REGISTERED NUMBER:
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FATA AUTOMATION LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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REGISTERED NUMBER:
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FATA AUTOMATION LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Contents of the Financial Statements |
for the year ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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FATA AUTOMATION LIMITED |
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Company Information |
for the year ended 31 December 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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First Floor |
Saggar House |
Princes Drive |
Worcester |
WR1 2PG |
FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Balance Sheet - continued |
31 December 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Notes to the Financial Statements |
for the year ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Fata Automation Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future having reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Turnover represents the costs applied to contracts in the period, together with an estimate of attributable profit, less foreseeable losses. Attributable profit is an assessment of the overall profit earned on a contract relative to the stage of completion. Foreseeable loss is the estimated loss on the completed contract. |
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Tangible fixed assets |
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Office equipment | - |
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Computer equipment | - |
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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. |
FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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 |
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 |
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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Long term contracts |
Where the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date, as measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
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Warranty provision |
A warranty provision is established to recognise known and expected claims against delivered products within the contractual warranty period for such sales. The provision is calculated based on historical warranty costs and timing of such costs and applies to sales within the relevant period. |
FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit or loss. |
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There are no assets which are initially measured at fair value. |
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Financial Liabilities |
Basic financial liabilities, including trade and other creditors and bank loans, 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. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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4. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Disposals |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Tax |
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VAT |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Payments on account |
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Trade creditors |
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Social security and other taxes |
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VAT | - | 117,689 |
Other creditors |
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Accruals and deferred income |
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FATA AUTOMATION LIMITED (REGISTERED NUMBER: 01230401) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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8. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Other provisions | 5,268 | 12,450 |
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Warranty |
Provision |
£ |
Balance at 1 January 2021 |
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Movement during year | (7,182 | ) |
Balance at 31 December 2021 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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During the year purchases of £173,611 (2020: £327,746), occurred between FATA Automation Limited and a related company. |
Amounts owed to this related company at the year-end were £nil (2020: £323,867). |
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During the year purchases of £15,673 (2020: £28,312) and sales of £1,252,242 (2020: £103,800) occurred between FATA Automation Limited and a related company. |
Amounts owed by this related company at the year-end were £152,412 (2020: £6,000) and included in trade debtors. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are MA.DA. S.p.A and CIEM S.p.A. |