Alwayse Engineering Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00362715 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

ALWAYSE ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L Pinnick

Z M Lawton

P J Lawton

D Lightwood

SECRETARY:

Z M Lawton

REGISTERED OFFICE:

6 Miller Street

Aston

Birmingham

B6 4NF

REGISTERED NUMBER:

00362715 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

FIXED ASSETS

Tangible assets

4

580,987

410,870

Investments

5

2

2

580,989

410,872

CURRENT ASSETS

Stocks

6

822,301

809,550

Debtors

7

1,373,094

1,008,611

Cash at bank and in hand

2,867,544

2,674,223

5,062,939

4,492,384

CREDITORS

Amounts falling due within one year

8

981,325

641,860

NET CURRENT ASSETS

4,081,614

3,850,524

TOTAL ASSETS LESS CURRENT LIABILITIES

4,662,603

4,261,396

PROVISIONS FOR LIABILITIES

10

136,132

68,580

NET ASSETS

4,526,471

4,192,816

CAPITAL AND RESERVES

Called up share capital

160,100

160,100

Retained earnings

11

4,366,371

4,032,716

4,526,471

4,192,816

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

P J Lawton - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Alwayse Engineering 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 requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Alwayse Holdings Limited, 6 Miller Street, Aston, Birmingham, B6 4NF.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme income which is included within other operating income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

Work in progress

Work in progress is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct costs incurred in bringing work in progress to its present location and condition and a proportion of all indirect overheads.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2021 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

1,260,915

78,676

42,078

134,912

1,516,581

Additions

242,160

207

-

514

242,881

Disposals

(7,300

)

-

-

-

(7,300

)

At 31 March 2022

1,495,775

78,883

42,078

135,426

1,752,162

DEPRECIATION

At 1 April 2021

876,061

64,253

38,505

126,892

1,105,711

Charge for year

62,622

1,463

893

6,987

71,965

Eliminated on disposal

(6,501

)

-

-

-

(6,501

)

At 31 March 2022

932,182

65,716

39,398

133,879

1,171,175

NET BOOK VALUE

At 31 March 2022

563,593

13,167

2,680

1,547

580,987

At 31 March 2021

384,854

14,423

3,573

8,020

410,870

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

2

NET BOOK VALUE

At 31 March 2022

2

At 31 March 2021

2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Conveyor Parts & Systems Limited

Registered office: 6 Miller Street, Aston, Birmingham, West Midlands, UK, B6 4NF

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

6.

STOCKS

2022

2021

£

£

Raw materials

445,676

479,875

Work-in-progress

150,530

166,760

Finished goods

226,095

162,915

822,301

809,550

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,272,965

1,000,920

Amounts owed by group undertakings

79,398

-

Other debtors

15,003

3,417

Wages control

-

4,274

Directors' current accounts

3,029

-

VAT

2,699

-

1,373,094

1,008,611

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

241,039

157,703

Amounts owed to group undertakings

-

600

Tax

200,188

146,817

Social security and other taxes

4,275

(210

)

VAT

-

16,707

Other creditors

116,711

-

Accruals and deferred income

419,112

320,243

981,325

641,860

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

2,433

2,702

Between one and five years

3,250

1,133

5,683

3,835

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

136,132

68,580

Deferred

tax

£

Balance at 1 April 2021

68,580

Charge to Income Statement during year

67,552

Balance at 31 March 2022

136,132

11.

RESERVES

Retained

earnings

£

At 1 April 2021

4,032,716

Profit for the year

1,383,655

Dividends

(1,050,000

)

At 31 March 2022

4,366,371

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

13.	CAPITAL COMMITMENTS

2022

2021

£

£

Contracted but not provided for in the

financial statements

30,524

-

14.	RELATED PARTY DISCLOSURES

The ultimate parent undertaking is Alwayse Holdings Limited, a company registered in England and Wales.

There is no ultimate controlling party of Alwayse Holdings Limited.