Arrowhead Rockdrill Company Limited 30/04/2022 iXBRL

Arrowhead Rockdrill Company Limited 30/04/2022 iXBRL

ARROWHEAD ROCKDRILL COMPANY LIMITED - Company Information

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Company registration number: 03246725
Arrowhead Rockdrill Company Limited
Unaudited filleted financial statements
30 April 2022
Arrowhead Rockdrill Company Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Arrowhead Rockdrill Company Limited
Directors and other information
Directors Mr Eric Taylor
Mr David Edward Levesley
Mr Allen Dudley Brown (Resigned 6 May 2022)
Company number 03246725
Registered office Hema Works
Station Lane
Old Whittington
Chesterfield
S41 9QX
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Barclays
Leicester
LE87 2BB
Arrowhead Rockdrill Company Limited
Statement of financial position
30 April 2022
2022 2021
Note £ £ £ £
Current assets
Stocks 864,266 783,468
Debtors 5 2,353,993 2,173,666
Cash at bank and in hand 20,589 184,405
_______ _______
3,238,848 3,141,539
Creditors: amounts falling due
within one year 6 ( 713,182) ( 640,452)
_______ _______
Net current assets 2,525,666 2,501,087
_______ _______
Total assets less current liabilities 2,525,666 2,501,087
_______ _______
Net assets 2,525,666 2,501,087
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 2,425,666 2,401,087
_______ _______
Shareholders funds 2,525,666 2,501,087
_______ _______
For the year ending 30 April 2022 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 January 2023 , and are signed on behalf of the board by:
Mr Eric Taylor
Director
Company registration number: 03246725
Arrowhead Rockdrill Company Limited
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Hema Works, Station Lane, Old Whittington, Chesterfield, S41 9QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 4 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2021: 29 ).
5. Debtors
2022 2021
£ £
Trade debtors 1,358,103 1,246,640
Amounts owed by group undertakings and undertakings in which the company has a participating interest 838,489 856,560
Other debtors 157,401 70,466
_______ _______
2,353,993 2,173,666
_______ _______
The debtors above include the following amounts falling due after more than one year:
2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 369,000 453,000
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 234,289 152,705
Trade creditors 376,850 372,826
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,688 2,444
Social security and other taxes 23,571 19,147
Other creditors 76,784 93,330
_______ _______
713,182 640,452
_______ _______
The company meets its day to day working capital requirements through bank overdraft and loan facilities for which security has been given by the company and which, in common with such facilities, are repayable on demand. The company is operating within its agreed facilities and the directors expect it to be able to continue doing so for at least one year from which they approved the financial statements. In view of their relationship with the company's bankers the directors consider it reasonable to rely on the continuation of the overdraft and loan facilities.
7. Related party transactions
The company has taken advantage of the exemption provided by Paragraph 33.1A of FRS 102 that says disclosures need not be given of transactions that have taken place between group members. In addition to transactions with group members, the company also sold goods totalling £215,013 (2021: £206,726) to Crossbow Inc, a company registered in the USA, in which Alan Taylor and Sheena Taylor have an interest. An amount of £604,629 (2021: £621,973) was due from Crossbow Inc at 30 April 2022. In addition to this there was an interest free loan of £369,000 (2021: £453,000) at the year end. During the year the company also purchased goods from Crossbow Inc in the amount of £75,546 (2021: £2,844). There was no balance as at 30 April 2022.
8. Controlling party
The holding company, which is the ultimate parent company, is Hydrodyne Systems Limited, a company registered in England & Wales and whose registered office is Hema Works, Station Lane, Old Whittington, Chesterfield, S41 9QX. The company is controlled by Alan Taylor and Sheena Taylor as a result of their controlling interest in the holding company.
9. Other
Guarantees have been given to Barclays Bank plc in respect of borrowings by other members of the Hydrodyne Systems group. In the opinion of the directors no liability will arise in connection with these guarantees.