Registration number:
Able Instruments And Controls Limited
for the Year Ended 31 December 2019
Able Instruments And Controls Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Able Instruments And Controls Limited
Company Information
Directors |
Mr M J Shortall Mr R N F Sygrove |
Registered office |
|
Auditors |
|
Able Instruments And Controls Limited
Strategic Report for the Year Ended 31 December 2019
The directors present their strategic report for the year ended 31 December 2019.
Principal activity
The principal activity of the company is assembly, testing, calibration and sale of industrial instruments
Fair review of the business
The company’s performance in 2018 was particularly strong, with major contract activity being carried out during the year, so the fall in turnover in 2019 was in line with expectations.
Further contract progress and new contract awards will see significant impact on revenues for 2020 and beyond, coupled with continued growth in the E-Commerce business whilst maintaining strong margins in our core business area.
The company continues its investment in Research and Development and Intellectual Property with various patents pending relating to our core measurement philosophies, most notably flow metering and analysis. Continued development of our Training and Calibration facilities will increase their utilisation for development work alongside customer training and enhance our internal knowledge, underpinning existing and new supply agreements and our technical services portfolio.
Key Performance Indicators identified were the decrease in turnover by 16.7% (2018: increase of 29.1%), discussed above, and the increased gross profit margin of 45.8% (2018: 43.8%) which shows continued healthy profitability.
Cash balances remain healthy and the company’s current liquidity ratio (the ratio of current assets to current liabilities) has increased to 3.6 (2018: 3.2).
The company’s results for the year were considered satisfactory by the directors, who expect to be able to maintain turnover for the foreseeable future.
Principal risks and uncertainties
The company's operations expose it to a variety of risks and uncertainties including competition, demand for the company's goods and services through industry-wide trends and the general state of the economy.
While the Covid-19 pandemic of 2020 did cause problems for the company, operations were able to continue with suitable safety measures in place, while new orders and sales enquiries remained largely healthy. As part of its response to the pandemic, the company undertook several cost-rationalisation measures and used government CJRS grants to contribute towards the salaries of furloughed staff.
A no-deal Brexit will impact both the company’s sales to the EU as well as certain purchases from the EU. Our sales and purchases generally are low-tariff items so, while we do not expect any tariffs to have a large impact on our business, the comoany is exposed to the risks of disruption at ports and general weakened business confidence. The management team have put several measures in place to cope with the changed administrative requirements that arise from leaving the EU and are well-placed to deal with the changed international relationships.
Able Instruments And Controls Limited
Strategic Report for the Year Ended 31 December 2019
The company is also subject to financial risks including interest rate risks and credit risk. Interest rate risks exist in respect of the company's exposure to bank loans and other borrowings. These are mitigated by careful management of the levels of borrowing, which has been reducing in recent years given the good cash generation of the company.
Credit risk exists in respect of the recoverability of trade debts, but this is mitigated by an active credit control process and, as a result, the company's bad debts over recent years have been minimal.
Development and Performance
The company will continue to focus on activities to drive revenue, pursuing opportunities to further expand the customer base and win contract tenders.
The directors believe that the company is ideally placed to continue to develop the activities of the group.
Since the year end, the company has been sold to an Employee Ownership Trust which now holds the company for the benefit of the company's employees. M J Shortall has begun to take a reduced role in the business as greater responsibility is placed on the managing director, R N F Sygrove, and the established management team.
Approved by the
Director
Able Instruments And Controls Limited
Directors' Report for the Year Ended 31 December 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
Director of the company
The director who held office during the year was as follows:
The following director was appointed after the year end:
Information included in the Strategic Report
Information on the company's Research and Development activities and the future developments of the business, including commentary on events occurring since the balance sheet date, has been included in the Strategic Report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
Director
Able Instruments And Controls Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 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.
Able Instruments And Controls Limited
Independent Auditor's Report to the Members of Able Instruments And Controls Limited
Qualified Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, (or give a true and fair view of) the financial statements of Able Instruments & Controls Limited as at 31 December 2019, and their financial performance for the year then ended in accordance with UK Accounting Standards.
We have audited the financial statements of the Company, which comprise the statement of financial position as at 31 December 2019, and the statement of comprehensive income and the statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
Basis for Qualified Opinion
The Company’s stock value of £1,083,320 as at 31 December 2019. We were unable to obtain sufficient appropriate audit evidence in relation to the value of the stock figure included on the statement of financial statement as at 31 December 2019 due to our late appointment. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Able Instruments And Controls Limited
Independent Auditor's Report to the Members of Able Instruments And Controls Limited
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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.
