Company registration number SC511266 (Scotland)
ADVANCED MATERIAL PROCESSING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,413,983
4,297,100
Current assets
Stocks
1,020,958
736,305
Debtors
5
674,441
464,730
Cash at bank and in hand
468,704
701,174
2,164,103
1,902,209
Creditors: amounts falling due within one year
6
(1,545,796)
(1,397,243)
Net current assets
618,307
504,966
Total assets less current liabilities
5,032,290
4,802,066
Creditors: amounts falling due after more than one year
7
(2,134,599)
(2,592,988)
Provisions for liabilities
(670,920)
(378,898)
Net assets
2,226,771
1,830,180
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,226,671
1,830,080
Total equity
2,226,771
1,830,180
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 2022 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.
The 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 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 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 2022
- 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 amounts 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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received 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.
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:
2022
2021
Number
Number
Total
11
11
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
5,073,373
14,620
228,613
5,316,606
Additions
1,080,484
10,532
179,082
1,270,098
Disposals
(1,282,695)
(9,275)
(1,291,970)
At 31 December 2022
4,871,162
25,152
398,420
5,294,734
Depreciation and impairment
At 1 January 2022
954,653
7,308
57,545
1,019,506
Depreciation charged in the year
63,382
3,816
41,398
108,596
Eliminated in respect of disposals
(242,061)
(5,290)
(247,351)
At 31 December 2022
775,974
11,124
93,653
880,751
Carrying amount
At 31 December 2022
4,095,188
14,028
304,767
4,413,983
At 31 December 2021
4,118,720
7,312
171,068
4,297,100
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
585,539
439,130
Other debtors
88,902
Prepayments and accrued income
25,600
674,441
464,730
6
Creditors: amounts falling due within one year
2022
2021
£
£
Obligations under finance leases
1,201,944
864,329
Trade creditors
292,949
451,407
Taxation and social security
23,020
75,006
Other creditors
11,439
473
Accruals and deferred income
16,444
6,028
1,545,796
1,397,243
RBS Invoice Finance Limited have a fixed charge over all the property held by the company.
ADVANCED MATERIAL PROCESSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
2,134,599
2,592,988
RBS Invoice Finance Limited have a fixed charge over all the property held by the company.
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Related party transactions
At the balance sheet date the company owed the directors £8,333 (2021: £nil).
The loan is interest free and repayable on demand.