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Registration number: 08355388

Allied Protek Engineering Solutions Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 January 2024

 

Allied Protek Engineering Solutions Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 31

 

Allied Protek Engineering Solutions Limited

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is the design and build of bespoke equipment and systems.

The principal activity of the group is that of the design and build of bespoke equipment and systems, temporary employment agency, recruitment and training services.

Fair review of the business

The directors are pleased with the performance of the group over the 2024 year.

Group turnover in 2024 has increased 150%. The increase was achieved through successful tenders for new work and for new customers and also the addition of a new business within the year.

During the year the group has purchased the trade and assets of a business in Hull. This expanded the geographical footprint of the business into East Yorkshire as well as extending the range of services the group can offer.

The pressures on costs have continued in the period which has resulted in a decrease in the gross profit margin from 22% in 2023 to 19% in 2024. We continue to monitor the margin on projects and review costings at the tendering stage to maximise profitability.

This increase in trade has meant a significant cash investment into working capital which has resulted in the growth of net assets to £2,179k (2023 - £1,279k).

Whilst the inflationary pressures appear to be easing they continued to be a headwind for the UK economy in the 2024 year. However, the company has managed these and has a good order book. We therefore feel the company is in a strong position for future growth.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£000

35,668

14,290

Gross profit

£000

6,851

3,146

Gross profit margin

%

19

22

 

Allied Protek Engineering Solutions Limited

Strategic Report for the Year Ended 31 January 2024

Principal risks and uncertainties

As with any business, the group faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the group to deliver its strategic objectives.

Noted below is a summary of the group’s principal risks and uncertainties.

Control of each of these is critical to the ongoing success of the group. As such, their management is primarily the responsibility of the directors who are supported by the management throughout the group.

Financial risk:
The group’s operations expose it to a variety of financial risks, principally credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations.

Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of clients. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the group position in the market place.

Workforce and materials risk:
If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to longer lead times and increased costs, thereby reducing profitability and return on capital employed.

We maintain regular contact with suppliers, negotiating contract volumes, pricing and duration.

We have built good relationships with subcontractors as management believes that loyalty is gained by treating subcontractors fairly and expecting the same in return. For our own workforce, investment is continued to be made in their training and development.

Health and safety risk:
The group has procedures and policies in place to minimise health and safety risks. The directors take this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.

Approved by the Board on 31 October 2024 and signed on its behalf by:

Mr P Wilson
Director

   
     
 

Allied Protek Engineering Solutions Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the for the year ended 31 January 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr P Wilson

Miss L Wilson (ceased 18 March 2024)

The following directors were appointed after the year end:

Ms C Pickerden (appointed 12 March 2024)

Mr B P Conlan (appointed 12 March 2024)

Information included in the Strategic Report

The objectives, policies and processes for managing the risks of the group and important events since the financial period end are included in the Strategic Report.

Research and development

Through the parent company, the group continues to utilise its technical expertise to make advancements in technology and produce specialist products and services to maximise the performance and capabilities of our customers. We continue to ensure our product development is designed in partnership with our customers to ensure that their exacting performance requirements are met.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 31 October 2024 and signed on its behalf by:

Mr P Wilson
Director

   
     
 

Allied Protek Engineering Solutions Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Allied Protek Engineering Solutions Limited

Independent Auditor's Report to the Members of Allied Protek Engineering Solutions Limited

Opinion

We have audited the financial statements of Allied Protek Engineering Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Allied Protek Engineering Solutions Limited

Independent Auditor's Report to the Members of Allied Protek Engineering Solutions Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Allied Protek Engineering Solutions Limited

Independent Auditor's Report to the Members of Allied Protek Engineering Solutions Limited

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance;

the group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

the key laws and regulations under which the business operates and whether management were aware of any instances of noncompliance;

whether the management have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: valuation of work in progress; laws and regulations applicable to the company such as health and safety; transactions surrounding the processing of payroll; and purchase ledger/working capital transactions.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the group and parent company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. These include, but are not limited to, compliance with the Companies Act 2006, pension legislation, health and safety legislation, tax legislation and local government grant legislation.

