Silverfin false false 30/04/2024 01/05/2023 30/04/2024 R J Bland 11/04/2002 A F Bond 20/12/2021 K L Ellis 20/12/2021 D J Raynor 20/12/2021 Dr T J Searle 20/12/2021 C P Thomson 20/12/2021 S M Ward 20/12/2021 31 January 2025 The principal activity of the Company during the financial year was the manufacture of moulds and equipment for injection moulding of composites components. 04414508 2024-04-30 04414508 bus:Director1 2024-04-30 04414508 bus:Director2 2024-04-30 04414508 bus:Director3 2024-04-30 04414508 bus:Director4 2024-04-30 04414508 bus:Director5 2024-04-30 04414508 bus:Director6 2024-04-30 04414508 bus:Director7 2024-04-30 04414508 2023-04-30 04414508 core:CurrentFinancialInstruments 2024-04-30 04414508 core:CurrentFinancialInstruments 2023-04-30 04414508 core:ShareCapital 2024-04-30 04414508 core:ShareCapital 2023-04-30 04414508 core:RetainedEarningsAccumulatedLosses 2024-04-30 04414508 core:RetainedEarningsAccumulatedLosses 2023-04-30 04414508 core:CostValuation 2023-04-30 04414508 core:CostValuation 2024-04-30 04414508 core:ImmediateParent core:CurrentFinancialInstruments 2024-04-30 04414508 core:ImmediateParent core:CurrentFinancialInstruments 2023-04-30 04414508 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-04-30 04414508 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-04-30 04414508 core:CurrentFinancialInstruments 1 2024-04-30 04414508 core:CurrentFinancialInstruments 1 2023-04-30 04414508 2022-04-30 04414508 bus:OrdinaryShareClass1 2024-04-30 04414508 core:WithinOneYear 2024-04-30 04414508 core:WithinOneYear 2023-04-30 04414508 core:BetweenOneFiveYears 2024-04-30 04414508 core:BetweenOneFiveYears 2023-04-30 04414508 core:MoreThanFiveYears 2024-04-30 04414508 core:MoreThanFiveYears 2023-04-30 04414508 2023-05-01 2024-04-30 04414508 bus:FilletedAccounts 2023-05-01 2024-04-30 04414508 bus:SmallEntities 2023-05-01 2024-04-30 04414508 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04414508 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04414508 bus:Director1 2023-05-01 2024-04-30 04414508 bus:Director2 2023-05-01 2024-04-30 04414508 bus:Director3 2023-05-01 2024-04-30 04414508 bus:Director4 2023-05-01 2024-04-30 04414508 bus:Director5 2023-05-01 2024-04-30 04414508 bus:Director6 2023-05-01 2024-04-30 04414508 bus:Director7 2023-05-01 2024-04-30 04414508 core:PlantMachinery core:BottomRangeValue 2023-05-01 2024-04-30 04414508 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 04414508 core:Vehicles core:TopRangeValue 2023-05-01 2024-04-30 04414508 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 04414508 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 04414508 core:ComputerEquipment core:TopRangeValue 2023-05-01 2024-04-30 04414508 2022-05-01 2023-04-30 04414508 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 04414508 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 04414508 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04414508 (England and Wales)

COMPOSITE INTEGRATION LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

COMPOSITE INTEGRATION LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

COMPOSITE INTEGRATION LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
COMPOSITE INTEGRATION LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 3
Fixed assets
Investments 5 100 100
100 100
Current assets
Stocks 6 1,319,552 1,455,919
Debtors 7 3,210,886 2,916,829
Cash at bank and in hand 2,275,774 994,533
6,806,212 5,367,281
Creditors: amounts falling due within one year 8 ( 1,531,453) ( 1,679,803)
Net current assets 5,274,759 3,687,478
Total assets less current liabilities 5,274,859 3,687,578
Net assets 5,274,859 3,687,578
Capital and reserves
Called-up share capital 10 2 2
Profit and loss account 5,274,857 3,687,576
Total shareholder's funds 5,274,859 3,687,578

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Composite Integration Ltd (registered number: 04414508) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

R J Bland
Director
COMPOSITE INTEGRATION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
COMPOSITE INTEGRATION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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

General information and basis of accounting

Composite Integration Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1f Long Acre, Saltash, PL12 6LZ, United Kingdom.

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

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

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

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

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

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

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

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

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The turnover and costs in relation to contracts are recognised on a percentage complete basis. As such, judgements are applied to determine the stage of completion and anticipated profit margins on each project. Management seek to ensure the accuracy of these estimates through regular and focused consultation with the team on each project and closely monitor contract performance.

3. Prior year adjustment

During the current year, it was identified that the licencing fee invoices billed from the parent company, Actea Holdings Limited, had been over-charged in the previous year to 30 April 2023.

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Administrative expenses (SIORE) 2,541,383 (540,000) 2,001,383
Tax on profit (SOIRE) 146,654 16,343 162,997
Debtors (SoFP) 2,374,779 542,050 2,916,829
Creditors: amounts falling due within one year (SoFP) 1,663,460 16,343 1,679,803
Provision for liabilities 2,050 (2,050) 0

4. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 44 39

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 100
At 30 April 2024 100
Carrying value at 30 April 2024 100
Carrying value at 30 April 2023 100

6. Stocks

2024 2023
£ £
Stocks 610,376 525,108
Work in progress 709,176 930,811
1,319,552 1,455,919

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

7. Debtors

2024 2023
£ £
Trade debtors 1,415,337 1,121,136
Amounts owed by Parent undertakings 1,549,849 832,243
Prepayments and accrued income 54,951 749,304
Deferred tax asset 2,050 2,050
VAT recoverable 188,699 212,096
3,210,886 2,916,829

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 414,076 727,972
Amounts owed to own subsidiaries 100 100
Amounts owed to connected companies 0 30,000
Accruals and deferred income 1,017,070 718,232
Corporation tax 60,511 174,115
Other taxation and social security 32,673 23,572
Other creditors 7,023 5,812
1,531,453 1,679,803

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 2,050 ( 9,068)
Credited to the Statement of Income and Retained Earnings 0 11,118
At the end of financial year 2,050 2,050

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 100,000 100,000
between one and five years 400,000 400,000
after five years 650,000 650,000
1,150,000 1,150,000

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £66,761 (2023: £39,219). Contributions totalling £7,027 (2023: £6,126) were payable to the fund at the reporting date and are included in creditors.

12. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, Actea Holdings Limited, (Registered office: Unit 1f Long Acre, Saltash, PL12 6LZ, England, United Kingdom), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

As a parent company of wholly owned subsidiary undertakings, the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.