Company Registration No. 00397289 (England and Wales)
A.E.M.T. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
A.E.M.T. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
A.E.M.T. LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
17,584
8,002
Tangible assets
5
242
2,575
17,826
10,577
Current assets
Debtors
6
206,280
236,512
Cash at bank and in hand
209,987
250,470
416,267
486,982
Creditors: amounts falling due within one year
7
(183,409)
(180,696)
Net current assets
232,858
306,286
Total assets less current liabilities
250,684
316,863
Creditors: amounts falling due after more than one year
8
(48,333)
Net assets
202,351
316,863
Reserves
Income and expenditure account
202,351
316,863
Members' funds
202,351
316,863
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 June 2021 and are signed on its behalf by:
D Hawley - President
Director
Company Registration No. 00397289
A.E.M.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
A.E.M.T. Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Tower House, Tower House Business Centre, Fishergate, York, YO10 4UA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due. Transactions are shown net of VAT and trade discounts.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
Capitalised development expenditure is amortised on a straight line basis over 3 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.3% straight line
Workshop equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
A.E.M.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
In the year, the company took out a Coronavirus Business Interruption Loan of which the government paid £208 (2019: £nil) of interest to the provider of the loan.
2
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
3,208
2,800
3
Employees
The company had no employees in the current or prior year.
A.E.M.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
4
Intangible fixed assets
Regalia
Website development
Total
£
£
£
Cost
At 1 January 2020
1
27,126
27,127
Additions - separately acquired
14,993
14,993
At 31 December 2020
1
42,119
42,120
Amortisation and impairment
At 1 January 2020
19,125
19,125
Amortisation charged for the year
5,411
5,411
At 31 December 2020
24,536
24,536
Carrying amount
At 31 December 2020
1
17,583
17,584
At 31 December 2019
1
8,001
8,002
5
Tangible fixed assets
Computer equipment
Workshop equipment
Total
£
£
£
Cost
At 1 January 2020
37,094
31,704
68,798
Additions
39
39
At 31 December 2020
37,133
31,704
68,837
Depreciation and impairment
At 1 January 2020
34,519
31,704
66,223
Depreciation charged in the year
2,372
2,372
At 31 December 2020
36,891
31,704
68,595
Carrying amount
At 31 December 2020
242
242
At 31 December 2019
2,575
2,575
A.E.M.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
186,615
222,796
Other debtors
3,079
3,079
Prepayments and accrued income
16,586
10,637
206,280
236,512
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
1,667
Trade creditors
3,337
7,666
Taxation and social security
6,484
14,289
Other creditors
171,921
158,741
183,409
180,696
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
48,333
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Melvin Bailey.
The auditor was Rogers Spencer.
A.E.M.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
11
Related party transactions
A relationship exists between certain committee members/directors and member companies.
Any transactions between these companies and the association are on an arm's length basis under normal market conditions.