Tooling International Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01995562 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2021

for

TOOLING INTERNATIONAL LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

Directors:

J D Stanley

A Wimmer

Registered office:

Unit 3 Focus Park

Ashbourne Way

Solihull

West Midlands

B90 4QU

Registered number:

01995562 (England and Wales)

Auditors:

Haines Watts Birmingham LLP

5-6 Greenfield Crescent

Edgbaston

Birmingham

B15 3BE

Bankers:

HSBC Bank Plc

120 Edmund Street

Birmingham

B3 2QZ

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

Principal activity

The principal activity of the company continued to be that of manufacture and supply of tooling for the world's fastener producing industry.

Future developments

Information relating to events since the end of the year is given in the notes to the financial statements.

Directors

The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

J D Stanley

A Wimmer

Directors' responsibilities statement

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

The directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the 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 auditors are aware of that information.

Auditors

The auditors, Haines Watts Birmingham LLP, will be deemed to be re-appointed under section 487(2) of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

J D Stanley - Director

30 May 2022

Opinion

We have audited the financial statements of Tooling International Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 101 'Reduced Disclosure Framework' (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 2021 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 Auditors' 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 directors' 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 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 in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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 directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS101) and relevant tax legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

-

making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;

-

obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

assessing the design effectiveness of the controls in place to prevent and detect fraud;

-

assessing the risk of management override including identifying and testing journal entries;

-

challenging the assumptions and judgements made by management in its significant accounting estimates.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Nichola Venables (Senior Statutory Auditor)

for and on behalf of Haines Watts Birmingham LLP

5-6 Greenfield Crescent

Edgbaston

Birmingham

B15 3BE

31 May 2022

Turnover

3

2,647,161

2,066,692

Cost of sales

(1,469,240

)

(1,095,447

)

Gross profit

1,177,921

971,245

Administrative expenses

(934,644

)

(864,219

)

243,277

107,026

Other operating income

-

8,847

Operating profit

243,277

115,873

Interest payable and similar expenses

5

(6,018

)

(7,492

)

Profit before taxation

6

237,259

108,381

Tax on profit

7

(37,693

)

(66,599

)

Profit for the financial year

199,566

41,782

Other comprehensive income

-

-

Total comprehensive income for the year

199,566

41,782

Fixed assets

Intangible assets

8

1,381

1,666

Tangible assets

9

1,558,128

342,253

1,559,509

343,919

Current assets

Stocks

432,639

417,817

Debtors

10

238,492

230,031

Cash at bank and in hand

903,410

735,808

1,574,541

1,383,656

Creditors

Amounts falling due within one year

11

2,287,654

1,107,046

Net current (liabilities)/assets

(713,113

)

276,610

Total assets less current liabilities

846,396

620,529

Provisions for liabilities

14

53,451

27,150

Net assets

792,945

593,379

Capital and reserves

Called up share capital

15

204

204

Share premium

1,099,998

1,099,998

Retained earnings

16

(307,257

)

(506,823

)

Shareholders' funds

792,945

593,379

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2022 and were signed on its behalf by:

J D Stanley - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2020

204

(548,605

)

1,099,998

551,597

Changes in equity

Total comprehensive income

-

41,782

-

41,782

Balance at 31 December 2020

204

(506,823

)

1,099,998

593,379

Changes in equity

Total comprehensive income

-

199,566

-

199,566

Balance at 31 December 2021

204

(307,257

)

1,099,998

792,945

1.	Statutory information

Tooling International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Focus Park, Ashbourne Way, Solihull, West Midlands, B90 4QU.

2.	Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of IAS 7 Statement of Cash Flows;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors are required to consider a period of at least 12 months from the date of approval of the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors' to exercise judgement in applying the Company's accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Stock provisions

A provision is incorporated into the financial statements to reflect obsolete and slow moving stock. This is calculated on a line by line basis based on management's knowledge of the items and the results of quality testing.

Changes in accounting policies

Due to the adoption of IFRS 16 into FRS 101 during the prior year the company changed the way it accounts for operating lease assets. Previously operating lease assets and their associated contractual liabilities were not recognised in the Balance Sheet and the annual lease payments were recognised as an expense in profit or loss. Under the new policy operating leases that are both over 12 months in length and materially significant are treated in the same way as finance leases (see accounting policy on page 10 for further details). Operating leases under 12 months or of small value are still accounted for using the old method.

The depreciation charged on the operating lease assets matches the lease repayments and thus there has been no impact on profit or loss in the current or previous year.

The effect on the Balance Sheet at 31 December 2020 was to increase the fixed assets net book value by £82,500 and to increase creditors by an equivalent amount. This is as a result of the operating lease for the company's business premises now being treated in the same way as a finance lease. There has been no change to net assets or reserves in either the current or comparative year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets other than goodwill

Intangible assets comprise primarily licence fees paid in advance for the use of trade marks and technology. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings

straight line over the period of the lease

Fixtures, fittings & equipment

15% straight line

Plant and machinery

15% straight line

Computer equipment

25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which

case the reversal of the impairment loss is treated as a revaluation increase.

