Alwayse Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00362715 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

ALWAYSE ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L Pinnick

Mrs Z M Lawton

P J Lawton

D Lightwood

SECRETARY:

Mrs 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

410,870

456,592

Investments

5

2

2

410,872

456,594

CURRENT ASSETS

Stocks

6

809,550

900,595

Debtors

7

1,008,611

682,787

Cash at bank and in hand

2,674,223

2,332,582

4,492,384

3,915,964

CREDITORS

Amounts falling due within one year

8

641,860

335,834

NET CURRENT ASSETS

3,850,524

3,580,130

TOTAL ASSETS LESS CURRENT LIABILITIES

4,261,396

4,036,724

PROVISIONS FOR LIABILITIES

10

68,580

75,497

NET ASSETS

4,192,816

3,961,227

CAPITAL AND RESERVES

Called up share capital

160,100

160,100

Retained earnings

11

4,032,716

3,801,127

4,192,816

3,961,227

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 16 December 2021 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

-

33% on cost, 25 reducing balance and 10%

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 & Coronavirus Business Interruption Loan interest 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 46 (2020 - 54 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

1,254,323

78,676

42,078

133,607

1,508,684

Additions

6,592

-

-

1,305

7,897

At 31 March 2021

1,260,915

78,676

42,078

134,912

1,516,581

DEPRECIATION

At 1 April 2020

833,845

62,650

37,314

118,283

1,052,092

Charge for year

42,216

1,603

1,191

8,609

53,619

At 31 March 2021

876,061

64,253

38,505

126,892

1,105,711

NET BOOK VALUE

At 31 March 2021

384,854

14,423

3,573

8,020

410,870

At 31 March 2020

420,478

16,026

4,764

15,324

456,592

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

2

NET BOOK VALUE

At 31 March 2021

2

At 31 March 2020

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: c/o Hainess Watts Liverpool, Pacific Chambers, 11-13 Victoria Street, Liverpool, L2 5QQ.

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

6.

STOCKS

2021

2020

£

£

Raw materials

479,875

359,845

Work-in-progress

166,760

175,513

Finished goods

162,915

365,237

809,550

900,595

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,000,920

668,392

Other debtors

3,417

14,395

Wages control

4,274

-

1,008,611

682,787

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

8,305

Trade creditors

157,703

103,988

Amounts owed to group undertakings

600

-

Tax

146,817

-

Social security and other taxes

(210

)

74,688

VAT

16,707

15,221

Accruals and deferred income

320,243

133,632

641,860

335,834

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

2,702

3,191

Between one and five years

1,133

3,835

3,835

7,026

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

68,580

75,497

Deferred

tax

£

Balance at 1 April 2020

75,497

Credit to Income Statement during year

(6,917

)

Balance at 31 March 2021

68,580

11.

RESERVES

Retained

earnings

£

At 1 April 2020

3,801,127

Profit for the year

961,645

Dividends

(730,056

)

At 31 March 2021

4,032,716

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

The auditor for the year ended 31 March 2020 were unable to attend the physical stocktake at 31 March 2020 due to the Covid-19 pandemic restrictions and thus did not observe the counting of physical inventories at the end of that year. They were unable to satisfy themselves by alternative means concerning the inventory quantities of £900,595 held at 31 March 2020 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 March 2020 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2021.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

13.	RELATED PARTY DISCLOSURES

The ultimate parent undertaking is Alwayse Holdings Limited.