REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
ASTEK INNOVATIONS LIMITED |
REGISTERED NUMBER: |
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 |
Tangible assets | 6 |
Investments | 7 |
Current assets |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 13 |
Share premium |
Other reserves |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Registered number: |
Registered office: |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
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 |
Reclassification/transfer | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
Reclassification/transfer | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
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 |
Amounts owed by group undertakings |
Other debtors |
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) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 4,607 | 15,567 |
Accruals and deferred income |
10. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 11) |
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 |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
Ordinary | £1 | 186,528 | 186,528 |
14. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |