Arrowhead Rockdrill Company Limited 30/04/2023 iXBRL

Arrowhead Rockdrill Company Limited 30/04/2023 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 2023
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)
Mr Christopher Ian Rushworth (Appointed 3 May 2023)
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 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 1,010,978 864,266
Debtors 5 2,129,066 2,353,993
Cash at bank and in hand 140,703 20,589
_______ _______
3,280,747 3,238,848
Creditors: amounts falling due
within one year 6 ( 639,358) ( 713,182)
_______ _______
Net current assets 2,641,389 2,525,666
_______ _______
Total assets less current liabilities 2,641,389 2,525,666
_______ _______
Net assets 2,641,389 2,525,666
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 2,541,389 2,425,666
_______ _______
Shareholders funds 2,641,389 2,525,666
_______ _______
For the year ending 30 April 2023 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 04 January 2024 , 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 2023
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 32 (2022: 33 ).
5. Debtors
2023 2022
£ £
Trade debtors 1,090,093 1,358,103
Amounts owed by group undertakings and undertakings in which the company has a participating interest 895,821 838,489
Other debtors 143,152 157,401
_______ _______
2,129,066 2,353,993
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 285,000 369,000
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 229,632 234,289
Trade creditors 331,445 376,850
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 1,688
Social security and other taxes 23,714 23,571
Other creditors 54,567 76,784
_______ _______
639,358 713,182
_______ _______
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 £101,525 (2022: £215,013) to Crossbow Inc, a company registered in the USA, in which Alan Taylor and Sheena Taylor have an interest. An amount of £620,778 (2022: £604,629) was due from Crossbow Inc at 30 April 2023. In addition to this there was an interest free loan of £285,000 (2022: £369,000) at the year end. During the year the company also purchased goods from Crossbow Inc in the amount of £20,748 (2022: £75,546). The balance at the year end was £7,564 (2022 £nil).
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.