ATE (UK) Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 07569911 (England and Wales)

ATE (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A F Bradshaw

Mr K Bradshaw

Mr S Bradshaw

SECRETARY:

Mr A F Bradshaw

REGISTERED OFFICE:

Anglia House

Grange Way Business Park

Grange Way

Colchester

Essex

CO2 8HF

REGISTERED NUMBER:

07569911 (England and Wales)

ACCOUNTANTS:

Oldfield Accountants

Santis House

Curriers Close

Coventry

West Midlands

CV4 8AW

FIXED ASSETS

Intangible assets

4

1,159,996

1,240,000

Tangible assets

5

45,998

56,442

1,205,994

1,296,442

CURRENT ASSETS

Stocks

6

555,890

508,795

Debtors

7

1,260,335

1,013,383

Cash at bank

503,332

63,746

2,319,557

1,585,924

CREDITORS

Amounts falling due within one year

8

872,154

584,947

NET CURRENT ASSETS

1,447,403

1,000,977

TOTAL ASSETS LESS CURRENT LIABILITIES

2,653,397

2,297,419

CREDITORS

Amounts falling due after more than one year

9

-

(1,510,000

)

PROVISIONS FOR LIABILITIES

(4,697

)

(6,244

)

NET ASSETS

2,648,700

781,175

CAPITAL AND RESERVES

Called up share capital

1,710,600

600

Retained earnings

938,100

780,575

SHAREHOLDERS' FUNDS

2,648,700

781,175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 March 2017 and were signed on its behalf by:

Mr A F Bradshaw - Director

1.	STATUTORY INFORMATION

ATE (UK) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

1,600,000

AMORTISATION

At 1 January 2016

360,000

Charge for year

80,004

At 31 December 2016

440,004

NET BOOK VALUE

At 31 December 2016

1,159,996

At 31 December 2015

1,240,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2016

30,311

31,440

18,786

80,537

Additions

-

2,276

-

2,276

Disposals

-

(225

)

-

(225

)

At 31 December 2016

30,311

33,491

18,786

82,588

DEPRECIATION

At 1 January 2016

2,280

16,053

5,762

24,095

Charge for year

3,031

5,990

3,506

12,527

Eliminated on disposal

-

(32

)

-

(32

)

At 31 December 2016

5,311

22,011

9,268

36,590

NET BOOK VALUE

At 31 December 2016

25,000

11,480

9,518

45,998

At 31 December 2015

28,031

15,387

13,024

56,442

6.

STOCKS

2016

2015

£

£

Stocks

555,890

508,795

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

781,025

810,654

Payments on account

168,232

-

Amounts owed from related entity

256,842

159,534

Directors' current accounts

33,871

21,393

Prepayments and accrued income

20,365

21,802

1,260,335

1,013,383

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

476,817

342,188

Tax

100,444

116,776

Social security and other taxes

19,062

14,456

VAT

65,075

32,083

Other creditors

3,195

769

Directors' current accounts

40,848

38,818

Accrued expenses

166,713

39,857

872,154

584,947

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Preference shares

-

1,510,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2016

and the period ended 31 December 2015:

2016

2015

£

£

Mr S Bradshaw

Balance outstanding at start of year

21,393

-

Amounts advanced

12,478

21,393

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

33,871

21,393

11.	RELATED PARTY DISCLOSURES

During the period dividends of £171,250 were paid to the directors (2015: £nil).

Included within other creditors due within one year is a loan due to Mr A F Bradshaw, a director, of

£31,508 (2015: £26,246).

Included within other creditors due within one year is a loan due to Mr K Bradshaw, a director, of

£9,340 (2015: £12,572).

On 1 October 2016, the Company acquired the trade and related trading assets from Cannon

Products, a partnership, in which the directors are partners.

12.	ULTIMATE CONTROLLING PARTY

The company was under the control of the directors throughout the current period.

ATE Holdings Limited now owns 100% of the share capital from 19 August 2016, and is regarded as

the ultimate parent company.