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REGISTERED NUMBER: 10305527 (England and Wales)














Financial Statements

for the Year Ended 30 March 2024

for

Altham Fabrications Limited

Altham Fabrications Limited (Registered number: 10305527)






Contents of the Financial Statements
for the Year Ended 30 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Altham Fabrications Limited (Registered number: 10305527)

Balance Sheet
30 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 379,802 239,825

CURRENT ASSETS
Stocks 5 360,688 1,173,535
Debtors 6 1,229,668 1,140,267
Cash at bank and in hand 181,411 89,484
1,771,767 2,403,286
CREDITORS
Amounts falling due within one year 7 885,837 1,713,220
NET CURRENT ASSETS 885,930 690,066
TOTAL ASSETS LESS CURRENT LIABILITIES 1,265,732 929,891

CREDITORS
Amounts falling due after more than one year 8 (11,667 ) (21,667 )

PROVISIONS FOR LIABILITIES (93,778 ) (44,480 )
NET ASSETS 1,160,287 863,744

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,160,187 863,644
SHAREHOLDERS' FUNDS 1,160,287 863,744

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 October 2024 and were signed by:





M J Summers - Director


Altham Fabrications Limited (Registered number: 10305527)

Notes to the Financial Statements
for the Year Ended 30 March 2024

1. STATUTORY INFORMATION

Altham Fabrications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10305527

Registered office: Unit 5a Frontier Park Frontier Avenue
Rishton
Blackburn
Lancashire
BB1 3AL

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Statement of Compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Going concern
The financial statements have been prepared on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions
The company makes estimates and assumption concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement
The work in progress included stock internally generated and which the directors apply deductions to in order to assess its value excluding any profit element and allowing for future expected costs. This is applied consistently year on year and based on management's assessment of costs to complete and anticipated profit margins historically achieved.

In categorizing leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee, or the lessee, where the company is a lessor.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax,returns, rebates and discounts.

The company 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 company's activities.

Altham Fabrications Limited (Registered number: 10305527)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Taxation
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 income 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 company operates and generates taxable income.

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

Altham Fabrications Limited (Registered number: 10305527)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

2. ACCOUNTING POLICIES - continued

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.

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 company 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.

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 merchandise sold or services performed in the ordinary course of business.

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

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 company 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Altham Fabrications Limited (Registered number: 10305527)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

2. ACCOUNTING POLICIES - continued

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.

Dividends
Dividend distribution to the company’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 company 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.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which employees' services are received.

Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 59 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 31 March 2023 310,133 49,462 359,595
Additions 203,329 - 203,329
At 30 March 2024 513,462 49,462 562,924
DEPRECIATION
At 31 March 2023 107,441 12,329 119,770
Charge for year 57,017 6,335 63,352
At 30 March 2024 164,458 18,664 183,122
NET BOOK VALUE
At 30 March 2024 349,004 30,798 379,802
At 30 March 2023 202,692 37,133 239,825

Hire Purchase Contracts
Included within the net book value of tangible fixed assets is £Nil (2023 - £85,577) in respect of assets held under hire purchase contracts. Depreciation for the period on these assets was £Nil (2023 - £15,102).

Altham Fabrications Limited (Registered number: 10305527)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

5. STOCKS
2024 2023
£    £   
Raw materials 42,844 244,641
Work-in-progress 317,844 928,894
360,688 1,173,535

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 350,034 992,464
Amounts owed by group undertakings 258,949 60,728
Other debtors 505,978 2,546
Prepayments and accrued income 114,707 84,529
1,229,668 1,140,267

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 29,978
Trade creditors 384,401 553,475
Amounts owed to group undertakings 117,746 752,670
Tax 45,193 -
Social security and other taxes 41,803 36,208
VAT 205,063 67,522
Other creditors 32,370 232,893
Accrued expenses 49,261 40,474
885,837 1,713,220

Creditors include net obligations under hire purchase contracts and an invoice finance facility which are secured of £Nil (2023 - £246,486).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,667 11,667
11,667 21,667

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice Discounting 505,978 (226,507 )

Invoice discounting amounts are secured by a fixed and floating charge over all assets of the company.The above amount is included within other debtors amounts falling due under one year.

Altham Fabrications Limited (Registered number: 10305527)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

12. RELATED PARTY TRANSACTIONS

Included within creditors within one year is £112,948 (2023: £668,327) which is owed to the connected company Mayflower Pacific Holdings Limited. Sales to the company during the year amounted to £4,309 (2023: £3,350). Purchases from the company during the year amounted to £1,264,570 (2023: £1,305,547).

Included within creditors within one year is £4,797 (2023: £89,019 debtor) which is owed to connected company Tek-Dry Systems Limited. Sales to the company during the year amounted to £3,186,310 (2023: £2,062,749). Purchases from the company during the year amounted to £246,008 (2023: £2,400).

Included within debtors within one year is £256,506 (2023: £60,728) which is owed by the connected company Hunt Heat Exchangers Limited. Sales to the company during the year amounted to £1,373,622 (2023: 383,567). Purchases from the company during the year amounted to £Nil (2023: £Nil).

Included within debtors within one year is £2,443 (2023: £Nil) which is owed by the connected company Mattresstek Limited. Sales to the company during the year amounted to £27,766 (2023: £Nil). Purchases from the company during the year amounted to £Nil (2023: £5,184).

Amounts due from/to related parties are interest free and repayable on demand.

13. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mayflower Pacific Holdings Limited.