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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2019 |
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Ashe Controls Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2019 |
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for |
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Ashe Controls Limited |
Ashe Controls Limited (Registered number: 01154966) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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Ashe Controls Limited |
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Company Information |
for the Year Ended 30 September 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Ashe Controls Limited (Registered number: 01154966) |
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Strategic Report |
for the Year Ended 30 September 2019 |
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The directors present their strategic report for the year ended 30 September 2019. |
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REVIEW OF BUSINESS |
The year to 30 September 2019 financially proved to be as successful as the previous year, despite having problems |
employing skilled staff. It was becoming apparent that we need to employ younger people and train them internally as |
much as possible although these are proving difficult to find as young people do not wish to come into the engineering |
environment. |
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We installed a fully automatic large jig borer in February 2019 and had this running at a reasonable level by April 2019. |
The company also introduced a software package called Solidcam so that we could go straight from engineering into the |
CNC machine. |
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Unfortunately, there were trials and tribulations with the installation of the new machine as well as the software. This |
carried on through a 6 month period but by the end of September 2019 we were running quite well. |
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We plan on the machine running itself as much as possible, of course with the large heavy duty sideframes these have to |
be manually loaded and we need to introduce software for the magnetic work holding system that we also purchased. |
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This does mean there is still manual setting up to be done on the machine for positioning work holding however we can |
see that the speed and the accuracy of this machine will indeed give the company an advantage going forward. A lot of |
software has to be written as our range of machinery is excessive. |
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The Directors were confident at the beginning of October 2019 that the year would continue to be successful, however |
the coronavirus has seriously affected customer demand and of course major production problems. |
The company is looking forward to government solutions to the problems. |
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ON BEHALF OF THE BOARD: |
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Ashe Controls Limited (Registered number: 01154966) |
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Report of the Directors |
for the Year Ended 30 September 2019 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2019. |
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PRINCIPAL ACTIVITY |
The principal activities of the company during the year were the design, development, manufacture and distribution of |
electronic control equipment and automated slitting and rewind machines. |
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DIVIDENDS |
An interim dividend of £ dividend be paid. |
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The total distribution of dividends for the year ended 30 September 2019 will be £
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RESEARCH AND DEVELOPMENT |
The company engages in research and development activities to support its principal activities. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2018 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve |
the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company |
and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required |
to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
Ashe Controls Limited (Registered number: 01154966) |
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Report of the Directors |
for the Year Ended 30 September 2019 |
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AUDITORS |
The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Ashe Controls Limited |
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Qualified Opinion |
We have audited the financial statements of Ashe Controls Limited (the 'company') for the year ended 30 September 2019 |
which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, |
Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of |
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable |
law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our |
report, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 September 2019 and of its profit for the year then |
ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for Qualified Opinion |
We were appointed as auditors of the company after 1 October 2018 and thus did not observe the counting of the |
physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning |
inventory quantities held at 30 September 2018. Since opening inventories enter into the determination of the financial |
performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of |
the profit for the year reported in the statement of comprehensive income and the net cash flows from operating |
activities reported in the statement of cash flows. |
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial |
statements section of our report. We are independent of the company in accordance with the ethical requirements that |
are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled |
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have |
obtained is sufficient and appropriate to provide a basis for our opinion. |
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Other Matter |
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the |
Companies Act. Therefore the prior period financial statements were not subject to audit. We have obtained sufficient |
audit evidence that, other than the balances highlighted above, the opening balances at 1 October 2018 do not contain |
material misstatement. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Report of the Independent Auditors to the Members of |
Ashe Controls Limited |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Ashe Controls Limited |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
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Ashe Controls Limited (Registered number: 01154966) |
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Income Statement |
for the Year Ended 30 September 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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2,836,167 | 2,483,305 |
OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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1,542,816 | 1,271,122 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Ashe Controls Limited (Registered number: 01154966) |
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Other Comprehensive Income |
for the Year Ended 30 September 2019 |
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2019 | 2018 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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Ashe Controls Limited (Registered number: 01154966) |
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Balance Sheet |
30 September 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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Investments | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 13 | ( |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Capital redemption reserve | 17 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Ashe Controls Limited (Registered number: 01154966) |
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Statement of Changes in Equity |
for the Year Ended 30 September 2019 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 October 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2019 |
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Ashe Controls Limited (Registered number: 01154966) |
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Cash Flow Statement |
for the Year Ended 30 September 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New HPs in year | 21,183 | - |
Capital repayments in year | ( |
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Amount introduced by directors | 150,417 | 234,572 |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning of
year |
2 |
4,004,020 |
2,863,104 |
