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Registration number: 04029647

Advatech Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Advatech Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Advatech Limited

Company Information

Directors

Mr R Andrews

Mrs E Andrews

Registered office

1 Faraday Place
Stephenson Way
Thetford
Norfolk
IP24 3RG

Accountants

Jeremy Clark Accountants Ltd T/A AIMS
The Moat House
Sallow Lane
Wacton
Norwich
Norfolk
NR15 2UL

 

Advatech Limited

(Registration number: 04029647)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

260,568

290,550

Current assets

 

Stocks

6

3,479

3,479

Debtors

7

203,710

186,429

Cash at bank and in hand

 

114,062

124,609

 

321,251

314,517

Creditors: Amounts falling due within one year

8

(125,892)

(124,797)

Net current assets

 

195,359

189,720

Total assets less current liabilities

 

455,927

480,270

Creditors: Amounts falling due after more than one year

8

(132,737)

(151,692)

Provisions for liabilities

(33,460)

(32,145)

Net assets

 

289,730

296,433

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

289,630

296,333

Shareholders' funds

 

289,730

296,433

 

Advatech Limited

(Registration number: 04029647)
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 Andrews
Director

.........................................
Mrs E Andrews
Director

 

Advatech Limited

Notes to the 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:
1 Faraday Place
Stephenson Way
Thetford
Norfolk
IP24 3RG

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.

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.

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.

 

Advatech Limited

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

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.

Tangible assets

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.

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:

Asset class

Depreciation method and rate

Freehold buildings

5% straight line

Plant and machinery

15% reducing balance

Office equipment

33% reducing balance

Motor vehicles

25% 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.

 

Advatech Limited

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

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.

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.

 

Advatech Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 14).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

37,468

43,651

 

Advatech Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

225,495

73,525

100,475

406,459

805,954

Additions

-

1,038

-

6,449

7,487

At 31 December 2023

225,495

74,563

100,475

412,908

813,441

Depreciation

At 1 January 2023

104,130

65,917

72,572

272,785

515,404

Charge for the year

6,276

2,965

6,976

21,252

37,469

At 31 December 2023

110,406

68,882

79,548

294,037

552,873

Carrying amount

At 31 December 2023

115,089

5,681

20,927

118,871

260,568

At 31 December 2022

121,365

7,608

27,903

133,674

290,550

Included within the net book value of land and buildings above is £115,089 (2022 - £121,365) in respect of freehold land and buildings.
 

 

Advatech Limited

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

6

Stocks

2023
£

2022
£

Other inventories

3,479

3,479

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

155,677

151,835

Amounts owed by related parties

11

4,331

997

Other debtors

 

43,702

33,597

   

203,710

186,429

 

Advatech Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

18,954

18,251

Trade creditors

 

28,649

45,196

Taxation and social security

 

72,315

55,377

Accruals and deferred income

 

4,932

4,599

Other creditors

 

1,042

1,374

 

125,892

124,797

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

132,737

151,692

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

78,646

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £191,976 (2017 - £201,729).

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Bank borrowings

 

Advatech Limited

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

Bank loan 1 is denominated in Sterling with a nominal interest rate of 6.18%, and the final instalment is due on 22 May 2034. The carrying amount at year end is £19,554 (2022 - £24,863).

The bank loan is secured by a fixed charge over the freehold property

Bank loan 2 is denominated in £ with a nominal interest rate of 4.58%%, and the final instalment is due on 10 March 2027. The carrying amount at year end is £114,717 (2022 - £122,255).

The bank loan is secured by a charge over the freehold property

Hire purchase is denominated in with a nominal interest rate of 6.8%%, and the final instalment is due on 31 October 2024. The carrying amount at year end is £17,421 (2022 - £22,825).

Included in the loans and borrowings are the following amounts due after more than five years:

11

Related party transactions

 

Advatech Limited

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

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mrs E Andrews

997

3,333

4,331

Mr R Andrews

Director loan at HMRC rate for beneficial loans

26,107

5,760

31,867

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mrs E Andrews

4,730

1,268

(5,000)

997

Mr R Andrews

Director loan at HMRC rate for beneficial loans

22,163

8,945

(5,000)

26,107