REGISTERED NUMBER: |
AUTOMATIC SYSTEMS EQUIPMENT U.K. LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 53,500 | 53,500 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
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 |
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. |