REGISTERED NUMBER: 03307075

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

AWI OUTSOURCING LIMITED

Page

Company Information

1

Income Statement

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

TG Goldberg

G G Tulloch

REGISTERED OFFICE:

Unit 11, Brook House

Brook Street

Driffield

East Yorkshire

YO25 6QP

REGISTERED NUMBER:

03307075

ACCOUNTANTS:

Jackson Robson Licence Limited

33-35 Exchange Street

Driffield

East Yorkshire

YO25 6LL

TURNOVER

28,331

7,132

Cost of sales

17,842

334

GROSS PROFIT

10,489

6,798

Administrative expenses

73,020

88,232

(62,531

)

(81,434

)

Other operating income

5,000

-

OPERATING LOSS and

LOSS BEFORE TAXATION

(57,531

)

(81,434

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(57,531

)

(81,434

)

FIXED ASSETS

Tangible assets

5

3,836

3,409

Investments

6

690

690

4,526

4,099

CURRENT ASSETS

Debtors

7

2,145,124

2,209,012

Cash at bank and in hand

67,284

11,007

2,212,408

2,220,019

CREDITORS

Amounts falling due within one year

8

1,940,390

1,885,043

NET CURRENT ASSETS

272,018

334,976

TOTAL ASSETS LESS CURRENT LIABILITIES

276,544

339,075

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

276,534

339,065

SHAREHOLDERS' FUNDS

276,544

339,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2 April 2019 and were signed on its behalf by:

G G Tulloch - Director

1.	STATUTORY INFORMATION

AWI Outsourcing Limited is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

2018

2017

£

£

Depreciation - owned assets

142

1,136

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2018

-

11,178

11,178

Additions

569

-

569

At 31 December 2018

569

11,178

11,747

DEPRECIATION

At 1 January 2018

-

7,769

7,769

Charge for year

142

-

142

At 31 December 2018

142

7,769

7,911

NET BOOK VALUE

At 31 December 2018

427

3,409

3,836

At 31 December 2017

-

3,409

3,409

6.	FIXED ASSET INVESTMENTS

Interest

in

associates

£

COST

At 1 January 2018

and 31 December 2018

690

NET BOOK VALUE

At 31 December 2018

690

At 31 December 2017

690

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated companies

The Salford Valve Company Limited

Registered office: Suite 13, Brook House, Brook Street, Driffield, East Yorkshire, YO25 6QP

Nature of business: Valve manufacture and distribution

%

Class of shares:

holding

Ordinary "A"

47.50

2018

2017

£

£

Aggregate capital and reserves

-

(1,593,135

)

Loss for the year

-

(125,501

)

Plasvalco Limited

Registered office: Suite 13, Brook House, Brook Street, Driffield, East Yorkshire, YO25 6QP

Nature of business: Valve manufacture and distribution

%

Class of shares:

holding

Ordinary

50.00

2018

2017

£

£

Aggregate capital and reserves

-

1,000

7.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

1,050

1,050

Amounts owed by associates

2,127,027

2,051,027

Other debtors

17,047

35,332

2,145,124

2,087,409

Amounts falling due after more than one year:

Other debtors

-

121,603

Aggregate amounts

2,145,124

2,209,012

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Payments on account

15,000

-

Trade creditors

2,045

2,148

Amounts owed to group undertakings

1,927,609

1,891,609

Taxation and social security

(11,064

)

(11,064

)

Other creditors

6,800

2,350

1,940,390

1,885,043

9.	RELATED PARTY DISCLOSURES

During the year to 31 December 2018 the company has paid invoices and expenses on behalf of, and lent money to,

an associated company totalling £62720. The associated company is called The Salford Valve Company Limited,

which is 47.5% owned by AWI Outsourcing Limited, the directors of which are also directors of The Salford Valve

Company Limited. The balance due from The Salford Valve Company Limited at 31 December 2018 was

£2,127,027 (2017- £2,051,027). This balance is interest-free with no fixed terms for repayment.

The balance owing to Atlas Ward GmbH, a fellow subsidiary undertaking, is £185,507 at 31 December 2018 (2017 -

£185,507) and this balance is interest-free with no fixed repayment terms.

AWI Limited, the parent undertaking of the group of which AWI Outsourcing Limited is a member, has made further

loans to the company totalling £36,000 and at 31 December 2018 the amount owing to AWI Limited was £1,742,10

(2017 - £1,706,101). This balance is interest-free with no fixed repayment terms.