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Company No: 03997136 (England and Wales)

AMTEK ENGINEERING SOLUTIONS LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

AMTEK ENGINEERING SOLUTIONS LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

AMTEK ENGINEERING SOLUTIONS LTD

BALANCE SHEET

As at 31 May 2024
AMTEK ENGINEERING SOLUTIONS LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,632 0
Tangible assets 4 48,576 28,587
53,208 28,587
Current assets
Debtors 5 482,168 345,517
Cash at bank and in hand 115,352 101,417
597,520 446,934
Creditors: amounts falling due within one year 6 ( 134,933) ( 83,696)
Net current assets 462,587 363,238
Total assets less current liabilities 515,795 391,825
Provision for liabilities ( 12,155) ( 5,432)
Net assets 503,640 386,393
Capital and reserves
Called-up share capital 1,000 1,000
Revaluation reserve 33,909 33,909
Profit and loss account 468,731 351,484
Total shareholder's funds 503,640 386,393

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Amtek Engineering Solutions Ltd (registered number: 03997136) were approved and authorised for issue by the Board of Directors on 14 November 2024. They were signed on its behalf by:

C Guy
Director
AMTEK ENGINEERING SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
AMTEK ENGINEERING SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Amtek Engineering Solutions Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Whittle Road, Ferndown Industrial Esta, Wimborne, BH21 7RU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Intangible assets

Computer software Total
£ £
Cost
At 01 June 2023 0 0
Additions 5,100 5,100
At 31 May 2024 5,100 5,100
Accumulated amortisation
At 01 June 2023 0 0
Charge for the financial year 468 468
At 31 May 2024 468 468
Net book value
At 31 May 2024 4,632 4,632
At 31 May 2023 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 June 2023 17,029 158,870 175,899
Additions 838 32,825 33,663
At 31 May 2024 17,867 191,695 209,562
Accumulated depreciation
At 01 June 2023 13,201 134,111 147,312
Charge for the financial year 1,769 11,905 13,674
At 31 May 2024 14,970 146,016 160,986
Net book value
At 31 May 2024 2,897 45,679 48,576
At 31 May 2023 3,828 24,759 28,587

5. Debtors

2024 2023
£ £
Trade debtors 169,439 134,643
Amounts owed by Group undertakings 175,531 174,393
Short term loans to Group companies 52,000 0
Amounts owed by related parties 9,000 18,000
Corporation tax 57,511 0
Other debtors 18,687 18,481
482,168 345,517

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,530 908
Taxation and social security 86,740 63,329
Other creditors 45,663 19,459
134,933 83,696