Company registration number 05087739 (England and Wales)
AT ENGINE CONTROLS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
AT ENGINE CONTROLS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
AT ENGINE CONTROLS LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
227,040
236,650
Current assets
Stocks
1,257,351
1,044,323
Debtors
5
3,965,274
3,260,809
Cash at bank and in hand
60,953
558,996
5,283,578
4,864,128
Creditors: amounts falling due within one year
6
(1,168,374)
(389,546)
Net current assets
4,115,204
4,474,582
Total assets less current liabilities
4,342,244
4,711,232
Creditors: amounts falling due after more than one year
7
(183,557)
(225,081)
Provisions for liabilities
(47,223)
(47,884)
Net assets
4,111,464
4,438,267
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
4,011,464
4,338,267
Total equity
4,111,464
4,438,267

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 7 November 2024 and are signed on its behalf by:
Mrs A L Hough
Director
Company registration number 05087739 (England and Wales)
AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

AT Engine Controls Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 10-11 Shield Drive, Wardley Industrial Estate, Worsley, Manchester, M28 2QB.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on the going concern basis.

 

In recent times, the company has endured a challenging period where financial performance was impacted. However, at the time of approving the financial statements this has stabilised and the company enjoys a significant fully confirmed orderbook, with further significant unconfirmed upside, which it has the capability and resources to deliver in full, together with the support of a key customer.

 

The directors have produced and referred to prudent future cash flow forecasts covering a 12 month period from the approval of these financial statements. The cash flow forecasts incorporating all sources of funding indicate sufficient funds are in place across the group to meet all liabilities as they are projected to fall due for payment over the next twelve months, leading them to the conclusion that it is correct to adopt the going concern basis at the time of signing the financial statements.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership have passed to the buyer, 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. The significant risks and rewards of ownership typically pass either on dispatch of the goods or on acceptance of the goods by the customer, as relevant.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to staff time, subcontractor costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
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.

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

Patents and licences
Up to five years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently 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
5 to 10 years straight line
Fixtures, fittings and equipment
3 to 5 years straight line

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

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of standard cost and estimated selling price less costs to complete and sell. Standard 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. Stock is valued using the first in first out method of costing.

 

Work in progress is valued on the basis of standard costings based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

Other financial liabilities

All of the company's financial liabilities are basic financial instruments.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception:

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.14
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.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.16
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
39
41
3
Intangible fixed assets
Patents and licences
£
Cost
At 1 August 2022 and 31 July 2023
42,265
Amortisation and impairment
At 1 August 2022 and 31 July 2023
42,265
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 August 2022
1,275,680
654,501
1,930,181
Additions
39,322
13,446
52,768
At 31 July 2023
1,315,002
667,947
1,982,949
Depreciation and impairment
At 1 August 2022
1,259,095
434,436
1,693,531
Depreciation charged in the year
19,465
42,913
62,378
At 31 July 2023
1,278,560
477,349
1,755,909
Carrying amount
At 31 July 2023
36,442
190,598
227,040
At 31 July 2022
16,585
220,065
236,650
AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
856,947
278,535
Amounts owed by group undertakings
2,841,016
2,738,352
Other debtors
172,911
149,522
3,870,874
3,166,409
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
94,400
94,400
Total debtors
3,965,274
3,260,809
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
496,305
-
0
Trade creditors
350,621
52,148
Amounts owed to group undertakings
340
290
Taxation and social security
83,145
143,952
Other creditors
237,963
193,156
1,168,374
389,546

Bank balances totalling £496,305 (2022: £Nil) are secured over certain assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
183,557
225,081
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
34,051
AT ENGINE CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
8
Audit report information

As the income statement 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:
Joe Sullivan FCA
Statutory Auditor:
MHA
9
Financial commitments, guarantees and contingent liabilities

A cross company guarantee is in place in favour of a member of key management personnel between the company, Betatec Solutions Limited, Sareline Holdings Limited, Sareline (EU) Limited and HSDE Limited. At the balance sheet date, group borrowings payable to the member of key management personnel totalled £4,113,008.

10
Events after the reporting date

In October 2024 the company agreed a further secured facility with a third party totalling £500,000.

11
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:

2023
2022
£
£
Within one year
62,743
98,578
Between two and five years
107,013
9,504
In over five years
5,534
-
0
175,290
108,082
12
Related party transactions
Balances with related parties

The following amounts were outstanding at the reporting end date:

Category
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
2,841,016
2,738,352
340
290
2023-07-312022-08-01false07 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMrs A L HoughMr J G BowdenMr J MorrisMr M A PooleMr S AthertonMiss B A Abdullafalsefalse050877392022-08-012023-07-31050877392023-07-31050877392022-07-3105087739core:PlantMachinery2023-07-3105087739core:FurnitureFittings2023-07-3105087739core:PlantMachinery2022-07-3105087739core:FurnitureFittings2022-07-3105087739core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3105087739core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3105087739core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3105087739core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3105087739core:CurrentFinancialInstruments2023-07-3105087739core:CurrentFinancialInstruments2022-07-3105087739core:ShareCapital2023-07-3105087739core:ShareCapital2022-07-3105087739core:RetainedEarningsAccumulatedLosses2023-07-3105087739core:RetainedEarningsAccumulatedLosses2022-07-3105087739bus:Director12022-08-012023-07-3105087739core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3105087739core:PatentsTrademarksLicencesConcessionsSimilar2022-08-012023-07-3105087739core:PlantMachinery2022-08-012023-07-3105087739core:FurnitureFittings2022-08-012023-07-31050877392021-08-012022-07-3105087739core:PatentsTrademarksLicencesConcessionsSimilar2022-07-3105087739core:PatentsTrademarksLicencesConcessionsSimilar2023-07-3105087739core:PatentsTrademarksLicencesConcessionsSimilar2022-07-3105087739core:PlantMachinery2022-07-3105087739core:FurnitureFittings2022-07-31050877392022-07-3105087739core:WithinOneYear2023-07-3105087739core:WithinOneYear2022-07-3105087739core:AfterOneYear2023-07-3105087739core:AfterOneYear2022-07-3105087739core:Non-currentFinancialInstruments2023-07-3105087739core:Non-currentFinancialInstruments2022-07-3105087739core:BetweenTwoFiveYears2023-07-3105087739core:BetweenTwoFiveYears2022-07-3105087739core:MoreThanFiveYears2023-07-3105087739core:MoreThanFiveYears2022-07-3105087739core:ParentEntities2022-08-012023-07-3105087739core:ParentEntities2023-07-3105087739core:ParentEntities2022-07-3105087739bus:PrivateLimitedCompanyLtd2022-08-012023-07-3105087739bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3105087739bus:FRS1022022-08-012023-07-3105087739bus:Audited2022-08-012023-07-3105087739bus:Director22022-08-012023-07-3105087739bus:Director32022-08-012023-07-3105087739bus:Director42022-08-012023-07-3105087739bus:Director52022-08-012023-07-3105087739bus:CompanySecretary12022-08-012023-07-3105087739bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP