Auger Torque Europe Limited - Period Ending 2021-12-31
Auger Torque Europe Limited - Period Ending 2021-12-31
Registration number:
for the
Year Ended
Auger Torque Europe Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Auger Torque Europe Limited
Company Information
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Directors |
A Brydon R Olbrich T Friedrich |
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Company secretary |
R Payne |
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Registered office |
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|
Auditors |
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Auger Torque Europe Limited
Strategic Report for the Year Ended 31 December 2021
The directors present their strategic report for the year ended 31 December 2021.
Principal activity
The principal activity of the company is the manufacture and distribution of hydraulic earthmoving attachments.
Fair review of the business
The directors are pleased with the results for the year and consider the financial position at the year end to be very satisfactory.
The results for the year, which are set out in the profit and loss account, show operating profit for the year of £2,645,651 (2020 - £1,921,191). Dividends of £3,449,297 were paid during the year (2020 - £4,000,000).
The Company has fixed assets valued in the financial statements at cost amounting to £1,528,051 (2020 - £1,586,953), Trade debtors of £1,305,879 (2020 - £807,306) and trade creditors of £422,089 (2020 - £406,022).
While the operations of the company have been impacted by the worldwide pandemic, the management of the company have been able to maintain the companies activities, turnover and margins at levels that are consistent with previous years.
The company's key financial and other performance indicators during the year were as follows:
|
2021 |
2020 |
% |
||||
|
£'000 |
£'000 |
Change |
||||
|
Turnover |
16,316 |
10,403 |
+56.8% |
|||
|
Operating profit |
2,646 |
1,921 |
+37.8% |
In addition to financial performance indicators the company monitors the gross margin achieved on its sales and key balance sheet ratios to ensure that the business is aware of and can adapt to changes in its trading environment.
Principal risks and uncertainties
The management of the business and the execution of the group’s strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition.
Approved by the
Director
Auger Torque Europe Limited
Directors' Report for the Year Ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
Directors of the company
The directors who held office during the year were as follows:
Going concern
The directors are fully aware of their duty to assess the company's going concern status and have attended to this with particular care in consideration of the current economic and industrial outlook. The current economic conditions create uncertainty, particularly over the level of demand for the company's rpoducts. The company currently meets day-to-day cash requirements without the need for external financing.
The directors have prepared and reviewed the company's forecasts and projections and have taken into account possible changes in trading performance by considering all reasonable scenarios and the current funding position.
The directors have concluded that the company has adequate resourses to meet its liabilities and the financial statements have been prepared accordingly on a going concern basis.
Disclosure of information to the auditors
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to remain in office.
Approved by the
Director
Auger Torque Europe Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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.
Auger Torque Europe Limited
Independent Auditor's Report to the Members of Auger Torque Europe Limited
Opinion
We have audited the financial statements of Auger Torque Europe Limited (the 'company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, 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 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 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 Auditor’s 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 original financial statements were 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 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 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.
Auger Torque Europe Limited
Independent Auditor's Report to the Members of Auger Torque Europe Limited
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have 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 Strategic Report and the Directors' 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 directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 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 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.
Auditor’s 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:
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company financial statements or that had a fundamental effect on the operations of the group and parent company. We determined that the most significant laws and regulations included United Kingdom Generally Accepted Accounting Practice, UK Companies Act 2006 and taxation laws;
• We understood how the group and parent company is complying with those legal and regulatory frameworks by making enquiries of the management and those responsible for legal and compliance procedures.
• We assessed the susceptibility of the group's and parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Auger Torque Europe Limited
Independent Auditor's Report to the Members of Auger Torque Europe Limited
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• |
identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
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• |
understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
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• |
challenging assumptions and judgements made by management in its significant accounting estimates; and |
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• |
identifying and testing journal entries, in particular any journal entries with unusual characteristics. |
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 this 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Auger Torque Europe Limited
Profit and Loss Account for the Year Ended 31 December 2021
|
Note |
2021 |
2020 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
|
Operating profit |
|
|
|
|
Loss on financial assets at fair value through profit and loss account |
- |
( |
|
|
Other interest receivable and similar income |
|
|
|
|
1,791,285 |
918,913 |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no other comprehensive income for the year.
