IRIS Accounts Production
v18.3.1.65
02213855
Board of Directors
1.7.17
30.6.18
30.6.18
18.1.19
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Auditors Opinion
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REGISTERED NUMBER:
02213855
(England and Wales)
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FOR THE YEAR ENDED 30 JUNE 2018
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Notes to the Financial Statements
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3
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REGISTERED OFFICE:
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Unit 5 Science Park
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REGISTERED NUMBER:
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02213855 (England and Wales)
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AUDITORS:
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Bevan Buckland LLP
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Tangible assets
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5
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1,709,927
|
|
1,327,165
|
|
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Debtors
|
7
|
891,714
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771,667
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|
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Cash at bank and in hand
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2,376,829
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1,879,280
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|
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Amounts falling due within one year
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8
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534,286
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532,749
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|
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NET CURRENT ASSETS
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3,394,886
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2,763,931
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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5,104,821
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4,091,096
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Called up share capital
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6,668
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6,668
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|
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Share premium
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9
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18,224
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18,224
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Treasury Shares
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9
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22,074
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116,452
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|
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Retained earnings
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9
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5,057,855
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3,949,752
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SHAREHOLDERS' FUNDS
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5,104,821
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4,091,096
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The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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 on
18 January 2019 and were signed on its
behalf by:
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Aber Instruments Limited is a
private company, limited by shares , registered in England and Wales.
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The company's registered number and registered office address can be found on the Company
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Basis of preparing the financial statements
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The accounts include the employee benefit trust (EBT). The EBT is classified as a intermediate
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payment arrangement, per FRS102 the other assets and liabilities of the intermediary shall be
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recognised as assets and liabilities of the sponsoring entity.
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Included within the financial statements is the EBT bank balance plus the shares and reserves held by
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Revenue is recognised on despatch of goods.
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Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
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at cost less any accumulated amortisation and any accumulated impairment losses.
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Development costs are being amortised evenly over their estimated useful life of nil years. |
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Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated
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residual value, over their expected useful economic life as follows:
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Asset class
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Amortisation method and rate
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Research and development
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straight line over the useful economic life of the
related project.
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Investments in subsidiaries
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Investments in subsidiary undertakings are recognised at cost.
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Stocks are valued at the lower of cost and net realisable value, after making due allowance for
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obsolete and slow moving items.
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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except to the extent that it relates to items recognised in other comprehensive income or directly in
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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
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enacted or substantively enacted by the balance sheet date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
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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
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
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the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
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exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at
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Pension costs and other post-retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the
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company's pension scheme are charged to profit or loss in the period to which they relate.
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Work in progress is valued at the cost of raw materials and some sub contract and labour costs at the
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The company has strong cash balances and is profitable, thus no issues considered with going
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Research and development expenditure is written off as incurred, except that development
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expenditure incurred, unless it meets SSAP13 perquisites when it is capitalised and amortised over a
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Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any
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estimated residual value, over their expected useful economic life as follows:
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Asset class
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Depreciation method and rate
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Freehold property
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2% on cost
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|
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Plant and machinery
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at varying rates on cost
|
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
34 (2017 -
31 ) .
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4.
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INTANGIBLE FIXED ASSETS
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Eliminated on disposal
|
(248,082
|
) |
|
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At 1 July 2017
|
1,000,907
|
|
903,830
|
|
1,904,737
|
|
|
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Additions
|
311,051
|
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158,557
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|
469,608
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|
|
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At 30 June 2018
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1,311,958
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1,062,387
|
|
2,374,345
|
|
|
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At 1 July 2017
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48,603
|
|
528,969
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|
577,572
|
|
|
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Charge for year
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22,465
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64,381
|
|
86,846
|
|
|
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At 30 June 2018
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71,068
|
|
593,350
|
|
664,418
|
|
|
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At 30 June 2018
|
1,240,890
|
|
469,037
|
|
1,709,927
|
|
|
|
At 30 June 2017
|
952,304
|
|
374,861
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|
1,327,165
|
|
|
6.
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FIXED ASSET INVESTMENTS
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7.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
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Trade debtors
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750,577
|
|
639,262
|
|
|
|
Other debtors
|
141,137
|
|
132,405
|
|
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8.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
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Trade creditors
|
175,414
|
|
181,620
|
|
|
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Taxation and social security
|
28,928
|
|
30,581
|
|
|
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Other creditors
|
329,944
|
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320,548
|
|
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earnings
|
|
premium
|
|
Shares
|
|
Totals
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|
At 1 July 2017
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3,949,752
|
|
18,224
|
|
116,452
|
|
4,084,428 |
|
|
|
Profit for the year
|
1,170,726
|
|
1,170,726
|
|
|
|
Dividends
|
(62,623
|
) |
(62,623
|
) |
|
|
Purchase of own shares
|
- |
|
- |
|
(162,201 |
) |
(162,201 |
) |
|
|
Sale of shares in EBT
|
- |
|
- |
|
67,823 |
|
67,823 |
|
|
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At 30 June 2018
|
5,057,855
|
|
18,224
|
|
22,074
|
|
5,098,153 |
|
|
10.
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DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006
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The Report of the Auditors was unqualified.
|
|
Henry Lloyd-Davies (Senior Statutory Auditor)
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for and on behalf of
Bevan Buckland LLP |
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The company is controlled by an Employee Ownership Trust that holds the majority (55%) of shares in
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Aber Instruments Ltd. The Employee Ownership Trust is a static entity that always holds the controlling
|
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interest in order to ensure that the employees own the company and that government's criteria for
|
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employee ownership is always met.
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The trustee of the Employee Ownership Trust is a corporate trustee called Aber Instruments Trustees
|
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Limited. This company is run by up to three directors, one of which represents the employees and
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carries the casting vote.
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Aber Instruments Trustees Limited is also the corporate trustee for the Employee Benefit Trust and the
|
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Share Incentive Plan. These entities allow for the buying and selling of shares between employees and
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these two trusts. This allows employees to invest directly in their company, Aber Instruments Limited.
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The Employee Benefit Trust (EBT) is viewed as an Intermediate payment arrangement per accounting
|
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legislation FRS102, within the standard it states that these arrangements result in the sponsoring entity
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(Aber Instruments Limited) having de facto control.
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Per FRS 102 a parent organisation shall prepare consolidated financial statements that include the
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parent and any Special Purpose Entities that are controlled by the parent, as the entity is regarded as
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having de facto control over the Employee Benefit Trust, there is the requirement to recognise the
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assets and liabilities held by the EBT. The financial statement therefore include the results of the Aber
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Instruments Limited and the Employee Benefit Trust.
|