Company registration number 03348154 (England and Wales)
BYTRONIC AUTOMATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BYTRONIC AUTOMATION LIMITED
COMPANY INFORMATION
Directors
Mr J A Dunlop
Mr M N Hurworth
(Appointed 1 October 2023)
Company number
03348154
Registered office
Innovation Campus
33 Greenhill
Blackwell
Bromsgrove
Worcestershire
B60 1BL
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
11 Western Boulevard
Bede Island Business Park
Leicester
LE2 7EJ
BYTRONIC AUTOMATION LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BYTRONIC AUTOMATION LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BYTRONIC AUTOMATION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bytronic Automation Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Bytronic Automation Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bytronic Automation Limited and state those matters that we have agreed to state to the board of directors of Bytronic Automation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bytronic Automation Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Bytronic Automation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bytronic Automation Limited. You consider that Bytronic Automation Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bytronic Automation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
29 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BYTRONIC AUTOMATION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
102,324
62,476
Current assets
Stocks
37,097
38,391
Debtors
4
625,076
438,056
Investments
5
100
100
Cash at bank and in hand
74,547
177,679
736,820
654,226
Creditors: amounts falling due within one year
6
(553,410)
(430,359)
Net current assets
183,410
223,867
Total assets less current liabilities
285,734
286,343
Creditors: amounts falling due after more than one year
7
(19,947)
(29,676)
Net assets
265,787
256,667
Capital and reserves
Called up share capital
9
400
200
Profit and loss reserves
265,387
256,467
Total equity
265,787
256,667
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BYTRONIC AUTOMATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr J A Dunlop
Director
Company registration number 03348154 (England and Wales)
BYTRONIC AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Bytronic Automation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Innovation Campus, 33 Greenhill, Blackwell, Bromsgrove, Worcestershire, United Kingdom, B60 1BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on reducing balance
Fixtures, fittings and equipment
15% on reducing balance
Computer equipment
15% on reducing balance and 20% on cost
Motor vehicles
25% on reducing balance
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
BYTRONIC AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
10
BYTRONIC AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
59,192
18,625
33,509
29,874
141,200
Additions
30,930
1,395
2,630
28,950
63,905
At 31 December 2023
90,122
20,020
36,139
58,824
205,105
Depreciation and impairment
At 1 January 2023
17,505
9,577
24,510
27,132
78,724
Depreciation charged in the year
10,893
1,566
3,674
7,924
24,057
At 31 December 2023
28,398
11,143
28,184
35,056
102,781
Carrying amount
At 31 December 2023
61,724
8,877
7,955
23,768
102,324
At 31 December 2022
41,687
9,048
8,999
2,742
62,476
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
331,926
236,147
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,000
Other debtors
189,847
141,623
548,773
377,770
Deferred tax asset
76,303
60,286
625,076
438,056
5
Current asset investments
2023
2022
£
£
Other investments
100
100
BYTRONIC AUTOMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,864
10,000
Trade creditors
158,918
62,263
Amounts owed to group undertakings and undertakings in which the company has a participating interest
306,353
302,431
Taxation and social security
45,211
19,450
Other creditors
33,064
36,215
553,410
430,359
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,947
29,676
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
29,811
39,676
Bank loans are secured by way of a government-backed guarantee.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A shares of £1 each
200
180
200
180
B shares of £1 each
200
20
200
20
400
200
400
200
During the year the company passed an ordinary resolution to reclassify 20 Ordinary B £1 shares into 20 Ordinary A £1 shares. The rights and privileges attached to these shares remain unaltered.
Subsequently, 200 Ordinary B £1 shares were allotted and fully paid for cash at par.
10
Ultimate controlling party
There is no ultimate controlling party.