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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
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07485948
1
2023-01-01
2023-12-31
Company registration number:
07485948
Blade Tooling Company Limited
Trading as
Blade Tooling Company Limited
Unaudited abridged financial statements
31 December 2023
Blade Tooling Company Limited
Contents
Directors and other information
Director's report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Blade Tooling Company Limited
Directors and other information
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Director |
Mr Ian Cerrone |
(Appointed 1 March 2024) |
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Mr Philipp Visotschnig |
(Resigned 1 March 2024) |
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Company number |
07485948 |
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Registered office |
Billington Road |
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Burnley |
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Lancashire |
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BB11 5UB |
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Business address |
Unit 4 Ams, Technology Park |
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Billington Road |
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Burnley |
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Lancashire |
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BB11 5UB |
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Accountants |
Longden & Co Ltd |
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Riverside House |
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4 Melbourne Street |
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Stalybridge |
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Cheshire |
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SK15 2JE |
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Bankers |
National Westminster Bank |
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1 Princess Street |
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London |
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EC2R 8BP |
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Solicitors |
BHW Solictors |
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5 Grove Court |
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Grove Park |
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Enderby |
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Leicestershire |
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LE19 1SA |
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Blade Tooling Company Limited
Director's report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023.
Director
The director who served the company during the year was as follows:
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Mr Philipp Visotschnig |
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(Resigned 1 March 2024) |
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The Company has in place qualifying third party indemnity provisions for the benefit of its directors.
Dividends
The director does not recommends the payment of a dividend.
The principal activity of the Company is the provision of products and manufacturing services to the aerospace and industrial gas turbine industries.
The loss for the year after taxation amounted to £621,000 (Year to 31 December 2022 loss: £791,000). The directors do not recommend the payment of a dividend for the year, (Year ended 31 December 2022: £nil) resulting in an amount of £621,000 being withdrawn from reserves (Year ended 31 December 2022: £791,000) to be transferred to reserves.
Other matters
Given that GARDNER BTC Limited is exempt from the requirement to file audited accounts under Section 479A of the Companies Act 2006, it is also exempt from the requirement to prepare and file a strategic report, however the Directors have agreed to a limited assurance engagement (LAE).
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
27 November 2024
and signed on behalf of the board by:
Secretary
Mr Ian Cerrone
Director
Blade Tooling Company Limited
Abridged statement of comprehensive income
Year ended 31 December 2023
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2023 |
2022 |
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Note |
£ |
£ |
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Gross profit |
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2,176,409 |
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1,621,671 |
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Staff costs |
|
5 |
(
1,661,006) |
|
(
1,705,927) |
Depreciation and other amounts written off tangible and intangible fixed assets |
|
|
(
64,275) |
|
(
66,459) |
Other operating expenses |
|
|
(
701,753) |
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(
734,955) |
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|
_______ |
|
_______ |
Operating loss |
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|
(
250,625) |
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(
885,670) |
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Interest payable and similar expenses |
|
|
(
36,961) |
|
(
21,535) |
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|
_______ |
|
_______ |
Loss before taxation |
|
6 |
(
287,586) |
|
(
907,205) |
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Tax on loss |
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(
332,251) |
|
115,956 |
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_______ |
|
_______ |
Loss for the financial year and total comprehensive income |
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(
619,837) |
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(
791,249) |
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_______ |
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_______ |
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All the activities of the company are from continuing operations.
