Company registration number 03081171 (England and Wales)
ASTECH PROJECTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ASTECH PROJECTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 15
ASTECH PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

During 2023 and 2024, the Company made substantial investments in its people, products, and premises to strengthen its market position and drive future growth. A key milestone was the development of a new product range designed to enhance the Company’s global reach and expand its ability to deliver innovative automation solutions to customers.

As part of this strategic investment, the Company opened a second site, which now houses a fully operational demonstration laboratory. This facility enables prospective clients to experience the Company’s advanced automation technologies in a real-world setting. Additionally, the Company upgraded its workshop and manufacturing facility to improve production efficiency and support ongoing product innovation.

While these investments have impacted the financial results for this period, the Company has received strong support from its parent company, Schauenburg International. Their financial backing has ensured continued operational stability and growth. Reinforcing the confidence of both the board and shareholders in the Company’s future, £827,000 of this funding was converted into equity in January 2025 as a post-balance sheet event.

Looking ahead, the Company remains committed to driving innovation, expanding its market presence, and delivering exceptional solutions to its customers.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F Schauenburg
J Simon
(Resigned 31 August 2024)
C Hamilton
G Cheers
(Resigned 12 March 2024)
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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.

ASTECH PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and can rely on the support of the parent company. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. For example the inflation rate in the United Kingdom remains high at the moment and it is difficult to evaluate all of the potential implications on the company’s trade, customers, suppliers and the wider economy in 2024.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C Hamilton
Director
25 March 2025
ASTECH PROJECTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,957,429
1,341,971
Tangible assets
4
312,618
145,363
2,270,047
1,487,334
Current assets
Stocks
343,615
342,607
Debtors
5
3,236,256
1,716,596
Cash at bank and in hand
291,911
182,932
3,871,782
2,242,135
Creditors: amounts falling due within one year
6
(4,798,747)
(1,318,085)
Net current (liabilities)/assets
(926,965)
924,050
Total assets less current liabilities
1,343,082
2,411,384
Creditors: amounts falling due after more than one year
7
(1,950,000)
(2,055,115)
Provisions for liabilities
-
0
106,303
Net (liabilities)/assets
(606,918)
462,572
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
122,450
122,450
Treasury shares
(61,300)
(61,300)
Profit and loss reserves
(669,068)
400,422
Total equity
(606,918)
462,572

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

ASTECH PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
C Hamilton
Director
Company Registration No. 03081171
ASTECH PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Share capital
Share premium account
Treasury shares
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
1,000
122,450
(61,300)
1,275,935
1,338,085
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(875,513)
(875,513)
Balance at 31 December 2023
1,000
122,450
(61,300)
400,422
462,572
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(1,069,490)
(1,069,490)
Balance at 31 December 2024
1,000
122,450
(61,300)
(669,068)
(606,918)
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information

Astech Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15, Berkeley Court, Manor Park, Runcorn, Cheshire, WA7 1TQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and can rely on the support of the parent company. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. For example the inflation rate i n the United Kingdom remains high at the moment and it is difficult to evaluate all of the potential implications on the company’s trade, customers, suppliers and the wider economy in 2024.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% Straight Line
Patents
10% Straight Line
Development costs
10% Straight Line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
20% Straight Line
Plant and machinery
25% Reducing Balance/Straight Line
Fixtures and fittings
20% Reducing Balance
Equipment/Computer equipment
25% Reducing Balance/33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans and overdraft are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The company has taken advantage of the RDEC (R&D Expenditure Credit) scheme due to the size of the group and associated companies hence being a large company for corporation tax purposes. One benefit of using this scheme is that the credit gained from the RDEC scheme gets shown above the line and included in other income, thereby increasing profits in the profit and loss account.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 58 (2023 - 52).

2024
2023
Number
Number
Total
58
52
3
Intangible fixed assets
Software
Patents
Development costs
Total
£
£
£
£
Cost
At 1 January 2024
1,555,114
81,490
100,076
1,736,680
Additions
149,819
-
0
634,054
783,873
At 31 December 2024
1,704,933
81,490
734,130
2,520,553
Amortisation and impairment
At 1 January 2024
295,720
65,715
33,274
394,709
Amortisation charged for the year
148,409
6,495
13,511
168,415
At 31 December 2024
444,129
72,210
46,785
563,124
Carrying amount
At 31 December 2024
1,260,804
9,280
687,345
1,957,429
At 31 December 2023
1,259,394
15,775
66,802
1,341,971

