Registration number:
Astute Electronics Limited
for the Year Ended 31 December 2024
Astute Electronics Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Astute Electronics Limited
Company Information
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Director |
GI Hill |
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Registered office |
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Auditors |
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Astute Electronics Limited
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is the global sourcing, procurement and distribution of electronic components.
Review of the business
Astute delivered a good set of results against a backdrop of tough market conditions for the global electronic components sector throughout 2024. Turnover was £129.0M and Profit before tax £4.9M.
The market throughout 2024 was even tougher than 2023. During the global shortage of electronic components in late 2021 and 2022, manufacturers bought excess inventory, often ensuring they had enough to cover the next two years’ worth of requirements. This coupled with a global market slowdown led to customers being overstocked and not needing to replenish inventory. The USA and Asia markets were particularly challenging.
However, the Group pushed forward with its’ strategic priorities and continued to develop and expand the range of value-added services such as nitrogen storage, obsolescence management, last time buys, kitting, vendor reduction programs and supply chain management.
The range of premium, technology driven franchises also grew to nearly 150. To support the extra lines, the company has added experienced, in-house technical engineers to work with our franchise partners, customers and sales teams to create design-led demand by bringing customers closer to the manufacturers’ range of products and capabilities.
Post year end, in March 2025, the company completed the acquisition of Copper and Optic Terminations Limited, a highly respected company that creates high-performance cable and harness assemblies for the defence, aerospace, transport, medical and industrial sectors.
The market has remained flat in the first few months of 2025, but the Directors are confident that the market outlook from late 2025 is more positive, particularly in our core Defence sector, and the Group is well positioned to take advantage of the opportunities arising.
Key risks and uncertainties
The directors have identified the following risks and uncertainties in the business sectors in which the company operates:
Market: Following the shortages market in 2022, uncertainty around both customer demand and manufacturing output and lead times has created planning challenges for the sector. However, the Group is well placed to meet these challenges and find solutions for customers through its’ extensive and expanding global supply chain.
There has historically been an over reliance on customers in the Defence and Aerospace sectors, but this is being actively and successfully addressed by diversification into new, complementary markets where safety and quality is critical.
Geo-Political: The ongoing war in Ukraine, the conflict in Gaza and Geo-Political tensions between China and Taiwan will continue to create uncertainty over the security of supply chains.
Financial: High interest rates, inflation and exchange rate volatility present challenges that need careful management. Whilst interest rates are now coming down, they are still considerably higher than they were in the 15 years to 2023. Flexible working capital facilities are in place to ensure the Group is well funded to take advantage of future growth opportunities. Exchange rate risk is largely managed through natural hedging and wherever possible, large orders will be transacted in the same currency for buy and sell.
Astute Electronics Limited
Strategic Report for the Year Ended 31 December 2024
Brexit: Whilst previous uncertainty over the UK’s trading relationship with the EU has largely been resolved, the cost and complexity of doing business has increased and will continue to be an ongoing challenge. The new test facilities in Germany have now been expanded to help mitigate against the extra cost of moving goods between the UK and the EU.
Tariffs: President Trump’s new proposed tariffs have created uncertainty as it is not yet clear what tariffs will be imposed on electronic components and other commodities. Therefore, many businesses are delaying their investment decisions until the full implications of tariffs are understood.
Section 172 Statement
This section describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2006 in exercising their duty to promote the success of the Company for the benefit of its members as a whole.
Having regard to the likely consequences of any decision in the long term
The Board remains mindful that its strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed.
Having regard to the interests of the Company's employees
The Board takes active steps to ensure that the suggestions, views and interests of the workforce are captured and considered in our decision-making.
Having regard to the need to foster the Company's business relationships with suppliers, customers and others
Suppliers
The Board seeks to balance the benefits of maintaining strong partnering relationships with key suppliers alongside the need to obtain value for money for our investors and the desired quality and service levels for our customers.
Customers
The directors provide updates to the Board on their perceptions of customer sentiment and the market view. The interests of customers are considered in key decisions in relation to product lines, selection and monitoring of suppliers to ensure quality and safety standards are met along with freight and logistics arrangements to maximise efficiencies from order to delivery.
Debt capital/credit facility providers
The Group Finance Director is responsible for managing the relationships with our bank and for the Group's cash/debt management and financing activities.
Having regard to the impact of the Company's operations on the community and the environment
The Board supports the Company's goals and initiatives with regard to reducing adverse impacts on the environment and supporting the communities that it touches. The Board gives consideration to the Company's approach to climate change and further measures we can take to contribute to the reduction of our impact on the environment.
