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Registration number: 02903119

Advanced Machining Techniques Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

image-name
 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Company Information

Directors

Mr Stuart Matthew Kaczmarek

Mr Sean Thomas Plummer

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

(Registration number: 02903119)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

12,311

9,654

Current assets

 

Stocks

5

5,231

8,116

Debtors

6

57,182

29,903

Cash at bank and in hand

 

12,623

16,277

 

75,036

54,296

Creditors: Amounts falling due within one year

7

(65,051)

(37,067)

Net current assets

 

9,985

17,229

Total assets less current liabilities

 

22,296

26,883

Creditors: Amounts falling due after more than one year

7

(15,420)

(23,162)

Provisions for liabilities

(2,339)

(1,744)

Net assets

 

4,537

1,977

Capital and Reserves

 

Called up share capital

220

220

Retained Earnings

4,317

1,757

Shareholders' funds

 

4,537

1,977

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

 

(Registration number: 02903119)
Balance Sheet as at 29 February 2024

.........................................
Mr Sean Thomas Plummer
Director

   
     
 

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

The principal place of business is:
8 Riverside Business Centre
Brighton Road
Shoreham-by-Sea
West Sussex
BN43 6RE

These financial statements were authorised for issue by the Board on 27 November 2024.

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 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).

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 financial statements are presented in Sterling, which is the functional currency of the company.

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.

 

Notes to the Financial Statements for the Year Ended 29 February 2024

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 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.

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 and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

10% on cost

Plant and machinery

20% on reducing balance

Fixtures and fittings

20% on reducing balance

Computer equipment

15% on reducing balance

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.

 

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

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.

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.

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.

 

Notes to the Financial Statements for the Year Ended 29 February 2024

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.

3

Staff numbers

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

2024
 No.

2023
 No.

Other departments

5

4

5

4

 

Notes to the Financial Statements for the Year Ended 29 February 2024

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

11,015

108,694

39,462

159,171

Additions

-

4,510

-

4,510

At 29 February 2024

11,015

113,204

39,462

163,681

Depreciation

At 1 March 2023

11,015

103,687

34,815

149,517

Charge for the year

-

924

929

1,853

At 29 February 2024

11,015

104,611

35,744

151,370

Carrying amount

At 29 February 2024

-

8,593

3,718

12,311

At 28 February 2023

-

5,007

4,647

9,654

5

Stocks

2024
£

2023
£

Work in progress

5,231

8,116

6

Debtors

Current

2024
£

2023
£

Trade Debtors

26,532

-

Other debtors

30,650

29,903

 

57,182

29,903

 

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

8,519

8,519

Trade Creditors

 

19,606

8,150

Social security and other taxes

 

8,950

5,700

Other payables

 

1

-

Accrued expenses

 

2,777

1,469

Corporation tax liability

25,198

13,229

 

65,051

37,067

Due after one year

 

Loans and borrowings

8

15,420

23,162

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

15,420

23,162

 

Notes to the Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,420

23,162

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,519

8,519

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £22,000 (2023 - £15,360). At the balance sheet date the company has operating lease commitments in the above amount which are payable over the total remaining term of the leases.

 

Notes to the Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

29,903

29,903

Interest transactions

748

748

At end of period

30,651

30,651

2023

Key management
£

Total
£

At start of period

32,048

32,048

Repaid

(2,850)

(2,850)

Interest transactions

705

705

At end of period

29,903

29,903

Terms of loans to related parties

During the year the company made loans to the directors. The loans were unsecured, repayable on demand and carried an interest rate of 2.5%.