Company statement of changes in equity
For the year ended 31 December 2023
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At 1 January 2023 (as restated)
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Comprehensive income for the year
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Dividends: Equity capital
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Company statement of changes in equity
For the year ended 31 December 2022
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At 1 January 2022 (as previously stated)
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Prior year adjustment (Note 23)
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At 1 January 2022 (as restated)
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Comprehensive income for the year
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At 31 December 2022 (as restated)
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The notes on pages 19 to 39 form part of these financial statements.
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Page 16
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Consolidated statement of cashflows
For the year ended 31 December 2023
Cash flows from operating activities
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Profit/(loss) for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Foreign exchange movements on translation
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Net cash generated from/(used in) operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Net cash used in investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 19 to 39 form part of these financial statements.
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Page 17
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Consolidated analysis of net debt
For the year ended 31 December 2023
The notes on pages 19 to 39 form part of these financial statements.
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Page 18
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Notes to the financial statements
For the year ended 31 December 2023
ACR UK Holdings Ltd is a limited liability company incorporated in England and Wales. The registered office is Unit 4 Ocivan Way, Margate, Kent, England, CT9 4NN.
The Company's principal activity is a holding company.
The principal activity of its subsidiaries is the design and manufacture of maritime and land terrestrial/satellite communications products used in the Search and Rescue ecosystem, plastic moulding and assembly of components for the sea safety market, provide aviation services and products to commercial and military customers, provide flight data and communication technology and the design and manufacture of flight data monitoring, flight following, satellite data link and voice communication equipment and services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company financial statements are presented in Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
FRS102 allows certain disclosure exemptions and the company has taken advantage of the following exemptions for the company financial statements:
∙From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company’s cash flows;
∙From the financial instruments disclosures required under FRS102 paragraphs 11.39 to 11.48A and paragraphs 12.26 – 12.29, as the information is provided in the consolidated statement disclosures; and
∙From disclosing the company key management personnel compensation, as required by FRS102 paragraph 33.7, as the information is included within the consolidated statement disclosures.
The following principal accounting policies have been applied:
Page 19
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Group reported profit for the year of £2.7m and net current liabilities of £25.3m, net assets of £0.8m and a cash inflow for the year of £0.6m.
As at 31 December 2023 the Group’s financing arrangements consisted of intra-group loans of £43.9m, these intra-group loans have no fixed repayment date and attract interest of 5% annually. ACR UK Holdings has access to a revolving credit facility through its parent entity in order to ensure it can meet its liabilities when they fall due. The Group also held £2.3m of readily available cash in bank accounts. The Group’s forecasts and projections, taking into account reasonably possible changes in trading performance show that the Group will be able to operate for a forecast period of at least 12 months from the approval date of these financial statements. Accordingly, the Group continues to adopt the going concern basis in preparing its consolidated financial statements.
The directors have prepared detailed profit and loss and cash flow forecasts in to 2025 on a cautiously realistic basis. This takes into account the performance already seen in 2024 as a result of some sensitivity in respect of supply chain and cost base increases. The Group is in a position to flex certain costs, including headcount, travel, etc. in response to unfavourable variation in revenue. It is also assumed that customers will continue to pay to agreed terms in the normal manner, as there have been no changes to terms and conditions operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 20
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Page 21
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Foreign currency translation (continued)
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Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The Group operates a defined contribution pension scheme. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
Page 22
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.
Page 23
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Intangible assets (continued)
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Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Patents - 3-10 years
Development expenditure - 10 years
Trademarks - 10-20 years
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 24
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Page 25
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 26
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Notes to the financial statements
For the year ended 31 December 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reports for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates.
The following judgements have been made in these financial statements:
Impairment of investments
Where there are indicators of impairment, management performs impairment tests based on fair value less costs to sell or value in use, which includes estimates, for example, of market prices and the use of discount rates. In 2023, impairment charge of £734,498 (2022: £4,114,453) was recognised against the investment.
