Contents of the Financial Statements

for the Period Ended 31 December 2020

Balance sheet

As at 31 December 2020

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2020

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue is recognised to the extent that is is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenu is recognised:Sale of GoodsTurnover from the sale of goods is recognised at the point of sale. Where machinery is sold on finance, this is recognised when the finance agreement is signed by the customer. When sold for cash, this ithe date of the invoice when the machinery has been delivered to the customer or the date of delivery by the manufacturer if that date is after the date of invoice. Parts sales are recognised on the date invoiced.ServicesWorkshop sales are recognised on completion of work

  Tangible fixed assets depreciation policy

  Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.The Company adds to the carrying amount of an item of fixed assets the costs of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a combination of the straight-line and reducing balance methods.Depreciation is provided on the following basis:Industrial buildings - 15 to 25 years straight lineOffice and residential buildings - 50 years straight lineMotor vehicles - 25% reducing balanceOffice equipment - 15% reducing balanceComputer equipment - 3 to 5 years straight lineOther plant and machinery - 15% reducing balance or 5 year straight lineThe assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss

  Other accounting policies

  Investment propertyInvestments property is carried at fair value.StocksStocks are stated at the lower of cost and net realisable value.DebtorsShort term debtors are measured at transaction price, less any impairmentCash and cash equivalentsCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.Financial instrumentsThe company only enters into basic financial instruments transactions that result in the recognitionof financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.CreditorsShort term creditors are measured at transactions pricesForeign currency translationForeign currency transactions are translated into the functional currency using the spot exchange rates the dates of the transactionsFinance costsFinance costs are charged to the profit or loss over the term of the debtDividendsEquity dividends are recognised when they become legally payableShare based paymentsThe company provides employees with the ability to purchase ordinary A shares at parLeased assetsAssets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.Borrowing costsAll borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurredProvision for liabilitiesProvisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation

Notes to the Financial Statements

for the Period Ended 31 December 2020

• 2. Employees

  	2020	2019
  Average number of employees during the period	28	26