The relevant development costs and internally developed and/or separately acquired software as capitalised are used for the development and evolution of scientific and technological advance in producing the sellable goods and products.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment/Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
30,192
89,062
79,743
362,702
561,699
Additions
199,420
-
0
18,256
21,399
239,075
Disposals
-
0
-
0
(747)
-
0
(747)
At 31 December 2024
229,612
89,062
97,252
384,101
800,027
Depreciation and impairment
At 1 January 2024
23,075
57,202
74,813
261,246
416,336
Depreciation charged in the year
14,887
11,343
3,278
41,581
71,089
Eliminated in respect of disposals
-
0
-
0
(16)
-
0
(16)
At 31 December 2024
37,962
68,545
78,075
302,827
487,409
Carrying amount
At 31 December 2024
191,650
20,517
19,177
81,274
312,618
At 31 December 2023
7,117
31,860
4,930
101,456
145,363
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,089,281
652,604
Corporation tax recoverable
268,816
649,939
Other debtors
1,098,600
414,053
2,456,697
1,716,596
Deferred tax asset
779,559
-
0
3,236,256
1,716,596
ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
74,592
Trade creditors
545,302
356,447
Amounts owed to group undertakings
1,557,555
324,885
Taxation and social security
216,029
83,570
Other creditors
2,479,861
478,591
4,798,747
1,318,085

A balance of £1,150,000 (2023 - £NIL) due to the ultimate parent is unsecured and repayable on demand, and bears interest rates at 2.0%.

Included within amounts owed to group undertakings is accrued interest of £407,555 (2023 - £324,885).

Included within other creditors is a balance of £4,964 (202 3 - £10,816 ) related to finance lease and hire purchase agreements. Security exists over the assets to which they relate.

A debenture is held dated 3 May 2006. All assets of the company are held as security formally charged to National Westminster Bank PLC.

On 18 February 2020, the company has charged all its bank deposits retained in National Westminster Bank PLC with all the rights of the deposits to the bank for repayment all the company's liabilities to the bank on demand.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,950,000
2,055,115

Included within other creditors is a balance of £150,000 (202 3 - £150,000) related to loans from the ultimate parent for which they are unsecured and repayable on 30 December 2026, and subject to an interest rate of 3.15%.

Included within other creditors is a balance of £300,000 (202 3 - £300,000) related to loans from the ultimate parent for which they are unsecured and repayable on 29 December 2026, and subject to an interest rate of 3%.

Included within other creditors is a balance of £500,000 (202 3 - £500,000) related to loans from the ultimate parent for which they are unsecured and repayable on 30 June 2027, and subject to an interest rate of 5.00%.

Included within other creditors is a balance of £500,000 (202 3 - £500,000) related to loans from the ultimate parent for which they are unsecured and repayable on 30 December 2027, and subject to an interest rate of 5.50%.

Included within other creditors is a balance of £500,000 (202 3 - £500,000) related to a loan from the ultimate parent for which it is unsecured and repayable on 31 December 2027, and subject to an interest rate of 5.00%.

Included within other creditors is a balance of £NIL (202 3 - £5,115) related to finance leases and hire purchase agreements. Security exists over the assets to which they relate.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
800
800
1,000
800
Ordinary B of £1 each
200
200
-
0
200
1,000
1,000
1,000
1,000

Included within ordinary B shares is a balance of 50 treasury shares of £1 each being held by the company.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Robert Davies
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
8 April 2025
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
306,557
472,910
11
Events after the reporting date

On the 20th January 2025 it has been confirmed that Schauenburg Industrie Produktion GmbH have converted £750,000 of their intercompany loan and £77,254 of their intercompany interest into share premium.

12
Related party transactions

Schauenburg Industrie Produktion GmbH owns 9 5% (202 3 - 95%) of the overall share capital of Astech Projects Limited whereas 5% (2023 : 5%) of share capital classified as treasury share is being held by the company.

During the year Astech Projects Limited paid a management fee of £109,258 (202 3 - £84,602 ) to Schauenburg Service GmbH. The balance outstanding at the year end amounted to £194,227 (202 3 - £158,522 ).

There is a management bonus of £Nil (20 2 3 - £Nil) payable to the directors that is reflected in the financial statements.

ASTECH PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
13
Parent company

The parent company is Schauenburg Industrie Producktion GmbH, a company registered in Germany. The ultimate parent company is Schau e nburg International GmbH, a company registered in Germany. The registered office of both companies is:

35, Weseler Strasse

Muelhien An Der Ruhr

D-45478

DEU

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