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Company Information
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Contents
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Directors' report
for the year ended 31 December 2021
The directors present their report and the financial statements of Blundell Production Equipment Limited ('the company') for the year ended 31 December 2021. The comparative information for the year ended 31 December 2020 presented within these financial statements is unaudited.
The profit for the year, after taxation, amounted to £
458,760
(2020 -
£
219,351
)
.
During the period, the directors declared a dividend of £1,300,000 (2020 - £nil).
The directors who served during the year were:
Kelby Henn was appointed director on 20 June 2022, following Neil Blundell's retirement. The directors would like to place on record their appreciation for Neil's long service to the business, and wish him a happy retirement.
The directors are responsible for preparing the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Directors' report (continued)
for the year ended 31 December 2021
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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Independent auditor's report to the members of Blundell Production Equipment Limited
for the year ended 31 December 2021
We have audited the financial statements of Blundell Production Equipment Limited ('the Company') for the year ended 31 December 2021, which comprise the Statement of comprehensive income, the Statement of financial position
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We were not appointed as auditor of the company until the year ended 31 December 2021, therefore, we were unable to attend the company's stock count at 31 December 2020 and the prior year was unaudited. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2020, which are included in the Statement of financial position at £931,035. Consequently we were unable to determine whether any adjustment to this amount at 31 December 2020 was necessary or whether there has been any consequential effect on the cost of sales for the year ended 31 December 2021.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Blundell Production Equipment Limited (continued)
for the year ended 31 December 2021
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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Independent auditor's report to the members of Blundell Production Equipment Limited (continued)
for the year ended 31 December 2021
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
∙
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage;
∙
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations;
∙
we focused our planned audit work on specific laws and regulations which we considered may have a direct
material effect on the financial statements or the operations of the company and group, including the UK Companies Act 2006, employment legislation, taxation legislation and relevant laws and regulations.
We assessed the extent of compliance with the laws and regulations identified above through:
∙
making enquiries of management;
∙
inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
∙
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations above.
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Independent auditor's report to the members of Blundell Production Equipment Limited (continued)
for the year ended 31 December 2021
Auditor's responsibilities for the audit of the financial statements (continued)
To address the risk of fraud through management bias and override of controls, we:
∙
determined the susceptibility of the parent company and group to management override of controls by checking the
∙
implementation of controls and enquiring of individuals involved in the financial reporting process during the year;
∙
reviewed journal entries throughout the year to identify unusual transactions;
∙
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any
large variances from the prior period; and
∙
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of management;
∙
performed substansive testing on income, tracing order and dispatch records through to receipt of cash in the bank; and
∙
carried out substantive testing to check the occurrence and cut-off of expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
∙
agreeing financial statement disclosures to underlying supporting documentation;
∙
enquiring of management as to actual and potential litigation and claims; and
∙
reviewing correspondence with HMRC and the company's legal advisors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of comprehensive income
for the year ended 31 December 2021
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Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 9 to 17 form part of these financial statements.
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Notes to the financial statements
for the year ended 31 December 2021
Blundell Production Equipment Limited is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is Unit C-D Quinn Close, Seven Stars Industrial Estate, Coventry, CV3 4LH.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
for the year ended 31 December 2021
2.
Accounting policies (continued)
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Notes to the financial statements
for the year ended 31 December 2021
2.
Accounting policies (continued)
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.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Notes to the financial statements
for the year ended 31 December 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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Notes to the financial statements
for the year ended 31 December 2021
2.
Accounting policies (continued)
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Notes to the financial statements
for the year ended 31 December 2021
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Notes to the financial statements
for the year ended 31 December 2021
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Notes to the financial statements
for the year ended 31 December 2021
The company had no contingent liabilities at 31 December 2021 or 31 December 2020 (unaudited).
The company had no capital commitments at 31 December 2021 or 31 December 2020 (unaudited).
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the companu in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £29,011 (2020 - £29,644). Contributions totalling £3,765 (2020 - £nil) were payable to the fund at the reporting date and are inducted in creditors.
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Notes to the financial statements
for the year ended 31 December 2021
The immediate parent undertaking of the company is Blundell Production Holdings Limited, a company with its
registered office at c/o Wright Hassall LLP, Olympus Avenue, Leamington Spa, Warwickshire CV34 6BF. The smallest group of undertakings for which consolidated group accounts, which include the company, have been drawn up is headed by Amcomri Group Limited. Amcomri Group Limited has its registered office at 46/48 Beak Street, London, W1F 9RJ. The ultimate controlling party is Paul McGowan by virtue of his controlling interest in Amcomri Group Limited.
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