 

In addition to the above, our procedures to respond to risks identified included the following:

making enquiries of management relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

enquiring of management, concerning any actual and potential litigation and claims;

communicating the relevant identified laws and regulations and potential fraud risks to all engagement team members, and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

in addressing the risk of fraud in revenue recognition: we identified and tested the operating effectiveness of key controls over revenue recognition and have performed focussed testing on trades close to the year-end combined with analytical review procedures to assess accuracy and completeness of revenue recognised;

 

Allied Protek Engineering Solutions Limited

Independent Auditor's Report to the Members of Allied Protek Engineering Solutions Limited

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;

in addressing the risk of fraud due to the valuation of work in progress we have reviewed the work in progress calculations vouching to contracts and cost schedules as required;

in addressing the risk of fraud in the use of purchase ledger/working capital transactions, we have reviewed the accounting treatments adopted by management against the specific contractual terms and arrangements associated with each individual transaction and reviewed the related disclosures in the financial statements; and

in addressing the risk of fraud in payroll, we have tested the control procedures surrounding the authorisation of both timesheets and the payroll itself, sought confirmation over the responsibility of staff members involved in the payroll process and confirmed the existence of a sample of employees.

 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



John Heeney BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

31 October 2024

 

Allied Protek Engineering Solutions Limited

Consolidated Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

35,667,512

14,289,869

Cost of sales

 

(28,816,806)

(11,144,024)

Gross profit

 

6,850,706

3,145,845

Administrative expenses

 

(4,648,168)

(2,344,383)

Other operating income

5,222

5,222

Operating profit

4

2,207,760

806,684

Other interest receivable and similar income

6

12,947

11,394

Interest payable and similar expenses

7

(113,972)

(127,253)

Profit before tax

 

2,106,735

690,825

Taxation

11

(571,798)

(167,980)

Profit for the financial year

 

1,534,937

522,845

Profit/(loss) attributable to:

 

Owners of the company

 

1,534,937

522,845

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Allied Protek Engineering Solutions Limited

(Registration number: 08355388)
Consolidated Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

1,750,062

937,428

Current assets

 

Stocks

14

4,611,665

2,252,968

Debtors

15

7,692,978

8,204,059

Cash at bank and in hand

16

1,920,197

586,419

 

14,224,840

11,043,446

Creditors: Amounts falling due within one year

17

(12,648,212)

(9,433,021)

Net current assets

 

1,576,628

1,610,425

Total assets less current liabilities

 

3,326,690

2,547,853

Creditors: Amounts falling due after more than one year

17

(1,084,004)

(1,228,341)

Provisions for liabilities

19

(63,773)

(40,536)

Net assets

 

2,178,913

1,278,976

Capital and reserves

 

Called up share capital

21

90

100

Capital redemption reserve

10

-

Profit and loss account

2,178,813

1,278,876

Equity attributable to owners of the company

 

2,178,913

1,278,976

Total equity

 

2,178,913

1,278,976

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

Mr P Wilson
Director

   
     
 

Allied Protek Engineering Solutions Limited

(Registration number: 08355388)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

1,593,767

922,279

Investments

13

300

200

 

1,594,067

922,479

Current assets

 

Stocks

14

4,255,457

2,252,968

Debtors

15

8,943,947

8,501,228

Cash at bank and in hand

16

1,641,004

577,335

 

14,840,408

11,331,531

Creditors: Amounts falling due within one year

17

(12,397,292)

(9,341,758)

Net current assets

 

2,443,116

1,989,773

Total assets less current liabilities

 

4,037,183

2,912,252

Creditors: Amounts falling due after more than one year

17

(1,084,004)

(1,165,391)

Provisions for liabilities

19

(60,855)

(40,536)

Net assets

 

2,892,324

1,706,325

Capital and reserves

 

Called up share capital

21

90

100

Capital redemption reserve

10

-

Profit and loss account

2,892,224

1,706,225

Total equity

 

2,892,324

1,706,325

The company made a profit after tax for the financial year of £1,820,999 (2023 - profit of £499,762).

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

Mr P Wilson
Director

   
     
 

Allied Protek Engineering Solutions Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 February 2023

100

-

1,278,876

1,278,976

Profit for the year

-

-

1,534,937

1,534,937

Total comprehensive income

-

-

1,534,937

1,534,937

Dividends

-

-

(535,000)

(535,000)

Purchase of own share capital

(10)

10

(100,000)

(100,000)

At 31 January 2024

90

10

2,178,813

2,178,913

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

100

891,031

891,131

Profit for the year

-

522,845

522,845

Total comprehensive income

-

522,845

522,845

Dividends

-

(135,000)

(135,000)

At 31 January 2023

100

1,278,876

1,278,976

 

Allied Protek Engineering Solutions Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 February 2023

100

-

1,706,225

1,706,325

Profit for the year

-

-

1,820,999

1,820,999

Total comprehensive income

-

-

1,820,999

1,820,999

Dividends

-

-

(535,000)

