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Unaudited Financial Statements |
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for the Year Ended 31 March 2022 |
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for |
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Advantage Technologies Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2022 |
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for |
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Advantage Technologies Limited |
Advantage Technologies Limited (Registered number: 02794849) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Advantage Technologies Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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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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ACCOUNTANTS: |
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Eldo House |
Kempson Way |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Advantage Technologies Limited (Registered number: 02794849) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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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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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve |
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Fair value reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Advantage Technologies Limited (Registered number: 02794849) |
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Balance Sheet - continued |
31 March 2022 |
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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 Board of Directors and authorised for issue on
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Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Advantage Technologies Limited is a
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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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Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, and is recognised over the period in which it relates. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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No depreciation has been charged in respect of land and building as in the directors opinion the residual value of the property in 50 years is likely to remain in excess of cost. This is a departure from specific accounting standards in order to give a true and fair view of the accounts. |
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The measurement basis for freehold land and buildings is at fair value, on a revaluation basis. |
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The directors consider freehold land and buildings for impairment, and should the recoverable amount be below valuation or cost an impairment review is carried out and recognised as required. The position will be reviewed annually. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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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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Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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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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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. |
Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST OR VALUATION |
At 1 April 2021 |
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Additions |
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Disposals |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Cost or valuation at 31 March 2022 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
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Valuation in 2020 | 290,000 | - | 290,000 |
Cost | - | 192,052 | 192,052 |
290,000 | 192,052 | 482,052 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 106,043 | 106,043 |
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Freehold land and buildings were valued on an open market basis on 24 February 2020 by John Casson Survey Services Ltd . |
Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | TANGIBLE FIXED ASSETS - continued |
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The directors consider that the most appropriate basis to included freehold land and buildings is on a revaluation basis. |
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Freehold land and buildings have therefore been assessed for revaluation during the year. |
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The directors have considered the market value as at 31st March 2022, to be inline with current valuation of £290,000. |
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The directors consider these valuations to be the current fair value on an open market basis. |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST OR VALUATION |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Within other debtors is an amount due from resigned directors of £1,572 (2021 £145,793). |
Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
Bank loans |
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The bank loan is secured against the freehold land and property. |
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10. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 9,768 | 7,556 |
Revaluation | 22,238 | 22,238 |
32,006 | 29,794 |
Advantage Technologies Limited (Registered number: 02794849) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 April 2021 |
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Provided during year |
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Balance at 31 March 2022 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary 'A' | £1 | 43,000 | 50,000 |
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Ordinary 'B' | £1 | 500 | 1,000 |
43,500 | 51,000 |
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During the period there was a share buyback of 7,000 Ordinary A shares and 500 Ordinary B shares. |
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12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2021 |
and 31 March 2022 |
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The fair value reserve does not form part of distributable reserves. |