Registration number:
AE Manufacturing Services Limited
for the Year Ended 31 December 2024
AE Manufacturing Services Limited
(Registration number: NI672594)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
613,201 |
721,731 |
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Shareholders' funds |
613,203 |
721,733 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
AE Manufacturing Services Limited
(Registration number: NI672594)
Balance Sheet as at 31 December 2024
Approved and authorised by the
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AE Manufacturing Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction can be measured reliably.
Turnover from the provision of services is recognised equally over the period of the services provided.
Tax
Current tax is recognised as the amount of income tax payable in respect of the profit for the current and past periods. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is measured on an undiscounted basis. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date and which are expected to apply to the reversal of the timing difference.
AE Manufacturing Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is provided on the following basis:
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Asset class |
Depreciation method and rate |
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Buildings |
25% straight-line |
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Plant and machinery |
20% straight-line |
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Office equipment |
33% straight-line |
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Motor vehicles |
33% straight-line |
Stocks
Stock and work in progress is valued at the lower of cost and net realisable value. Cost comprises acquisition price including any direct costs of acquisition, together with the cost of development including materials, labour and any directly attributable overheads. Net realisable value is calculated as the expected selling price less costs to complete and sell. At each reporting date the Directors review the carrying value of stocks and work-in-progress for evidence of any impairment. If circumstances indicate that an impairment is required, provision is made to reduce the carrying value to the lower of cost or net realisable value. Where arising, the impairment is recognised through the profit and loss account.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
AE Manufacturing Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. For the purpose of the statement of cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
AE Manufacturing Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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AE Manufacturing Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
AE Manufacturing Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Related party transactions |
At the year end the Company owed Otsar Holdings Limited £750,000 (2023: £Nil).
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Ultimate Controlling party |
The Company is a 100% subsidiary of Otsar Holdings Limited. R D S Gaston and S M Gaston own 100% of the share capital in Otsar Holdings Limited and are considered to be the ultimate controlling parties.