Applied Automation (UK) Limited - Period Ending 2022-03-31
Applied Automation (UK) Limited - Period Ending 2022-03-31
Registration number:
Applied Automation (UK) Limited
for the Year Ended 31 March 2022
Applied Automation (UK) Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Applied Automation (UK) Limited
Company Information
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Director |
Mr DH Rowe |
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Company secretary |
Mrs V A Rowe |
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Registered office |
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Auditors |
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Applied Automation (UK) Limited
Strategic Report for the Year Ended 31 March 2022
The director presents his strategic report for the year ended 31 March 2022.
Principal activity
The principal activity of the company is the design, manufacture and supply of pneumatic and hydraulic industrial control and manipulation equipment to industrial users and the supply of products for the marine industry.
Fair review of the business
The company has had a profitable year, with various government support and profitable contracts the company hopes this will continue into the future.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2022 |
2021 |
|
Turnover |
£ |
18,439,129 |
17,363,505 |
|
Gross profit |
£ |
3,332,141 |
2,156,281 |
|
Gross profit percentage |
% |
18 |
12 |
|
Net profit percentage |
% |
7 |
4 |
Principal risks and uncertainties
The company operates in a competitive worldwide market that is influenced by the overall economy. It is also affected by fluctuations in exchange rates and therefore has foreign currency bank accounts to mitigate the risks.
Every effort is taken to minimise outgoings. The company uses specifically designed software that provides real-time visibility of costs incurred on work carried out. In addition to this, overhead costs are minimised by obtaining the best rates that are available. The company has tight credit controls in place. Financial health checks are carried out and prompt action is taken where required.
Brexit has proven a major source of uncertainty particularly around the continuity of supply of goods from Europe and the availability of labour. There is huge competition for both skilled and unskilled labour in the local market and this is serving to drive up costs. Whilst a Brexit deal was agreed by the end of 2020 importing and exporting goods has become increasingly costly and complicated. The company is investing in staff training and has strengthened relationships with major suppliers to ensure that the impacts of Brexit are minimised wherever possible.
The company remains in a good financial position, which has been sustained for a number of years. Any future expansion plans will be carefully considered alongside specific cash flow forecasts.
Approved by the
.........................................
Director
Applied Automation (UK) Limited
Director's Report for the Year Ended 31 March 2022
The director presents his report and the financial statements for the year ended 31 March 2022.
Director of the company
The director who held office during the year was as follows:
Objectives and policies
Trading activities expose the company to a number of financial risks. These risks include cash flow risk and overall liquidity risk. The company seeks to manage and mitigate these risks by adopting a policy of frequent monitoring of the bank balance. Management also remains hands-on reviewing cash flows, pre-empting future cash movements and planning accordingly. The director maintains regular contact with the company's bank and keeping them informed of business levels and results.
Price risk, credit risk, liquidity risk and cash flow risk
The principal risks are that of liquidity, cash flow and foreign exchange flucuations.
Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to manage liquidity risk by managing cash generation by applying cash collection targets through the year. Liquidity is also managed via credit facilities and short-term debt.
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular asset or liability. The company manages this risk through the use of comprehensive cash flow and forecasting processes and hands-on management by the directors.
Foreign exchange risk is the risk of exposure to fluctuations in the currency exchange rates against the pound sterling. The risk is reduced by maintaining bank accounts in foreign currencies.
Disclosure of information to the auditors
The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved by the
.........................................
Director
Applied Automation (UK) Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Applied Automation (UK) Limited
Independent Auditor's Report to the Members of Applied Automation (UK) Limited
Opinion
We have audited the financial statements of Applied Automation (UK) Limited (the 'company') for the year ended 31 March 2022, which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 March 2022 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 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The director is 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.
Applied Automation (UK) Limited
Independent Auditor's Report to the Members of Applied Automation (UK) 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 Director's 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 Director's 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 Director's 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Applied Automation (UK) Limited
Independent Auditor's Report to the Members of Applied Automation (UK) Limited
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 audit procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company and the sector in which it operates to identify the key laws and regulations affecting the company.
The key laws and regulations we identified were health and safety, and employment laws. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.
We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
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Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements; |
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Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance; and |
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As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
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Identified and tested journal entries throughout the year and year end adjustments, for appropriateness; |
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Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates, in particular in relation to work in progress and stock provision; |
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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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.
Applied Automation (UK) Limited
Independent Auditor's Report to the Members of Applied Automation (UK) Limited
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 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
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Devon
PL4 6HH
Applied Automation (UK) Limited
Statement of Income and Retained Earnings for the Year Ended 31 March 2022
|
Note |
2022 |
2021 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
- |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
2,569,515 |
1,991,749 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
3,112,276 |
2,569,515 |
Applied Automation (UK) Limited
(Registration number: 02532117)
Balance Sheet as at 31 March 2022
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Note |
2022 |
2021 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
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Investments |
- |
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|
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||
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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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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100,000 |
100,000 |
|
|
Retained earnings |
3,112,276 |
2,569,515 |
|
|
Shareholders' funds |
3,212,276 |
2,669,515 |
Approved and authorised by the
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Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The registered number of the company is 02532117.
