Registration number:
Able Instruments And Controls Limited
for the Year Ended 31 December 2022
Able Instruments And Controls Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Able Instruments And Controls Limited
Company Information
Directors |
Mr M J Shortall Mr R N F Sygrove |
Registered office |
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Accountants |
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Able Instruments And Controls Limited
(Registration number: 01851002)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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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 current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
12,750 |
12,750 |
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Revaluation reserve |
1,511,452 |
1,511,452 |
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Other reserves |
61,711 |
61,711 |
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Retained earnings |
416,105 |
3,666,278 |
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Shareholders' funds |
2,002,018 |
5,252,191 |
Able Instruments And Controls Limited
(Registration number: 01851002)
Balance Sheet as at 31 December 2022
For the financial year ending 31 December 2022 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
Mr R N F Sygrove
Director
Able Instruments And Controls Limited
Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Revaluation reserve |
Other reserves |
Retained earnings |
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At 1 January 2022 |
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Profit for the year |
- |
- |
- |
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Gifts to Employee Ownership Trust |
- |
- |
- |
(3,622,278) |
At 31 December 2022 |
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Total |
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At 1 January 2022 |
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Profit for the year |
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Gifts to Employee Ownership Trust |
(3,622,278) |
At 31 December 2022 |
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Share capital |
Revaluation reserve |
Other reserves |
Retained earnings |
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At 1 January 2021 |
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|
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
( |
- |
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Total comprehensive income |
- |
( |
- |
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Gifts to Employee Ownership Trust |
- |
- |
- |
(2,958,797) |
At 31 December 2021 |
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Total |
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At 1 January 2021 |
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Profit for the year |
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Other comprehensive income |
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Total comprehensive income |
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Gifts to Employee Ownership Trust |
(2,958,797) |
At 31 December 2021 |
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Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 section 1A, 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
"Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument issues; The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A"..
Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
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.
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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.
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.
Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition on a first in, first out basis.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
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.
Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group.
The fair value at the date of grant of the equity instrument is recognised as an expense, spread over the vesting period of the instrument. The total amount to be expensed is determined by reference to the fair value of the awards, excluding the impact of any non-market vesting conditions. At each balance sheet date, the Company revises its estimate of the number of equity instruments which are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the Profit and Loss Account, and a corresponding adjustment is made to equity. On vesting or exercise, the difference between the expense charged to the Profit and Loss Account and the actual cost to the Company is transferred to retained earnings.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
- |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Included within the net book value of land and buildings above is £2,368,779 (2021 - £2,417,453) in respect of freehold land and buildings and £Nil (2021 - £Nil) in respect of long leasehold land and buildings.
Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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12,750 |
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12,750 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Hire purchase contracts |
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Able Instruments And Controls Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Bank borrowings
The company's loans and borrowings are secured by fixed and floating charges on the company's assets. |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Ultimate parent undertaking |
The ultimate parent is
The ultimate controlling party is