Blade Tooling Company Limited
Abridged statement of financial position
31 December 2023
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2023 |
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2022 |
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Note |
£ |
|
£ |
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£ |
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£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
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Tangible assets |
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371,397 |
|
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435,673 |
|
|
|
|
|
_______ |
|
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_______ |
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|
|
|
|
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371,397 |
|
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435,673 |
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|
|
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Current assets |
|
|
|
|
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|
|
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Stocks |
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235,809 |
|
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78,874 |
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Debtors |
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1,697,336 |
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3,073,852 |
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Cash at bank and in hand |
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219,632 |
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180,421 |
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|
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_______ |
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_______ |
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2,152,777 |
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|
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3,333,147 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
371,934) |
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(
883,291) |
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|
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_______ |
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_______ |
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Net current assets |
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1,780,843 |
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2,449,856 |
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_______ |
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_______ |
Total assets less current liabilities |
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2,152,240 |
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2,885,529 |
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Creditors: amounts falling due |
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after more than one year |
|
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- |
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(
40,581) |
Accruals and deferred income |
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(
107,877) |
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(
180,750) |
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_______ |
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_______ |
Net assets |
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2,044,363 |
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2,664,198 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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(
1) |
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(
1) |
Profit and loss account |
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2,044,364 |
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2,664,199 |
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_______ |
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_______ |
Shareholders funds |
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2,044,363 |
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2,664,198 |
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_______ |
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_______ |
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Mr Ian Cerrone
Director
Company registration number:
07485948
Blade Tooling Company Limited
Statement of changes in equity
Year ended 31 December 2023
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Called up share capital |
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Profit and loss account |
Total |
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£ |
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£ |
£ |
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At 1 January 2022 |
|
(
1) |
|
3,455,448 |
3,455,447 |
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|
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|
|
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Loss for the year |
|
|
|
(
791,249) |
(
791,249) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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|
|
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|
Total comprehensive income for the year |
|
- |
|
(
791,249) |
(
791,249) |
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|
|
|
|
|
|
|
|
|
|
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|
|
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_______ |
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_______ |
_______ |
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At 31 December 2022 and 1 January 2023 |
|
(
1) |
|
2,664,201
|
2,664,200
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Loss for the year |
|
|
|
(
619,837) |
(
619,837) |
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|
|
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|
_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
|
- |
|
(
619,837) |
(
619,837) |
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|
|
|
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|
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|
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_______ |
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_______ |
_______ |
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At 31 December 2023 |
|
(
1) |
|
2,044,364 |
2,044,363 |
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_______ |
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_______ |
_______ |
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Blade Tooling Company Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office in Unit 4, AMS Technology Park, Billington Road, Burnley, Lancashire, BB11 5UB. The Company's intermediate parent undertaking, Gardner Aerospace Holdings Limited ("The Gardner Group" / "Gardner") includes the Company in its consolidated financial statements. The consolidated financial statements of Gardner Aerospace Holdings Limited are prepared in accordance with FRS 102 and are available to the public and may be obtained from Unit 9, Victory Park, Victory Road, Derby, DE24 8ZF. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Having considered the basis of preparation of Gardner BTC Limited Financial Statements, the Directors are satisfied that it remains appropriate to prepare the Company Financial Statements on a going concern basis.
Disclosure exemptions
The company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of "Gardner Aerospace Holdings Limited" which can be obtained from Unit 9, Victory Park, Victory Road, Derby, DE24 8ZF. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:
Turnover
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes and is recognised when goods are despatched, and all the risks and rewards have been transferred to the customer. Income from service contracts is recognised over the life of the contracts.
Taxation
Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. Goodwill is adjusted by the amount of such deferred tax.Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Operating leases
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, including any incremental costs directly attributable to negotiating and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease.The Company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Short leasehold property |
- |
Straight line over the period of the lease |
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Plant and machinery |
- |
5 to 10 years |
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Fittings fixtures and equipment |
- |
5 to 10 years |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment excluding stocks and deferred assets
Financial assets (including trade and other debtors)A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment, impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.Non-financial assetsThe carrying amounts of the Company's non-financial assets, other than stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "CGU", "cash-generating unit"). An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. An impairment loss is reversed if and only if the reasons for the impairment have ceased to apply. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.At each reporting date, the Company assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss.Reversals of impairment losses are recognised in the profit and loss.
Financial instruments
In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions: (a) they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and (b) where the instrument will or may be settled in the Company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company's own equity instruments or is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.Interest-bearing borrowing's classified as basic financial instruments Interest-bearing borrowing's are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowing's are stated at amortised cost using the effective interest method, less any impairment losses.
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
4.
Turnover
Turnover arises from:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Sale of goods |
|
2,208,491 |
2,123,830 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Overseas turnover amounted to 2,208,491% (31 December 2022: 2,123,830%) of the total turnover for the year
Geographical markets
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Year |
Year |
|
|
|
ended |
ended |
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
United Kingdom |
|
662,818 |
655,752 |
|
Europe |
|
914,485 |
843,547 |
|
Rest of World |
|
631,188 |
624,531 |
|
|
|
_______ |
_______ |
|
|
|
2,208,491 |
2,123,830 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
All turnover relates to the sale of goods and originates from continuing operations and activity in the United Kingdom.
|
|
|
|
|
|
|
|
|
5.
