Registration number:
Aercomp Precision Engineering Limited
for the Year Ended 31 December 2023
Aercomp Precision Engineering Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Aercomp Precision Engineering Limited
Company Information
Directors |
Mr J F Mulqueen Mrs N Mulqueen Mr G G Ball |
Registered office |
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Accountants |
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Aercomp Precision Engineering Limited
(Registration number: 03474807)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Revaluation reserve |
414,305 |
416,280 |
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Retained earnings |
165,102 |
(6,127) |
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Shareholders' funds |
580,407 |
411,153 |
Aercomp Precision Engineering Limited
(Registration number: 03474807)
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:
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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
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Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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.
Government grants
Grants of a revenue nature are recognised in income in the period the related costs are incurred and for which the grant is intended to compensate.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
With the exception of plant and machinery and freehold property, 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.
Plant and machinery and freehold property are stated in the balance sheet at their revalued amounts. Revalued amounts equate to the fair value of the asset at the date revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are carried out periodically so th at the carrying amounts of the asset does not materially differ from its fair value at the balance sheet date.
Transfers are made annually between the revaluation reserve and profit and loss reserves equivalent to the excess depreciation that has been charged in respect of the revalued assets.
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:
Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Asset class |
Depreciation method and rate |
Freehold property |
2% on cost |
Plant and machinery |
8% on cost |
Fixtures and fittings |
20% on reducing balance |
Motor vehicles |
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.
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.
Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Revaluation
The fair value of the company's land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
The fair value of the company's plant and machinery was revalued on 31 December 2021. An independent valuer was not invloved.
Had this class of asset not been measured on a historical cost basis, the carrying amount would have been £nil (2022 - £nil).
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
- |
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Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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650 |
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650 |
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50 |
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50 |
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100 |
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100 |
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100 |
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100 |
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100 |
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100 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Retained earnings |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
( |
- |
( |
Other comprehensive income - depreciation |
- |
2,633 |
2,633 |
( |
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Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Finance lease liabilities |
- |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Finance lease liabilities |
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Other borrowings |
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Bank borrowings
Lloyds bank hold a charge over the freehold Property at 27 Factory Road, Upton, Poole, Dorset BH16 5SL |
Lloyds Bank Commercial Finance Limited hold a debenture dated 31 July 2015 over the assets of the company |
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Other borrowings
Hire Purchase is denominated in Pounds with a nominal interest rate of 5.4%, and the final instalment is due on 7 September 2024. The carrying amount at year end is £9,240 (2022 - £23,100). The hire purchase agreement is secured over specific assets. |
Aercomp Precision Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Key management personnel
One of the directors is also a director of a company that supplies accounting services to the company.
Summary of transactions with key management
Transactions with directors |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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89,926 |
44,411 |