The following estimates have been made in these financial statements:
Estimating useful lives of tangible and intangible assets
The Group estimates the useful lives of tangible and intangible assets based over which assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the used of the assets. In addition, estimation of the useful lives of tangible and intangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. See Note 13 for the carrying amount of intangible assets, Note 14 for the carrying amount of tangible assets, and Note 2.11 and Note 2.12 for the useful economic lives for each class of assets.
Providing allowance for slow-moving and obsolete inventory
Management evaluates the realisability of inventory on a case-by-case basis and make adjustments to inventory provision based on an analysis of the historical usage of the individual inventory items. The Group’s core business is subject to market changes which may cause inventory obsolescence and is considered a key source of estimation uncertainty. As at 31 December 2023, stocks amounted to £8,133,825 (2022: £7,887,120), net of stock provision at £313,123 (2022: £190,645).
Provision for doubtful debts
The Group makes allowance for doubtful debts based on the evaluation that management performs of the length of the relationship with the customer or contractor, the current credit status of the customer, and the average aging and the history of the payment. During the year, an impairment loss of £4,263 (2022: £1,404) was recognised against trade debtors.
Warranty Provision
The Group estimates the size of warranty provision required on some of the products that its sells. The provision is based on an average of historic experience of returns which currently equates to 1.5%. Warranty provision as of 31 December 2023 amounting to £493,951 (2022: £472,041) has been included as part of accruals and deferred income in the Group's Statement of financial position at year end.
Page 27
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Notes to the financial statements
For the year ended 31 December 2023
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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Other operating income/(expense)
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Other operating income/(expense)
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The operating profit is stated after charging/(crediting):
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Research & development charged as an expense
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Depreciation of tangible fixed assets
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Amortisation of intangible fixed assets, including goodwill
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Page 28
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Notes to the financial statements
For the year ended 31 December 2023
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During the year, the Group obtained the following services from the Group's auditor and its associates:
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Fees payable to the Group's auditor for the audit of the Group's annual accounts
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Fees payable to the Group's auditor and its associates for the audit of the Group's annual accounts
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Other services relating to taxation
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Accounts preparation fees
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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The Company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).
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Page 29
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Notes to the financial statements
For the year ended 31 December 2023
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The directors did not receive any remuneration (2022: £Nil) from the Group during the year.
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Interest (receivable)/payable and similar expenses
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Bank interest (receivable)/payable
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Loans from group undertakings
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Current tax on profit/(loss) for the year
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Origination and reversal of timing differences
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Page 30
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Notes to the financial statements
For the year ended 31 December 2023
11.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
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Non-tax deductible amortisation of goodwill and impairment
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Expenses not deductible for tax purposes
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Capital allowances for year in excess of depreciation
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Income at higher tax rate
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Total tax charge for the year
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Factors that may affect future tax charges
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There are no factors which may affect future tax charges.
Page 31
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Notes to the financial statements
For the year ended 31 December 2023
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Foreign exchange movement
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Foreign exchange movement
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Goodwill arose from historical acquisition of subsidiaries, i.e. Ocean Signal Limited, Skytrac Systems Limited, Flight Data Systems Limited and Flight Data Systems Pty Limited.
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Page 32
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Notes to the financial statements
For the year ended 31 December 2023
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Long-term leasehold property
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Transfers between classes
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Transfers between classes
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Page 33
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Notes to the financial statements
For the year ended 31 December 2023
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Investments in subsidiary companies
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Page 34
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Notes to the financial statements
For the year ended 31 December 2023
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The following were subsidiary undertakings of the Company:
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Unit 4 Ocivan Way, Margate, Kent, England, CT9 4NN
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Design and production of marine communication products
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2400-745 Thurlow Street, Vancouver, Canada, BC V6E 0C5
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Flight data and communication technology
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Flight Data Systems Pty Limited
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31 McGregors Drive, Keilor Park, Australia, VIC 3042
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Aviation services and products
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Flight Data Systems Limited
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Suite 4 Heathrow, Boulevard 4, 280 Bath Road, West Drayton, Middlesex, England, UB7 0DQ
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Aviation services and products
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ACR Electronics Australia Pty Limited
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31 McGregors Drive, Keilor Park, Australia, VIC 3042
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Intermediate holding company
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Flight Data Systems Limited (registered number 08182992) was entitled to exemption from the requirements of the Companies Act 2006 relating to the audit of its individual accounts by virtue of s479A of the Act relating to subsidiary companies.