Staff costs
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
The aggregate payroll costs incurred during the year were:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
1,474,185 |
1,503,439 |
|
Social security costs |
|
141,848 |
158,641 |
|
Other pension costs |
|
44,973 |
43,847 |
|
|
|
_______ |
_______ |
|
|
|
1,661,006 |
1,705,927 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Loss before taxation
Loss before taxation is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
64,275 |
66,459 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Tangible assets
£
Cost
At 1 January 2023 and 31 December 2023
2,765,917
_______
|
Depreciation
At 1 January 2023
2,330,244
Charge for the year
64,276
_______
|
At 31 December 2023
2,394,520
_______
|
Carrying amount
At 31 December 2023
371,397
_______
|
At 31 December 2022
435,673
_______
|
Leased plant and machineryAt the year end the net carrying amount of plant and machinery leased under a finance lease was £Nil (Year ended 31 December 2022: £131,000), and the depreciation charged during the year in respect of these assets was £Nil (Year ended 31 December 2022: £16,000). The leased equipment secures lease obligations (note 17). SecurityThe assets are pledged as security for loans held by the Company's parent undertaking.
8.
Creditors: amounts falling due within one year
The invoice discounting facilities are secured by fixed and floating charges over the property and assets of Group Companies obligated as guarantors. The invoice discounting facility carries a nominal interest rate of 1.75% above SONIA.
9.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Financial assets that are debt instruments measured at amortised cost |
|
|
|
|
Invoice discounting facility |
|
- |
442,649 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Financial liabilities measured at amortised cost |
|
|
|
|
Invoice discounting facility |
|
57,286 |
(-) |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Events after the end of the reporting period
The Group sold its entire shareholding in Gardner BTC Limited ("BTC")to an unrelated third party in March 2024. The disposal was completed following a full share purchase agreement.The Group has determined that the disposal of BTC does not constitute a discontinued operation. As such, the financial information of BTC has been included in the consolidated financial statements up to the date of disposal.
11.
Controlling party
The Company's controlling party and ultimate parent company is Ligeance Aerospace Technology Co. Ltd ("LAT"), a company registered in the Peoples' Republic of China and listed on the Shenzhen Stock Exchange. The consolidated accounts of LAT are available from LAT's registered office, No.55 Century Avenue, Fengxi New City, Xixian New District, Xianyang City, Shaanxi Province, China.Ligeance Investments Limited is the Company's immediate parent undertaking. The smallest and largest group in which the results of the company are consolidated is that headed by LAT, the consolidated accounts for which be obtained at the address detailed above.Since 2022 Sichuan Development Holdings ("SDH"), a significant shareholder of LAT, has been working on a transaction to convert its debt with LAT into equity which would result in SDH taking a controlling interest in LAT. The transaction is subject to governmental approvals particularly in the UK and France. The French government approval was given in March 2022, whilst the UK Government consent in October 2022 was subject to certain remedy actions, in particular the reinforcement of the existing security agreement with the MoD, and certain governance changes. On 9 November 2023 LAT announced an application for SDH to subscribe for 200 million of shares in LAT, through a private placement. This transaction was approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission (CSRC) during December 2023 and once completed will see SDH hold approximately 34% of shares in LAT.
12.
Accounting estimates and judgements
The preparation of the financial statements requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are considered to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are: Deferred tax asset: The utilisation of tax losses and reversals of accelerated capital allowances are based on management forecasts. Development costs: Development costs on major new programmes, where the outcome of these programmes is assessed as being reasonably certain, where they are capable of production and where their duration is expected to be substantial, are capitalised and amortised over their useful economic life. Stock provision: Management consider the recoverability of the stock at the year end by looking at the ageing analysis and also the forward order book and based on this, provide in line with the stock provisioning policy adopted by the Group. This is based on a prudent approach. Other provisions: Management consider the likelihood of any potential outflows and make relevant provisions on this basis at the year end. Impairment review: Management perform annual impairment reviews of tangible and intangible assets by carrying out an assessment of an assets value in use and fair value based on scenario analysis and reasonable judgements. Any excess in an assets carrying value is then impaired to its recoverable amount.
13.
Contingencies
At 31 December 2022 there was a guarantee and set off agreement between Group undertakings and the National Westminster Bank. The total indebtedness of the Group at 31 December 2023 amounted to £Nil (31 December 2022: £Nil). In addition, National Westminster Bank has issued a customs comprehensive guarantee for £2,550 (31 December 2022: £2,550).