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REGISTERED NUMBER: 02427380 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2024

for

Advanced Engineering Techniques Limited

Advanced Engineering Techniques Limited (Registered number: 02427380)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 15


Advanced Engineering Techniques Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr D Birch
Mr R Copeland
Mrs A M Copeland
Mr S Woollen
Mr A J Richards





REGISTERED OFFICE: 9 - 15 Holbrook Avenue
Holbrook Industrial Estate
Holbrook
Sheffield
South Yorkshire
S20 3FF





REGISTERED NUMBER: 02427380 (England and Wales)





AUDITORS: Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

Advanced Engineering Techniques Limited (Registered number: 02427380)

Strategic Report
for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Turnover increased by £320k (1.9%), and the gross profit percentage decreased to 14.7% (2023: 14.9%). Administrative expenses increased by £47k (2.2%) other operating income increased by £2k, and net interest payable increased by £6k which, taken with the increase in gross profit, resulted in the company recording a profit before tax of £47k (2023: £83k).

The company is financially secure, with a balance sheet showing net assets of £1.92m and cash at bank of £255k. The company's financial projections indicate that it has sufficient facilities and funds to operate for at least the next 12 months and it's bankers continue to be supportive. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The board of directors is responsible for monitoring financial risks and for deciding where it would be appropriate to use financial instruments to manage this risk.

Price risk
The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before credit sales are made.

Liquidity risk
The company actively maintains a mixture of long-term and short-term debt to ensure that the company has sufficient available funds for its operations.

Interest rate cashflow risk
The company has interest bearing liabilities by way of bank loans and overdrafts, and therefore is exposed to interest rate cashflow risk. The board of directors regularly review the level and mix of debt to manage interest rate risk.

Foreign currency exchange risk
Where the company has transactions denominated in foreign currency and so is exposed to exchange rate risk, it manages this risk by keeping under review the need for forward contracts in the appropriate foreign currency as required.


Advanced Engineering Techniques Limited (Registered number: 02427380)

Strategic Report
for the Year Ended 31 October 2024

KEY PERFORMANCE INDICATORS
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and EBITDA.

ON BEHALF OF THE BOARD:





Mr D Birch - Director


28 April 2025

Advanced Engineering Techniques Limited (Registered number: 02427380)

Report of the Directors
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the Company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of laser engineers, component producers and fabricators.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 was £97,500.

RESEARCH AND DEVELOPMENT
The company has expensed £606k (2023: £537k) of research and development costs during the year.

The company is continually looking to develop new and improved systems and processes to add to its existing offering.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

Mr D Birch
Mr R Copeland
Mrs A M Copeland
Mr S Woollen
Mr A J Richards

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Advanced Engineering Techniques Limited (Registered number: 02427380)

Report of the Directors
for the Year Ended 31 October 2024


AUDITORS
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D Birch - Director


28 April 2025

Independent Auditors' Report to the Members of
Advanced Engineering Techniques Limited

Opinion
We have audited the financial statements of Advanced Engineering Techniques Limited (the 'Company') for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 October 2024 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

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

Independent Auditors' Report to the Members of
Advanced Engineering Techniques Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning
the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of
any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- The internal controls established to mitigate risk related to fraud or non-compliance with laws &
regulations;
- Obtaining an understanding of the legal and regulatory frameworks that the company operates in,
focusing on those laws and regulations that had a direct effect on the financial statements or that had a
fundamental effect on the operations of the company. The key laws and regulations we considered in
this context included the customer contracts regulations, data protection act, employment, pension and
health and safety regulations.

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.

Independent Auditors' Report to the Members of
Advanced Engineering Techniques Limited


Audit response to risks identified
Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations;
- Enquiring of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risk of material misstatement due to fraud; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness
of journal entries and other adjustments; assessing the judgements used in accounting estimates to
assess whether these may be indicative of potential bias; and evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of business.

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.

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 2006. Our 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.




