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REGISTERED NUMBER: 01716510 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ALLIED (TOOLING) LIMITED

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ALLIED (TOOLING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S M Viney
M J Viney
R W S Knight
C W Hacker
C M Gollop
J J Viney



SECRETARY: C M Gollop



REGISTERED OFFICE: 3 Durrant Road
Bournemouth
Dorset
BH2 6NE



REGISTERED NUMBER: 01716510 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Anthony R Cooke FCA



AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,302 13,816
Tangible assets 5 2,321,350 2,401,185
2,340,652 2,415,001

CURRENT ASSETS
Stocks 6 933,745 867,214
Debtors 7 1,693,064 1,139,019
Cash at bank 38,530 122,336
2,665,339 2,128,569
CREDITORS
Amounts falling due within one year 8 2,388,314 1,983,423
NET CURRENT ASSETS 277,025 145,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,617,677

2,560,147

CREDITORS
Amounts falling due after more than one
year

9

(564,775

)

(562,799

)

PROVISIONS FOR LIABILITIES (550,900 ) (523,027 )
NET ASSETS 1,502,002 1,474,321

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

CAPITAL AND RESERVES
Called up share capital 20,136 20,136
Fair value reserve 11 220,933 155,142
Retained earnings 11 1,260,933 1,299,043
SHAREHOLDERS' FUNDS 1,502,002 1,474,321

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:





M J Viney - Director


ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Allied (Tooling) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents work done on ordinary activities during the period, exclusive of trade discounts and Value Added Tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Computer software is being amortised evenly over its useful life of between 3 and 5 years.

Website is being amortised evenly over the useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
PCD machinery - at varying rates on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on cost

Fixed assets are initially recorded at cost.

Due to the specialist nature of the equipment PCD Machinery is included at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Assets leased to customers under contract consist of saw blades and are included in fixed assets and depreciated on a straight line basis over their useful economic life. The useful economic life of a saw blade is determined by the number of sharpens that a blade can withstand to maintain its operating efficiency.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2022 - 52 ) .

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Website Computer
Goodwill costs software Totals
£    £    £    £   
COST
At 1 January 2023 24,000 11,500 168,846 204,346
Additions - - 11,971 11,971
At 31 December 2023 24,000 11,500 180,817 216,317
AMORTISATION
At 1 January 2023 24,000 3,808 162,722 190,530
Amortisation for year - 2,300 4,185 6,485
At 31 December 2023 24,000 6,108 166,907 197,015
NET BOOK VALUE
At 31 December 2023 - 5,392 13,910 19,302
At 31 December 2022 - 7,692 6,124 13,816

5. TANGIBLE FIXED ASSETS
Owned
assets
Property PCD leased to
improvements machinery customers
£    £    £   
COST OR VALUATION
At 1 January 2023 165,047 1,568,625 116,867
Additions 3,440 209,578 23,976
Disposals (1,500 ) (278,674 ) (106,750 )
Revaluations - 98,099 -
At 31 December 2023 166,987 1,597,628 34,093
DEPRECIATION
At 1 January 2023 151,542 94,888 66,534
Charge for year 3,331 92,118 49,347
Eliminated on disposal (1,219 ) (1,544 ) (106,750 )
At 31 December 2023 153,654 185,462 9,131
NET BOOK VALUE
At 31 December 2023 13,333 1,412,166 24,962
At 31 December 2022 13,505 1,473,737 50,333

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 2,703,057 187,940 434,501 5,176,037
Additions 30,239 6,000 155,319 428,552
Disposals - - (48,245 ) (435,169 )
Revaluations - - - 98,099
At 31 December 2023 2,733,296 193,940 541,575 5,267,519
DEPRECIATION
At 1 January 2023 2,065,335 152,274 244,279 2,774,852
Charge for year 80,657 11,041 87,251 323,745
Eliminated on disposal - - (42,915 ) (152,428 )
At 31 December 2023 2,145,992 163,315 288,615 2,946,169
NET BOOK VALUE
At 31 December 2023 587,304 30,625 252,960 2,321,350
At 31 December 2022 637,722 35,666 190,222 2,401,185

Cost or valuation at 31 December 2023 is represented by:

Owned
assets
Property PCD leased to
improvements machinery customers
£    £    £   
Valuation in 2021 - 225,553 -
Valuation in 2023 - 98,099 -
Cost 166,987 1,273,976 34,093
166,987 1,597,628 34,093

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Valuation in 2021 - - - 225,553
Valuation in 2023 - - - 98,099
Cost 2,733,296 193,940 541,575 4,943,867
2,733,296 193,940 541,575 5,267,519

If PCD machinery had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,273,976 1,343,073

PCD machinery was valued on an open market basis on 31 December 2023 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
PCD Plant and Motor
machinery machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 427,285 244,428 241,174 912,887
Additions - - 69,420 69,420
Transfer to ownership (39,300 ) - (83,859 ) (123,159 )
At 31 December 2023 387,985 244,428 226,735 859,148
DEPRECIATION
At 1 January 2023 48,696 17,824 94,075 160,595
Charge for year - 18,840 64,652 83,492
Transfer to ownership (19,123 ) - (53,858 ) (72,981 )
At 31 December 2023 29,573 36,664 104,869 171,106
NET BOOK VALUE
At 31 December 2023 358,412 207,764 121,866 688,042
At 31 December 2022 378,589 226,604 147,099 752,292

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. STOCKS
2023 2022
£    £   
Stocks 933,745 867,214

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,510,338 974,850
Other debtors 108,446 11,324
Corporation tax - 110,467
Prepayments and accrued income 74,280 42,378
1,693,064 1,139,019

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 479,131 387,738
Trade creditors 845,231 1,076,216
Corporation tax 250,934 -
Social security and other taxes 41,746 37,781
VAT 222,722 91,624
Other creditors 59,679 10,130
Allied (Tooling) Ltd pension fund loan 126,678 66,223
Directors' current accounts 239,850 207,000
Accruals and deferred income 72,343 56,711
2,388,314 1,983,423

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans repayable within
1 and 2 years 50,000 50,000
Bank loans repayable between 2
and 5 years 20,833 70,833
Hire purchase contracts 292,723 384,608
Allied (Tooling) Ltd pension
fund loan 201,219 57,358
564,775 562,799

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 120,833 170,833
Hire purchase contracts 771,854 772,346
892,687 943,179

Hire purchase advances are secured on the assets financed by the loan.

The bank borrowing is secured by a fixed and floating charge over the company's assets.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 1,299,043 155,142 1,454,185
Profit for the year 776,427 776,427
Dividends (748,746 ) (748,746 )
Transfer (65,791 ) 65,791 -
At 31 December 2023 1,260,933 220,933 1,481,866

The fair value reserve is non-distributable, having arisen on the revaluation of the company's PCD plant and machinery.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Anthony R Cooke FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited

ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. RELATED PARTY DISCLOSURES

TRANSACTIONS WITH DIRECTORS

Non interest bearing loans on which no terms of repayment have been agreed. The amount due to the related parties at the balance sheet date amounted to £239,850 (2022 - £207,000).

A director has personally guaranteed the pension fund borrowing.

TRANSACTIONS WITH COMPANIES CONTROLLED BY THE DIRECTORS AND THEIR ASSOCIATES.

Non interest bearing loans on which no terms of repayment have been agreed. The amount due from the related parties at the balance sheet date amounted to £106,980 (2022 £4,680).

14. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Our auditors also assist us in the preparation of the company's payroll.