Financial instruments

Financial assets

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2021

2020

£

£

Sale of goods

2,647,161

2,066,692

2,647,161

2,066,692

An analysis of turnover by geographical market is given below:

2021

2020

£

£

United Kingdom

111,185

171,722

Markets outside UK

2,535,976

1,894,970

2,647,161

2,066,692

4.	Employees and directors

2021

2020

£

£

Wages and salaries

1,110,704

921,939

Social security costs

83,111

69,950

Other pension costs

19,342

17,252

1,213,157

1,009,141

The average number of employees during the year was as follows:

2021

2020

Administration

5

6

Productive

26

26

31

32

2021

2020

£

£

Directors' remuneration

109,964

103,087

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2020 - 1).

Company pension contributions to defined contribution schemes £9,000 (2020 - £8,250).

5.

Interest payable and similar expenses

2021

2020

£

£

Interest payable to group companies

6,018

7,492

2020

2019

£

£

Interest payable to group companies on loan and overdraft

7,492

8,571

6.	Profit before taxation

The profit before taxation is stated after charging/(crediting):

2021

2020

£

£

Cost of inventories recognised as expense

1,469,240

1,095,447

Leases

12,366

2,650

Depreciation - owned assets

167,236

194,252

Profit on disposal of fixed assets

(4,250

)

-

Trade marks amortisation

285

285

Auditors' remuneration

12,000

11,848

Impairment of fixed assets

-

36,606

7.

Taxation

Analysis of tax expense

2021

2020

£

£

Current tax:

Tax

11,392

55,478

Deferred tax

26,301

11,121

Total tax expense in statement of comprehensive income

37,693

66,599

Factors affecting the tax expense

The tax assessed for the year is lower (2020 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

2021

2020

£

£

Profit before income tax

237,259

108,381

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

45,079

20,592

Effects of:

Expenses not deductible

425

34

Profit on disposal of assets

(808

)

-

Capital allowances in excess in depreciation

12,937

45,973

Operating lease depreciation deductible under SP3/91

(19,940

)

-

Tax expense

37,693

66,599

8.	Intangible fixed assets

Trade marks

£

Cost

At 1 January 2021

and 31 December 2021

2,853

Amortisation

At 1 January 2021

1,187

Amortisation for year

285

At 31 December 2021

1,472

Net book value

At 31 December 2021

1,381

At 31 December 2020

1,666

9.	Tangible fixed assets

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

Cost

At 1 January 2021

302,500

1,895,561

85,210

Additions

1,200,000

178,415

-

Disposals

-

(53,345

)

-

At 31 December 2021

1,502,500

2,020,631

85,210

Depreciation

At 1 January 2021

220,000

1,635,808

85,210

Charge for year

104,946

60,036

-

Eliminated on disposal

-

(53,345

)

-

At 31 December 2021

324,946

1,642,499

85,210

Net book value

At 31 December 2021

1,177,554

378,132

-

At 31 December 2020

82,500

259,753

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2021

-

51,383

2,334,654

Additions

4,696

-

1,383,111

Disposals

-

-

(53,345

)

At 31 December 2021

4,696

51,383

3,664,420

Depreciation

At 1 January 2021

-

51,383

1,992,401

Charge for year

2,254

-

167,236

Eliminated on disposal

-

-

(53,345

)

At 31 December 2021

2,254

51,383

2,106,292

Net book value

At 31 December 2021

2,442

-

1,558,128

At 31 December 2020

-

-

342,253

10.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

72,390

10,574

Amounts owed by group undertakings

123,664

138,650

Other debtors

42,438

80,807

238,492

230,031

Trade debtors disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

11.

Creditors: amounts falling due within one year

2021

2020

£

£

Other loans (see note 12)

250,000

450,000

Leases (see note 12)

1,161,390

82,500

Trade creditors

181,142

67,727

Amounts owed to group undertakings

104,798

23,708

Corporation tax

11,392

55,478

Social security and other taxes

20,904

20,196

Accruals and deferred income

558,028

407,437

2,287,654

1,107,046

12.

Financial liabilities - borrowings

2021

2020

£

£

Current:

Loan from Wurth Holding UK Limited

250,000

450,000

Leases (see note 13)

1,161,390

82,500

1,411,390

532,500

Terms and debt repayment schedule

1 year or

less

£

Loan from Wurth Holding UK Limited

250,000

Leases

1,161,390

1,411,390

13.

Leasing

Other leases

2021

2020

£

£

Short-term leases

12,366

2,650

Lease liabilities

Minimum lease payments fall due as follows:

2021

2020

£

£

Gross obligations repayable

Within one year

1,161,390

82,500

1,161,390

82,500

Net obligations repayable:

Within one year

1,161,390

82,500