Tom Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

28 April 2025

Advanced Engineering Techniques Limited (Registered number: 02427380)

Statement of Comprehensive
Income
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 17,415,716 17,096,062

Cost of sales 14,848,449 14,544,757
GROSS PROFIT 2,567,267 2,551,305

Administrative expenses 2,228,372 2,180,950
338,895 370,355

Other operating income 4 37,053 35,056
OPERATING PROFIT 6 375,948 405,411


Interest payable and similar expenses 7 328,525 322,678
PROFIT BEFORE TAXATION 47,423 82,733

Tax on profit 8 (67,005 ) (169,655 )
PROFIT FOR THE FINANCIAL YEAR 114,428 252,388

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

114,428

252,388

Advanced Engineering Techniques Limited (Registered number: 02427380)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 3,235,489 3,568,748

CURRENT ASSETS
Stocks 11 2,009,124 1,999,071
Debtors 12 4,032,493 3,672,870
Cash at bank and in hand 254,846 221,797
6,296,463 5,893,738
CREDITORS
Amounts falling due within one year 13 6,646,217 6,232,183
NET CURRENT LIABILITIES (349,754 ) (338,445 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,885,735

3,230,303

CREDITORS
Amounts falling due after more than one
year

14

(741,033

)

(1,061,697

)

PROVISIONS FOR LIABILITIES 18 (223,888 ) (264,720 )
NET ASSETS 1,920,814 1,903,886

CAPITAL AND RESERVES
Called up share capital 19 75 75
Capital redemption reserve 20 25 25
Retained earnings 20 1,920,714 1,903,786
SHAREHOLDERS' FUNDS 1,920,814 1,903,886

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mr D Birch - Director


Advanced Engineering Techniques Limited (Registered number: 02427380)

Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2022 75 1,741,398 25 1,741,498

Changes in equity
Dividends - (90,000 ) - (90,000 )
Total comprehensive income - 252,388 - 252,388
Balance at 31 October 2023 75 1,903,786 25 1,903,886

Changes in equity
Dividends - (97,500 ) - (97,500 )
Total comprehensive income - 114,428 - 114,428
Balance at 31 October 2024 75 1,920,714 25 1,920,814

Advanced Engineering Techniques Limited (Registered number: 02427380)

Statement of Cash Flows
for the Year Ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 855,683 1,884,176
Interest paid (256,253 ) (256,104 )
Interest element of hire purchase
payments paid

(72,272

)

(66,574

)
Tax repaid / (paid) 127,418 106,005
Net cash from operating activities 654,576 1,667,503

Cash flows from investing activities
Purchase of tangible fixed assets (359,361 ) (1,842,320 )
Transfer of intangible fixed assets - 50,000
Sale of tangible fixed assets - 101,999
Net cash from investing activities (359,361 ) (1,690,321 )

Cash flows from financing activities
Loan repayments in year (89,162 ) (89,272 )
New hire purchase agreements 132,652 1,729,365
Hire purchase repayments in year (395,160 ) (722,521 )
Amount withdrawn by directors (2,692 ) -
Equity dividends paid (97,500 ) (90,000 )
Net cash from financing activities (451,862 ) 827,572

(Decrease)/increase in cash and cash equivalents (156,647 ) 804,754
Cash and cash equivalents at
beginning of year

2

(2,210,337

)

(3,015,091

)

Cash and cash equivalents at end of
year

2

(2,366,984

)

(2,210,337

)

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 47,423 82,733
Depreciation charges 691,977 639,194
Loss on disposal of fixed assets 643 2,926
Finance costs 328,525 322,678
1,068,568 1,047,531
(Increase)/decrease in stocks (10,053 ) 356,513
(Increase)/decrease in trade and other debtors (460,869 ) 1,257,283
Increase/(decrease) in trade and other creditors 258,037 (777,151 )
Cash generated from operations 855,683 1,884,176

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 254,846 221,797
Bank overdrafts (2,621,830 ) (2,432,134 )
(2,366,984 ) (2,210,337 )
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 221,797 670,182
Bank overdrafts (2,432,134 ) (3,685,273 )
(2,210,337 ) (3,015,091 )


Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank and in hand 221,797 33,049 254,846
Bank overdrafts (2,432,134 ) (189,696 ) (2,621,830 )
(2,210,337 ) (156,647 ) (2,366,984 )
Debt
Finance leases (1,320,347 ) 262,509 (1,057,838 )
Debts falling due within 1 year (87,352 ) 27,098 (60,254 )
Debts falling due after 1 year (100,420 ) 62,064 (38,356 )
(1,508,119 ) 351,671 (1,156,448 )
Total (3,718,456 ) 195,024 (3,523,432 )

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Advanced Engineering Techniques Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention and in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

Going concern
The company is financially secure, with a balance sheet showing net assets of £1.92m and cash at bank of £255k. The company's financial projections indicate that it has sufficient facilities and funds to operate for at least the next 12 months and it's bankers continue to be supportive. Accordingly, the directors firmly believe that the company has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

Significant judgements and estimates
The principal accounting policies and significant judgements and estimates applied in the preparation of these financial statements are set out below. These policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

The significant judgements and estimates applied are:
-the useful lives and residual values of tangible fixed assets at the end of their useful lives
-the stage of completion and resulting valuation of items in work in progress

Turnover
Turnover represents amounts earned on goods sold and services provided during the year, derives from the provision of goods and services falling within the company's ordinary activities and is recognised in the financial statements at the date that the goods are despatched.

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 or, if held under a finance lease, over the lease term, whichever is shorter.

Long leasehold-Straight line over 25 to 30 years
Plant and machinery-Straight line over 2 to 15 years
Fixtures and fittings-Straight line over 3 to 15 years
Motor vehicles-Straight line over 4 years

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs bringing stocks to their present location and condition, including an appropriate amount of fixed and variable overheads.

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 17,714 17,500
Capital grants released 20,385 17,322
Exchange gains (1,046 ) 234
37,053 35,056

In the opinion of the directors, there are no material unfulfilled conditions or contingencies relating to the income recognised in the period.

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,550,005 4,905,597
Social security costs 525,169 467,185
Other pension costs 159,739 143,491
6,234,913 5,516,273

The average number of employees during the year was as follows:
2024 2023

Direct labour 129 119
Indirect labour 17 18
SG&A and directors 29 28
175 165

2024 2023
£    £   
Directors' remuneration 258,898 248,092
Directors' pension contributions to money purchase schemes 27,487 27,458

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 96,619 91,873
Pension contributions to money purchase schemes 12,682 12,682

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 88,840 86,499
Other operating leases 112,448 116,223
Depreciation - owned assets 483,672 368,885
Depreciation - assets on hire purchase contracts 208,305 270,310
Loss on disposal of fixed assets 643 2,926
Auditors' remuneration 23,000 22,350
Foreign exchange differences 1,046 (234 )

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 254,234 256,104
Other interest 2,019 -
Hire purchase 72,272 66,574
328,525 322,678

8. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (26,173 ) (133,036 )

Deferred tax (40,832 ) (36,619 )
Tax on profit (67,005 ) (169,655 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 47,423 82,733
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

9,010

15,719

Effects of:
Expenses not deductible for tax purposes 4,234 2,971
Income not taxable for tax purposes (41,889 ) (139,082 )
Capital allowances in excess of depreciation - (278,185 )
Depreciation in excess of capital allowances 53,236 -
Utilisation of tax losses (68,696 ) 199,544
Adjustments to tax charge in respect of previous periods - (5,618 )
R&D tax credit (26,173 ) (127,418 )
Tax losses carried forward 3,273 162,414
Total tax credit (67,005 ) (169,655 )

During the year ending 31 October 2024, the amount of deferred tax assets expected to reverse due to the unwinding of timing differences is £165,686 (2023: £162,414) and the amount of deferred tax liabilities expected to reverse in respect of the unwinding of timing differences is £386,301 (2023: £427,134).

