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Registered number: 03647587









AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
COMPANY INFORMATION


Directors
J H Edwards 
A I Fergusson 
P F Jackson 
A C Smith 
P J Stubbs 




Registered number
03647587



Registered office
82 St John Street

London

EC1M 4JN




Independent auditors
PKF Smith Cooper Audit Limited

Cornerblock

2 Cornwall Street

Birmingham

West Midlands

B3 2DX





 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 17


 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their Strategic report and the financial statements for Automotive Performance Technologies Limited (the "Company") for the year ended 30 September 2023.

Principal activity

The principal activity of the Company is that of an intermediate holding company.

Business review
 
The Company reported a profit for the year of £113,180 (2022: £323,598) in respect of dividend income received from its subsidiary undertakings. The total shareholders funds for the Company is £312,041 (2022: £312,041).

Principal risks and uncertainties
 
The Company is an intermediate holding company and does not carry out a trade. As such, the Company is not exposed to significant external risks or uncertainties, other than matters relating to its subsidiary undertakings which might affect the carrying value of the Company's investments.

Financial key performance indicators
 
The Company is an intermediate holding company and does not carry out a trade and is not monitored by reference to a range of financial key performance indicators.


This report was approved by the board and signed on its behalf.





................................................
A I Fergusson
Director

Date: 31 January 2025

Page 1

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £113,180 (2022 - £323,598).

Interim dividends paid during the year amounted to £113,180 (2022 - £323,598). The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

J H Edwards 
A I Fergusson 
P F Jackson 
A C Smith 
P J Stubbs 

Page 2

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
A I Fergusson
Director

Date: 31 January 2025

Page 4

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 

Opinion


We have audited the financial statements of Automotive Performance Technologies Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Company and industry, key laws and regulations that we identified included:

Companies Act; and
Tax legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the financial statements.

Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED (CONTINUED)


Other matters 
 

The financial statements for year ended 30 September 2022 were not audited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Newman (Senior Statutory Auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
Cornerblock
2 Cornwall Street
Birmingham
West Midlands
B3 2DX

3 February 2025
Page 8

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
(as restated)
Note
£
£

  

Income from shares in group undertakings
  5
113,180
323,598

Profit before tax
  
113,180
323,598

Profit for the financial year
  
113,180
323,598

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 12 to 17 form part of these financial statements.

Page 9

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 03647587

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
(as restated)
Note
£
£

Fixed assets
  

Investments
 7 
1,579,927
1,579,927

  
1,579,927
1,579,927

Current assets
  

Debtors: amounts falling due within one year
 8 
38,966
38,966

  
38,966
38,966

Creditors: amounts falling due within one year
 9 
(1,306,852)
(1,306,852)

Net current liabilities
  
 
 
(1,267,886)
 
 
(1,267,886)

Total assets less current liabilities
  
312,041
312,041

  

Net assets
  
312,041
312,041


Capital and reserves
  

Called up share capital 
 10 
166,666
166,666

Share premium account
 11 
7,354
7,354

Capital redemption reserve
 11 
16,708
16,708

Other reserves
 11 
75,625
75,625

Profit and loss account
 11 
45,688
45,688

  
312,041
312,041


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A I Fergusson
Director

Date: 31 January 2025

The notes on pages 12 to 17 form part of these financial statements.

Page 10
 

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 October 2021
166,666
7,354
16,708
75,625
45,688
312,041





Profit for the year
-
-
-
-
323,598
323,598


Dividends paid
-
-
-
-
(323,598)
(323,598)





At 1 October 2022
166,666
7,354
16,708
75,625
45,688
312,041





Profit for the year
-
-
-
-
113,180
113,180


Dividends paid
-
-
-
-
(113,180)
(113,180)



At 30 September 2023
166,666
7,354
16,708
75,625
45,688
312,041



The notes on pages 12 to 17 form part of these financial statements.

Page 11
 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Automotive Performance Technologies Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of the registered office and company registration number is shown on the company information page. The principal activity of the company is disclosed in the Strategic report on page 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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 financial statements are prepared in Sterling which is the functional currency of the company and the level of rounding is to the nearest whole £1.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Alcon Performance Engineering Group Limited as at 30 September 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company and Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 12

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price.

 
2.8

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.


3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
1,000
-


The audit fee for the year will be bourne by the Company's subsidiary undertaking on behalf of the Company.





4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 13

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Income from investments

2023
2022
£
£



Dividends received from subsidiary undertakings
113,180
323,598

113,180
323,598


6.


Dividends

2023
2022
£
£


Interim dividends paid
113,180
323,598

113,180
323,598


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2022
1,579,927



At 30 September 2023
1,579,927






Net book value



At 30 September 2023
1,579,927



At 30 September 2022
1,579,927

Page 14

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Alcon Components Limited
Ordinary
100%
Alcon Components USA Inc
Ordinary
100%

The registered office address of Alcon Components Limited is 82 St John Street, London, EC1M 4JN.
The registered office address of Alcon Components USA Inc is 121 Oakpark Drive, Mooresville, NC, 28115, United States. 


8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
38,966
38,966



9.


Creditors: Amounts falling due within one year

2023
2022
(as restated)
£
£

Amounts owed to group undertakings
1,305,498
1,305,498

Other creditors
1,354
1,354

1,306,852
1,306,852


During the year, a prior year adjustment was made to reclassify amounts owed to group undertakings from creditors: amounts falling after more than one year to creditors: amounts falling due within one year as at 30 September 2022.

Page 15

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



118,000 (2022 - 118,000) Ordinary B shares of £1.00 each
118,000
118,000
48,666 (2022 - 48,666) Ordinary C shares of £1.00 each
48,666
48,666

166,666

166,666

Ordinary B and Ordinary C shares rank pari-passu in terms of voting rights and income distrubution, but have different rights in respect of capital distributions as prescribed by the Company's Articles of Association.



11.


Reserves

Share premium account

This reserve records the amount above nominal value received for the issue of shares.

Capital redemption reserve

This reserve is used to record the nominal value of shares redeemed by the Company.

Other reserves

This reserve records other amounts to be included in reserves.

Profit and loss account

This reserve records all current and prior period retained profits and losses.

12.

Prior year adjustment

During the year, a prior year adjustment was made to reflect dividends received from the Company's subsidiary undertaking and paid to the Company's parent undertaking for the year ended 30 September 2022. The effect of this prior year adjustment is to restate profit for the year from £nil to £323,598 and dividends paid during the year from £nil to £323,598. This prior year adjustment has had no impact on profit and loss reserves as reported in the Balance Sheet.

13.

Contingent liabilities

There is an inter-company multilateral guarantee in place relating to the borrowings of group companies, to which the Company is party to. The amount guaranteed in this way is unlimited and at 30 September 2023 totalled £5,690,527 (2022: £1,757,450).



Page 16

 
AUTOMOTIVE PERFORMANCE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Parent undertaking

The immediate and ultimate parent undertaking is Alcon Performance Engineering Group Limited, a company incorporated in England, United Kingdom. The registered office address is 82 St John Street, London, EC1M 4JN.
The smallest and largest group in which the results of the Company are consolidated is that headed by Alcon Performance Engineering Group Limited, a company incorporated in England, United Kingdom. The registered office address is 82 St John Street, London, EC1M 4JN. This company has no ultimate controlling party.
The consolidated financial statements of the group are available to the public from Companies House.

Page 17