Company registration number 02715226 (England and Wales)
APPLIED RELAY TESTING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
APPLIED RELAY TESTING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
APPLIED RELAY TESTING LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,045
Tangible assets
4
32,631
36,360
32,631
38,405
Current assets
Stocks
11,100
11,100
Debtors
5
57,132
515,963
Cash at bank and in hand
962,388
980,985
1,030,620
1,508,048
Creditors: amounts falling due within one year
6
(182,989)
(256,641)
Net current assets
847,631
1,251,407
Total assets less current liabilities
880,262
1,289,812
Provisions for liabilities
7
(42,742)
(43,674)
Net assets
837,520
1,246,138
Capital and reserves
Called up share capital
333
667
Capital redemption reserve
668
334
Profit and loss reserves
836,519
1,245,137
Total equity
837,520
1,246,138
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
APPLIED RELAY TESTING LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Mr S J Hobday
Director
Company registration number 02715226 (England and Wales)
APPLIED RELAY TESTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Applied Relay Testing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit J7, 6 Vantage Way, Poole, Dorset, BH12 4NU.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
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 and other sales related taxes.
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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software licence
20% straight line
APPLIED RELAY TESTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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 equipment
33% reducing balance
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.7
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.
1.8
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.10
Provisions
The company provides a warranty on all equipment sold. Included in the balance sheet is a provision in respect of possible warranty costs expected to arise in the following years. The provision is reviewed by the directors on an annual basis and any movement transferred to the profit and loss account.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
APPLIED RELAY TESTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.12
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:
2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Software licence
£
Cost
At 1 May 2023 and 30 April 2024
10,222
Amortisation and impairment
At 1 May 2023
8,177
Amortisation charged for the year
2,045
At 30 April 2024
10,222
Carrying amount
At 30 April 2024
At 30 April 2023
2,045
APPLIED RELAY TESTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
50,083
30,118
80,201
Additions
5,636
525
6,161
At 30 April 2024
55,719
30,643
86,362
Depreciation and impairment
At 1 May 2023
36,211
7,630
43,841
Depreciation charged in the year
6,438
3,452
9,890
At 30 April 2024
42,649
11,082
53,731
Carrying amount
At 30 April 2024
13,070
19,561
32,631
At 30 April 2023
13,872
22,488
36,360
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,091
382,567
Other debtors
46,041
133,396
57,132
515,963
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
50,452
63,480
Taxation and social security
97,406
122,471
Other creditors
35,131
70,690
182,989
256,641
7
Provisions for liabilities
2024
2023
£
£
Warranties
27,667
27,667
Deferred tax liabilities
15,075
16,007
42,742
43,674
APPLIED RELAY TESTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Provisions for liabilities
(Continued)
- 7 -
Movements on provisions apart from deferred tax liabilities:
Warranties
£
At 1 May 2023 and 30 April 2024
27,667
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
36,000
36,000
Between two and five years
84,000
120,000
120,000
156,000