Auger Torque Europe Limited
(Registration number: 03537549)
Balance Sheet as at 31 December 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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|
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Retained earnings |
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Total equity |
|
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Approved and authorised by the
Director
Auger Torque Europe Limited
Statement of Changes in Equity for the Year Ended 31 December 2021
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Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 January 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2021 |
|
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 January 2020 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2020 |
|
|
|
|
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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General information |
The company is incorporated and domiciled in England and Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Exemption from preparing group accounts
The financial statements contain information about Auger Torque Europe Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Lifco AB, a company incorporated in Sweden.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold property |
10% straight line |
|
Plant and machinery |
25% reducing balance |
|
Fixtures, fittings and equipment |
10%-33% reducing balance |
|
Motor vehicles |
25% reducing balance |
Intangible assets
Licences, knowhow and customer lists acquired in a business combination are recognised at fair value at the acquisition date.
Licences, knowhow and customer lists have a finite useful life and are carried at cost less accumulated amortisation.
Trademarks, patents and licences are recognised at cost. They have a finite useful life and are carried at cost less amortisation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Licences, knowhow and customer lists |
15 years straight line |
|
Trademarks, patents and licences |
15 years straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurredafter initial recognition, theestimated recoverablevalue of theasset has been reduced. The recoverable amount of an asset is thehigher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease canbe related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
|
Revenue |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2021 |
2020 |
|
|
Sale of goods and services |
|
|
The analysis of the company's revenue for the year by market is as follows:
|
2021 |
2020 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2021 |
2020 |
|
|
Government grants |
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2021 |
2020 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
|
|
|
Operating lease expense - total premises cost |
|
|
|
Other interest receivable and similar income |
|
2021 |
2020 |
|
|
Interest income on bank deposits |
|
|
|
Dividend income |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2021 |
2020 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2021 |
2020 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2021 |
2020 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
161,278 |
116,659 |
|
Taxation |
Tax charged in the profit and loss account
|
2021 |
2020 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
|
|
410,548 |
237,552 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2020 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2021 |
2020 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2021 |
Liability |
|
Fixed asset timing differences |
|
|
2020 |
Liability |
|
Fixed asset timing differences |
|
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Intangible assets |
|
Trademarks, patents and licenses |
|
|
Cost |
|
|
At 1 January 2021 and at 31 December 2021 |
|
|
Amortisation |
|
|
At 1 January 2021 |
|
|
Amortisation charge |
|
|
At 31 December 2021 |
|
|
Carrying amount |
|
|
At 31 December 2021 |
|
|
At 31 December 2020 |
|
|
Tangible assets |
|
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost |
||||
|
At 1 January 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
( |
( |
|
At 31 December 2021 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2021 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 31 December 2021 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2021 |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Investments in subsidiaries |
|
2021 |
2020 |
|
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2021 |
2020 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
China |
|
|
|
|||
|
|
Australia |
|
|
|
|||
|
Subsidiary undertakings |
|
Auger Torque China Mfg The principal activity of Auger Torque China Mfg is |
|
Auger Torque Australia Limited The principal activity of Auger Torque Australia Limited is |
|
Stocks |
|
2021 |
2020 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2021 |
2020 |
|
|
Trade debtors |
|
|
|
Other receivables |
|
|
|
Prepayments |
|
|
|
Total current trade and other receivables |
|
|
|
Cash and cash equivalents |
|
2021 |
2020 |
|
|
Cash on hand |
|
- |
|
Cash at bank |
|
|
|
|
|
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Creditors |
|
2021 |
2020 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
277,048 |
191,226 |
|
|
|
|
Other provisions |
|
Deferred tax |
Warranties |
Total |
|
|
At 1 January 2021 |
|
|
|
|
Increase (decrease) in existing provisions |
|
|
|
|
At 31 December 2021 |
|
|
|
|
|
|||
|
Pension and other schemes |
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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2021 |
2020 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
Obligations under leases |
The total of future minimum lease payments is as follows:
|
2021 |
2020 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Auger Torque Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Related party transactions |
During the year the company made sales of £5,055,581 (2020 - £3,732,381) and incurred expenditure of £9,989,909 (2020 - £5,767,797) with other companies in the same group. At 31 December 2021 the company was due £442,737 (2020 - £190,332) and owed £804,940 (2020 - £411,331) with those group companies.
|
Dividends |
|
2021 |
2020 |
|
|
Dividends paid |
3,449,297 |
4,000,000 |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is