IRIS Accounts Production v24.3.2.46 05097602 Board of Directors 1.1.23 31.12.23 31.12.23 7.3.25 false true false false false true false Auditors Opinion Ordinary 1.00000 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh050976022022-12-31050976022023-12-31050976022023-01-012023-12-31050976022021-12-31050976022022-01-012022-12-31050976022022-12-3105097602ns15:EnglandWales2023-01-012023-12-3105097602ns14:PoundSterling2023-01-012023-12-3105097602ns10:Director12023-01-012023-12-3105097602ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105097602ns10:SmallEntities2023-01-012023-12-3105097602ns10:Audited2023-01-012023-12-3105097602ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3105097602ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105097602ns10:FullAccounts2023-01-012023-12-310509760212023-01-012023-12-3105097602ns10:EntityNoLongerTradingButTradedInPast2023-01-012023-12-3105097602ns10:OrdinaryShareClass12023-01-012023-12-3105097602ns5:CurrentFinancialInstruments2023-12-3105097602ns5:CurrentFinancialInstruments2022-12-3105097602ns5:Non-currentFinancialInstruments2023-12-3105097602ns5:Non-currentFinancialInstruments2022-12-3105097602ns5:ShareCapital2023-12-3105097602ns5:ShareCapital2022-12-3105097602ns5:SharePremium2023-12-3105097602ns5:SharePremium2022-12-3105097602ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3105097602ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3105097602ns5:RetainedEarningsAccumulatedLosses2023-12-3105097602ns5:RetainedEarningsAccumulatedLosses2022-12-3105097602ns10:RegisteredOffice2023-01-012023-12-3105097602ns5:NetGoodwill2023-01-012023-12-3105097602ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105097602ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3105097602ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3105097602ns5:PlantMachinery2023-01-012023-12-3105097602ns5:FurnitureFittings2023-01-012023-12-3105097602ns5:NetGoodwill2022-12-3105097602ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3105097602ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3105097602ns5:NetGoodwill2023-12-3105097602ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3105097602ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3105097602ns5:NetGoodwill2022-12-3105097602ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3105097602ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3105097602ns5:PlantMachinery2022-12-3105097602ns5:FurnitureFittings2022-12-3105097602ns5:PlantMachinery2023-12-3105097602ns5:FurnitureFittings2023-12-3105097602ns5:PlantMachinery2022-12-3105097602ns5:FurnitureFittings2022-12-3105097602ns5:CostValuation2022-12-3105097602ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3105097602ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3105097602ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3105097602ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2022-12-3105097602ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3105097602ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3105097602ns5:HirePurchaseContracts2023-12-3105097602ns5:HirePurchaseContracts2022-12-3105097602ns5:WithinOneYear2023-12-3105097602ns5:WithinOneYear2022-12-3105097602ns5:BetweenOneFiveYears2023-12-3105097602ns5:BetweenOneFiveYears2022-12-3105097602ns5:AllPeriods2023-12-3105097602ns5:AllPeriods2022-12-3105097602ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 05097602 (England and Wales)















Financial Statements

for the Year Ended 31 December 2023

for

ASTEK INNOVATIONS LIMITED

ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 - 11,941
Tangible assets 6 - 544,785
Investments 7 - -
- 556,726

Current assets
Stocks 1,104 541,914
Debtors 8 7,473,294 6,072,074
Cash at bank and in hand 98,396 539,914
7,572,794 7,153,902
Creditors
Amounts falling due within one year 9 202,419 672,927
Net current assets 7,370,375 6,480,975
Total assets less current liabilities 7,370,375 7,037,701

Creditors
Amounts falling due after more than one
year

10

(6,108

)

(7,427

)

Provisions for liabilities (333,075 ) (135,000 )
Net assets 7,031,192 6,895,274

Capital and reserves
Called up share capital 13 186,528 186,528
Share premium 786,541 786,541
Other reserves 180,777 180,777
Retained earnings 5,877,346 5,741,428
Shareholders' funds 7,031,192 6,895,274

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





M Sherman - Director


ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Astek Innovations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05097602

Registered office: Astek House
Atlantic Street
Altrincham
Cheshire
WA14 5DH

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been not prepared on a going concern basis. The directors have planned to cease trading and move their operations to a fellow group company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Revenue is recognised upon despatch of goods sold.

