Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
COMPANY INFORMATION
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ACTIVE ELECTRONICS PLC
CONTENTS
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ACTIVE ELECTRONICS PLC
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
Although 2020 presented some significant challenges as a result of the Covid-19 pandemic, it is pleasing to report on a year of significant progress for the business.
Following a change in ownership in 2018, a number of steps were taken to ensure the long-term sustainable growth of the business. This involved investment in new franchises as well as developing new business partnerships which seek to enhance and complement our existing product ranges. These initiatives coupled with key staff additions and staff training have led to much greater visibility of future business as the business successfully transitions to a higher percentage of project led business. Although the market for electronic components was severely disrupted by the various Covid-19 related lockdowns, this change in strategy, coupled with a drive for overhead efficiency, resulted in an operating profit of £277,851. Sales were £10,556,571, broadly in line with the prior year. The move towards franchise and other higher value-added activities resulted in a gross margin of 20.8%, an increase of 2.1%. As a result of the Covid-19 pandemic, significant changes were made to working practices. In line with government guidelines, a large proportion of staff worked from home. Workers who were not able to work from home were able to work in a Covid safe environment due to the excellent facilities we operate from. I would like to pay tribute to the way in which the entire workforce adapted and embraced these new working practices. Throughout this period, a core purpose remains to be a leading service provider for electronic components and assemblies to the aerospace, defence and other high reliability Industries. Quality and delivery performance is key in these markets and we are pleased to have maintained our extensive accreditations throughout the period. Indeed, it is pleasing to report that on-time delivery ended the year at historically high levels. During the year, the business attained SC21 Silver status for the seventh consecutive year.
TThe key risk/uncertainty affecting the group's future prospects is ongoing demand for its products and services. Such demand is affected by economic conditions generally and, in particular, by UK and overseas government spending levels on defence.
The Covid-19 outbreak and the potential for future disruption from national lockdowns and new variants is now well documented and understood. The Directors have taken action to address the impact of the pandemic on the company, workforce, suppliers and customers it serves. Whilst the Covid-19 pandemic has presented some significant challenges to our business operations, impact on the business has been well managed and so far, has been minimal. The Company will continue to monitor the situation and develop strategies to deal with any future issues as they arise. The Covid-19 outbreak has highlighted the benefits of having strong financial resources and the company is pleased to report that it retains sufficient working capital to continue trading for the foreseeable future. Furthermore, the shareholders and ultimate parent company have expressed their commitment to supporting the Company financially during any unprecedented situation if needed.
The group uses a number of financial and non-financial key performance indicators (KP ls) to measure the performance of the group and the prime financial key performance indicators are:
• Return on investment • Gross margin control • Budgetary control • Day sales outstanding These objectives are achieved through both strong financial management and competitive cost effective sourcing of electronic components.
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ACTIVE ELECTRONICS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Non-financial key performance indicators are:
• Maintain accreditation to BS EN 9120 and BS EN 9100 • Quality performance to SC21 silver standard • Reduction in supplier and customer rejects • Market Share • On time delivery performance of in excess of 95% The group's performance in respect of financial KPls can be derived from the financial statements. Analysis of performance against non-financial KPls is not disclosed as this information is commercially sensitive.
This report was approved by the board
and signed on its behalf.
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ACTIVE ELECTRONICS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
financial statements in accordance with applicable law and regulations.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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ACTIVE ELECTRONICS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors, James Cowper Kreston, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ACTIVE ELECTRONICS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE ELECTRONICS PLC
We have audited the financial statements of Active Electronics PLC (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2020, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent 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.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
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.
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ACTIVE ELECTRONICS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE ELECTRONICS PLC (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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ACTIVE ELECTRONICS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACTIVE ELECTRONICS PLC (CONTINUED)
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 an Auditors' Report 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙
Enquiry of management those charged with governance around actual and potential litigation and claims;
∙
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditors' Report.
This report is made solely to the Company's members
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 an Auditors' Report 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
Reading Bridge House
George Street
Berkshire
RG1 8LS
7 May 2021
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ACTIVE ELECTRONICS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
REGISTERED NUMBER:
01531348
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2020
The Company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 14 to 29 form part of these financial statements.
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ACTIVE ELECTRONICS PLC
REGISTERED NUMBER:
01531348
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 14 to 29 form part of these financial statements.
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ACTIVE ELECTRONICS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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ACTIVE ELECTRONICS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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ACTIVE ELECTRONICS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group accounting policies (see note 2).
The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The Directors have taken action to address the impact of the COVID-19 pandemic on the company, workforce, suppliers and customers it serves. Whilst the COVID-19 pandemic has presented some significant challenges to our business operations impact on the business has been well managed and so far, has been minimal. The Company continues to monitor the situation and these accounts have been prepared on the going concern basis on the understanding that;
• The nature & industries which our key customers operate within are of critical importance to the UK national infrastructure which in turn means that we have been able to continue trading during this difficult period, • The company has introduced and expediated a number of planned measures to control & reduce operating expenditure, • The company retains sufficient working capital to continue trading for the foreseeable future. Furthermore, the shareholder & ultimate parent company has expressed its commitment to supporting the Company financially during this unprecedented situation if needs be.
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.
Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.
Accounting policies (continued)
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.
Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1.
Accounting policies (continued)
Active Electronics Plc is a Public limited company which was incorporated in England and Wales. The addresss of its registered office and principal place of business is:
Unit 6 The Valley Centre Gordon Road High Wycombe Buckinghamshire HP13 6EQ Stock provision Judgement is exercised in applying the above accounting policy in respect of stock impairment provisions.
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The analysis of turnover by geographic market has not been disclosed because, in the opinion of the directors, public disclosure of this information would be seriously prejudicial to the interests of the company.
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
11.
Tangible fixed assets (continued)
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
19.
Deferred taxation (continued)
The group operates a defined contribution scheme for the benefit of the directors and senior employees. The assets of the scheme are administered by trustees in a fund independent from those of the group.
The parent undertaking holds 100% of the voting rights of all its subsidiary undertakings and as such has taken the exemption under FRS 102 not to disclose transactions between group entities.
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ACTIVE ELECTRONICS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The parent company is Active Electronics (Holdings) Limited. Mr C R Scott is considered by the directors as the ultimate controlling party as he is the majority shareholder of Active Electronics (Holdings) Limited.
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