Company Registration No. 12143071 (England and Wales)
Automotive Precision Engineering Limited
Unaudited accounts
for the year ended 31 August 2021
Automotive Precision Engineering Limited
Unaudited accounts
Contents
Automotive Precision Engineering Limited
Statement of financial position
as at
31 August 2021
Intangible assets
13,945
14,720
Tangible assets
105,064
126,418
Inventories
49,747
29,646
Cash at bank and in hand
13,305
16,314
Creditors: amounts falling due within one year
(292,340)
(169,022)
Net current assets
28,686
307
Total assets less current liabilities
147,695
141,445
Creditors: amounts falling due after more than one year
(66,036)
(97,486)
Provisions for liabilities
Deferred tax
(15,097)
(20,452)
Called up share capital
1,176
1,176
Profit and loss account
65,386
22,331
Shareholders' funds
66,562
23,507
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 December 2021 and were signed on its behalf by
Mr D Gelling
Director
Company Registration No. 12143071
Automotive Precision Engineering Limited
Notes to the Accounts
for the year ended 31 August 2021
Automotive Precision Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 12143071. The registered office is Unit 2, 24 Bayton Road, Coventry, Warwickshire, CV7 9EJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in pound sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
7 years straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Automotive Precision Engineering Limited
Notes to the Accounts
for the year ended 31 August 2021
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 1 September 2020
15,495
Automotive Precision Engineering Limited
Notes to the Accounts
for the year ended 31 August 2021
5
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
At 1 September 2020
149,090
At 31 August 2021
149,090
At 1 September 2020
22,672
Charge for the year
21,354
At 31 August 2021
105,064
At 31 August 2020
126,418
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
47,838
98,599
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
190,848
108,023
Accrued income and prepayments
45,526
15,346
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
5,556
-
Obligations under finance leases and hire purchase contracts
6,426
20,728
Trade creditors
50,166
27,171
Taxes and social security
40,795
47,194
Other creditors
163,757
57,224
Other creditors include advances from an invoice discounting company of £141,153 (2020: 41,673) relating to assigned trade book debts of £190,848.
The finance leases and hire purchase contracts are secured on the assets concerned.
Other creditors include a loan which is secured by way of a fixed charge over specific fixed assets of the company.
Other creditor includes a balance which is secured by way of a fixed and floating charge over the assets of the company.
Automotive Precision Engineering Limited
Notes to the Accounts
for the year ended 31 August 2021
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
8,518
14,875
Other creditors
14,000
34,000
Aggregate of amounts that fall due for payment after five years
21,296
26,851
Other creditors include a loan which is secured by way of a fixed charge over specific fixed assets of the company.
The company operates a defined contribution pension scheme, for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,090 (2020: nil) were due to the fund. They are included in other creditors.
10
Operating lease commitments
2021
2020
At 31 August 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
52,260
48,000
Within two to five years
121,041
200,000
More than five years
1,775
-
11
Transactions with related parties
During the year the company has a made a loan to a connected company Facilitate Financing Ltd. The balance at the year end was £21,600 (2020: nil)
12
Average number of employees
During the year the average number of employees was 12 (2020: 12).