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REGISTERED NUMBER: 02876526 (England and Wales)





















AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N Saillé
B Fryer



SECRETARY: Kenwood Secretaries Limited



REGISTERED OFFICE: Units 3 & 10 Adams House
Northampton Science Park
Kings Park Road
Northampton
NN3 6LG



REGISTERED NUMBER: 02876526 (England and Wales)



SENIOR STATUTORY AUDITOR: Peter Smith FCA



INDEPENDENT AUDITORS: Constantin
Chartered Accountants and Statutory Auditors
25 Hosier Lane
London
EC1A 9LQ

AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,376 7,863

CURRENT ASSETS
Debtors 5 1,324,383 1,161,064
Cash at bank and in hand 50,954 115,195
1,375,337 1,276,259
CREDITORS
Amounts falling due within one year 6 375,763 309,995
NET CURRENT ASSETS 999,574 966,264
TOTAL ASSETS LESS CURRENT LIABILITIES 1,005,950 974,127

CAPITAL AND RESERVES
Called up share capital 8 53,500 53,500
Retained earnings 952,450 920,627
SHAREHOLDERS' FUNDS 1,005,950 974,127

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





B Fryer - Director


AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

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


1. STATUTORY INFORMATION

Automatic Systems Equipment U.K. Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02876526. Its registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Small Company Exemption

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

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 notes and disclosures;
· Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
· Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
· Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Bollore SE. These consolidated financial statements are available from its registered office at Tour Bollore, 31-32 quai de Dion Bouton, 92806 Puteaux, Cedex 08, France.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

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


2. ACCOUNTING POLICIES - continued

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

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors have made no judgments, estimates or assumptions which materially affects the figures reflected in these financial statements.

Turnover
Turnover represents commission receivable on the value of UK sales of equipment. Turnover is the amount derived from the provision of goods/services, and stated after trade discounts, other sales taxes and VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost

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

AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

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


2. ACCOUNTING POLICIES - continued

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.

Going concern
The financial statements have been prepared on a going concern basis as the parent undertaking, Automatic Systems SA, has agreed to provide such financial support as may be necessary in order to enable the company to meet its financial obligations as they fall due in the foreseeable future.The Directors have assessed the ability and willingness of Automatic Systems SA to provide support and did not identify any issues.
Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 535 23,655 24,190
Additions - 2,557 2,557
At 31 December 2023 535 26,212 26,747
DEPRECIATION
At 1 January 2023 535 15,792 16,327
Charge for year - 4,044 4,044
At 31 December 2023 535 19,836 20,371
NET BOOK VALUE
At 31 December 2023 - 6,376 6,376
At 31 December 2022 - 7,863 7,863

AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 605 2,696
Amounts owed by group undertakings 1,218,674 1,069,291
Other debtors 25,830 19,461
VAT 24,828 24,856
Prepayments and accrued income 54,446 44,760
1,324,383 1,161,064

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 52,643 32,139
Corporation tax 114,694 85,640
Social security and other taxes 24,146 20,607
Other creditors 4,730 4,309
Accruals and deferred income 179,550 167,300
375,763 309,995

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 19,249 31,190
Between one and five years 44,102 7,327
63,351 38,517

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
53,500 Ordinary £1 53,500 53,500

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

The Auditors' Report was unqualified.

Peter Smith FCA (Senior Statutory Auditor)
for and on behalf of Constantin

AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED (REGISTERED NUMBER: 02876526)

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


10. CONTINGENT LIABILITIES

Automatic Systems Equipment UK Limited owed £1,202,417 to its holding company, Automatic Systems Belgium. An agreement was reached on 31 December 2010 whereby this amount was waived. It has been written off in the financial statements of the holding company. However, the waiver is conditional, the debt becomes due only if certain conditions relating to the past results are attained.

The conditions of the loan waiver repayment have been met due to the company achieving sufficient profit levels for the last three consecutive financial years ended on 31st December 2023.

As a consequence, £194,680 is due to be repaid to the holding company during the year ended 31st December 2024.

£335,119 was paid to the holding company during the year ended 31st December 2023.

The £194,680 balance of the loan waiver remains a contingent liability in these financial statements.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bollore SE (France).

The entire issued share capital of the company is owned by Automatic Systems SA of Avenue Mercator, 5-1300, Wavre, Belgium.
The smallest and largest group for which group accounts are prepared, which include the company, is Bollore SE. Copies of the group accounts can be obtained at Tour Bollore, 31-32 quai de Dion Bouton, 92806 Puteaux Cedex, France.