Astec Computing (UK) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02906412 (England and Wales)

ASTEC COMPUTING (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

P S Astell

S P Angeloni

REGISTERED OFFICE:

Astec House

Sedlescombe Road South

St Leonards on Sea

East Sussex

TN38 0TA

REGISTERED NUMBER:

02906412 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

FIXED ASSETS

Tangible assets

4

39,673

50,896

CURRENT ASSETS

Stocks

5

35,030

28,743

Debtors

6

296,802

219,922

Cash at bank and in hand

2,448

1,928

334,280

250,593

CREDITORS

Amounts falling due within one year

7

226,178

148,582

NET CURRENT ASSETS

108,102

102,011

TOTAL ASSETS LESS CURRENT LIABILITIES

147,775

152,907

CREDITORS

Amounts falling due after more than one year

8

(32,263

)

(49,265

)

PROVISIONS FOR LIABILITIES

11

(5,957

)

(9,048

)

NET ASSETS

109,555

94,594

CAPITAL AND RESERVES

Called up share capital

12

19

18

Revaluation reserve

13

1,852

2,179

Retained earnings

13

107,684

92,397

SHAREHOLDERS' FUNDS

109,555

94,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 21st December 2017 and were signed on its behalf by:

P S Astell - Director

1.	STATUTORY INFORMATION

Astec Computing (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.

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 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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

25% on reducing balance

Office equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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 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.

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.

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 11 .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Office

Motor

Computer

property

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1st April 2016

4,575

56,708

62,264

37,509

161,056

Additions

-

-

-

3,288

3,288

Disposals

-

-

-

(277

)

(277

)

At 31st March 2017

4,575

56,708

62,264

40,520

164,067

DEPRECIATION

At 1st April 2016

3,847

41,429

36,372

28,512

110,160

Charge for year

109

2,292

6,473

5,460

14,334

Eliminated on disposal

-

-

-

(100

)

(100

)

At 31st March 2017

3,956

43,721

42,845

33,872

124,394

NET BOOK VALUE

At 31st March 2017

619

12,987

19,419

6,648

39,673

At 31st March 2016

728

15,279

25,892

8,997

50,896

Cost or valuation at 31st March 2017 is represented by:

Improvements

to

Office

Motor

Computer

property

equipment

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2001

-

23,883

-

-

23,883

Cost

4,575

32,825

62,264

40,520

140,184

4,575

56,708

62,264

40,520

164,067

If tangible fixed assets had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

140,184

137,173

Aggregate depreciation

102,363

88,456

5.

STOCKS

2017

2016

£

£

Finished goods

35,030

28,743

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

141,965

83,340

Amounts owed by group undertakings

109,723

103,791

Other debtors

234

357

Loan

8,306

11,306

Directors' current accounts

9,955

12,404

Prepayments

26,266

8,338

Income received in advance

353

386

296,802

219,922

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 9)

25,489

29,988

Other loans (see note 9)

1,800

-

Hire purchase contracts

5,524

5,524

Trade creditors

110,300

43,534

Tax

1,016

-

Social security and other taxes

5,450

3,263

VAT

31,376

23,761

Other creditors

28,308

24,056

Accrued expenses

4,398

4,139

Deferred income

12,517

14,317

226,178

148,582

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 9)

11,914

26,792

Other loans (see note 9)

3,400

-

Hire purchase contracts

16,949

22,473

32,263

49,265

9.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

10,251

15,374

Bank loans

15,238

14,614

Other loans

1,800

-

27,289

29,988

2017

2016

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

11,914

14,614

Other loans - 1-2 years

2,400

-

14,314

14,614

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

12,178

Other loans - 2-5 years

1,000

-

1,000

12,178

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

10,251

15,374

Bank loans

27,152

41,406

Hire purchase contracts

22,473

27,997

59,876

84,777

The bank loan and overdraft are secured by a fixed and floating charge over all of the assets of the

company. The hire purchase is secured on the asset to which it relates.

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

5,957

9,048

Deferred

tax

£

Balance at 1st April 2016

9,048

Provided during year

(3,091

)

Balance at 31st March 2017

5,957

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

15

Ordinary

£1

15

15

1

Ordinary C1

£1

1

1

1

Ordinary C2

£1

1

1

1

Ordinary C3

£1

1

1

1

Ordinary C4

£1

1

-

19

18

The following shares were issued during the year for cash at par :

1 Ordinary C4 share of £1

13.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1st April 2016

92,397

2,179

94,576

Profit for the year

94,099

94,099

Dividends

(79,139

)

(79,139

)

Transfer from revaluation reserve

327

(327

)

-

At 31st March 2017

107,684

1,852

109,536

The revaluation reserve relates to assets purchased by the company from Mr and Mrs T Astell who

are the parents of P Astell, a director, in May 2001 for £1. These assets were revalued to their tax

written value at that time. The depreciation of these assets is being written back against the

revaluation reserve and during the period this amounted to £327 (2016 - £384).

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2017

and 31st March 2016:

2017

2016

£

£

P S Astell

Balance outstanding at start of year

12,404

12,961

Amounts advanced

9,955

12,404

Amounts repaid

(12,404

)

(12,961

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,955

12,404

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P S Astell.

The owner of 100% of the issued share capital in Astec Holdings (UK) Limited, the parent

company.

16.	RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE

In preparing the accounts, the company has considered whether in applying the accounting policies

required by FRS 102 the restatement of comparative items was required. No prior period

adjustments were necessary.