Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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464,911 | 513,074 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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2,396,716 | 1,652,409 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 1,183,566 | 708,337 | ||
Total assets less current liabilities | 1,648,477 | 1,221,411 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 | (
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Provisions for liabilities | 10, 11 |
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 12 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Astell Scientific Limited (registered number:
DRM Pennock
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Astell Scientific Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19-21 Powerscroft Road, Sidcup, Kent, DA14 5DT, England, United Kingdom.
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.
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' FRS 102 1A, and with the Companies Act 2006.
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.
At the time of approval of the accounts in February 2022, the Covid-19 pandemic continues to have a significant impact on the UK and the directors consider that this may have an impact on the business going into 2022. The decisions of the directors at this time are based upon ensuring that business continues whilst at the same time safeguarding the health and well-being of its employees, suppliers and customers.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Defined benefit schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Enhanced tax relief claims in relation to research and development are made, time permitting, in the same accounting period for which the eligible expenditure is identified. This means the claims will be matched to the correct accounting period where possible. Otherwise, tax recoverable in relation to retrospective claims are recognised in the accounting period when those claims are submitted to HMRC.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Plant and machinery - 10% straight line
IT equipment - 25% straight line
Fixtures, fittings & equipment - 10% straight line
Motor vehicles - 25% straight line
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.
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
The company has received government grants through the Coronavirus Job Retention Scheme (CJRS), the company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate.
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 July 2020 |
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Additions |
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Disposals | (
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At 30 June 2021 |
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Accumulated depreciation | |||||||
At 01 July 2020 |
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Charge for the financial year |
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Disposals | (
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At 30 June 2021 |
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Net book value | |||||||
At 30 June 2021 |
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At 30 June 2020 |
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Investment property | |
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Valuation | |
As at 01 July 2020 |
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Additions | 390,667 |
Disposals | (390,225) |
As at 30 June 2021 |
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The directors have valued the property based on a valuation undertaken at the time of acquisition.
2021 | 2020 | ||
£ | £ | ||
Raw materials |
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Work in progress |
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Finished goods |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 July 2020 |
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6,567 | |
Credited to the Profit and Loss Account | (
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( 9,448) | |
At 30 June 2021 | (
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( 2,881) | |
Deferred tax
2021 | 2020 | ||
£ | £ | ||
Accelerated capital allowances | (
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Provision for deferred tax | (
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2021 | 2020 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Profit and Loss Account |
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At the end of financial year |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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629,996 | 629,996 |
Commitments
Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
Directors loan account | (21,419) | (195,506) | |
0 | 0 | ||
0 | 0 | ||
0 | 0 |
During the year directors made repayments of £232,552 (2020: £202,207) and drew £58,465 (2020: £255,630 in respect of director loan accounts. Loans to directors have been provided with an interest charge of £1,725 (2020: £4,658) calculated at the HMRC official rate.