Registration number:
Alutech Components Limited
for the Year Ended 31 March 2020
Alutech Components Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alutech Components Limited
Company Information
Directors |
D Petherbridge T Stirling |
Company secretary |
M Preston |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Alutech Components Limited
for the Year Ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Alutech Components Limited for the year ended 31 March 2020 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.
This report is made solely to the Board of Directors of Alutech Components Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Alutech Components Limited and state those matters that we have agreed to state to the Board of Directors of Alutech Components Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alutech Components Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Alutech Components Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Alutech Components Limited. You consider that Alutech Components Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Alutech Components Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Bathgate
West Lothian
EH48 2UP
Alutech Components Limited
(Registration number: 07595094)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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Current assets |
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Stocks |
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Debtors |
- |
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Fixed assets held for sale |
8,700 |
13,050 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
(106,884) |
(101,559) |
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Shareholders' deficit |
(106,882) |
(101,557) |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Alutech Components Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have not been prepared on a going concern basis as it is the intention of the directors to wind the company up. Accordingly, the company's fixed assets have been included as current assets in the financial statements.
Tangible assets
As the company's financial statements have not been prepared on a going concern basis, fixed assets have been reclassified as current assets in the balance sheet.
Depreciation
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.
Asset class |
Depreciation method and rate |
Plant and machinery |
10% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Alutech Components Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.
Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.
Impairment
Alutech Components Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Stocks |
2020 |
2019 |
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Raw materials and consumables |
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Debtors |
2020 |
2019 |
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Prepayments |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Included within creditors is a balance of £4,082 (2019: £4,082) due to DP Automatics Limited, a company owned and controlled by D Petherbridge, a director of Alutech Components Limited and a proprietor of Manufacturing Solutions, a joint venture partner of the company.
At the year end the company owed £74,587 (2019: £77,706) to Plastech Group Limited and £42,331 (2019: £39,212) to Manufacturing Solutions. The loans are unsecured and interest free. Alutech Components Limited is a company in which Plastech Group Limited and Manufacturing Solutions both have a 50% interest.