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.
Able Instruments And Controls Limited
Independent Auditor's Report to the Members of Able Instruments And Controls Limited
Use of our report
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
250 Wharfedale Road
Berkshire
RG41 5TP
Able Instruments And Controls Limited
Profit and Loss Account for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other (losses) / gains |
(118,990) |
- |
|
Other interest receivable and similar income |
|
|
|
Amounts written off investments |
- |
( |
|
Interest payable and similar expenses |
|
( |
|
116,316 |
(55,548) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Able Instruments And Controls Limited
Statement of Comprehensive Income for the Year Ended 31 December 2019
2019 |
2018 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Able Instruments And Controls Limited
(Registration number: 01851002)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
- |
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Investments |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Able Instruments And Controls Limited
Statement of Changes in Equity for the Year Ended 31 December 2019
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2019 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2019 |
|
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 January 2018 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2018 |
|
|
|
|
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
The financial statements are presented in Pounds Sterling, which is the functional currency of the company.
Summary of disclosure exemptions
The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statemets, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
· Section 4 'Statement of Financial Position' – reconciliation of the opening and closing number of shares;
· Section 7 'Statement of Cash Flows' – presentation of a statement of cash flow and related disclosures; and
· Section 33 'Relared Party Disclosures' – compensation of key management personnel.
Name of parent of group
These financial statements are consolidated in the financial statements of Halwell Trading Limited.
The financial statements of Halwell Trading Limited may be obtained from Halwell Trading Limited c/o Able Instruments and Controls Limited, Cutbush Park, Danehill, Lower Earley, Reading RG6 4UT.
Group accounts not prepared
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Judgements
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilites that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The valuation of the Company's freehold property is inherently subjective due to, among other factors, the individual nature of each property, its location and its condition. As a result, the valuations the Company places on its properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The valuations contain a number of assumptions upon which the Company's valuer has based their valuations, including matters such as ground conditions, the structural conditions and comparable market transactions. |
Stocks are stated at the lower of cost and net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate. The identification of such items, and the calculation of provisions against such items, requires judgements to be made and are best estimates based on past experience and knowledge of the likely saleability of stock lines in the future. |
The Company recognises the incomes and expenses of its construction contracts as the projects progress on a percentage of completion basis. Calculation of the percentage of completion requires judgements to be made as to the progress of the work, the timing of its likely completion and identification of potential snagging or testing issues that would delay completion. These judgements are based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. |
Revenue recognition
Turnover from the sale of goods and services is measured at the fair value of consideration receivable, net of
discounts.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the
revenue can be reliably measured. In practice this means that revenue is recognised when equipment or parts are invoiced and physically dispatched or when the service has been undertaken.
In respect of long-term contracts to build items of equipment, turnover and associated costs are recognised on a percentage of completion basis when the outcome of said contracts or projects can be reasonably foreseen. Turnover is included in other debtors as accrued income to the extent that it has not already been invoiced. Provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, turnover is recognised on completion.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are stated in the statement of financial position at cost (or valuation in the case of land and buildings), less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided for at the following annual rates in order to write down each asset over its estimated
useful life.
Asset class |
Depreciation method and rate |
Freehold property |
2% on cost of buildings |
Long leasehold property |
2% on cost of buildings |
Plant and machinery |
At various rates between 5% and 10% on cost |
Fixtures, fittings and office equipment |
At various rates between 3% and 20% on cost |
Motor vehicles |
At various rates between 14.28% and 20% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Provisions
A provision is recognised in the Balance Sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of
inception and the present value of the minimum lease payments. The related liability is included in the balance
sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 asset are consumed.
Defined contribution pension obligation
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.
Financial instruments
Classification
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2019 |
2018 |
|
Equipment supply/installation |
|
|
Servicing, maintenance etc |
|
|
|
|
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2019 |
2018 |
|
Gain (loss) from disposals of investments |
( |
- |
During the year ended 31 December 2019 the company disposed of its investment in its subsidiary, Vilamoura Charters LLP.
