REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ALLIED (TOOLING) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ALLIED (TOOLING) LIMITED |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ALLIED (TOOLING) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Allied (Tooling) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents work done on ordinary activities during the period, exclusive of trade discounts and Value Added Tax. |
Goodwill |
Intangible assets |
Computer software is being amortised evenly over its useful life of between 3 and 5 years. |
Website is being amortised evenly over the useful life of 5 years. |
Tangible fixed assets |
PCD machinery | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Fixed assets are initially recorded at cost. |
Due to the specialist nature of the equipment PCD Machinery is included at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Assets leased to customers under contract consist of saw blades and are included in fixed assets and depreciated on a straight line basis over their useful economic life. The useful economic life of a saw blade is determined by the number of sharpens that a blade can withstand to maintain its operating efficiency. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
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. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | INTANGIBLE FIXED ASSETS |
Website | Computer |
Goodwill | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Amortisation for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Owned |
assets |
Property | PCD | leased to |
improvements | machinery | customers |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 158,504 | 1,262,249 | 133,765 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 2,697,352 | 157,926 | 385,212 | 4,795,008 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Cost or valuation at 31 December 2022 is represented by: |
Owned |
assets |
Property | PCD | leased to |
improvements | machinery | customers |
£ | £ | £ |
Valuation in 2021 | - | 225,553 | - |
Cost | 165,047 | 1,343,072 | 116,867 |
165,047 | 1,568,625 | 116,867 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2021 | - | - | - | 225,553 |
Cost | 2,703,057 | 187,940 | 434,501 | 4,950,484 |
2,703,057 | 187,940 | 434,501 | 5,176,037 |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
If PCD machinery had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 1,036,696 | 1,036,696 |
PCD machinery was valued on an open market basis on 31 December 2021 by the directors . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
PCD | Plant and | Motor |
machinery | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions | - |
Disposals | (334,251 | ) | ( |
) | ( |
) |
Transfer to ownership | - | (206,389 | ) | - | (206,389 | ) |
Reclassification/transfer | 39,300 | ( |
) |
At 31 December 2022 | 427,285 |
DEPRECIATION |
At 1 January 2022 | 88,854 |
Charge for year | 30,775 |
Eliminated on disposal | (80,232 | ) | - | (20,520 | ) | (100,752 | ) |
Transfer to ownership | - | (95,069 | ) | - | (95,069 | ) |
Reclassification/transfer | 9,299 | ( |
) |
At 31 December 2022 | 48,696 |
NET BOOK VALUE |
At 31 December 2022 | 378,589 |
At 31 December 2021 | 633,382 |
6. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Corporation tax |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 91,624 | 110,100 |
Other creditors |
Allied (Tooling) Ltd pension fund loan | 66,223 | 70,896 |
Directors' current accounts | 207,000 | - |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans repay within 1 and |
2 years |
Bank loans repayable between 2 |
and 5 years |
Hire purchase contracts |
Allied (Tooling) Ltd pension |
fund loan |
Amounts falling due in more than five years: |
Repayable by instalments |
Hire purchase | - | 3,942 |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 772,346 | 1,021,638 |
Hire purchase advances are secured on the assets financed by the loan. |
The bank borrowing is secured by a fixed and floating charge over the company's assets. |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2022 | 1,383,307 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | 27,556 | (27,556 | ) | - |
At 31 December 2022 | 1,454,185 |
The fair value reserve is non-distributable, having arisen on the revaluation of the company's PCD plant and machinery. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
ALLIED (TOOLING) LIMITED (REGISTERED NUMBER: 01716510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | RELATED PARTY DISCLOSURES |
TRANSACTIONS WITH DIRECTORS |
Non interest bearing loans on which no terms of repayment have been agreed. The amount due to the related parties at the balance sheet date amounted to £207,000 (2021 - £NIL). |
A director has personally guaranteed the pension fund borrowing. |
TRANSACTIONS WITH COMPANIES CONTROLLED BY THE DIRECTORS AND THEIR ASSOCIATES. |
Non interest bearing loans on which no terms of repayment have been agreed. The amount due from the related parties at the balance sheet date amounted to £4,680 (2021 £4,680). |
14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Our auditors also assist us in the preparation of the company's payroll. |