Astech Electronics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01164924 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

ASTECH ELECTRONICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

6

DIRECTORS:

K Baker

C Baker

S Baker

REGISTERED OFFICE:

Astech House

Forge Industrial Estate

Binstead

Hampshire

GU34 4PF

REGISTERED NUMBER:

01164924 (England and Wales)

ACCOUNTANTS:

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

CURRENT ASSETS

Stocks

5,200

5,200

Debtors

5

94,304

62,018

Cash at bank and in hand

1,126,432

1,089,274

1,225,936

1,156,492

CREDITORS

Amounts falling due within one year

6

160,178

148,147

NET CURRENT ASSETS

1,065,758

1,008,345

TOTAL ASSETS LESS CURRENT LIABILITIES

1,065,758

1,008,345

CAPITAL AND RESERVES

Called up share capital

7

10,000

10,000

Retained earnings

8

1,055,758

998,345

SHAREHOLDERS' FUNDS

1,065,758

1,008,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 26 November 2020 and were signed on its behalf by:

K Baker - Director

1.	STATUTORY INFORMATION

Astech Electronics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 operation profit.

Long term contracts

Long term contracts are assessed on a contract by contract basis. Where it is considered that the outcome of a long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit (or loss) is recognised within the profit and loss account as contract activity progresses. Where the outcome cannot be assessed with any reasonable certainty due to the inherent uncertainty of the technical nature of the company activities, all the turnover and costs are carried forward within "long term contract balances" until the contract is completed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

and 31 December 2019

452

12,539

8,174

21,165

DEPRECIATION

At 1 January 2019

and 31 December 2019

452

12,539

8,174

21,165

NET BOOK VALUE

At 31 December 2019

-

-

-

-

At 31 December 2018

-

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

82,399

56,783

Other debtors

-

930

VAT

9,368

1,485

Prepayments

2,537

2,820

94,304

62,018

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

25,052

5,472

Tax

14,915

19,117

Social security and other taxes

(742

)

6,552

Other creditors

107,320

96,250

Wages control account

-

12,423

Directors' loan account

10,333

333

Accruals and deferred income

3,300

8,000

160,178

148,147

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

10,000

Ordinary

£1

10,000

10,000

8.

RESERVES

Retained

earnings

£

At 1 January 2019

998,345

Profit for the year

157,413

Dividends

(100,000

)

At 31 December 2019

1,055,758

9.	RELATED PARTY DISCLOSURES

The company occupies offices which are owned by a pension scheme of which the director is the beneficiary. A normal commercial rent of £Nil (2018:£5,000) was paid during the year. The accrued rent has been corrected during the year to a balance of £Nil resulting in a negative charge on the profit and loss account.

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 Astech Electronics Limited for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Astech Electronics 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 Astech Electronics Limited and state those matters that we have agreed to state to the Board of Directors of Astech Electronics Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 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 Astech Electronics 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 Astech Electronics Limited. You consider that Astech Electronics 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 Astech Electronics 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.

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

26 November 2020