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COMPANY REGISTRATION NUMBER: 01560517
Afon Toolmakers & Engineers Limited
Filleted Financial Statements
30 April 2024
Afon Toolmakers & Engineers Limited
Financial Statements
Year ended 30 April 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Afon Toolmakers & Engineers Limited
Officers and Professional Advisers
The board of directors
Mr A Beaujean
Mr A J Beaujean
Mr C Beaujean
Mrs H Beaujean
Company secretary
Mr C Beaujean
Registered office
Camffrwd Way
Enterprise Park
Morriston
Swansea
West Glamorgan
SA6 8QD
Auditor
James & Uzzell Ltd
Chartered Certified Accountants & Statutory Auditor
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Afon Toolmakers & Engineers Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
513,457
345,350
CURRENT ASSETS
Stocks
6
446,159
499,646
Debtors
7
2,388,253
1,909,395
Cash at bank and in hand
332,619
41,743
------------
------------
3,167,031
2,450,784
CREDITORS: amounts falling due within one year
8
2,467,941
2,016,907
------------
------------
NET CURRENT ASSETS
699,090
433,877
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,212,547
779,227
CREDITORS: amounts falling due after more than one year
9
107,855
115,880
PROVISIONS
Taxation including deferred tax
128,111
85,251
------------
---------
NET ASSETS
976,581
578,096
------------
---------
CAPITAL AND RESERVES
Called up share capital
10
16,002
16,002
Profit and loss account
960,579
562,094
---------
---------
SHAREHOLDERS FUNDS
976,581
578,096
---------
---------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr C Beaujean
Mr C Beaujean
Director
Company registration number: 01560517
Afon Toolmakers & Engineers Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. GENERAL INFORMATION
Afon Toolmakers & Engineers Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of a fabricating engineering company.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 April 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements. The company's forecasts and projections, show that the company should be able to operate within the level of its current facilities. The holding company has also confirmed ongoing support.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Government grants
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard Work in progress Estimates are used in determining the value of work in progress. This is based on actual costs to date and an estimate of job completion.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Interest receivable Interest income is recognised using the effective interest rate method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
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:
Plant & machinery
-
15% straight line
Fixtures & Fittings
-
10% straight line
Motor vehicles
-
25% straight line
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Work in progress
Work in progress has been valued at the lower of cost and net realisable value: in respect of work in progress and finished goods, cost includes a relevant proportion of materials and labour according to the stage of manufacture/completion. Work in progress on long term contracts is valued at selling price in line with FRS102 and is included as accrued income in debtors. Operating leases Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 52 (2023: 48 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
740,292
202,036
152,894
1,095,222
Additions
150,580
8,985
149,459
309,024
Disposals
( 52,461)
( 52,461)
---------
---------
---------
------------
At 30 April 2024
890,872
211,021
249,892
1,351,785
---------
---------
---------
------------
Depreciation
At 1 May 2023
480,823
125,988
143,061
749,872
Charge for the year
103,525
12,946
24,446
140,917
Disposals
( 52,461)
( 52,461)
---------
---------
---------
------------
At 30 April 2024
584,348
138,934
115,046
838,328
---------
---------
---------
------------
Carrying amount
At 30 April 2024
306,524
72,087
134,846
513,457
---------
---------
---------
------------
At 30 April 2023
259,469
76,048
9,833
345,350
---------
---------
---------
------------
6. STOCKS
2024
2023
£
£
Work in progress
446,159
499,646
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
2,387,709
1,904,056
Other debtors
544
5,339
------------
------------
2,388,253
1,909,395
------------
------------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
47,988
236,558
Trade creditors
376,108
487,657
Amounts owed to group undertakings and undertakings in which the company has a participating interest
960,819
502,121
Corporation tax
155,837
136,927
Social security and other taxes
257,581
269,856
Other creditors
669,608
383,788
------------
------------
2,467,941
2,016,907
------------
------------
The bank overdraft facility is secured by way of a fixed and floating charge over the assets of the company. The CBILs loan is secured by way of a £40,000 guarantee from the company's parent, Afon Holdings Limited. Obligations under finance leases and hire purchase contracts are secured by related assets. The aggregate of secured liabilities falling due within one year is £129,707 (2023: £295,565). Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,346
68,033
Other creditors
66,509
47,847
---------
---------
107,855
115,880
---------
---------
The aggregate of secured liabilities falling due after one year is £107,855 (2023,: £115,880).
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
16,000
16,000
16,000
16,000
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
--------
--------
--------
--------
16,002
16,002
16,002
16,002
--------
--------
--------
--------
11. SUMMARY AUDIT OPINION
The auditor's report for the year dated 30 August 2024 was unqualified .
The senior statutory auditor was Alison Jayne Uzzell FCCA , for and on behalf of James & Uzzell Ltd .
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within other debtors at the year end is an amount of £544 (2023: £544) due to the company from the directors. No interest has been incurred in relation to this balance.
13. RELATED PARTY TRANSACTIONS
During the year the company entered into transactions with related parties as follows: Other related parties
2024 2023
£ £
Balance owing to other related parties 59,625 89,571
-------- --------
Rent paid to other related parties 132,200 132,200
--------- ---------
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
14. PARENT UNDERTAKING
The ultimate parent company is Afon Holdings Limited, a company registered in Great Britain.