Company Registration No. 06953770 (England and Wales)
A&M Defence & Marine Services Limited
Unaudited financial statements
for the year ended 30 September 2021
Pages for filing with the Registrar
A&M Defence & Marine Services Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
A&M Defence & Marine Services Limited
Statement of financial position
As at 30 September 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
96,834
112,114
Current assets
Stocks
331,553
276,068
Debtors
4
1,035,156
921,216
Cash at bank and in hand
473,183
383,194
1,839,892
1,580,478
Creditors: amounts falling due within one year
5
(984,262)
(920,800)
Net current assets
855,630
659,678
Total assets less current liabilities
952,464
771,792
Creditors: amounts falling due after more than one year
6
(204,167)
Provisions for liabilities
(18,688)
(16,312)
Net assets
729,609
755,480
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
728,609
754,480
Total equity
729,609
755,480
A&M Defence & Marine Services Limited
Statement of financial position (continued)
As at 30 September 2021
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 February 2022 and are signed on its behalf by:
Jeremy Austin
Director
Company Registration No. 06953770
A&M Defence & Marine Services Limited
Statement of changes in equity
For the year ended 30 September 2021
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2019
1,000
910,687
911,687
Year ended 30 September 2020:
Loss and total comprehensive income for the year
-
(82,107)
(82,107)
Dividends
-
(74,100)
(74,100)
Balance at 30 September 2020
1,000
754,480
755,480
Year ended 30 September 2021:
Profit and total comprehensive income for the year
-
52,729
52,729
Dividends
-
(78,600)
(78,600)
Balance at 30 September 2021
1,000
728,609
729,609
A&M Defence & Marine Services Limited
Notes to the financial statements
For the year ended 30 September 2021
Page 4
1
Accounting policies
Company information
A&M Defence & Marine Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Old Barn Farm Road, Woolsbridge Industrial Estate, Three Legged Cross, Wimborne, BH21 6SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% straight line / 25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
A&M Defence & Marine Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2021
1
Accounting policies (continued)
Page 5
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A&M Defence & Marine Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2021
1
Accounting policies (continued)
Page 6
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
A&M Defence & Marine Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2021
1
Accounting policies (continued)
Page 7
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
A&M Defence & Marine Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2021
1
Accounting policies (continued)
Page 8
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
70
74
A&M Defence & Marine Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2021
Page 9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2020
324,702
Additions
4,105
At 30 September 2021
328,807
Depreciation and impairment
At 1 October 2020
212,588
Depreciation charged in the year
19,385
At 30 September 2021
231,973
Carrying amount
At 30 September 2021
96,834
At 30 September 2020
112,114
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
953,830
799,122
Corporation tax recoverable
17,773
Other debtors
81,326
104,321
1,035,156
921,216
A&M Defence & Marine Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2021
Page 10
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
45,833
Trade creditors
316,478
306,533
Corporation tax
20,477
Other taxation and social security
143,340
236,296
Other creditors
458,134
377,971
984,262
920,800
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
204,167
A Coronavirus Business Interruption Loan (CBIL) of £250,000 was received in the year on a floating interest rate basis and is repayable in 60 monthly instalments. The loan includes an initial capital repayment holiday of 12 months and includes a guarantee from the UK government.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
507,296
439,722
8
Parent company
The ultimate parent company is Austin & Mclean Group Limited, a company registered in England and
Wales. Austin & Mclean Group Limited owns 100% of the ordinary share capital of the company.
The registered office address of Austin & Mclean Group Limited is 3 Old Barn Farm Road, Woolsbridge Industrial Estate, Three Legged Cross, Wimborne, Dorset, BH21 6SP.
2021-09-30
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false
08 February 2022
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Christopher Hayes
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Lucy Austin
Geraldine Claire Austin
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