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COMPANY REGISTRATION NUMBER: NI017754
Associated Processors Limited
Filleted Unaudited Financial Statements
31 March 2024
Associated Processors Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Associated Processors Limited
Officers and Professional Advisers
The board of directors
Lord D Rogan (Chairman)
D C Minnis
Lady Rogan
Company secretary
Lord D Rogan
Registered office
C/O 26 Linenhall Street
Belfast
Northern Ireland
BT2 8BG
Accountants
FEB Chartered Accountants
Chartered accountants
Linenhall Exchange
1st Floor,
26 Linenhall Street
Belfast
Northern Ireland
BT2 8BG
Bankers
Danske Bank Limited
35 High Street
Newtownards
Down
BT23 7HS
Associated Processors Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
292,324
280,420
Investments
6
2,200
2,200
---------
---------
294,524
282,620
Current assets
Debtors
7
5,000
3,431
Cash at bank and in hand
70,040
172,020
--------
---------
75,040
175,451
Creditors: amounts falling due within one year
8
15,342
114,465
--------
---------
Net current assets
59,698
60,986
---------
---------
Total assets less current liabilities
354,222
343,606
Creditors: amounts falling due after more than one year
9
15,129
---------
---------
Net assets
339,093
343,606
---------
---------
Capital and reserves
Called up share capital
10
20,000
20,000
Profit and loss account
11
319,093
323,606
---------
---------
Shareholders funds
339,093
343,606
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Associated Processors Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Lord D Rogan (Chairman)
Director
Company registration number: NI017754
Associated Processors Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/O 26 Linenhall Street, Belfast, BT2 8BG, Northern Ireland.
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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
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.
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:
Freehold property
-
2% straight line
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
10% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 Nil (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
434,518
557,212
33,451
13,855
1,039,036
Additions
11,904
11,904
Disposals
( 557,212)
( 33,451)
( 13,855)
( 604,518)
---------
---------
--------
--------
------------
At 31 March 2024
446,422
446,422
---------
---------
--------
--------
------------
Depreciation
At 1 April 2023
154,098
557,212
33,451
13,855
758,616
Disposals
( 557,212)
( 33,451)
( 13,855)
( 604,518)
---------
---------
--------
--------
------------
At 31 March 2024
154,098
154,098
---------
---------
--------
--------
------------
Carrying amount
At 31 March 2024
292,324
292,324
---------
---------
--------
--------
------------
At 31 March 2023
280,420
280,420
---------
---------
--------
--------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
2,200
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
2,200
-------
At 31 March 2023
2,200
-------
Investments relate to shares held in Aviva Plc.
7. Debtors
2024
2023
£
£
Trade debtors
5,000
Other debtors
3,431
-------
-------
5,000
3,431
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,049
33,226
Trade creditors
634
20,161
Social security and other taxes
549
5,968
Other creditors
5,110
55,110
--------
---------
15,342
114,465
--------
---------
Bank loans and overdrafts are secured by a fixed and floating charge over all the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,129
--------
----
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,000
20,000
20,000
20,000
--------
--------
--------
--------
11. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses.
12. Contingencies
The company had no material contingent liabilities at the year end (2023: £nil).
13. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.