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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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Advanced Tool Manufacture Limited |
DRAFT
28/11/18 06:10 |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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for |
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Advanced Tool Manufacture Limited |
Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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DRAFT
28/11/18 06:10 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Advanced Tool Manufacture Limited |
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Company Information |
for the Year Ended 31 March 2018 |
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DRAFT
28/11/18 06:10 |
DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Unit 1 |
York Road |
Chapelhall |
Airdrie |
ML6 8HW |
Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Balance Sheet |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
DRAFT
28/11/18 06:10 |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Balance Sheet - continued |
31 March 2018 |
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DRAFT
28/11/18 06:10 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
DRAFT
28/11/18 06:10 |
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1. | STATUTORY INFORMATION |
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Advanced Tool Manufacture Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the net invoiced sale of goods, excluding value added tax. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
DRAFT
28/11/18 06:10 |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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. |
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Amount charged to the profit and loss account for the year is £8,586 (2017 £7,385). |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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Disposals |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
DRAFT
28/11/18 06:10 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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Disposals |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
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COST |
At 1 April 2017 |
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Additions |
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Transfer to ownership | (88,491 | ) | - | (88,491 | ) |
At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Transfer to ownership | (28,491 | ) | - | (28,491 | ) |
At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | STOCKS |
31.3.18 | 31.3.17 |
£ | £ |
Stocks |
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Work-in-progress |
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Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
DRAFT
28/11/18 06:10 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 86,211 | 36,118 |
Other creditors |
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Sundry creditors | - | 145 |
Directors' current accounts | 41,581 | 71,330 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Other loans - 1-2 years | 56,250 | 6,667 |
Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 494,978 | 606,672 |
Advanced Tool Manufacture Limited (Registered number: SC226401) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
DRAFT
28/11/18 06:10 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.18 | 31.3.17 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Other loans |
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Hire purchase contracts | 383,359 | 185,470 |
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All loans from Bank of Scotland to the company are secured by a floating charge and a standard security. The |
property charged in this standard security is the company's premises. |
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Other loans of more than 5 years to the company are also secured by a floating charge. |
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The company has a loan from West of Scotland Fund which is also secured by a floating charge and is expressed |
to cover all the property and undertaking of the company. |
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Hire purchase contracts are secured by the assets for which the contract relates to. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the year end the company owed its directors £41,581 (2017 £71,330). The loan is interest free and has no |
fixed terms of repayment. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £197,500 were paid to the directors . |
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12. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of its directors for the year ended 31st March 2018. |