Aber Instruments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02213855 (England and Wales)

ABER INSTRUMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M P H Lee

T Pryce

J Turner

A R Bhat

D Anderson

REGISTERED OFFICE:

Unit 5 Science Park

Cefn Llan

Aberystwyth

Dyfed

SY23 3AH

REGISTERED NUMBER:

02213855 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

2,475,856

2,317,436

Investments

5

8

8

2,475,864

2,317,444

CURRENT ASSETS

Stocks

1,283,222

844,953

Debtors

6

3,130,464

2,017,396

Cash at bank and in hand

6,737,737

5,094,046

11,151,423

7,956,395

CREDITORS

Amounts falling due within one year

7

1,495,500

968,860

NET CURRENT ASSETS

9,655,923

6,987,535

TOTAL ASSETS LESS CURRENT LIABILITIES

12,131,787

9,304,979

PROVISIONS FOR LIABILITIES

8

235,569

170,733

NET ASSETS

11,896,218

9,134,246

CAPITAL AND RESERVES

Called up share capital

20,615

20,615

Share premium

9

19,070

19,070

Treasury Shares

9

(4,208

)

(3,574

)

Other reserves

9

847,333

439,946

Retained earnings

9

11,013,408

8,658,189

SHAREHOLDERS' FUNDS

11,896,218

9,134,246

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 22 February 2023 and were signed on its behalf by:

M P H Lee - Director

1.	STATUTORY INFORMATION

Aber Instruments 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.

The accounts include the Employee Benefit Trust (EBT). The EBT is classified as a intermediate payment arrangement, per FRS102 the other assets and liabilities of the intermediary shall be recognised as assets and liabilities of the sponsoring entity.

Included within the financial statements is the EBT bank balance plus the shares and reserves held by the trust.

Going Concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue

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 on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

3 - 10 years straight line

Fixtures and fittings

3 - 5 years straight line

Computer equipment

2 - 4 years straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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 valued at the cost of raw materials and some sub contract and labour costs at the balance sheet date

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.

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.

Research and development

Research and development expenditure is written off as incurred, except that development expenditure incurred, unless it meets FRS102 perquisites when it is capitalised and amortised over a reasonable period.

Employee benefits

The Group provides a range of benefits to employees, including annual bonus arrangements, paid

holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2021 - 45 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2021

1,853,467

1,754,187

3,607,654

Additions

202,903

217,103

420,006

At 30 June 2022

2,056,370

1,971,290

4,027,660

DEPRECIATION

At 1 July 2021

213,554

1,076,664

1,290,218

Charge for year

57,370

204,216

261,586

At 30 June 2022

270,924

1,280,880

1,551,804

NET BOOK VALUE

At 30 June 2022

1,785,446

690,410

2,475,856

At 30 June 2021

1,639,913

677,523

2,317,436

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2021

and 30 June 2022

8

NET BOOK VALUE

At 30 June 2022

8

At 30 June 2021

8

6.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

1,949,089

1,173,320

Amounts owed by group undertakings

82,237

62,194

Other debtors

396,250

204,569

2,427,576

1,440,083

Amounts falling due after more than one year:

Amounts owed by group undertakings

702,888

577,313

Aggregate amounts

3,130,464

2,017,396

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

401,110

161,384

Taxation and social security

340,817

59,067

Other creditors

753,573

748,409

1,495,500

968,860

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

235,569

170,733

Deferred

tax

£

Balance at 1 July 2021

170,733

Charge to Income Statement during year

64,836

Balance at 30 June 2022

235,569

9.

RESERVES

Retained

Share

Treasury

Other

earnings

premium

Shares

reserves

Totals

£

£

£

£

£

At 1 July 2021

8,658,189

19,070

(3,574

)

439,946

9,113,631

Profit for the year

2,676,875

2,676,875

Dividends

(321,656

)

(321,656

)

Purchase of own shares

-

-

(517

)

(16,444

)

(16,961

)

Unvested SIP shares

-

-

(164

)

-

(164

)

Sale of shares

-

-

47

203,831

203,878

Donations to EBT

-

-

-

220,000

220,000

At 30 June 2022

11,013,408

19,070

(4,208

)

847,333

11,875,603

Other Reserves

Included within reserves, are reserves in relation to the Employee Benefit Trust,. These are disclosed as other reserves, which are a combination of donations from the sponsoring entity and the movement of the buying and purchasing of shares

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

The Report of the Auditors was unqualified.

Henry Lloyd-Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

11.

CONTROL

The company is controlled by an Employee Ownership Trust that holds the majority (55%) of shares in Aber Instruments Ltd. The Employee Ownership Trust is a static entity that always holds the controlling interest in order to ensure that the employees own the company and that government's criteria for employee ownership is always met.

The trustee of the Employee Ownership Trust is a corporate trustee called Aber Instruments Trustees Limited. This company is run by up to three directors, one of which represents the employees and carries the casting vote.

Aber Instruments Trustees Limited is also the corporate trustee for the Employee Benefit Trust and the Share Incentive Plan. These entities allow for the buying and selling of shares between employees and these two trusts. This allows employees to invest directly in their company, Aber Instruments Limited.

The Employee Benefit Trust (EBT) is viewed as an Intermediate payment arrangement per accounting legislation FRS102, within the standard it states that these arrangements result in the sponsoring entity (Aber Instruments Limited) having de facto control.

Per FRS 102 a parent organisation shall prepare consolidated financial statements that include the parent and any Special Purpose Entities that are controlled by the parent, as the entity is regarded as having de facto control over the Employee Benefit Trust, there is the requirement to recognise the assets and liabilities held by the EBT. The financial statement therefore include the results of the Aber Instruments Limited and the Employee Benefit Trust.