Company Registration No. 02982705 (England and Wales)
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mrs T Pollinger
Mr A Raviv
Mr E Halifa
Company number
02982705
Registered office
Cairo House
Greenacres Road
Waterhead
Oldham
OL4 3JA
Accountants
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Accountants' report
3
Statement of financial position
4
Notes to the financial statements
5 - 10
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Principal activities
The principal activity of the company continued to be that of an intermediate holding company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs T Pollinger
Mr A Raviv
Mr E Halifa
Results and dividends
The company has not traded during the year and accordingly has made neither a profit nor a loss.
Auditor
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 2021 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.
On behalf of the board
Mrs T Pollinger
Director
8 June 2021
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
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.
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
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 2020 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
.
This report is made solely to the Board of Directors of Ferranti Technologies (Holdings) Limited, as a body, in accordance with the terms of our engagement letter dated 22 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Ferranti Technologies (Holdings) Limited
and state those matters that we have agreed to state to the Board of Directors of Ferranti Technologies (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ferranti Technologies (Holdings) Limited and its Board of Directors as a body, for
our work or for this report.
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.
Edwards
15 June 2021
Chartered Accountants
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
31 December 2020
- 4 -
2020
2019
Notes
£000
£000
£000
£000
Fixed assets
Investments
3
1,000
1,000
Current assets
Debtors
5
75
75
Creditors: amounts falling due within one year
6
(430)
(430)
Net current liabilities
(355)
(355)
Net assets
645
645
Capital and reserves
Called up share capital
7
19
19
Share premium account
164
164
Profit and loss reserves
462
462
Total equity
645
645
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 June 2021 and are signed on its behalf by:
Mrs T Pollinger
Director
Company Registration No. 02982705
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
1
Accounting policies
Company information
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.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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
.
The financial statements have been prepared under the historical cost convention, modified to certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Profit and loss account
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
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less 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.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
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
.
Basic financial liabilities
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.
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
2
Judgements and key sources of estimation uncertainty
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Valuation of investments
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.
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
3
Fixed asset investments
Shares in group undertakings
£000
Cost or valuation
At 1 January 2020 & 31 December 2020
1,000
Carrying amount
At 31 December 2020
1,000
At 31 December 2019
1,000
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Ferranti Technologies Limited
England and Wales
Development and manufacture of aerospace and defense equipment
Ordinary
100.00
5
Debtors
2020
2019
Amounts falling due within one year:
£000
£000
Amounts due from group undertakings
75
75
6
Creditors: amounts falling due within one year
2020
2019
£000
£000
Amounts due to group undertakings
430
430
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
7
Share capital
2020
2019
£000
£000
Ordinary share capital
Issued and fully paid
1,831,478 Ordinary shares of 1p each
18
18
49,800 Cumulative participating preferred ordinary shares of 1p each
1
1
19
19
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.
FERRANTI TECHNOLOGIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
8
Ultimate controlling party
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.
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