Austwel Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 1708208

Austwel Limited

Filleted Unaudited Financial Statements

30 September 2021

Austwel Limited

Financial Statements

Year ended 30 September 2021

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Austwel Limited

Statement of Financial Position

30 September 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	303,470	203,727

Current assets

Stocks		215,902	25,000
Debtors	7	1,260,626	1,130,265
Investments	8	47,400	24,403
Cash at bank and in hand		1,055,622	544,236
		------------	------------
		2,579,550	1,723,904

Creditors: amounts falling due within one year	9	( 2,435,035)	( 1,578,026)
		------------	------------
Net current assets		144,515	145,878
		---------	---------
Total assets less current liabilities		447,985	349,605

Creditors: amounts falling due after more than one year	10	( 37,977)	–

Provisions

Taxation including deferred tax	11	( 57,660)	( 38,936)
		---------	---------
Net assets		352,348	310,669
		---------	---------

Capital and reserves

Called up share capital	13	4,000	4,000
Profit and loss account		348,348	306,669
		---------	---------
Shareholders funds		352,348	310,669
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Austwel Limited

Statement of Financial Position (continued)

30 September 2021

These financial statements were approved by the board of directors and authorised for issue on 14 March 2022 , and are signed on behalf of the board by:

Mrs JL Arnold

Director

Company registration number: 1708208

Austwel Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 18, Thornton Industrial Estate, Milford Haven, Pembrokeshire, SA73 2RR.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Office Equipment & Furniture	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 89 (2020: 45 ).

5. Tax on profit

Major components of tax expense

	2021	2020
	£	£

Current tax:

UK current tax expense	311,106	28,456

Deferred tax:

Origination and reversal of timing differences	18,724	11,315
	---------	--------
Tax on profit	329,830	39,771
	---------	--------

6. Tangible assets

	Plant & Machinery	Office Equipment & Furniture	Total
	£	£	£
Cost
At 1 October 2020	850,727	27,024	877,751
Additions	196,452	4,448	200,900
	------------	--------	------------
At 30 September 2021	1,047,179	31,472	1,078,651
	------------	--------	------------
Depreciation
At 1 October 2020	650,898	23,126	674,024
Charge for the year	99,071	2,086	101,157
	------------	--------	------------
At 30 September 2021	749,969	25,212	775,181
	------------	--------	------------
Carrying amount
At 30 September 2021	297,210	6,260	303,470
	------------	--------	------------
At 30 September 2020	199,829	3,898	203,727
	------------	--------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant & Machinery
	£
At 30 September 2021	–
	----
At 30 September 2020	22,571
	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	559,743	985,273
Amounts owed by group undertakings and undertakings in which the company has a participating interest	700,000	143,405
Other debtors	883	1,587
	------------	------------
	1,260,626	1,130,265
	------------	------------

Amounts owed by group undertakings and undertakings in which the company has a participating interest include an amount of £Nil (2020 - £50,348) falling due after more than one year. Other debtors include an amount of £Nil (2020 - £Nil) falling due after more than one year.

8. Investments

	2021	2020
	£	£
Other investments	47,400	24,403
	--------	--------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	9,629	–
Trade creditors	95,168	301,847
Amounts owed to group undertakings	1,397,232	731,640
Corporation tax	311,106	28,453
Social security and other taxes	229,150	170,511
Obligations under finance leases and hire purchase contracts	–	9,026
Other creditors	392,750	336,549
	------------	------------
	2,435,035	1,578,026
	------------	------------

Carmarthenshire County Council hold a charge over the Freehold Property of the company at Plot 12 Thornton Milford Haven.

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	37,977	–
	--------	----

11. Provisions

	Deferred tax (note 12)
	£
At 1 October 2020	38,936
Additions	18,724
	--------
At 30 September 2021	57,660
	--------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions (note 11)	57,660	38,936
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	57,660	38,936
	--------	--------

13. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	4,000	4,000	4,000	4,000
	-------	-------	-------	-------

14. Related party transactions

The company was under the control of Crichton Industries Limited, a company controlled by the directors. During the year dividends to the value of £1,393,000 (2020 - £166,000) were paid to Austwel Holdings Limited.