1.
General Information
Advanced Tooling Systems UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04610282
. The registered office is Mfd House Parkwood Industrial Estate, Coldred Road, Maidstone, Kent, ME15 9XX.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 20 years.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are computer software. It is amortised to the profit and loss account over its estimated economic life of 2 years.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Office Equipment |
|
2.6.
Investments
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.8.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.9.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11.
Taxation
2.11.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Rental income |
|
|
|
| Other operating income |
|
|
|
| 119,912 | 119,912 | ||
4.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Production |
|
|
|
| Other departments |
|
|
|
|
|
|
||
8.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Company contributions to money purchase pension schemes |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
9.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
10.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Finance charges payable under finance leases and hire purchase contracts | 15,171 | 14,854 | |
| 25,088 | 29,101 | ||
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11.
Tax on Profit
|
The tax (credit)/charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 23.5% |
|
|
|
| Prior period adjustment |
( |
|
|||
|
( |
|
||||
| Deferred Tax | |||||
| Origination and reversal of timing differences |
( |
( |
|||
| Total tax charge for the period |
( |
|
|||
|
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 55,649 | 62,076 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Tax losses utilised |
( |
( |
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
( |
( |
|||
| Research and Development tax credit |
( |
|
|||
| Prior period adjustment |
( |
|
|||
| Group relief |
|
|
|||
| Total tax charge for the period | (38,987) | 15,766 | |||
12.
Intangible Assets
| Goodwill | Other | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2024 |
|
|
|
| As at 31 December 2024 |
|
|
|
...CONTINUED
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Amortisation | |||
| As at 1 January 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 January 2024 |
|
|
|
13.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
( |
( |
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
( |
( |
| As at 31 December 2024 |
|
|
( |
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
| Office Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| As at 1 January 2024 |
|
|
| Additions |
|
|
| Disposals |
|
( |
| As at 31 December 2024 |
|
|
...CONTINUED
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Depreciation | ||
| As at 1 January 2024 |
|
|
| Provided during the period |
|
|
| Disposals |
|
( |
| As at 31 December 2024 |
|
|
| Net Book Value | ||
| As at 31 December 2024 |
|
|
| As at 1 January 2024 |
|
|
Included within the net book value of land and buildings above is £241,423 (2023 - £248,923) in respect of freehold land and buildings, and £757,054 (2023 - £780,201) in respect of leasehold land and buildings. The leasehold property is on 100 years lease from Feb 1979 to Feb 2078.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Plant & Machinery |
|
|
|
14.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
Coldred Road, Maidstone, Parkwood, Kent, ME15 9XX |
|
|
- |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| Millaber Holdings Limited |
|
|
15.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
16.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts recoverable on contracts |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
| Amounts owed by associates |
|
|
|
|
|
|
||
17.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 246,512 | 741,104 | |
| Corporation tax | - |
|
|
| Taxation and social security | 116,672 | 246,881 | |
| Accruals and deferred income | 20,364 | 17,727 | |
|
|
|
||
18.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
|
|
|
|
||
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
19.
Loans
An analysis of the maturity of loans is given below:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
|
|
|
CBILS Bank Loan is denominated in sterling with a nominal interest rate of 2.62% over base rate, and the final instalment is due on 9 June 2027. The carrying amount at year end is £250,000 (2023 - £350,000).
The CBILS Loan is secured against an existing debenture held by National Westminster Bank plc dated 31st July 2003 incorporating a fixed and floating charge over all current and future assets of the company.
20.
Obligations Under Finance Leases and Hire Purchase
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
Obligations Under Operating leases
|
2024
|
2023
|
|
|
£
|
£
|
|
|
The future minimum lease payments are as follows:
|
||
|
Not later than one year
|
27,104
|
-
|
|
Later than one year and not later than five years
|
42,869
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|
-
|
|
69,973
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|
-
|
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
21.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 133,664 | 153,769 | |
22.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
153,769 |
| Utilised |
( |
(20,105) |
| Balance at 31 December 2024 |
|
133,664 |
24.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £63,765 (2023: £47,571).
At the balance sheet date contributions of £6,720 (2023: £5,771) were due to the fund and are included in creditors.
25.
Related Party Disclosures
Sales to entities with joint control were £155,286 (2023: £137,760)
Amounts receivable from entities with joint control were £1,753,826 (2023: £1,392,032)
Expenditure from entities with joint control were £635,363 (2023: £1,550,237)
Amounts payable to entities with joint control were £65,507 (2023: £65,507)
Advanced Tooling Systems UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
26.
Controlling Parties
The company's immediate parent undertaking is
Advanced Tooling Systems (Holdings) Limited
.
The ultimate parent undertaking is
Advanced Tooling Systems (Group) Ltd
(incorporated in England & Wales). Its registered office is
Coldred Road, Parkwood Industrial Estate, Maidstone, Kent, United Kingdom, ME15 9XX
.
Copies of the group accounts may be obtained from the company's registered office.