(535,000)

Purchase of own share capital

(10)

10

(100,000)

(100,000)

At 31 January 2024

90

10

2,892,224

2,892,324

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

100

1,341,463

1,341,563

Profit for the year

-

499,762

499,762

Dividends

-

(135,000)

(135,000)

At 31 January 2023

100

1,706,225

1,706,325

 

Allied Protek Engineering Solutions Limited

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,534,937

522,845

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

169,491

111,326

Loss on disposal of tangible assets

4

752

-

Finance income

6

(12,947)

(11,394)

Finance costs

7

113,972

127,253

Corporation tax expense

11

571,798

167,980

 

2,378,003

918,010

Working capital adjustments

 

Increase in stocks

14

(2,358,697)

(179,735)

Decrease/(increase) in trade and other debtors

15

511,081

(3,638,857)

Increase in trade and other creditors

17

2,769,029

3,187,595

(Decrease)/increase in deferred income, including government grants

 

(504,048)

460,556

Cash generated from operations

 

2,795,368

747,569

Corporation tax paid

 

(189,090)

-

Net cash flow from operating activities

 

2,606,278

747,569

Cash flows from investing activities

 

Interest received

6

12,947

11,394

Acquisitions of tangible assets

(931,753)

(49,299)

Net cash flows from investing activities

 

(918,806)

(37,905)

Cash flows from financing activities

 

Interest paid

7

(113,972)

(127,253)

Payments for purchase of own shares

 

(100,000)

-

Repayment of bank borrowing

 

(195,620)

(144,022)

Proceeds from other borrowing draw downs

 

756,638

288,472

Repayment of other borrowing

 

(165,740)

(184,314)

Dividends paid

(535,000)

(135,000)

Net cash flows from financing activities

 

(353,694)

(302,117)

Net increase in cash and cash equivalents

 

1,333,778

407,547

Cash and cash equivalents at 1 February

 

586,419

178,872

Cash and cash equivalents at 31 January

16

1,920,197

586,419

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

Registration number: 08355388.

The address of its registered office is:
Allied Protek Building
Armstrong Street
Grimsby
North East Lincolnshire
DN31 1XD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The Company and Group's functional and presentational currency is sterling.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is reviewed where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Contract revenue recognition

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by the directors' assessment of work performed to date.

Government grants

Government grants are recognised in the profit and loss account so that the income is matched with the costs to which they relate.

Other grants

Grants are recognised in profit or loss over the period in which the entity recognises the depreciation on the property for which the grants were issued to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold and leasehold buildings

2% per annum on cost

Furniture, fittings and equipment

20% or 25% per annum on cost; 15% or 20% per annum on written down value

Motor vehicles

25% per annum on cost

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less a provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to its present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

The group utilises an invoice financing facility. Financial assets and liabilities arising from a sale are recorded at the transaction price.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

2,331,737

352,435

Contract revenue

33,335,775

13,937,434

35,667,512

14,289,869

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

35,660,963

14,241,489

Europe

6,549

48,380

35,667,512

14,289,869

The amount of contract revenue recognised as turnover in the year was £33,335,775 (2023 - £13,937,434).

Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is measured by the management's assessment of work performed to date.

The gross amount due to customers for contract work, included in creditors at 31 January 2024, was £780,403 (2023 - £1,289,779).

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

169,491

111,326

Loss on disposal of property, plant and equipment

752

-

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Government grants

Coronavirus Job Retention Scheme (CJRS) grants have been claimed for employees unable to work due to the COVID-19 pandemic and as such were placed on furlough. The grants have been recognised on the accruals basis.

The amount of such grants recognised in the financial statements was £Nil (2023 - £520).
This grant of £520 is recognised within cost of sales.

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

12,947

11,394

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

12,747

Interest on obligations under finance leases and hire purchase contracts

9,025

8,949

Interest expense on other finance liabilities

104,947

105,557

113,972

127,253

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

6,681,485

3,612,118

Social security costs

701,687

400,873

Pension costs, defined contribution scheme

119,838

78,358

Other employee expense

3,917

3,259

7,506,927

4,094,608

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

154

81

Administration and support

14

10

168

91

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

48,132

48,196

Contributions paid to money purchase schemes

3,893

3,483

52,025

51,679

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

15,825

9,400

Audit of the financial statements of subsidiaries of the company pursuant to legislation

9,612

4,813

25,437

14,213


 

