Advanced Handling Limited Filleted accounts for Companies House (small and micro)

ADVANCED HANDLING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07531254

Advanced Handling Limited

Filleted Financial Statements

For the year ended

30 September 2021

Advanced Handling Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		463,218	489,941

Current assets

Stocks		971,982	1,210,018
Debtors	7	1,246,962	1,250,016
Cash at bank and in hand		181,018	190
		------------	------------
		2,399,962	2,460,224

Creditors: amounts falling due within one year	8	1,677,378		1,543,765
		------------		------------
Net current assets			722,584	916,459
			------------	------------
Total assets less current liabilities			1,185,802	1,406,400

Creditors: amounts falling due after more than one year	9		496,036	1,051,826

Provisions

Other provisions	189,152	122,518
	------------	------------
Net assets	500,614	232,056
	------------	------------

Capital and reserves

Called up share capital	380,000	380,000
Profit and loss account	120,614	( 147,944)
	---------	---------
Shareholders funds	500,614	232,056
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 4 November 2021 , and are signed on behalf of the board by:

E O Albrecht	G E Lindqvist
Director	Director

Company registration number: 07531254

Advanced Handling Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Chapel Street, Warwick, Warwickshire, CV34 4HL. The trading address is Newcombe Way, Orton Southgate, Peterborough, PE2 6SE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Research and development policy

Research expenditure is written off in the period in which it is incurred.

Research and Development relief is given in the tax computation at the rate applicable to Small and Medium Enterprises and the tax credit calculated and claimed. The credit is provided for in these Financial Statements.

Going concern

During 2020 and into 2021 the worldwide spread of Coronavirus has occurred and from March 2020 has affected the UK. This has, and continues to, affect the way the company operates and the markets it operates in. The company is making appropriate adjustments in terms of how it operates and to protect its employees. The UK Government is providing a package of financial support to protect companies and these are being accessed as necessary.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1 Amounts recoverable on contracts Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 2 Depreciation Fixed assets are depreciated in line with the accounting policy. 3 Warranty provision Provision is made for warranties payable based on the fact that all products come with a 12 month warranty. The provision is based on 10% of revenue on all contracts in excess of £7k.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	10% - 50% straight line
Fixtures & Fittings	-	10% straight line
Motor vehicles	-	33.33% straight line
Equipment	-	25% - 50% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 38 (2020: 47 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2020 and 30 September 2021	250,000
	---------
Amortisation
At 1 October 2020 and 30 September 2021	250,000
	---------
Carrying amount
At 30 September 2021	–
	---------
At 30 September 2020	–
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2020	340,940	443,329	–	162,143	946,412
Additions	31,238	1,506	33,786	22,924	89,454
Disposals	( 80,127)	–	–	( 50,994)	( 131,121)
	---------	---------	--------	---------	---------
At 30 September 2021	292,051	444,835	33,786	134,073	904,745
	---------	---------	--------	---------	---------
Depreciation
At 1 October 2020	208,428	127,463	–	120,580	456,471
Charge for the year	44,672	44,512	657	25,930	115,771
Disposals	( 79,721)	–	–	( 50,994)	( 130,715)
	---------	---------	--------	---------	---------
At 30 September 2021	173,379	171,975	657	95,516	441,527
	---------	---------	--------	---------	---------
Carrying amount
At 30 September 2021	118,672	272,860	33,129	38,557	463,218
	---------	---------	--------	---------	---------
At 30 September 2020	132,512	315,866	–	41,563	489,941
	---------	---------	--------	---------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	856,640	775,199
Amounts owed by group undertakings and undertakings in which the company has a participating interest	144,875	77,158
Other debtors	245,447	397,659
	------------	------------
	1,246,962	1,250,016
	------------	------------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	527,024	497,186
Amounts owed to group undertakings and undertakings in which the company has a participating interest	42,981	41,499
Social security and other taxes	142,068	233,063
Other creditors	965,305	772,017
	------------	------------
	1,677,378	1,543,765
	------------	------------

Other creditors includes staged payments on account of £719,298 (2020 - £621,216).

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	496,036	1,051,826
	---------	------------

10. Operating leases

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	319,270	303,091
Later than 1 year and not later than 5 years	1,145,587	1,116,416
Later than 5 years	275,000	550,000
	------------	------------
	1,739,857	1,969,507
	------------	------------

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	25,207	25,207
Later than 1 year and not later than 5 years	29,408	54,616
	--------	--------
	54,615	79,823
	--------	--------

11. Summary audit opinion

The auditor's report for the year dated 10 November 2021 was unqualified.

The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .

12. Controlling party

The company is under the control of Pronomic AB . The company is ultimately controlled by Amplex AB , a company registered in Sweden.