Company registration number SC511266 (Scotland)
ADVANCED MATERIAL PROCESSING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ADVANCED MATERIAL PROCESSING LIMITED
COMPANY INFORMATION
Directors
Mr A Carey
Mr K O'Kane
Secretary
Mrs K O'Kane
Company number
SC511266
Registered office
9 Broadleys Road
Springkerse Industrial Estate
Stirling
Stirlingshire
United Kingdom
FK7 7ST
Accountants
Azets
Kings Park House
Laurelhill Business Park
Stirling
Stirlingshire
United Kingdom
FK7 9JQ
Bankers
Royal Bank of Scotland
Units 22/23 Thistles Shopping Centre
Goosecroft Road
Stirling
Stirlingshire
United Kingdom
FK8 2EA
ADVANCED MATERIAL PROCESSING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ADVANCED MATERIAL PROCESSING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,297,100
4,757,207
Current assets
Stocks
736,305
632,142
Debtors
5
464,730
762,528
Cash at bank and in hand
701,174
551,907
1,902,209
1,946,577
Creditors: amounts falling due within one year
6
(1,397,243)
(1,521,115)
Net current assets
504,966
425,462
Total assets less current liabilities
4,802,066
5,182,669
Creditors: amounts falling due after more than one year
7
(2,592,988)
(3,664,889)
Provisions for liabilities
9
(378,898)
(291,187)
Net assets
1,830,180
1,226,593
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,830,080
1,226,493
Total equity
1,830,180
1,226,593
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADVANCED MATERIAL PROCESSING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2022 and are signed on its behalf by:
Mr A Carey
Mr K O'Kane
Director
Director
Company Registration No. SC511266
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Advanced Material Processing Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
9 Broadleys Road, Springkerse Industrial Estate, Stirling, Stirlingshire, United Kingdom, FK7 7ST.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover consists of the sales value, excluding VAT, of work in the period under contracts to supply services to third parties. It includes the relevant proportion of contract value for performance up to the period end.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
varying rates on cost
Computers
20% on cost
Motor vehicles
20% on reducing balance
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
.
During the year, the directors re-evaluated the expected residual values of the assets held as plant and machinery. As a result, various values were found to be higher than originally anticipated and therefore an adjustment to depreciation has been made in the current accounting period, This has no effect on the depreciation method used.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
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.
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.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of rental.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
11
11
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
5,265,309
8,174
179,794
5,453,277
Additions
736,425
6,446
125,863
868,734
Disposals
(928,361)
(77,044)
(1,005,405)
At 31 December 2021
5,073,373
14,620
228,613
5,316,606
Depreciation and impairment
At 1 January 2021
634,079
5,876
56,115
696,070
Depreciation charged in the year
515,868
1,432
31,497
548,797
Eliminated in respect of disposals
(195,294)
(30,067)
(225,361)
At 31 December 2021
954,653
7,308
57,545
1,019,506
Carrying amount
At 31 December 2021
4,118,720
7,312
171,068
4,297,100
At 31 December 2020
4,631,230
2,298
123,679
4,757,207
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
439,130
751,886
Other debtors
1,392
Prepayments and accrued income
25,600
9,250
464,730
762,528
6
Creditors: amounts falling due within one year
2021
2020
£
£
Obligations under finance leases
8
864,329
1,093,818
Trade creditors
451,407
233,499
Taxation and social security
75,006
81,599
Other creditors
99,846
Accruals and deferred income
6,501
12,353
1,397,243
1,521,115
7
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
8
2,592,988
3,664,889
8
Leasing obligations
2021
2020
Future minimum lease payments due under hire purchase agreements:
£
£
Within one year
864,329
1,093,818
In two to five years
2,592,988
3,664,889
3,457,317
4,758,707
The balance of hire purchase agreements are secured debts.
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
647,723
573,397
Tax losses
(268,825)
(282,210)
378,898
291,187
2021
Movements in the year:
£
Liability at 1 January 2021
291,187
Charge to profit or loss
87,711
Liability at 31 December 2021
378,898
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
11
Related party transactions
Mr A Carey
During the year the company repaid the loan from Mr A Carey, a director, in full. At the balance sheet date the company owed the director £nil (2020: £49,950).
Mr K O'Kane
During the year the company repaid the loan from Mr K O'Kane, a director, in full. At the balance sheet date the company owed the director £nil (2020: £49,950).