9. DIVIDENDS

20242023
££

Interim dividends97,50090,000

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 1,388,039 6,849,826 529,781 118,543 8,886,189
Additions 20,313 224,841 3,572 110,635 359,361
Disposals (50 ) (147,108 ) (264,147 ) - (411,305 )
At 31 October 2024 1,408,302 6,927,559 269,206 229,178 8,834,245
DEPRECIATION
At 1 November 2023 556,285 4,267,464 472,472 21,220 5,317,441
Charge for year 53,032 581,879 22,821 34,245 691,977
Eliminated on disposal (50 ) (147,108 ) (263,504 ) - (410,662 )
At 31 October 2024 609,267 4,702,235 231,789 55,465 5,598,756
NET BOOK VALUE
At 31 October 2024 799,035 2,225,324 37,417 173,713 3,235,489
At 31 October 2023 831,754 2,582,362 57,309 97,323 3,568,748

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 November 2023 297,500 1,685,437 118,543 2,101,480
Additions - - 110,635 110,635
At 31 October 2024 297,500 1,685,437 229,178 2,212,115
DEPRECIATION
At 1 November 2023 6,198 332,963 21,220 360,381
Charge for year 14,875 159,185 34,245 208,305
At 31 October 2024 21,073 492,148 55,465 568,686
NET BOOK VALUE
At 31 October 2024 276,427 1,193,289 173,713 1,643,429
At 31 October 2023 291,302 1,352,474 97,323 1,741,099

11. STOCKS
2024 2023
£    £   
Raw materials 275,598 186,782
Work-in-progress 1,733,526 1,812,289
2,009,124 1,999,071

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,745,313 3,327,136
Other debtors 91,005 41,753
Directors' current accounts 28,790 28,790
Corporation tax 26,173 127,418
Prepayments and accrued income 141,212 147,773
4,032,493 3,672,870

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 2,682,084 2,519,486
Hire purchase contracts (see note 16) 355,161 359,070
Trade creditors 2,802,257 2,573,709
Social security and other taxes 132,270 115,671
VAT 369,175 402,004
Other creditors 31,450 26,560
Directors' current accounts - 2,692
Accruals and deferred income 273,820 232,991
6,646,217 6,232,183

The bank overdraft is secured by a fixed charge over the assets of the company including outstanding sales invoices.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 38,356 100,420
Hire purchase contracts (see note 16) 702,677 961,277
741,033 1,061,697

The hire purchase creditors are secured on the assets to which they relate.

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,621,830 2,432,134
Bank loans 60,254 87,352
2,682,084 2,519,486

Amounts falling due between one and two years:
Bank loans - 1-2 years 38,356 61,394

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

15. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years - 39,026

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 355,161 359,070
Between one and five years 702,677 961,277
1,057,838 1,320,347

Non-cancellable operating leases
2024 2023
£    £   
Within one year 234,882 253,142
Between one and five years 269,129 443,182
In more than five years - 188
504,011 696,512

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 2,621,830 2,432,134
Bank loans 98,610 187,772
Hire purchase contracts 1,057,838 1,320,347
3,778,278 3,940,253

The bank overdrafts and loans are secured by a fixed charge over the assets of the company including outstanding sales invoices. The hire purchase creditors are secured on the assets to which they relate.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 223,888 264,720

Advanced Engineering Techniques Limited (Registered number: 02427380)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 264,720
Credit to Statement of Comprehensive Income during year (40,832 )
Balance at 31 October 2024 223,888

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
13 A Ordinary £1 13 13
12 B Ordinary £1 12 12
25 C Ordinary £1 25 25
25 D Ordinary £1 25 25
75 75

20. RESERVES

Reserves consist of the following:

Retained earnings represents the company's cumulative distributable reserves.

Capital redemption reserve represents cumulative amounts set aside within reserves as share capital is redeemed or repurchased.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
Mr D Birch
Balance outstanding at start of year 28,790 28,790
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,790 28,790

The above loans are all interest free and repayable on demand.

22. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Rent payable 153,000 153,000
Administration charge (15,000 ) (15,000 )
Amount due from related party 84,294 38,876