Goodwill
Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of the entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on straight line basis over its estimated useful life of twenty years.

Goodwill is reviewed for impairment at the end of the first full financial period following the acquisition and the other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Development costs are being amortised evenly over their estimated useful life of four years.

ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% straight line and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 7 (2022 - 11 ) .

ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. Intangible fixed assets
Patents
and Development
Goodwill licences costs Totals
£    £    £    £   
Cost
At 1 January 2023 110,430 275,531 244,910 630,871
Reclassification/transfer (110,430 ) (275,531 ) (244,910 ) (630,871 )
At 31 December 2023 - - - -
Amortisation
At 1 January 2023 98,489 275,531 244,910 618,930
Amortisation for year 5,522 - - 5,522
Reclassification/transfer (104,011 ) (275,531 ) (244,910 ) (624,452 )
At 31 December 2023 - - - -
Net book value
At 31 December 2023 - - - -
At 31 December 2022 11,941 - - 11,941

The assets have been transferred to other debtors as a result of a change in use following the operations ceasing in the year.

6. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1 January 2023 1,042,911 63,975 1,106,886
Disposals (88,614 ) (46,645 ) (135,259 )
Reclassification/transfer (954,297 ) (17,330 ) (971,627 )
At 31 December 2023 - - -
Depreciation
At 1 January 2023 518,462 43,639 562,101
Charge for year 60,116 7,098 67,214
Eliminated on disposal (77,775 ) (38,991 ) (116,766 )
Reclassification/transfer (500,803 ) (11,746 ) (512,549 )
At 31 December 2023 - - -
Net book value
At 31 December 2023 - - -
At 31 December 2022 524,449 20,336 544,785

The assets have been transferred to other debtors as a result of a change in use following the operations ceasing in the year.

ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. Fixed asset investments
Shares in
group
undertaking
£   
Cost
At 1 January 2023
and 31 December 2023 317,090
Provisions
At 1 January 2023
and 31 December 2023 317,090
Net book value
At 31 December 2023 -
At 31 December 2022 -

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 35,641 453,823
Amounts owed by group undertakings 6,929,245 5,609,671
Other debtors 508,408 8,580
7,473,294 6,072,074

The assets have been transferred from fixed assets as a result of a change in use following the operations ceasing in the year.

9. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts (see note 11) 3,131 3,131
Trade creditors - 321,509
Corporation tax - 216,277
Social security and other taxes 47,668 11,892
VAT 4,607 15,567
Accruals and deferred income 147,013 104,551
202,419 672,927

10. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts (see note 11) 6,108 7,427

ASTEK INNOVATIONS LIMITED (REGISTERED NUMBER: 05097602)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,131 3,131
Between one and five years 6,108 7,427
9,239 10,558

Non-cancellable operating leases
2023 2022
£    £   
Within one year 57,880 65,912
Between one and five years 171,450 229,330
229,330 295,242

12. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 9,239 10,558

The obligations under finance and hire purchase contracts are secured by the assets to which they relate.

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
186,528 Ordinary £1 186,528 186,528

14. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Antony Sassen FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

15. Ultimate controlling party

The immediate parent company is Y.I. Europe Limited a company registered in United Kingdom. The ultimate parent company is Young Innovations Inc, a company registered in USA. The smallest and largest group for which consolidated financial statements are prepared is Young Innovations Inc. Copies of these financial statements can be obtained from 2260 Wendt Street, Algonquin, Il, United States, 60012