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Registration number: 01851002

Able Instruments And Controls Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Able Instruments And Controls Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Able Instruments And Controls Limited

Company Information

Directors

Mr M J Shortall

Mr R N F Sygrove

Registered office

Cutbush Park
Danehill
Lower Earley
Reading
Berkshire
RG6 4UT

Accountants

AGHS Accounting and Taxation Services Limited
Chartered Accountants
14 Progress Business Centre
Whittle Parkway
Slough
Berkshire
SL1 6DQ

 

Able Instruments And Controls Limited

(Registration number: 01851002)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,150,739

3,318,567

Current assets

 

Stocks

638,903

664,963

Debtors

5

1,265,953

1,528,225

Cash at bank and in hand

 

825,809

1,059,003

 

2,730,665

3,252,191

Creditors: Amounts falling due within one year

6

(1,972,253)

(2,756,244)

Net current assets

 

758,412

495,947

Total assets less current liabilities

 

3,909,151

3,814,514

Creditors: Amounts falling due after more than one year

6

(1,512,882)

(1,634,993)

Provisions for liabilities

(204,249)

(177,502)

Net assets

 

2,192,020

2,002,019

Capital and reserves

 

Called up share capital

7

12,750

12,750

Revaluation reserve

1,511,452

1,511,452

Other reserves

61,711

61,711

Retained earnings

606,107

416,106

Shareholders' funds

 

2,192,020

2,002,019

 

Able Instruments And Controls Limited

(Registration number: 01851002)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 4 September 2024 and signed on its behalf by:
 

Mr R N F Sygrove

Director

 

Able Instruments And Controls Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

At 1 January 2023

12,750

1,511,452

61,711

416,106

Profit for the year

-

-

-

1,150,405

Gifts to Employee Ownership Trust

-

-

-

(960,404)

At 31 December 2023

12,750

1,511,452

61,711

606,107

Total
£

At 1 January 2023

2,002,019

Profit for the year

1,150,405

Gifts to Employee Ownership Trust

(960,404)

At 31 December 2023

2,192,020

Share capital
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

At 1 January 2022

12,750

1,511,452

61,711

3,666,278

Profit for the year

-

-

-

372,106

Gifts to Employee Ownership Trust

-

-

-

(3,622,278)

At 31 December 2022

12,750

1,511,452

61,711

416,106

Total
£

At 1 January 2022

5,252,191

Profit for the year

372,106

Gifts to Employee Ownership Trust

(3,622,278)

At 31 December 2022

2,002,019



 

 

Able Instruments And Controls Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Cutbush Park
Danehill
Lower Earley
Reading
Berkshire
RG6 4UT

These financial statements were authorised for issue by the Board on 4 September 2024.

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.

The financial statements are presented in Pounds Sterling, which is the functional currency of the company.

Summary of disclosure exemptions

The Company is a qualifying entity for the purposes of FRS 102 section 1A, the company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 4 'Statement of Financial Position' – reconciliation of the opening and closing number of shares;
· Section 7 'Statement of Cash Flows' – presentation of a statement of cash flow and related disclosures; and
· Section 33 'Relared Party Disclosures' – compensation of key management personnel

"Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument issues; The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A"..

Going concern

The financial statements have been prepared on a going concern basis.

 

Able Instruments And Controls Limited

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

Judgements

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilites that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The valuation of the Company's freehold property is inherently subjective due to, among other factors, the individual nature of each property, its location and its condition. As a result, the valuations the Company places on its properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The valuations contain a number of assumptions upon which the Company's valuer has based their valuations, including matters such as ground conditions, the structural conditions and comparable market transactions.

Stocks are stated at the lower of cost and net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate. The identification of such items, and the calculation of provisions against such items, requires judgements to be made and are best estimates based on past experience and knowledge of the likely saleability of stock lines in the future.

The Company recognises the income and expenses of its long term contracts as the projects progress on a percentage of completion basis. Calculation of the percentage of completion requires judgements to be made as to the progress of the work, the timing of its likely completion and identification of potential snagging or testing issues that would delay completion. These judgements are based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.

