Company registration number 0588025 (England and Wales)
THE ANGLE RING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
THE ANGLE RING COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr B F Barnshaw
Mr D T Barnshaw
Secretary
Mr M Bunn
Company number
0588025
Registered office
C/O The Angle Ring Company Ltd
Bloomfield Road
Tipton
West Midlands
DY4 9EH
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
C/O The Angle Ring Company Ltd
Bloomfield Road
Tipton
West Midlands
DY4 9EH
Solicitors
Higgs & Sons
3 Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
THE ANGLE RING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
THE ANGLE RING COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
20
27
21
28
Current assets
Stocks
6
275,038
266,465
Debtors
7
1,055,244
1,266,944
Cash at bank and in hand
679,018
571,652
2,009,300
2,105,061
Creditors: amounts falling due within one year
8
(1,341,918)
(1,540,739)
Net current assets
667,382
564,322
Total assets less current liabilities
667,403
564,350
Creditors: amounts falling due after more than one year
9
(56,000)
Net assets
667,403
508,350
Capital and reserves
Called up share capital
10
11,886
11,886
Share premium account
270
270
Profit and loss reserves
655,247
496,194
Total equity
667,403
508,350
The directors of the company have elected not to include a copy of the profit and loss 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 21 December 2022 and are signed on its behalf by:
Mr D T Barnshaw
Director
Company Registration No. 0588025
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
The Angle Ring Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
C/O The Angle Ring Company Ltd, Bloomfield Road, Tipton, West Midlands, DY4 9EH.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the reduced disclosure exemptions for subsidiaries as follows:
-
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
-
The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A providing the equivalent disclosures required by this FRS are included in the consolidated financial statements of the group in which the entity is consolidated.
-
The requirement of Section 33 Related Party Disclosures paragraph 33.7.
Angle Ring Company Limited is a wholly owned subsidiary of
ARC Metal Bending Group Limited
and the results of Angle Ring Company Limited are included in the consolidated financial statements of
ARC Metal Bending Group Limited
which are available from Bloomfield Road, Tipton, West Midlands, DY4 9EH.
1.2
Turnover
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses.
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Motor vehicles
25% reducing balance
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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 profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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.
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.14
Foreign exchange
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling as at the date of the transaction. Monetary assets and liabilities in the balance sh
e
et are translated at the rate of exchange ruling at the balance sheet date. Gains and losses on translation and conversion are included as part of the results from ordinary activities.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Stock
Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
65
77
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
1
Amortisation and impairment
At 1 April 2021 and 31 March 2022
Carrying amount
At 31 March 2022
1
At 31 March 2021
1
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
4,500
Depreciation and impairment
At 1 April 2021
4,473
Depreciation charged in the year
7
At 31 March 2022
4,480
Carrying amount
At 31 March 2022
20
At 31 March 2021
27
6
Stocks
2022
2021
£
£
Stocks
275,038
266,465
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
783,318
1,052,575
Corporation tax recoverable
168,833
137,105
Other debtors
103,093
77,264
1,055,244
1,266,944
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
892,991
744,755
Amounts owed to group undertakings
58,623
197,077
Taxation and social security
159,920
364,421
Other creditors
230,384
234,486
1,341,918
1,540,739
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
56,000
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
11,886
11,886
11,886
11,886
11
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.
Senior Statutory Auditor:
Wendy Davies
Statutory Auditor:
CK Audit
12
Related party transactions
THE ANGLE RING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
12
Related party transactions
(Continued)
- 8 -
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.
13
Parent company
The
immediate parent company is Angle Ring Holdings Limited. The
ultimate parent company
is ARC Metal Bending Group
Limited, a company registered in England and Wales.
ARC Metal Bending Group Limited
prepares group financial statements and copies can be obtained from Bloomfield Road, Tipton, West Midlands, DY4 9EH.
14
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2020
2021
£
£
Adjustments to prior year
Adjustment to prior year tax charge
-
137,105
Equity as previously reported
396,230
371,245
Equity as adjusted
396,230
508,350
Analysis of the effect upon equity
Profit and loss reserves
-
137,105
Reconciliation of changes in (loss)/profit for the previous financial period
2021
£
Adjustments to prior year
Adjustment to prior year tax charge
63,283
Loss as previously reported
(24,986)
Profit as adjusted
38,297
2022-03-31
2021-04-01
false
21 December 2022
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
Mr B F Barnshaw
Mr D T Barnshaw
Mr M Bunn
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