech Inc. The parent company's registered office address is 101 Zeta Drive, Pittsburgh, PA 15238, United States of America. 
 
Page 21