| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Able Instruments and Controls Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Able Instruments and Controls Limited |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5 |
| Able Instruments and Controls Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 14 Progress Business Centre |
| Whittle Parkway |
| Slough |
| Berkshire |
| SL1 6DQ |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Other reserves |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Revaluation | Other | Total |
| capital | earnings | reserve | reserves | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| GIfts to Employee Ownership |
| Trust | - | (960,404 | ) | - | - | (960,404 | ) |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| GIfts to Employee Ownership |
| Trust | - | (1,200,001 | ) | - | - | (1,200,001 | ) |
| Balance at 31 December 2024 |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Able Instruments and Controls Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The valuation of the Company's freehold property is inherently subjective due to, among other factors, the individual nature of each property, its location and its condition. As a result, the valuations the Company places on its properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The valuations contain a number of assumptions upon which the Company's valuer has based their valuations, including matters such as ground conditions, the structural conditions and comparable market transactions. |
| Stocks are stated at the lower of cost and net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate. The identification of such items, and the calculation of provisions against such items, requires judgements to be made and are best estimates based on past experience and knowledge of the likely saleability of stock lines in the future. |
| The Company recognises the income and expenses of its long term contracts as the projects progress on a percentage of completion basis. Calculation of the percentage of completion requires judgements to be made as to the progress of the work, the timing of its likely completion and identification of potential snagging or testing issues that would delay completion. These judgements are based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. |
| Revenue recognition |
| Turnover from the sale of goods and services is measured at the fair value of consideration receivable, net of discounts. |
| Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. In practice this means that revenue is recognised when equipment or parts are invoiced and physically dispatched or when the service has been undertaken. |
| In respect of long-term contracts to build items of equipment, turnover and associated costs are recognised on a percentage of completion basis when the outcome of said contracts or projects can be reasonably foreseen. Turnover is included in other debtors as accrued income to the extent that it has not already been invoiced. Provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, turnover is recognised on completion. |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible assets are stated in the statement of financial position at cost (or valuation in the case of land and buildings), less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
| 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 charge since the last reporting date. |
| The gain or loss on the disposal of an asset is determined as the difference between sales proceeds and the carrying value of the asset and is credited or charged to profit or loss. |
| Depreciation |
| Depreciation is provided for at the following annual rates in order to write down each asset over its estimated useful life. |
| Asset class | Depreciation method and rate |
| Freehold property | 2% on cost of buildings |
| Lond leasehold property | 2% costs of buildings |
| Plant and machinery | At various rates between 5% and 10% on cost |
| Fixtures, fittings and office equipment | At various rates between 3% and 20% on cost |
| Motor vehicles | At various rates between 14% and 20% on cost |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of 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 on a first in, first out basis. |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 the income statement 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 income 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 asset are consumed. |
| Defined contribution pension obligation |
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
| Borrowings |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
| Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
| Provisions |
| A provision is recognised in the Balance Sheet when the Company has a present or legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. |
| Share based payments |
| THe company operates, an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. |
| The fair value at the date of grant of the equity instrument is recognised as an expense, spread over the vesting period of the instrument. The total amount to be expensed is determined by reference to the fair value of the awards, excluding the impact of any non-market vesting conditions. At each balance sheet date, the Company revises its estimate of the number of equity instruments which are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the Profit and Loss Account, and a corresponding adjustment is made to equity. On vesting or exercise, the difference between the expense charged to the Profit and Loss Account and the actual cost to the Company is transferred to retained earnings. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Able Instruments and Controls Limited (Registered number: 01851002) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | RESERVES |
| Revaluatio |
| reserve |
| £ |
| At 1 January 2024 |
| and 31 December 2024 |