ACR UK Holdings Limited has given a guarantee under s479C in respect of the year ended 31 December 2023 and this entity is included in these consolidated accounts.
The subsidiary entity has filed a written notice of the agreement of members, a statement of guarantee and a copy of these consolidated accounts together with their own individual financial statements.
There has been an impairment charge in the year of £734,498 (2022: £4,114,453) against the investment in Flight Data Systems Pty Limited. This entity ceased trading in the previous year and has been impaired to net asset value.
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Raw materials and consumables
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Finished goods and goods for resale
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The carrying value of stocks are stated net of impairment losses totalling £313,123 (2022: £190,645).
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Page 35
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Notes to the financial statements
For the year ended 31 December 2023
17.Debtors (continued)
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Amounts owed by group undertakings
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Prepayments and accrued income
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During the year, an impairment loss of £4,263 (2022: £1,404) was recognised against trade debtors.
Amounts owed by group undertakings are unsecured, have no fixed repayment date and attract an interest rate of 5%.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The majority of the loans due to parent undertaking comprise loans received for the purchase of subsidiaries.
Amounts owed to group undertakings include loans amounting to £43,796,808 (2022: £45,165,222) which are unsecured and have no fixed repayment date. The loans attract an interest rate of 5%. The remaining balances are unsecured, interest free and payable on demand.
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Page 36
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Notes to the financial statements
For the year ended 31 December 2023
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Deferred taxation liability
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Charged to profit or loss
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Foreign exchange movements on translation
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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4,701,830 (2022 - 4,701,830) Ordinary shares of £1.00 each
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Ordinary shares carry full voting, dividend and capital distribution, including on winding up, rights and are not redeemable.
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Foreign exchange reserve
The foreign translation reserve relates to the foreign exchange movement on translation of entities which have a different functional currency to the presentational currency.
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses.
Non-controlling interests
Non-controlling interests includes the share of net assets attributed to management whom hold a 6% shareholding in Skytrac Systems Limited.
Page 37
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Notes to the financial statements
For the year ended 31 December 2023
During the year ended 31 December 2023, the Company identified an error in its Consolidated Group and Company's financial statements. An amount due to group undertakings amounting to £4,241,065, which was no longer payable, had been incorrectly recorded in prior periods. Due to the impracticality of identifying the specific prior period in which the error originated, the comparative information for the financial year ended 31 December 2022, being the earliest prior period presented, has been restated to correct this error by crediting back the balance. The effect of the restatement is as presented in the below:
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Effect of restatement on amounts owed to group undertakings
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Amounts owed to group undertakings (as previously stated)
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Amounts owed to group undertakings (as restated)
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Effect of restatement on opening profit and loss account
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Profit and loss account as at 1 January 2022 (as previously stated)
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Profit and loss account as at 1 January 2022 (as restated)
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The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Group. The annual contribution payable are charged to the profit and loss accounts and amounts payable in the year were £698,836 (2022: £626,787). There were contributions outstanding of £1,535 (2022: £Nil) at the year end.
Page 38
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Notes to the financial statements
For the year ended 31 December 2023
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Commitments under operating leases
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At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Group is exempt under FRS 102 paragraph 33.1A from disclosing any transactions or balances between wholly owned group entities that have been eliminated on consolidation.
Remuneration for key management personnel and directors paid by the Group during the year amounted to £1,284,676 (2022: £1,171,277).
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Post balance sheet events
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There have been no significant events affecting the Group since the year end.
The Group and Company's immediate parent company is ACR Group Borrower LLC, a company incorporated in the USA.
The Group and Company's ultimate parent is ACR Group Parent Inc., a company incorporated in the USA. Copies of the Group financial statements of ACR Group Parent Inc. are available at the corporate headquarters, the address of which is set out on the Company website (www.acratex.com).
ACR Group Parent Inc. is the smallest and largest group to consolidate ACR UK Holdings Ltd.
Page 39
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