Registration number:
Allied Motion Ferndown Limited
for the Year Ended 31 December 2024
Allied Motion Ferndown Limited
Contents
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Company Information |
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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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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Allied Motion Ferndown Limited
Company Information
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Director |
K May |
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Company secretary |
Goodwille Limited |
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Registered office |
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Independent auditor |
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Allied Motion Ferndown Limited
Director's Report for the Year Ended 31 December 2024
The presents his annual report on the affairs of Allied Motion Ferndown Limited , together with the financial statements and auditor's report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of providing engineering support services for UK clients of its parent undertaking.
Director of the company
The director who served throughout the year and up to date of authorisation of this report was as follows:
Going concern
The director has considered the company’s financial position, liquidity and future performance together with financial projections for the company over the foreseeable future and has also reviewed the ongoing committed financial support from the company's parent undertaking and is confident this will be available for the foreseeable future. After making enquiries, the director is satisfied that the
company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the company’s financial statements.
Allied Motion Ferndown Limited is reliant on the support of Allied Motion Stockholm AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.
Events after the financial period
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
Director's liabilities
The company has made qualifying third party indemnity provisions for the benefit of its director which were made during the year and remain in force at the date of this report.
Statement of disclosure to the auditors
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 (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
The auditors Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Allied Motion Ferndown Limited
Director's Report for the Year Ended 31 December 2024 (continued)
Small companies provision statement
The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
The director's report was approved by the
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Allied Motion Ferndown Limited
Statement of Director's Responsibilities
The director is responsible 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),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Allied Motion Ferndown Limited
Independent Auditor's Report to the Member of
Allied Motion Ferndown Limited
Opinion
We have audited the financial statements of Allied Motion Ferndown Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.
Allied Motion Ferndown Limited
Independent Auditor's Report to the Member of
Allied Motion Ferndown Limited (continued)
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 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 Director's Report has 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 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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the director was not entitled to take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a Strategic Report. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Allied Motion Ferndown Limited
Independent Auditor's Report to the Member of
Allied Motion Ferndown Limited (continued)
The extent to which the audit was considered capable of detecting irregularities including fraud
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Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our cumulative audit and commercial knowledge and experience of the company and the technology sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, General Data Protection Rules (GDPR), taxation legislation and anti-bribery legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions; |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.
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evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Allied Motion Ferndown Limited
Independent Auditor's Report to the Member of
Allied Motion Ferndown Limited (continued)
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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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 member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Salatin House
19 Cedar Road
Surrey
SM2 5DA
Allied Motion Ferndown Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Revenue |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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- |
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Interest payable and similar charges |
- |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
447,315 |
420,623 |
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Dividends paid |
( |
- |
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Retained earnings carried forward |
90,991 |
447,315 |
Continuing operations
All results are derived wholly from continuing operations.
Allied Motion Ferndown Limited
(Registration number: 06257100)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Total equity |
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The financial statements of Allied Motion Ferndown Limited were approved and authorised for issue by the
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Director
Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
Allied Motion Ferndown Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the director's report on page 2.
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Accounting policies |
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.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and in accordance with 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.
The functional currency of the company is considered to be pounds sterling (£) because that is that currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent, Allient Inc, which may be obtained from www.allient.com. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the director in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Revenue recognition
Revenue represents the value of consideration receivable for the provision of services supplied to the parent undertaking, net of value added tax. Revenue from the provision of services is recognised when the services have been provided. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.
Foreign currency transactions and balances
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, 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.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Property, plant and equipment
Property, plant and equipment are recorded at historical cost less accumulated depreciation and any provision for impairment losses. Cost comprises the purchase price together with all expenses directly incurred in bringing the asset to its location and condition ready for use.
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its useful life, as follows:
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Asset class |
Depreciation method and rate |
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Fixture and fittings |
Straight line over 5 years |
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Computer equipment |
Straight line over 5 and 10 years |
Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of income and retained earnings.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the statement of income and retained earnings.
Cash and cash equivalents
Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of change in value.
Receivables
Other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.
Share based payments
The company's parent undertaking, Allient Inc, operates an option rights plan for its key employees which entitles these employees (including the company's employees) to acquire shares in the parent undertaking. The required disclosures are therefore included in Allient Inc's consolidated financial statements.
Financial instruments
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Revenue |
In the opinion of the director, the company's revenue, profit before taxation and net assets are attributable to the company's one principal business in the United Kingdom only and not attributable to classes of business or geographical segments which differ substantially from each other. Consequently, no segmental information has been presented. Revenue derives wholly from the provision of services.
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Operating profit |
Arrived at after charging
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2024 |
2023 |
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Depreciation expense |
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Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Staff costs |
The aggregate payroll costs were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Staff numbers |
The average number of persons employed by the company (including directors) during the year was
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Director's remuneration |
No remuneration was paid to the director during the year (2023: £nil). He is remunerated by a group entity.
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
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Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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9 |
Taxation (continued) |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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Profit before tax |
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Corporation tax at standard rate |
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Effect of expense not deductible in determining taxable profit |
( |
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Tax decrease relating to changes in tax rates or laws |
- |
( |
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Tax increase from effect of capital allowances and depreciation |
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Total tax charge |
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Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Property, plant and equipment |
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Fixtures and fittings |
Computer equipment |
Total |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
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At 31 December 2023 |
- |
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Receivables |
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2024 |
2023 |
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Amounts owed by parent undertaking |
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Other receivables |
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Prepayments |
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The amount owed by parent undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.
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Cash and cash equivalents |
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2024 |
2023 |
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Cash at bank |
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Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Payables |
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2024 |
2023 |
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Due within one year |
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Trade payables |
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Corporation tax |
6,538 |
9,094 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Accruals |
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
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Pension scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Share-based payments |
Scheme details and movements
The company's parent undertaking, Allient Inc, operates an option rights plan for its key employees which entitles these employees (including the company's employees) to acquire share in the parent undertaking.
The entity is part of a group share-based payment scheme and it recognises and measures its share-based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The company has taken taken advantage of the disclosure exemptions provided by FRS 102 as required disclosures are included in Allient Inc's consolidated financial statements. The company measures its share-based payment expense as a proportion of the expense recognised for the entire share-based payment scheme based on the entitlements of its employees participating in the scheme. No associated costs were recharged by the group in the current or preceding year.
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Final dividend of £ |
375,000 |
- |
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Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 the "The Financial Reporting Standard applicable in the
UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Allied Motion Ferndown Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Events after the financial period |
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