Company registration number 06516167 (England and Wales)
AIR TORQUE (UK) LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AIR TORQUE (UK) LIMITED
COMPANY INFORMATION
Directors
S Jennings
J M Findell
N A Flint
Secretary
J M Calvert
Company number
06516167
Registered office
Unit 6, Interlink Way South
Bardon Hill
Coalville
Leicestershire
LE67 1PH
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Unit 6, Interlink Way South
Bardon Hill
Coalville
Leicestershire
LE67 1PH
AIR TORQUE (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AIR TORQUE (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,451
29,313
Current assets
Stocks
624,252
493,676
Debtors
4
406,011
472,929
Cash at bank and in hand
708,158
509,284
1,738,421
1,475,889
Creditors: amounts falling due within one year
5
(567,314)
(480,980)
Net current assets
1,171,107
994,909
Total assets less current liabilities
1,207,558
1,024,222
Capital and reserves
Called up share capital
6
30,000
30,000
Profit and loss reserves
1,177,558
994,222
Total equity
1,207,558
1,024,222

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
J M Findell
Director
Company Registration No. 06516167
AIR TORQUE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Air Torque (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Interlink Way South, Bardon Hill, Coalville, Leicestershire, LE67 1PH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods supplied in the normal course of business, and is shown net of VAT and trade discounts. Turnover is recognised on the date that the goods are despatched as this is the point that all risks and rewards are deemed to be transferred.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% per annum of cost
Fixtures, fittings & equipment
15% per annum of cost
Motor vehicles
25% per annum of cost
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 costs. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

1.6
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AIR TORQUE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are recognised.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account .

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
8
AIR TORQUE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
83,110
Additions
41,355
Disposals
(45,701)
At 31 March 2024
78,764
Depreciation and impairment
At 1 April 2023
53,797
Depreciation charged in the year
6,515
Eliminated in respect of disposals
(17,999)
At 31 March 2024
42,313
Carrying amount
At 31 March 2024
36,451
At 31 March 2023
29,313
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
225,237
195,978
Amounts due from group undertakings
169,630
260,278
Other debtors
-
0
7,200
Prepayments and accrued income
7,000
5,000
401,867
468,456
Deferred tax asset
4,144
4,473
406,011
472,929
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
350,212
205,704
Amounts owed to group undertakings
32,455
62,674
Corporation tax
88,510
38,097
Other taxation and social security
59,534
145,078
Accruals and deferred income
36,603
29,427
567,314
480,980
AIR TORQUE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
30,000 Ordinary Shares of £1 each
30,000
30,000
7
Audit report information

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

Senior Statutory Auditor:
John Griffin FCCA
Statutory Auditor:
Newby Castleman LLP
Date of audit report:
17 October 2024
8
Related party transactions

During the year dividends totalling £60,000 (2023 - £36,000) were paid to entities holding a participating interest over the company.

 

During the year purchases totalling £60,776 (2023 - £43,200) and recharges totalling £183,086 (2023 - £171,086) were charged from the parent undertaking. During the year sales totalling £865,327 (2023 - £798,067) were charged to the parent undertaking.

 

At the year end, £191,180 (2023 - £116,602) was owed to entities holding a participating interest over the company.

9
Parent company

The ultimate parent undertaking at the year end was The Valve & Actuation Group Limited and the intermediate parent undertaking was A C Valves & Controls Limited. Since the year-end, the ultimate parent company has changed to be AC Valve Alliance Group Holdings Limited.

 

The registered address of both A C Valves & Controls Limited and The Valve & Actuation Group Limited is the same as the company's registered office address as given in the company information page of these financial statements.

 

The company is included in the consolidated financial statements of The Valve & Actuation Group Limited, which are publicly available from Companies House, Cardiff.

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