The directors present their annual report and financial statements for the year ended 31 December 2019.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The company has not traded during the year and accordingly has made neither a profit nor a loss.
The company is a dormant company within the meaning of section 480 of the Companies Act 2006 and accordingly no auditors have been appointed. The directors have resolved that no auditors be approved for the financial year of the company ending on 31 December 2020 on the grounds that auditors are unlikely to be required as the company is expected to remain dormant.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The directors are responsible 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 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 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.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ferranti Technologies (Holdings) Limited for the year ended 31 December 2019 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance .
It is your duty to ensure that Ferranti Technologies (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Ferranti Technologies (Holdings) Limited. You consider that Ferranti Technologies (Holdings) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ferranti Technologies (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ferranti Technologies (Holdings) Limited is a company limited by shares incorporated in England and Wales. The registered office is Cairo House, Greenacres Road, Waterhead, Oldham, OL4 3JA.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £'000 .
This 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 statements , 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 . T he company has therefore taken advantage of e xemptions 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 f low and related notes and disclosures ;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel .
The financial statements of the company are consolidated in the financial statements of Elbit Systems Limited. These consolidated financial statements are available from www.elbitsystems.com.
The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group .
The company has not traded during the year or the preceding financial period . During this time the company received no income and incurred no expenditure and therefore no profit and loss is presented in these financial statements
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment .
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 liabilities 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 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Interests in subsidiaries, associates and jointly controlled entities are initially measures at cost and subsequently measured at cost lee any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Details of the company's subsidiaries at 31 December 2019 are as follows:
Rights attached to shares - dividends
The cumulative participating preferred ordinary shares carry the following dividend rights:
(a) The greater of:
a fixed cumulative annual cash dividend of 7% of the issue price including share premium commencing 1 November 1995, and in respect of each accounting reference period of twelve months thereafter. The dividend is to be proportionally adjusted for any accounting reference periods of greater or lesser than twelve months, or;
a participating annual dividend, commencing 1 November 1995, which is a percentage of profits, the percentage increasing from 2% in the year ended 31 October 1996 to 10% in the year ended 2 November 2001 and following years, and
(b) An amount equal to any dividends declared in the ordinary shares.
The holders of the cumulative participating preferred ordinary shares have waived their rights to dividends in both the current and preceding year.
Rights attached to shares - voting
Cumulative participating preferred ordinary shares have equal voting rights with ordinary shares in most cases. However, if any payments to the shareholders are in arrears, each share counts three votes to one vote for each ordinary share.
Rights attached to shares - capital
On winding up, cumulative participating preferred ordinary shares have the right to be repaid in preference to the ordinary shares.
Rights attached to shares - redemption
Cumulative partcipating preferred ordinary shares are not redeemable.
The company is a subsidiary undertaking of Elbit Systems Limited, a company incorporated in Israel, which is the ultimate parent undertaking and controlling party. The company's immediate parent undertaking is Ferranti Technologies (Group) Limited.
Elbit Systems Limited is the parent company of the largest group of which the company is a member and for which group financial statements are prepared. The group financial statements of Elbit Systems Limited are available to the public and may be obtained from www.elbitsystems.com.