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Cash and cash equivalents at end of year | 2 | 3,626,603 | 4,004,020 |
Ashe Controls Limited (Registered number: 01154966) |
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Notes to the Cash Flow Statement |
for the Year Ended 30 September 2019 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 13,197 | 8,765 |
Finance income | (25,359 | ) | (15,469 | ) |
1,673,887 | 1,329,002 |
Increase in stocks | ( |
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Decrease in trade and other debtors |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
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Year ended 30 September 2019 |
30.9.19 | 1.10.18 |
£ | £ |
Cash and cash equivalents | 3,626,603 | 4,004,020 |
Year ended 30 September 2018 |
30.9.18 | 1.10.17 |
£ | £ |
Cash and cash equivalents | 4,004,020 | 2,863,104 |
Ashe Controls Limited (Registered number: 01154966) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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Ashe Controls Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Ashe Controls Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
402/405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of |
consideration takes into account trade discounts, settlement discounts and volume rebates. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the |
present value of the future receipts. The difference between the fair value of the consideration and the nominal |
amount received is recognised as interest income. |
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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. |
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Tangible fixed assets |
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: |
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Land and buildings Freehold 2% on cost (buildings only) |
Plant and machinery 20% to 33% reducing balance |
Fixtures, fittings & equipment 20% reducing balance |
Motor vehicles 25% reducing balance |
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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. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Ashe Controls Limited (Registered number: 01154966) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Machines are |
built to order however during the build phase the realisable value is considered to be uncertain by the directors |
due to the bespoke nature of the machines. Machines are built to high specification and therefore until final |
acceptance by customer the increase in stock value for the direct labour and allocated overheads is not |
considered to be realised and therefore is not included in the cost of stock. For this reason, until customer |
acceptance, machines are only valued at materials value as, until accepted by the customer, the materials value is |
considered to be the most realisable value of the unit. The total cost of the machine build is recognised once the |
machine is accepted by the customer. The directors consider this to be a prudent approach and an effective |
ongoing impairment of stock to ensure that the value of stock held in the balance sheet is never in excess of their |
minimum realisable value. |
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Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost |
adjusted where applicable for any loss of service potential. |
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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. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related |
parties. |
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Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments |
that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and |
subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a |
trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in |
case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and |
subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt |
instrument. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the Statement of Comprehensive Income. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective |
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is |
the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and best estimate, which is an approximation of the amount that the company would |
receive for the asset if it were to be sold at the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an |
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. |
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Ashe Controls Limited (Registered number: 01154966) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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Impairment |
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but |
excluding investment properties, are assessed to determine whether there is an indication that the carrying |
amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an |
indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and |
its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, |
the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is |
recognised in the income statement. |
Ashe Controls Limited (Registered number: 01154966) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
|
3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
2019 | 2018 |
|
Directors | 5 | 5 |
Employees | 57 | 59 |
|
|
|
2019 | 2018 |
£ | £ |
Directors' remuneration |
|
|
|
Information regarding the highest paid director for the year ended 30 September 2019 is as follows: |
2019 |
£ |
Emoluments etc |
|
|
4. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2019 | 2018 |
£ | £ |
Hire of plant & equipment |
|
|
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
|
|
Foreign exchange differences | ( |
) | ( |
) |
|
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank charges |
|
|
Hire purchase interest |
|
|
|
|
Ashe Controls Limited (Registered number: 01154966) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
|
6. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
( |
) |
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2019 | 2018 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Deferred Tax Adjustment | 74,793 | (2,829 | ) |
Enhanced R&D tax relief | (68,212 | ) | (69,836 | ) |
Total tax charge | 230,239 | 171,467 |
|
7. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary Share Capital shares of £1 each |
Interim |
|
|
Ashe Controls Limited (Registered number: 01154966) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2018 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
|
|
( |
) | ( |
) |
At 30 September 2019 |
|
|
|
|
|
DEPRECIATION |
At 1 October 2018 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) | ( |
) |
At 30 September 2019 |
|
|
|
|
|
NET BOOK VALUE |
At 30 September 2019 |
|
|
|
|
|
At 30 September 2018 |
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2018 |
|
|
|
Additions |
|
|
|
Transfer to ownership | (50,000 | ) | (17,160 | ) | (67,160 | ) |
At 30 September 2019 |
|
|
|
DEPRECIATION |
At 1 October 2018 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | (29,520 | ) | (11,731 | ) | (41,251 | ) |
At 30 September 2019 |
|
|
|
NET BOOK VALUE |
At 30 September 2019 |
|
|
|
At 30 September 2018 |
|
|
|
Ashe Controls Limited (Registered number: 01154966) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
|
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2018 |
and 30 September 2019 |
|
NET BOOK VALUE |
At 30 September 2019 |
|
At 30 September 2018 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: St Johns Works Bluestem Road, Ransome Industrial Estate, Ipswich, Suffolk, United Kingdom, IP3 9RR |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2019 | 2018 |
£ | £ |
Aggregate capital and reserves |
|
|
|
This subsidiary is not consolidated in these financial statements as it is excluded from consolidation under Section |
405 of the Companies Act 2006. |
|
10. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
|
|
Work-in-progress |
|
|
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Ashe Controls Limited (Registered number: 01154966) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT | 3,135 | - |
Other creditors |
|
|
Directors' loan accounts | 608,651 | 458,233 |
Accruals |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 78,840 | 4,047 |
Ashe Controls Limited (Registered number: 01154966) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
|
15. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 October 2018 |
|
Provided during year |
|
Balance at 30 September 2019 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary Share Capital | £1 | 4,000 | 4,000 |
|
17. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 October 2018 |
|
|
3,748,317 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
At 30 September 2019 |
|
|
4,447,697 |
|
18. | RELATED PARTY DISCLOSURES |
|
|
2019 | 2018 |
£ | £ |
Purchases |
|
|
Amount due to related party |
|
|