REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
FOR |
|
ANTI-VIBRATION METHODS (RUBBER) CO. LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
FOR |
|
ANTI-VIBRATION METHODS (RUBBER) CO. LTD |
ANTI-VIBRATION METHODS (RUBBER) CO. LTD (REGISTERED NUMBER: 02277135) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Balance Sheet | 3 |
|
Notes to the Financial Statements | 4 |
|
ANTI-VIBRATION METHODS (RUBBER) CO. LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Mercury House |
19-21 Chapel Street |
Marlow |
Buckinghamshire |
SL7 3HN |
ANTI-VIBRATION METHODS (RUBBER) CO. LTD (REGISTERED NUMBER: 02277135) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
The directors present their report with the financial statements of the company for the year ended 30th June 2020. |
|
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacturing of rubber to metal bonded and other anti-vibration components. |
|
REVIEW OF BUSINESS |
AVMR's YE 2020 was an interesting one, good overall performance against plan was heavily undermined by COVID-19, as is the case for many companies. AVMR closed down for nearly 3 months of this financial year. |
|
We saw some competitors cease trading as they could not service their debts, but AVMR's decision to avoid debt other than Director's loans (fed in at the parent company level) seems to have been a good one and helped us balance the books. We kicked off a marketing plan early 2020, with tradeshows and other activities, but without fail these activities and related spend failed to offer any benefit as the tradeshows which were paid for were cancelled, with very little of the funds being returned. We also found that potential customers were not prepared to take any unnecessary risks in moving to AVMR as their supplier, despite a desire to do so. |
|
As a result, Change projects moved their focus to internal development. By the end of our YE2021 we expect to have rolled out the first stage of our new ERP/MRP system, which will help us drive improved customer service and a significant increase efficiency across the organisation. We have also implemented dedicated compliance personnel which have added to overhead but will help us scale sustainably. |
|
Reviews of our approach to pricing, which used external advisors, customers, and our internal accounting team, demonstrated clear opportunity to win more business by changing our approach to estimating. This is probably the most exciting change, and one which was implemented quickly. As a result we have seen our average quote success increase notably - a genuinely eye opening moment. |
|
We kicked off a project right at the end of YE2020 to review all of our online marketing effectiveness and have been surprised by the results - there is clear opportunity for us to grow considerably by improving certain elements of our approach to market, but these need to by understood in more detail and will probably be implemented circa the end of YE2021. |
|
Overall, YE2020 was disappointing from a financial reporting standpoint, but opportunities for growth are looking better than they ever have done. Our eyes are open, and our growth should be notable over the coming years. |
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2019 to the date of this report. |
|
|
|
|
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
ANTI-VIBRATION METHODS (RUBBER) CO. LTD (REGISTERED NUMBER: 02277135) |
|
BALANCE SHEET |
30TH JUNE 2020 |
|
30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 8 |
|
|
Revaluation reserve | 9 |
|
|
Retained earnings | 9 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
ANTI-VIBRATION METHODS (RUBBER) CO. LTD (REGISTERED NUMBER: 02277135) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
1. | STATUTORY INFORMATION |
|
Anti-Vibration Methods (Rubber) Co. Ltd is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2019 |
|
|
|
|
Additions |
|
|
|
|
At 30th June 2020 |
|
|
|
|
DEPRECIATION |
At 1st July 2019 |
|
|
|
|
Charge for year |
|
|
|
|
At 30th June 2020 |
|
|
|
|
NET BOOK VALUE |
At 30th June 2020 |
|
|
|
|
At 30th June 2019 |
|
|
|
|
ANTI-VIBRATION METHODS (RUBBER) CO. LTD (REGISTERED NUMBER: 02277135) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2020 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Tax |
|
|
Prepayments and accrued income |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Pension control | 1,086 | 1,055 |
VAT | 13,017 | 5,018 |
Accrued expenses |
|
|
Deferred government grants |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Deferred government grants |
|
|
|
8. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 30.6.19 |
value: | £ | £ |
|
Ordinary | £1 | 2 | 2 |
|
9. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1st July 2019 |
|
|
510,666 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
At 30th June 2020 |
|
|
540,883 |
|
10. | RELATED PARTY DISCLOSURES |
|
Hagen Group Limited own 100% of the issued share capital. |
|
Mr D Lawes is a director and shareholder of Hagen Group Ltd. |
|
11. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Hagen Group Limited. |
|
The ultimate controlling party is
|