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Audited Financial Statements for the Year Ended 31 July 2018 |
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Maelstrom Advanced Process Technologies |
Limited |
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REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 July 2018 |
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for |
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Maelstrom Advanced Process Technologies |
Limited |
Maelstrom Advanced Process Technologies |
Limited (Registered number: 03668442) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Maelstrom Advanced Process Technologies |
Limited |
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Company Information |
for the Year Ended 31 July 2018 |
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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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AUDITOR: |
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Chartered Accountant and Statutory Auditor |
35 Hillington Road |
Sale |
Cheshire |
M33 6GQ |
Maelstrom Advanced Process Technologies |
Limited (Registered number: 03668442) |
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Balance Sheet |
31 July 2018 |
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31.7.18 | 31.7.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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 on
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Maelstrom Advanced Process Technologies |
Limited (Registered number: 03668442) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2018 |
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1. | STATUTORY INFORMATION |
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Maelstrom Advanced Process Technologies Limited is a
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England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The ultimate controlling party and parent company has given assurances that it will provide financial support as |
required from time to time. In addition, the parent company will not seek repayment of outstanding loans and |
charges if in doing so it would adversely affect other creditors. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Patents and trade marks |
Patents and trade marks are capitalised as incurred and amortised over their expected useful lives, which in no |
case exceeds 20 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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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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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. |
Maelstrom Advanced Process Technologies |
Limited (Registered number: 03668442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred except for expenditure |
on related fixed assets which is written off over the expected life of those assets. |
Development costs incurred on specific projects are capitalised when recoverability can be assessed with |
reasonable certainty and amortised in line with expected sales use arising from the projects. All other costs |
developmentare written off in the year of expenditure. |
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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. |
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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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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 August 2017 |
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Additions |
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At 31 July 2018 |
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AMORTISATION |
At 1 August 2017 |
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Amortisation for year |
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At 31 July 2018 |
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NET BOOK VALUE |
At 31 July 2018 |
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At 31 July 2017 |
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Maelstrom Advanced Process Technologies |
Limited (Registered number: 03668442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2017 |
and 31 July 2018 |
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DEPRECIATION |
At 1 August 2017 |
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Charge for year |
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At 31 July 2018 |
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NET BOOK VALUE |
At 31 July 2018 |
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At 31 July 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.18 | 31.7.17 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.18 | 31.7.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.18 | 31.7.17 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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Maelstrom Advanced Process Technologies |
Limited (Registered number: 03668442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.7.18 | 31.7.17 |
£ | £ |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 295,813 |
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10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 August 2017 | ( |
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(1,039,258 | ) |
Profit for the year |
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At 31 July 2018 | ( |
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(161,512 | ) |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditor was unqualified. |
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12. | RELATED PARTY DISCLOSURES |
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During the year the company incurred management charges from TecExec Limited totalling £387,520 (2017 |
£477,400). Sales to third parties were effected via TecExec amounting to £nil (2017 £195,182). At the year end |
the company owed £2,043,274 (2017 £1,834,887) to TecExec Limited and was owed £519,508 (2017 £497,136) |
by that company. |
In view of the time that these sums have been owing both companies have agreed to (a) convert £285000 to a |
loan due in over 1 year and (b) cancel the remainder of the charges until circumstances permit them to be |
reinstated. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate parent undertaking and controlling party is TecExec Limited. |