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

496,052

162,491

UK corporation tax adjustment to prior periods

52,509

15,372

548,561

177,863

Deferred taxation

Arising from origination and reversal of timing differences

23,237

(9,883)

Tax expense in the profit and loss account

571,798

167,980

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,106,735

690,825

Corporation tax at standard rate

526,684

154,076

Decrease from effect of different tax rates

(20,068)

-

Effect of expense not deductible in determining taxable profit

10,560

4,377

Effect of tax losses

(13,945)

-

Decrease from tax losses for which no deferred tax asset was recognised

-

(5,084)

Deferred tax expense/(credit)

23,237

(9,883)

Prior period under provision

52,509

15,372

Tax (decrease)/increase from effect of capital allowances and depreciation

(7,179)

9,122

Total tax charge

571,798

167,980

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

63,773

63,773

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2023

Liability
£

Difference between accumulated depreciation and capital allowances

40,536

40,536

There are £120,458 of unused tax losses (2023 - £176,538) for which no deferred tax asset is recognised in the balance sheet.

Company

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

60,855

60,855

2023

Liability
£

Difference between accumulated depreciation and capital allowances

40,536

40,536

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

873,122

927,262

150,906

1,951,290

Additions

507,081

311,126

164,670

982,877

Disposals

-

(2,190)

-

(2,190)

At 31 January 2024

1,380,203

1,236,198

315,576

2,931,977

Depreciation

At 1 February 2023

131,528

784,269

98,065

1,013,862

Charge for the year

21,518

101,253

46,720

169,491

Eliminated on disposal

-

(1,438)

-

(1,438)

At 31 January 2024

153,046

884,084

144,785

1,181,915

Carrying amount

At 31 January 2024

1,227,157

352,114

170,791

1,750,062

At 31 January 2023

741,594

142,993

52,841

937,428

Included within the net book value of land and buildings above is £335,209 (2023 - £343,373) in respect of freehold land and buildings and £891,948 (2023 - £398,221) in respect of long leasehold land and buildings.
 

Restriction on title and pledged as security

Land and buildings with a carrying amount of £1,227,157 (2023 - £741,594) has been pledged as security for bank borrowings. See note 18 for further details.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

873,122

872,427

150,906

1,896,455

Additions

507,081

140,684

164,670

812,435

At 31 January 2024

1,380,203

1,013,111

315,576

2,708,890

Depreciation

At 1 February 2023

131,528

744,583

98,065

974,176

Charge for the year

21,518

72,709

46,720

140,947

At 31 January 2024

153,046

817,292

144,785

1,115,123

Carrying amount

At 31 January 2024

1,227,157

195,819

170,791

1,593,767

At 31 January 2023

741,594

127,844

52,841

922,279

Included within the net book value of land and buildings above is £335,209 (2023 - £343,373) in respect of freehold land and buildings and £891,948 (2023 - £398,221) in respect of long leasehold land and buildings.
 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

300

200

Subsidiaries

£

Cost or valuation

At 1 February 2023

300

At 31 January 2024

300

Provision

At 1 February 2023

100

Provision released

(100)

At 31 January 2024

-

Carrying amount

At 31 January 2024

300

At 31 January 2023

200

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Humber Resource Training Limited

*

Ordinary

100%

100%

 

     

Humber Recruitment Limited

*

Ordinary

100%

100%

 

     

Turbo Systems Engineering Limited formerly Allied Protek Technical Recruitment Limited

*

Ordinary

100%

100%

 

     

* the registered office of all group companies is Allied Protek Building, Armstrong Street, Grimsby, North East Lincolnshire, DN31 1XD, UK.

Subsidiary undertakings

The principal activity of Humber Resource Training Limited is that of training services. The company ceased trading in the period and will become dormant.

The principal activity of Humber Recruitment Limited is that of temporary employment agency and recruitment services.

The principal activity of Turbo Systems Engineering Limited formerly Allied Protek Technical Recruitment Limited is that of manufacturing of food depositors and filling systems.

Humber Resource Training Limited

During the year, subsidiary Humber Resource Training Limited ceased trading. Humber Resource Training Limited contributed £7,995 to group turnover and £(7,014) to the group profit.

Turbo Systems Engineering Limited

On April 2023, Turbo Systems Engineering Limited acquired the trade and assets of Turbo Systems Limited from the administrator. Turbo Systems Engineering Limited contributed £2,018,458 turnover and £(548,786) to the group's profit for the period between the start of trade and the balance sheet date.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Full Implementation of the Company Voluntary Arrangement (CVA) by a Subsidiary
On 22 January 2020, subsidiary company Humber Recruitment Limited entered into a voluntary agreement with its creditors in satisfaction of its debts outstanding at that date. This gave the company the ability to continue to trade despite cash flow difficulties. On 12 May 2023, the agreement was fully implemented and the voluntary arrangement ceased. The group continues to support Humber Recruitment Limited.

