ACM Acoustic Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02841646 (England and Wales)

ACM ACOUSTIC ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr C J Porter

Mr P T Read

Mr M Jeavons

REGISTERED OFFICE:

Unit 30a

Waldegraves Business Park

West Mersea

Colchester

Essex

CO5 8SE

REGISTERED NUMBER:

02841646 (England and Wales)

FIXED ASSETS

Tangible assets

4

227,034

203,453

CURRENT ASSETS

Stocks

70,795

59,310

Debtors

5

1,384,347

1,434,221

Cash at bank and in hand

136,469

132,562

1,591,611

1,626,093

CREDITORS

Amounts falling due within one year

6

(1,435,502

)

(1,504,296

)

NET CURRENT ASSETS

156,109

121,797

TOTAL ASSETS LESS CURRENT LIABILITIES

383,143

325,250

PROVISIONS FOR LIABILITIES

(41,214

)

(37,827

)

NET ASSETS

341,929

287,423

CAPITAL AND RESERVES

Called up share capital

120

120

Capital redemption reserve

180

180

Retained earnings

341,629

287,123

341,929

287,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 28 July 2021 and were signed on its behalf by:

Mr C J Porter - Director

Mr M Jeavons - Director

Mr P T Read - Director

1.	STATUTORY INFORMATION

ACM Acoustic 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.

For the purposes of presentation the financial statements are rounded to the nearest 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.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, as adjusted by the value of work done at the beginning and the end of the period but not invoiced until after that date.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

33% on reducing balance and 20% on reducing balance

Stocks

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

Financial instruments

Basic financial instruments are recognised at amortised cost.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in the future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in the profit and loss in the period in which it arises.

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 the profit and 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 the profit and loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2019 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2019

474,534

6,856

63,771

545,161

Additions

60,761

-

2,051

62,812

Disposals

(7,280

)

-

-

(7,280

)

At 31 October 2020

528,015

6,856

65,822

600,693

DEPRECIATION

At 1 November 2019

282,497

5,210

54,001

341,708

Charge for year

31,938

249

3,544

35,731

Eliminated on disposal

(3,780

)

-

-

(3,780

)

At 31 October 2020

310,655

5,459

57,545

373,659

NET BOOK VALUE

At 31 October 2020

217,360

1,397

8,277

227,034

At 31 October 2019

192,037

1,646

9,770

203,453

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,364,456

1,409,020

Other debtors

19,891

25,201

1,384,347

1,434,221

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Payments on account

-

80,342

Trade creditors

1,202,619

1,074,824

Taxation and social security

111,557

206,563

Other creditors

121,326

142,567

1,435,502

1,504,296

There is a debenture with a fixed and floating charge held by Barclays Bank Plc over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, fixtures and fixed plant and machinery which covers all monies due or to become due from the company to the chargee. This charge was created on 13 December 1993.

There is a fixed and floating charge held by Barclays Bank Plc over the undertaking and all property and assets present and future including, goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery which covers all monies due or to become due from the company to the chargee on any account whatsoever. This charge was created on 25 August 2011.

7.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

93,945

98,750

Between one and five years

93,580

178,097

In more than five years

4,113

12,340

191,638

289,187