Alwayse Engineering Limited - Accounts to registrar (filleted) - small 23.2

REGISTERED NUMBER: 00362715 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ALWAYSE ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Mickelson

L K Mendelsohn

SECRETARY:

Oakwood Corporate Secretary Limited

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

680,667

580,987

Investments

5

-

2

680,667

580,989

CURRENT ASSETS

Stocks

6

1,187,099

822,301

Debtors

7

627,738

1,373,094

Cash at bank and in hand

3,537,175

2,867,544

5,352,012

5,062,939

CREDITORS

Amounts falling due within one year

8

758,402

981,325

NET CURRENT ASSETS

4,593,610

4,081,614

TOTAL ASSETS LESS CURRENT LIABILITIES

5,274,277

4,662,603

PROVISIONS FOR LIABILITIES

10

163,805

136,132

NET ASSETS

5,110,472

4,526,471

CAPITAL AND RESERVES

Called up share capital

160,100

160,100

Retained earnings

11

4,950,372

4,366,371

5,110,472

4,526,471

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 September 2023 and were signed on its behalf by:

D Mickelson - 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.

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

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

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 43 (2022 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

1,495,775

78,883

42,078

135,426

1,752,162

Additions

108,437

7,313

51,383

1,473

168,606

Disposals

-

-

(14,788

)

-

(14,788

)

At 31 March 2023

1,604,212

86,196

78,673

136,899

1,905,980

DEPRECIATION

At 1 April 2022

932,182

65,716

39,398

133,879

1,171,175

Charge for year

59,581

1,701

6,115

789

68,186

Eliminated on disposal

-

-

(14,048

)

-

(14,048

)

At 31 March 2023

991,763

67,417

31,465

134,668

1,225,313

NET BOOK VALUE

At 31 March 2023

612,449

18,779

47,208

2,231

680,667

At 31 March 2022

563,593

13,167

2,680

1,547

580,987

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

2

Disposals

(2

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

2

6.

STOCKS

2023

2022

£

£

Raw materials

449,065

445,676

Work-in-progress

186,742

150,530

Finished goods

551,292

226,095

1,187,099

822,301

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

602,861

1,272,965

Amounts owed by group undertakings

-

79,398

Other debtors

16,227

15,003

Directors' current accounts

-

3,029

VAT

8,650

2,699

627,738

1,373,094

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

256,242

241,039

Tax

198,864

200,188

Social security and other taxes

21,275

4,275

Other creditors

79,302

116,711

Accruals and deferred income

202,719

419,112

758,402

981,325

9.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

201,300

2,433

Between one and five years

801,950

3,250

1,003,250

5,683

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

163,805

136,132

Deferred

tax

£

Balance at 1 April 2022

136,132

Charge to Income Statement during year

27,673

Balance at 31 March 2023

163,805

11.

RESERVES

Retained

earnings

£

At 1 April 2022

4,366,371

Profit for the year

1,084,001

Dividends

(500,000

)

At 31 March 2023

4,950,372

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

The Report of the Auditors was unqualified.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

13.	CAPITAL COMMITMENTS

2023

2022

£

£

Contracted but not provided for in the

financial statements

-

30,524

14.	RELATED PARTY DISCLOSURES

The immediate parent undertaking is Alwayse Ball Units Limited, a company registered in England and Wales.

The ultimate controlling party of Alwayse Ball Units Limited is Lifco AB (publ), of 745 85 Enköping, Enköping kommun, Uppsala län, Sweden.