Registered number:
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
COMPANY INFORMATION
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3T ADDITIVE MANUFACTURING LIMITED
CONTENTS
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3T ADDITIVE MANUFACTURING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
During the year there was a 26% reduction in turnover down to £6,483k mainly due to Polymers disposal, general economic environment and an impact of a COVID-19 pandemic. The impact of sale of Polymers part of the business was a significant transaction which resulted in organisational restructure and redundancies. However, 3T-AM achieved to compensate the impact partially by acquiring new projects. The impact on this year is an operating loss of £636k compared to an operating loss of £1,297k in the previous year.
3T-AM is a leading company in the Additive Manufacturing market and has consequently been investing in both capital and manpower resources to put itself in a leading position in the UK. In order to unlock full potential of its resources and gain access to wider and more diverse customer base, the company has been acquired by an Italian group, BeamIT S.p.a in April 2021. Principal risks and uncertainties Risks and uncertainties affecting the Company’s markets could have an impact on the Company’s performance and cause actual results to differ from expected and historic performance. Risk management processes employed by 3T Additive Manufacturing cover identification, impact assessment, likely occurrence, and mitigation actions. Some level of risk, however, will always be present. Financial risks Liquidity: This is the risk the Company could have insufficient resources to meet its financial liabilities as they fall due. 3T Additive Manufacturing addresses this risk by maintaining adequate banking facilities and continuously monitoring forecast and actual cash flows to ensure liquidity requirements will be met. It is considered unlikely the company will face any significant funding issues in the foreseeable future. Foreign currency: The Company’s main foreign exchange exposure relates to the translation of results and net assets denominated in overseas currencies into sterling. This exposure is limited to currency liabilities. Credit risk: Credit risk exists in relation to customers, banks and insurers. These risks are mitigated by maintaining rigorous credit control procedures across a wide customer base. Credit risk attributable to trade and other receivables is maintained by dealing with recognised creditworthy third parties who have been through a credit verification process. Commercial and other risks Product demand: Demand fluctuates from sector to sectors-based PESTLE analysis. The company however spreads its activities across a breadth of markets and geographical markets. This reduces its exposure to any one revenue stream and the company constantly reviews its costs to partially migrate any reduction in demand. Loss of major suppliers of customers: The company looks to add new service offerings to meet the demands of changing business sectors and geographies.
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3T ADDITIVE MANUFACTURING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Product liability:
There is a risk that products supplied may fail in service, which can lead to a claim under product liability. To offset this risk, technically qualified personnel and control systems are in place to ensure products meet quality requirements. Further, the Company has established product liability insurance.
As with previous years, given the straightforward nature of the business, the Company’s directors are of the opinion that analysis using KPls is not necessary for an understanding of the development or position of the entity.
This report was approved by the board
and signed on its behalf.
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3T ADDITIVE MANUFACTURING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
The directors who served during the year were:
M Antolotti, C Bo and D M Johns were appointed on 9 April 2021.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
For future developments see the Strategic Report.
On 9 April 2021 the company was acquired by BeamIT S.p.a.
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3T ADDITIVE MANUFACTURING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
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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3T ADDITIVE MANUFACTURING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 3T ADDITIVE MANUFACTURING LIMITED
We have audited the financial statements of 3T Additive Manufacturing Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in this regard.
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3T ADDITIVE MANUFACTURING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 3T ADDITIVE MANUFACTURING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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.
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3T ADDITIVE MANUFACTURING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 3T ADDITIVE MANUFACTURING LIMITED (CONTINUED)
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 and 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, as a body,
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, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Berkshire
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3T ADDITIVE MANUFACTURING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
REGISTERED NUMBER:
03333366
BALANCE SHEET
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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3T ADDITIVE MANUFACTURING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2020
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3T ADDITIVE MANUFACTURING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
3T Additive Manufacturing Limited is a private company, limited by shares and incorporated and registered in England and Wales. The registered office and principal place of business is Fulton Court, Wofford Way, Greenham Business Park, Newbury, Berkshire, RG19 6HD.
The principal activity of the company is the design, production and sale of additive manufactured metal products.
2.
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 following principal accounting policies have been applied:
At the balance sheet date the Company had net assets of £2,888,455 (2020: £2,386,100) including net current assets/(liabilities) of £691,325 (2020: (£1,058,868)), having made a loss for the year after tax of £687,590 (2020: loss after tax of £1,177,809).
The Directors have considered the appropriateness of the going concern basis of preparation bearing in mind the Company's: - recent financial performance and current financial position, as impacted by the Covid-19 pandemic - future trading prospects - adequacy of existing and future financing facilities The Company has net current liabilities and as such is reliant on its financing facilities and the support of the parent company. The Company has use of an invoice discounting facility and has also received funding from the parent company by way of short term loans. The Directors are confident that these financing facilities are adequate to support the Company's future financing needs and as such are confident that the Company will be able to continue to trade for the foreseeable future.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Provisions are charged as an expense to profit or loss in the year that the Company 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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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Analysis of turnover by country of destination:
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
10.
Taxation (continued)
In the Spring Budget 2021, the Government announced that from 1 April 2023 the main corporation tax rate will increase to 25%. As a result of the rate change the corporation tax expense for the period has decreased and the deferred tax asset has increased. The impact of these changes is not expected to be material.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Finance leases secured on the company's plant and machinery category of fixed assets.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
19.
Deferred taxation (continued)
During the year 1,072,530 ordinary shares of £1 each were issued at par.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,879 (2020: £165,104). Contributions totalling £9,901 (2020: £22,013) were payable to the fund at the balance sheet date.
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3T ADDITIVE MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The company is controlled by BEAMIT S.p.A., the direct parent company.
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