Astute Electronics Limited
Strategic Report for the Year Ended 31 December 2024
Having regard to the desirability of the Company maintaining a reputation for high standards of business conduct
The Board recognises the importance of operating a robust corporate governance framework and complying with the UK Corporate Governance Code.
Having regard to the need to act fairly as between members of the Company
The Company has two classes of shares in issue, the first class provides the rights to vote, receive dividends and participate in a winding up, the second class provides a limited rights to participate in a winding up (only above hurdle of £11,500,00). All shareholders have an opportunity to ask questions or represent their views formally to the Board at the AGM, or with directors after the meeting. The interests of investors were considered as part of the Boards decisions throughout the year.
Approved and authorised by the
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Astute Electronics Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
UK Streamlined Energy and Carbon Reporting (SECR)
In accordance with SECR requirements this provides a summary of GHG emissions and energy data for Astute Electronics Limited in comparison with UK performance.
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2024 |
2023 |
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Consumption |
Consumption |
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Total Energy consumption (Electricity) (kWh) |
397,248 |
446,998 |
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Total Energy consumption (Gas) (kWh) |
357,552 |
384,496 |
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Total motor vehicle consumption (Fuel) kWh |
283,146 |
271,094 |
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Total motor vehicle consumption (Electricity) kWh |
14,847 |
15,388 |
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Total Energy consumption (kWh) |
1,052,793 |
1,117,976 |
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Emissions |
Emissions |
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Combustion of fuel - Gas (Scope 1) (TCO2) |
65.40 |
70.32 |
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Motor vehicle fuel - Company owned (Scope 1) (TCO2) |
33.96 |
48.28 |
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Electricity purchased for own use - Company owned (Scope 2) (TCO2) |
82.25 |
92.55 |
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Electricity purchased for motor vehicles - Company owned (Scope 2) (TCO2) |
1.40 |
1.40 |
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Motor vehicle fuel - Private owned (Scope 3) (TCO2) |
34.03 |
17.39 |
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Total Annual Gross Emissions (TCO2) |
217.04 |
229.95 |
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Annual GHG |
Annual GHG |
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Intensity |
Intensity |
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Measure |
Measure |
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(TCO2/SQM) |
(TCO2/SQM) |
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GHG emissions TCO2/SQM |
0.0362 |
0.0402 |
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Total SQM |
6,000 |
5,721 |
We report our GHG using the Department for Business, Energy & Industrial Strategy greenhouse gas reporting: conversion factors 2024 published on the 8 July 2024, as our framework for calculations and disclosure. We have restated the 2023 comparatives using the 2024 conversion factors.
Astute Electronics Limited
Director's Report for the Year Ended 31 December 2024
Energy Efficiency Improvements
Astute has partnered with Planet Mark as part of our Sustainability Certification programme, committing to reduce our carbon footprint. The first report was completed for the year to 31 December 2022 and the report completed for the year to 31 December 2024 showed an overall decrease to Scope 1 and 2 emissions (location based) of 7.8% from 2023.
The main reduction in emissions came from decreased energy consumption which is as a result of the solar sheeting installation which was completed on 1 August 2024. There has been an average reduction of 24% since August 2024 and the Company expects to see greater reductions throughout 2025 as the solar sheeting is expected to reduce usage by a third. Emissions from company owned or controlled vehicles decreased compared to the previous year as the Company continues to reduce the number of company owned vehicles in its fleet. However, there has been an increase in emissions from privately owned vehicles due to increased business travel and greater efficiency in tracking business miles driven.
The Company is committed to reduce carbon emissions by 5% year on year in future years.
Financial instruments
Objectives and policies
The group's principle financial instruments comprise cash and interest-bearing borrowings. The main purpose of the group's financial instruments is to fund operations. The group also has other financial instruments such as trade receivables and payables. The main risks arising from the use of financial instruments are interest rate risk, foreign exchange risk and cash flow risk.
Price risk, credit risk, liquidity risk and cash flow risk
Interest Rate Risk
The group's exposure to the risk of change in the UK base rate relates to Astute Limited's short term Invoice Finanace facility and long term commercial mortgage. The exposure to interest rate movements is monitored and reviewed on a regular basis to ensure there is sufficient cash available to meet all debt servicing obligations as they fall due.
Foreign Exchange Risk
The group's objective is to minimise the effects of adverse exchange rate fluctuations by adopting a policy of selective hedging when there is a risk of significant loss. All hedging transactions are authorised by the Group Finance Director.
Cash Flow Risk
The cash flow risk is that the available cash will not be sufficient to meet the group's financial obligations. To mitigate this risk management prepare regular cash flow forecasts for the forthcoming twelve months. The forecasts are submitted to and reviewed with the group's bankers to ensure appropriate working capital facilities and funding is in place.