Operating profit |
Arrived at after charging/(crediting)
2019 |
2018 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2019 |
2018 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2019 |
2018 |
|
Interest on bank overdrafts and borrowings |
16,059 |
24,856 |
Foreign exchange (gains) / losses |
(48,760) |
23,157 |
(32,701) |
48,013 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2019 |
2018 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2019 |
2018 |
|
Production and servicing |
|
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The director's remuneration for the year was as follows:
2019 |
|
Remuneration |
|
The director received no remuneration in the year ended 31 December 2018.
Taxation |
Tax charged/(credited) in the income statement
2019 |
2018 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
Deferred tax
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2019 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
- |
( |
( |
At 31 December 2019 |
|
|
|
|
Depreciation |
||||
At 1 January 2019 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2019 |
|
|
|
|
Carrying amount |
||||
At 31 December 2019 |
|
|
|
|
At 31 December 2018 |
|
|
|
|
Included within the net book value of land and buildings above is £1,848,025 (2018 - £1,896,513) in respect of freehold land and buildings and £1,407,644 (2018 - £1,428,822) in respect of long leasehold land and buildings.
Revaluation
The fair value of the company's freehold and long leasehold land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amounts would have been:
2019 |
2018 |
|
Aggregate cost |
2,414,334 |
2,414,334 |
Aggregate accumulated depreciation |
505,800 |
474,226 |
Aggregate carrying amount (net book value) |
1,908,534 |
1,940,109 |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Investments in subsidiaries, joint ventures and associates |
2019 |
2018 |
|
Investments in subsidiaries |
- |
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2019 |
|
Disposals |
( |
At 31 December 2019 |
- |
Provision |
|
At 1 January 2019 |
|
Eliminated on disposals |
( |
At 31 December 2019 |
- |
Carrying amount |
|
At 31 December 2019 |
- |
At 31 December 2018 |
|
The company disposed of its subsidiary during the year ended 31 December 2019.
During the year ended 31 December 2018 the company recognised an impairment loss of £91,659 due to the subsidiary's loss-making position. This charge is included within amounts written off investments in the company's Profit and Loss Account.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2019 |
2018 |
Subsidiary undertakings |
||||
|
14 Progress Business Centre,
|
|
|
|
England and Wales |
The principal activity of Vilamoura Charters LLP is |
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Stocks |
2019 |
2018 |
|
Finished goods and goods for resale |
|
|
Debtors |
Note |
2019 |
2018 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
Total current trade and other debtors |
|
|
Current asset investments |
2019 |
2018 |
|
Other investments |
|
|
Cash and cash equivalents |
2019 |
2018 |
|
Cash at bank |
|
|
Creditors |
Note |
2019 |
2018 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Income tax liability |
151,700 |
494,193 |
|
Gross amount due to customers for contract work |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred tax and other provisions |
Deferred tax |
Total |
|
At 1 January 2019 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2019 |
|
|
Deferred tax arises from accelerated tax allowances on tangible fixed assets and provision for potential tax liabilities arising on the capital gains of revalued land and buildings.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
12,750 |
|
12,750 |
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
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Bank borrowings |
|
|
2019 |
2018 |
|
Current loans and borrowings |
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Bank borrowings |
|
|
Bank borrowings
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
The company's loans and borrowings are secured by fixed and floating charges on the company's assets. |
Dividends |
Interim dividends paid
2019 |
2018 |
|||
Interim dividend of £
|
|
|
||
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2019 |
2018 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Commitments |
Other financial commitments
The total amount of other financial commitments not provided in the financial statements was £Nil (2018 - £Nil).
Related party transactions |
Transactions with directors |
2019 |
At 1 January 2019 |
Advances to directors |
At 31 December 2019 |
Mr M J Shortall |
|||
Director's current account |
2,877,047 |
|
|
Able Instruments And Controls Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
2018 |
At 1 January 2018 |
Advances to directors |
At 31 December 2018 |
Mr M J Shortall |
|||
Director's current account |
2,554,093 |
|
|
The director's current account is shown within other debtors. Interest is receivable on the account at a rate of 2.50% (2018 - 2.50%) per annum. Interest received during the year was £89,499 (2018 - £80,070).
Summary of transactions with parent
The balance due from the company's parent at the year end was £245,881 (2018 - £245,881).
Summary of transactions with subsidiaries
The balance due from subsidiaries at the year end was £nil (2018 - £158,199).
Parent and ultimate parent undertaking |
The ultimate parent is
The ultimate controlling party is
Since the year end the company's parent, and hence the group, has been sold to an Employee Ownership Trust which holds the group for the benefit of the group's employees.