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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 United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS102. Its financial statements are consolidated into the financial statements of Applied Automation (Holdings) Limited which are publicly available. As such, advantage has been taken of the following disclsoure exemptions under paragraph 1.12 of FRS102 that no cash flow statement has been presented for this company and no key management personnel compensation has been disclosed.
Key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover for the sale of goods is recognised when the goods are physically delivered to the customer. Where a contract has only been partiallly completed at the Balance Sheet date turnover represents the fair value of the goods completed to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of the goods provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Government grants received in respect of the CJRS are credited to the trading results as Other operating income in the period in which the related expenditure has been expensed.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% reducing balance |
|
Furniture and fittings |
15% straight line |
|
Motor vehicles |
25% straight line |
|
Office equipment |
33% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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, plus an element of expected profit. 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.
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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.
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.
Critical accounting estimates and assumptions
The comapny makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Revenue recognition
Contracts for the manufacturing of goods often run for a period that spans the financial reporting date, with revenue and profit on these contracts being based on the degree of completion at the year end. The revenue and profit recognised is calculated using costs incurred to date as a percentage of total expected costs multiplied by the proportion of expected profit on completion. Estimates are required for the percentage of the contract completed at the reporting date, and also on the estimate of the overall profit to be generated.
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2022 |
2021 |
|
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2022 |
2021 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Government grants |
|
|
|
Rental income |
|
|
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2022 |
2021 |
|
|
Gain/(loss) on disposal of property, plant and equipment |
|
- |
|
Gain/loss from disposals of investments |
- |
|
|
1,750 |
42,996 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
- |
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Government grants |
Other grants received have been recognised in the financial statements on the accruals basis, as they relate to the improvements and refurbishment of fixed assets, and the income has been released in accordance with various depreciation policies.
The amount of grants recognised in the financial statements was £
|
Other interest receivable and similar income |
|
2022 |
2021 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Interest expense on corporation tax liability |
|
- |
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution schemes |
|
|
|
Other employee expense |
|
|
|
|
|
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2022 |
2021 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Distribution |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
32,400 |
32,400 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2022 |
2021 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2022 |
2021 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
189,770 |
63,955 |
|
|
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 higher than the standard rate of corporation tax in the UK (2021 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
- |
( |
|
Deferred tax expense relating to changes in tax rates or laws |
|
- |
|
Deferred tax expense/(credit) from unrecognised temporary difference from a prior period |
|
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Tax decrease arising from group relief |
- |
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
- |
|
Total tax charge |
|
|
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Tangible assets |
|
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
- |
( |
|
At 31 March 2022 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
|
At 31 March 2022 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2022 |
|
|
|
|
At 31 March 2021 |
|
|
|
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Investments |
|
2022 |
2021 |
|
|
Investments in subsidiaries |
- |
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2021 |
|
|
At 31 March 2022 |
|
|
Provision |
|
|
At 1 April 2021 |
|
|
Provision |
|
|
At 31 March 2022 |
|
|
Carrying amount |
|
|
At 31 March 2022 |
- |
|
At 31 March 2021 |
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Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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6 Houndiscombe Road, Plymouth, PL4 6HH |
Ordinary |
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UK |
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Concept House, Eastern Wood Road, Langage Business Park, Plymouth, PL7 5ET |
Ordinary |
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UK |
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Subsidiary undertakings |
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Net-IT Solutions Limited The principal activity of Net-IT Solutions Limited is |
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Applied Automation Limited The principal activity of Applied Automation Limited is |
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Stocks |
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2022 |
2021 |
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Work in progress |
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Other inventories |
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Debtors |
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Current |
Note |
2022 |
2021 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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Creditors |
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Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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- |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals |
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Corporation tax liability |
135,101 |
63,955 |
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Government grants |
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Payments on account |
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Due after one year |
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Government grants |
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Provisions for liabilities |
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Warranties |
Deferred tax |
Total |
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At 1 April 2021 |
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Increase in existing provisions |
- |
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At 31 March 2022 |
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Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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Pension and other schemes |
Defined contribution pension scheme
The company operates two defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
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Share capital |
Allotted, called up and fully paid shares
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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100,000 |
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100,000 |
Rights, preferences and restrictions
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Ordinary shares have the following rights, preferences and restrictions: |
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Loans and borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
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Other borrowings |
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Bank borrowings
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Other borrowings
HSBC Invoice Financing is denominated in Sterling. The carrying amount at year end is £1,216,579 (2021 - £1,252,967).
HSBC Invoice Finance has a floating charge on all property, fixtures and fittings and plant and machinery.
The company may not take out any additional security against the charged assets.
The company may not dispose of any part of the fixed charged property.
Applied Automation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2022 |
2021 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Dividends |
Interim dividends paid
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2022 |
2021 |
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Interim dividend of £ |
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Related party transactions |
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Transactions with the director |
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2022 |
At 1 April 2021 |
Advances to director |
At 31 March 2022 |
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Mr DH Rowe |
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Directors current account, debit balances at 2% per annum |
( |
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2021 |
At 1 April 2020 |
Advances to director |
At 31 March 2021 |
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Mr DH Rowe |
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Directors current account, debit balances at 2% per annum |
( |
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( |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is