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

4,304,691

2,252,968

4,255,457

2,252,968

Finished goods and goods for resale

306,974

-

-

-

4,611,665

2,252,968

4,255,457

2,252,968

15

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

6,286,574

6,964,319

5,982,171

6,906,855

Amounts owed by related parties

24

605,196

700,465

2,247,748

1,067,439

Other debtors

 

237,822

284,224

232,715

286,524

Prepayments

 

555,406

250,265

481,313

240,410

Accrued income

 

7,980

4,786

-

-

   

7,692,978

8,204,059

8,943,947

8,501,228

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

69

69

-

-

Cash at bank

1,920,128

586,350

1,641,004

577,335

1,920,197

586,419

1,641,004

577,335

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

2,802,110

2,279,544

2,802,110

2,279,544

Trade creditors

 

5,329,355

2,364,010

5,287,453

2,359,482

Social security and other taxes

 

1,530,549

1,292,466

1,460,677

1,219,690

Outstanding defined contribution pension costs

 

31,585

13,270

20,559

12,751

Other creditors

 

377,309

100,011

306,508

97,439

Accruals

 

1,208,179

1,875,241

1,177,091

1,865,953

Corporation tax liability

 

571,369

211,898

557,269

211,898

Deferred income

 

797,756

1,296,581

785,625

1,295,001

 

12,648,212

9,433,021

12,397,292

9,341,758

Due after one year

 

Loans and borrowings

18

872,397

948,561

872,397

948,561

Deferred income

 

211,607

216,830

211,607

216,830

Social security and other taxes

 

-

62,950

-

-

 

1,084,004

1,228,341

1,084,004

1,165,391

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

18

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

111,993

196,721

111,993

196,721

HP and finance lease liabilities

66,934

13,661

66,934

13,661

Other borrowings

-

54,072

-

54,072

Invoice finance

2,623,183

2,015,090

2,623,183

2,015,090

2,802,110

2,279,544

2,802,110

2,279,544

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

726,193

837,085

726,193

837,085

HP and finance lease liabilities

146,204

55,641

146,204

55,641

Other borrowings

-

55,835

-

55,835

872,397

948,561

872,397

948,561

Group and company

The bank borrowings are secured on property owned by the parent company together with a £75,000 personal guarantee from one of the directors.

The bank borrowings are repayable by monthly instalments with interest rates of 2.79%, 4.01%, 4.14% and 4.59% above the Bank of England base rate.

Of these bank borrowings which are repayable by instalments £257,443 (2023 - £221,151) are due after more than five years.

In 2023, £109,907 of other borrowings were secured by a personal guarantee from one of the directors. These loans have been cleared in the year.

The HP and finance lease liabilities are secured upon the assets to which they relate.

The invoice finance creditor is secured on the book debts of the relevant company.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

19

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 February 2023

40,536

40,536

Decrease in existing provisions

23,237

23,237

At 31 January 2024

63,773

63,773

Company

Deferred tax
£

Total
£

At 1 February 2023

40,536

40,536

Decrease in existing provisions

20,319

20,319

At 31 January 2024

60,855

60,855

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £119,838 (2023 - £78,358).

Contributions totalling £31,585 (2023 - £13,270) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

-

-

100

100

Ordinary A shares of £1 each

90

90

-

-

 

90

90

100

100

Rights, preferences and restrictions

Ordinary and Ordinary A shares have full rights in the company regarding voting, dividends and capital distribution.

 

Allied Protek Engineering Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

22

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £5,350.00 (2023 - £1,350.00) per ordinary share

 

535,000

 

135,000

23

Commitments

Group and company
Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet due within one year is £95,797 (2023 - £79,427). The total amount of financial commitments not included in the balance sheet due later than one year and not later than five years is £132,642 (2023 - £84,182). This is in respect of contract hire vehicles.

24

Related party transactions

Group and company

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr P Wilson

Director's loan account

700,465

289,731

(385,000)

605,196

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr P Wilson

Director's loan account

908,019

75,946

(283,500)

700,465

         
       

 

Interest is being charged in respect of this balance at 2.25% (2023 - 2%), totalling £13,081 in the year (2023 - £16,481), which is repayable on demand.