Engagement with suppliers, customers and other relationships
The board seeks to balance the benefits of maintaining strong partnerships with key suppliers alongside the need to obtain value for money, quality and service levels for our customers.
The board considers the interests of customers in relation to product lines and selection and monitoring of suppliers to ensure quality and safety standards are met along with freight and logistics arrangements to maximise efficiencies from order to delivery.
Astute Electronics Limited
Director's Report for the Year Ended 31 December 2024
Disclosure of information to the auditor
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Wilton Lyndon Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Astute Electronics Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Astute Electronics Limited
Independent Auditor's Report to the Members of Astute Electronics Limited
Opinion
We have audited the financial statements of Astute Electronics Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Astute Electronics Limited
Independent Auditor's Report to the Members of Astute Electronics Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 8], the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Astute Electronics Limited
Independent Auditor's Report to the Members of Astute Electronics Limited
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. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
We evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.
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Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but not limited to: |
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Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; |
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Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
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Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. |
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Our audit procedures in relation to fraud included but were not limited to: |
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Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
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Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
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Discussing amongst the engagement team the risks of fraud; and |
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Addressing the risk of fraud through management override of controls by performing journal entry testing. |
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There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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.
Astute Electronics Limited
Independent Auditor's Report to the Members of Astute Electronics Limited
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For and on behalf of
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR
Astute Electronics Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
|
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|
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Operating profit |
|
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|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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854,138 |
(430,218) |
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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Profit is attibutable as: Owners of the company profit of £3,961,184 (2023 - £13,921,368); Non-Controlling Interst profit / (loss) of (£1,488,875) (2023 - £368,394).
Astute Electronics Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Total comprehensive income is attributable as: Owners of the company £3,961,184 (2023 - £13,045,499); Non-Controlling Interest of (£1,488,875) (2023 - £377,591).
Astute Electronics Limited
(Registration number: 02326213)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
6,900 |
6,900 |
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Capital redemption reserve |
4,000 |
4,000 |
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Retained earnings |
64,602,328 |
64,281,644 |
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Equity attributable to owners of the company and Non-Controlling Interest |
64,613,228 |
64,292,544 |
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Shareholders' funds |
64,613,228 |
64,292,544 |
Equity is attributable as: Owners of the company £58,529,228 (2023 - £60,268,243); Non-Controlling Interest of £6,084,000 (2023 - £4,024,301).
Approved and authorised by the
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Astute Electronics Limited
(Registration number: 02326213)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Tangible assets |
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Investments |
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Current assets |
|||
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Stocks |
|
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Debtors |
|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
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|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
6,900 |
6,900 |
|
|
Capital redemption reserve |
4,000 |
4,000 |
|
|
Retained earnings |
53,260,263 |
43,804,534 |
|
|
Shareholders' funds |
53,271,163 |
43,815,434 |
As permitted by section 408 Companies Act 2006, the holding company's profit and loss account has not been included in these financial statements.
The company made a profit after tax for the financial year of £9,455,729 (2023 - profit of £12,392,334).
Approved and authorised by the
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Astute Electronics Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Total equity |
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At 1 January 2024 |
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|
|
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Profit for the year |
- |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Total equity |
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At 1 January 2023 |
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|
|
|
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Profit for the year |
- |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
|
At 31 December 2023 |
6,900 |
4,000 |
64,281,644 |
64,292,544 |
64,292,544 |
Astute Electronics Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
6,900 |
4,000 |
43,804,534 |
43,815,434 |
Astute Electronics Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Revaluation of fixed assets on consolidation |
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Finance income |
( |
( |
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Finance costs |
|
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Income tax expense |
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||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
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Decrease in trade debtors |
|
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|
|
Decrease in trade creditors |
( |
( |
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Repayment of bank borrowing |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
22,354,275 |
38,676,568 |
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis. The directors consider a period of at least twelve months when assessing going concern.
