Astec Precision Holdings Ltd Filleted accounts for Companies House (small and micro)

ASTEC PRECISION HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC507627

Astec Precision Holdings Ltd

Filleted Financial Statements

30 June 2021

Astec Precision Holdings Ltd

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		6,181,753	6,181,753

Current assets

Debtors	5	12,000	33,678
Cash at bank and in hand		47,802	410,859
		--------	---------
		59,802	444,537

Creditors: amounts falling due within one year	6	3,159,370		1,953,236
		------------		------------
Net current liabilities			3,099,568	1,508,699
			------------	------------
Total assets less current liabilities			3,082,185	4,673,054

Creditors: amounts falling due after more than one year	7	1,390,000	2,890,000
		------------	------------
Net assets		1,692,185	1,783,054
		------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	1,682,185	1,773,054
	------------	------------
Shareholders funds	1,692,185	1,783,054
	------------	------------

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 2 February 2022 , and are signed on behalf of the board by:

Mr I Buchan

Director

Company registration number: SC507627

Astec Precision Holdings Ltd

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 221 West George Street, Glasgow, Scotland, G2 2ND.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2020 and 30 June 2021	6,181,753
	------------
Impairment
At 1 July 2020 and 30 June 2021	–
	------------

Carrying amount
At 30 June 2021	6,181,753
	------------
At 30 June 2020	6,181,753
	------------

5. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	12,000	33,678
	--------	--------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	1,500,000	–
Trade creditors	8,000	7,140
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,066,680	1,485,344
Social security and other taxes	2,667	3,080
Other creditors	582,023	457,672
	------------	------------
	3,159,370	1,953,236
	------------	------------

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

	2021	2020
	£	£
Bank loans and overdrafts	–	1,500,000
Loan notes	1,240,000	1,240,000
Other creditors	150,000	150,000
	------------	------------
	1,390,000	2,890,000
	------------	------------

8. Charges on assets

Included in creditors due less than one year in 2021 and more than one year in 2020 are amounts of £1,500,000 (2020 - £1,500,000) which are secured by a debenture in favour of Clydesdale Bank PLC creating a first fixed and floating charge over the assets of the company.

Also included in creditors due within one year are amounts of Nil (2020 - £22,264), and in creditors due in more than one year amounts of £1,240,000 (2020 - £1,240,000) which are secured by a debenture in favour of Nevis Capital LLP and Mrs V Hyslop creating a fixed and floating charge over the assets of the company.

9. Summary audit opinion

The auditor's report for the year dated 3 February 2022 was unqualified.

The senior statutory auditor was Graham Lamont FCA, FCCA, ACIS, MCMI, AIMC, FRSA , for and on behalf of Lamont Pridmore .

10. Related party transactions

There was no ultimate controlling party. Astec Precision Holdings Limited, the company, is a 100% parent company of Astec Precision Ltd. During the year, management charges of £120,000 (2020 - £159,954) were charged to Astec Precision Limited from its parent Astec Precision Holdings Ltd . At the year end an amount of £12,000 (2020 - £33,678) was due from Astec Precision Ltd. Included in creditors at the year end is an amount of £1,066,680 (2020 - £1,463,080) owed to Astec Precision Ltd. During the year, management charges of £80,000 (2020 - £107,359) were charged to the company by Nevis Capital LLP. At the year end, the trading balance due to Nevis Capital LLP was £8,000 (2020 - £22,264). In addition, included in creditors due in more than one year is an amount of £930,000 (2020 - £930,000) of 10% loan notes in issue to Nevis Capital LLP. Mr B Aitken, Mr I Buchan , Mr J M Pirrie and Mr J S Pirrie who are directors and shareholders of the company are also members of Nevis Capital LLP. Included within creditors due in more than one year is an amount of £310,000 (2020 - £310,000) of 10% loan notes issued to Mrs V Hyslop During the year, loan note interest of £92,999 (2020 - £93,255) payable to Nevis Capital LLP and £30,999 (2020 - £31,085) payable to Mrs V Hyslop was charged in the financial statements. At the year end, an amount of £511,199 (2020 - £418,200) was due to Nevis Capital LLP and an amount of £68,454 (2020 - £37,455) was due to Mrs V Hyslop in respect of accrued loan interest and included within creditors falling due within one year.