Revenue recognition

Turnover from the sale of goods and services is measured at the fair value of consideration receivable, net of
discounts.

Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the
revenue can be reliably measured. In practice this means that revenue is recognised when equipment or parts are invoiced and physically dispatched or when the service has been undertaken.

In respect of long-term contracts to build items of equipment, turnover and associated costs are recognised on a percentage of completion basis when the outcome of said contracts or projects can be reasonably foreseen. Turnover is included in other debtors as accrued income to the extent that it has not already been invoiced. Provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, turnover is recognised on completion.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Able Instruments And Controls Limited

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

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost (or valuation in the case of land and buildings), 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.

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Depreciation

Depreciation is provided for at the following annual rates in order to write down each asset over its estimated
useful life.

Asset class

Depreciation method and rate

Freehold property

2% on cost of buildings

Long leasehold property

2% on cost of buildings

Plant and machinery

At various rates between 5% and 10% on cost

Fixtures, fittings and office equipment

At various rates between 3% and 20% on cost

Motor vehicles

At various rates between 14.28% and 20% on cost

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.

 

Able Instruments And Controls Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition on a first in, first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

A provision is recognised in the Balance Sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of
inception and the present value of the minimum lease payments. The related liability is included in the balance
sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a
straight line basis over the term of the relevant lease except where another more systematic basis is more
representative of the time pattern in which economic benefits from the lease asset are consumed.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

 

Able Instruments And Controls Limited

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

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group.

The fair value at the date of grant of the equity instrument is recognised as an expense, spread over the vesting period of the instrument. The total amount to be expensed is determined by reference to the fair value of the awards, excluding the impact of any non-market vesting conditions. At each balance sheet date, the Company revises its estimate of the number of equity instruments which are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the Profit and Loss Account, and a corresponding adjustment is made to equity. On vesting or exercise, the difference between the expense charged to the Profit and Loss Account and the actual cost to the Company is transferred to retained earnings.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 34).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,427,081

1,890,991

444,416

4,762,488

Additions

-

18,830

-

18,830

Disposals

-

(8,039)

-

(8,039)

At 31 December 2023

2,427,081

1,901,782

444,416

4,773,279

Depreciation

At 1 January 2023

58,302

1,297,561

88,058

1,443,921

Charge for the year

48,673

76,638

61,347

186,658

Eliminated on disposal

-

(8,039)

-

(8,039)

At 31 December 2023

106,975

1,366,160

149,405

1,622,540

Carrying amount

At 31 December 2023

2,320,106

535,622

295,011

3,150,739

At 31 December 2022

2,368,779

593,430

356,358

3,318,567

Included within the net book value of land and buildings above is £2,320,106 (2022 - £2,368,779) in respect of freehold land and buildings.
 

 

Able Instruments And Controls Limited

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

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

815,205

1,059,932

Amounts owed by related parties

412,124

412,124

Prepayments

 

26,627

23,680

Other debtors

 

11,997

32,489

   

1,265,953

1,528,225

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

134,531

125,573

Trade creditors

 

612,609

1,267,656

Taxation and social security

 

358,522

302,146

Accruals and deferred income

 

65,623

72,070

Other creditors

 

800,968

988,799

 

1,972,253

2,756,244

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,512,882

1,634,993

 

Able Instruments And Controls Limited

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

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

12,750

12,750

12,750

12,750

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,413,104

1,456,743

Hire purchase contracts

99,778

178,250

1,512,882

1,634,993

Current loans and borrowings

2023
£

2022
£

Bank borrowings

43,639

41,348

Hire purchase contracts

90,892

84,225

134,531

125,573

Bank borrowings

Bank borrowing is denominated in Pounds Sterling with a nominal interest rate of 2.75% above Barclays base rate of 3.22%, and the final instalment is due on 5 August 2027. The carrying amount at year end is £1,456,743 (2022 - £1,498,090).

The company's loans and borrowings are secured by fixed and floating charges on the company's assets.

9

Ultimate parent undertaking

The ultimate parent is Halwell Trading Limited, incorporated in England and Wales.

 The ultimate controlling party is The Able Employee Ownership Trust.