Judgements
The directors consider that there are no significant areas that require specific judgements to be disclosed. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences in respect of business combinations, when deferred tax is recognised on the difference between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, 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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Land and buildings |
2% on cost of buildings |
|
Plant and machinery |
10% on cost |
|
Office equipment |
20% on cost |
|
Building refurbishment |
10% on cost |
|
Motor vehicles |
25% reducing balance basis |
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made but may be written off in full in year of purchase if deemed appropriate.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
Written off in year of purchase if deemed appropriate |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. if a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
The directors consider that geographical analysis of turnover would be prejudicial to the business and therefore is not included in these financial statements.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Foreign exchange gains |
|
|
|
|
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
|
- |
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
654,326 |
437,309 |
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
34,500 |
34,500 |
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase arising from overseas tax suffered/expensed |
|
|
|
Decrease from effect of tax incentives |
( |
( |
|
Total tax charge |
|
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
- |
|
|
|
- |
|
|
2023 |
Asset |
Liability |
|
- |
|
|
|
- |
|
Company
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
- |
|
|
|
- |
|
|
2023 |
Asset |
Liability |
|
- |
|
|
|
- |
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions acquired separately |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Revaluation on consolidation |
- |
( |
( |
( |
- |
( |
|
Additions |
- |
|
|
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Revaluation on consolidation |
- |
( |
( |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is £3,084,640 (2023 - £3,130,680) in respect of freehold land and buildings.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £3,084,640 (2023 - £3,130,680) in respect of freehold land and buildings.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
USA |
|
|
|
|
|
China |
|
|
|
|
|
United Kingdom |
|
|
|
|
|
Australia |
|
|
|
|
|
Israel |
|
|
|
|
|
Germany |
|
|
|
|
|
United Kingdom |
|
|
|
|
|
Turkey |
|
|
|
|
|
Belgium |
|
|
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Subsidiary undertakings |
|
Astute Electronics Inc The principal activity of Astute Electronics Inc is |
|
Astute Electronics Trading (Shanghai) Co Ltd The principal activity of Astute Electronics Trading (Shanghai) Co Ltd is |
|
Ismosys Group Limited The principal activity of Ismosys Group Limited is |
|
Astute Electronics Pty Ltd The principal activity of Astute Electronics Pty Ltd is |
|
Astute Israel Limited The principal activity of Astute Israel Limited is |
|
Astute Electronics GmbH The principal activity of Astute Electronics GmbH is |
|
Broadband Technology 2000 Limited The principal activity of Broadband Technology 2000 Limited is |
|
Astute Turkey Elektronik Dagitim Limited Sirketi The principal activity of Astute Turkey Elektronik Dagitim Limited Sirketi is |
|
Astute B.V. The principal activity of Astute B.V. is |
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Other inventories |
|
|
|
|
Group
Impairment of inventories
The amount of impairment loss included in profit or loss is £2,924,999 (2023 - £1,962,294).
Company
Impairment of inventories
The amount of impairment loss included in profit or loss is £1,938,980 (2023 - £1,400,000).
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Called up share capital not paid |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash at bank |
|
|
|
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
|
- |
- |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
|
- |
|
|
Accruals |
|
|
|
|
|
|
Dividends payable |
- |
|
- |
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
Other provisions relate to the write down of an investment in a subsidiary.
Company
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
Other provisions relate to the write down of an investment in a subsidiary.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
6,000.00 |
|
6,000.00 |
Allotted, called up and not fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
900.00 |
|
900.00 |
6,000,000 ordinary shares carry full rights to vote, receive dividends and participate in a winding up. 900,000 ordinary shares carry no rights to vote or receive dividends and limited rights to participate in a winding up (only above a hurdle of £11,500,000).
|
Reserves |
Company
Capital redemption reserve
The capital redemption reserve represents the amount paid by the company to purchase its own shares.
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
Company
Bank borrowings
|
Astute House, Stevenage has been pledged as security in respect of specific bank borrowing. The bank loans are secured by a fixed and floating charge over the assets of the company. The bank loans in certain circumstances may be repayable on demand. The finance and hire purchase contracts are secured on the assets concerned. Mr G Hill, director, has guaranteed the bank loans to £250,000. Mr G Hill has guaranteed the finance leases and hire purchase contracts.
|
Astute Electronics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Company
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Financial instruments |
Group
Financial assets measured at amortised cost of the group total £26,352,536 (2023 - £30,729,807) and comprise trade debtors of £24,883,753 (2023 - £28,484,502) and other debtors of £1,468,783 (2023 - £2,245,305).
Financial liabilities measured at amortised cost of the group total £15,732,319 (2023 - £26,428,307) and comprise bank loans of £2,591,402 (2023 - £2,661,653), trade creditors of £9,451,964 (2023 - £9,481,296) and other creditors and accruals of £3,688,953 (2023 - £14,285,358).
Company
Financial assets measured at amortised cost of the company total £25,082,773 (2023 - £26,986,277) and comprise trade debtors of £18,875,090 (2023 - £23,985,824), group debtors of £5,652,543 (2023 - £2,456,798) and other debtors of £555,140 (2023 - £543,655).
Financial liabilities measured at amortised cost of the company total £12,629,027 (2023 - £23,306,478) and comprise bank loans of £2,591,402 (2023 - £2,661,653), trade creditors of £7,747,002 (2023 - £7,724,929) and other creditors and accruals of £2,290,623 (2023 - £12,919,896).
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Parent and ultimate parent undertaking |
The ultimate controlling party is