Aeron Automation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC087533 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

AERON AUTOMATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

V Mellors

C A Rae

REGISTERED OFFICE:

46-48 Wilson Place

Nerston Industrial Estate

East Kilbride

G74 4QD

REGISTERED NUMBER:

SC087533 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

101,242

128,238

CURRENT ASSETS

Stocks

5,410

5,410

Debtors

6

389,631

310,184

Cash at bank and in hand

113,827

85,209

508,868

400,803

CREDITORS

Amounts falling due within one year

7

397,665

334,213

NET CURRENT ASSETS

111,203

66,590

TOTAL ASSETS LESS CURRENT LIABILITIES

212,445

194,828

PROVISIONS FOR LIABILITIES

19,236

24,365

NET ASSETS

193,209

170,463

CAPITAL AND RESERVES

Called up share capital

148,000

148,000

Share premium

338

338

Retained earnings

44,871

22,125

SHAREHOLDERS' FUNDS

193,209

170,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2020 and were signed on its behalf by:

V Mellors - Director

C A Rae - Director

1.	STATUTORY INFORMATION

Aeron Automation Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from sub-contracted engineering services supplied by the company.

Turnover is measured at the fair value of the service supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and 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 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 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 income statement on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 11 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

341,770

DEPRECIATION

At 1 April 2019

213,532

Charge for year

26,996

At 31 March 2020

240,528

NET BOOK VALUE

At 31 March 2020

101,242

At 31 March 2019

128,238

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Trade debtors

248,076

176,674

Other debtors

141,555

133,510

389,631

310,184

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as restated

£

£

Hire purchase contracts

-

34,375

Trade creditors

68,797

44,164

Amounts owed to group undertakings

219,210

134,410

Taxation and social security

97,481

114,620

Other creditors

12,177

6,644

397,665

334,213

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

as restated

£

£

Hire purchase contracts

-

34,375

The hire purchase contracts are secured against the fixed assets of which they relate.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

as restated

£

£

V Mellors

Balance outstanding at start of year

42,621

50,319

Amounts advanced

93,276

70,441

Amounts repaid

(90,046

)

(78,139

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

45,851

42,621

C A Rae

Balance outstanding at start of year

59,777

62,053

Amounts advanced

95,302

78,997

Amounts repaid

(90,244

)

(81,273

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

64,835

59,777

These loans are unsecured, interest free and have no fixed repayment terms.

10.	RELATED PARTY DISCLOSURES

V Mellors and C Rae are directors of Aeron Automation Limited and Aeron Automation Holdings Ltd.

During the year the company paid dividends amounting to £250,000 (2019 - £175,000) to Aeron Automation Holdings Ltd . The company owed £217,210 to Aeron Automation Holding Ltd at the year end (2019 - £134,410).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aeron Automation Limited for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Aeron Automation Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aeron Automation Limited and state those matters that we have agreed to state to the Board of Directors of Aeron Automation Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Aeron Automation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aeron Automation Limited. You consider that Aeron Automation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Aeron Automation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

2 December 2020