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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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AIR BEARINGS LIMITED
COMPANY INFORMATION
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AIR BEARINGS LIMITED
CONTENTS
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AIR BEARINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The year 2024/25 has been greatly influenced by the uncertainty of the printed circuit board (PCB) market, driven by the reconfiguration of supply chains, the rise of Al, and growing demand in sectors such as the electric automotive and consumer electronics industries. At ABL, we anticipated financials results for 2024/25 very similar to those of the previous year. However, due to the turbulence and uncertainty in the semiconductor technology market and the ongoing uncertainty of the global economy, sales have fallen by -31% compared to the last year and of course also compared to the Budget (-32%) presented for 2024/25. These poor results are accompanied by and/ or mainly due to the fact that ABL's sales depend largely (around 80%) on purchases from our parent company, Via Mechanics.
Open market product sales have grown by 59% in 2024/25. The small and unexpectedly low sales in 2024/25 have impacted our bottom line, with Operating Income down 18% compared to net sales and EBITDA also down 10%. Our new plant in Holton Heath, inaugurated in 2023, is fully operational, and we expect to grow through 2025/26. The investments we have made are giving us a very good start in developing the new products we are currently innovating to address the coming year and continue to drive this growth that will occur in advanced electronic devices... Eco- Spindles, High and Low Speed, and other Next Generation devices, etc. These are the new products in analysis, design, development, and manufacturing that we are immersed in our R&D department. Our subsidiary VSE, in Germany, dedicated to the installation and maintenance of Via Mechanics machines installed in Europe, also had sales 19 % lower that the Budget presented, due to the reasons mentioned above. At the same time, it is worth noting that the Operating Income obtained is 23% lower than net sales. The consolidation of ABL and VSE has allowed us to improve consolidating Operating Income to a negative 11% compared to net sales and to an EBITDA of -5%. The Budget for 2025/26 shows a plan for another significant 40% increase in sales and we of course expected to have a very good level of Operating Income and EBITDA which we hope to meet if there are no more negative aspects in the market, as a market recovery is expected during the mid-year. It will be a very interesting and exciting year for all of us during which we hope to recover the lost potential and for this we have the launch of new products designed to the market.
This report was approved by the board and signed on its behalf.
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AIR BEARINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgments 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 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.
The loss for the year, after taxation, amounted to £1,068,178 (2024 - loss £324,899).
A dividend has not been declared.
The directors who served during the year were:
There are no significant future developments in the business.
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AIR BEARINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The company has a branch in Germany who provide machine servicing to other group entities.
There have been no significant events affecting the Company since the year end.
This report was approved by the board and signed on its behalf.
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AIR BEARINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR BEARINGS LIMITED
We have audited the financial statements of Air Bearings Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 Auditor's 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.
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.
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AIR BEARINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR BEARINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
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.
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.
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AIR BEARINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR BEARINGS LIMITED (CONTINUED)
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 Auditor's 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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 Auditor's Report.
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AIR BEARINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AIR BEARINGS LIMITED (CONTINUED)
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 Auditor's 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.
for and on behalf of
Statutory Auditor
Wey Court West
Union Road
Surrey
GU9 7PT
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AIR BEARINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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AIR BEARINGS LIMITED
REGISTERED NUMBER: 02788050
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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