Andrews & Wykeham Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06769293 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Andrews & Wykeham Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr L J Collier

Mr J C Willis

Mr M O Zolotukhin

Mr A J Webb

REGISTERED OFFICE:

Lutyens Building Kingsland Business Park

Bilton Road

Basingstoke

RG24 8LJ

REGISTERED NUMBER:

06769293 (England and Wales)

AUDITORS:

Nordens

Statutory Auditors

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

FIXED ASSETS

Tangible assets

4

781,644

1,112,846

CURRENT ASSETS

Stocks

5

769,649

1,153,879

Debtors

6

1,348,332

2,968,495

Cash at bank and in hand

1,237,207

1,015,974

3,355,188

5,138,348

CREDITORS

Amounts falling due within one year

7

456,473

1,583,699

NET CURRENT ASSETS

2,898,715

3,554,649

TOTAL ASSETS LESS CURRENT LIABILITIES

3,680,359

4,667,495

CREDITORS

Amounts falling due after more than one year

8

2,231,447

2,401,172

NET ASSETS

1,448,912

2,266,323

CAPITAL AND RESERVES

Called up share capital

100

100

Other reserves

263,187

232,427

Retained earnings

1,185,625

2,033,796

SHAREHOLDERS' FUNDS

1,448,912

2,266,323

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2021 and were signed on its behalf by:

Mr J C Willis - Director

1.	STATUTORY INFORMATION

Andrews & Wykeham Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

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.

No significant judgements have had to be made by the directors in preparing these financial statements.

Turnover

Turnover is recognised on an accruals basis to the extent that it is probable that future economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, net of discounts, rebates and 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.

Long leasehold

-

Straight line over 10 years

Plant and machinery

-

Straight line over 10 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

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

Government grants

Government grants represents income received in the form of Job Retention Scheme (JRS) money received from the Government during the COVID-19 pandemic. The Government Grant also represents the first six months of interest for the company on the Bounce Back Loan (BBL) it received during the year.

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.

At the end of the each reporting period, inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required, the impairment charge is reversed up to the original impairment loss and is recognised as a credit in the profit and loss account.

Financial instruments

Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Unless otherwise indicated, the carrying amounts of financial assets and liabilities are at a reasonable estimate of their fair values.

Financial assets

The company's financial assets comprise basic financial assets, being trade and other receivables, and cash and bank balances.

Cash is represented by cash in hand and deposits held at call with banks.

Trade and other receivables are measured at transaction price less any impairment. Any impairment loss is recognised in the statement of comprehensive income.

An impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are settled, or when substantially all the risks and rewards of the ownership of the asset are transferred.

Financial liabilities

The company's financial liabilities comprise basic financial liabilities, being trade and other payables. These are measured at the transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Other financial liabilities

Borrowings from related parties which constitute a financing transaction are initially recognised at the fair value of the proceeds, net of related transaction costs. These transaction costs and any discounts are subsequently amortised under the effective interest rate method through the income statement as interest over the life of the loan and added to the liability disclosed in the balance sheet. Related accrued interest is included in the borrowings figure.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the term of the lease.

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.

Going concern

These financial statements have been prepared on a going concern basis on the assumption that support from the company's parent will continue. Furthermore, except for amounts due to the company's parent and fellow subsidiary undertakings, the company's main creditor is deferred support contract income, and so does not represent liabilities requiring payment.

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2019 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2020

315,734

3,081,441

117,198

Additions

-

-

-

At 31 December 2020

315,734

3,081,441

117,198

DEPRECIATION

At 1 January 2020

244,839

2,183,738

116,238

Charge for year

19,542

228,188

571

At 31 December 2020

264,381

2,411,926

116,809

NET BOOK VALUE

At 31 December 2020

51,353

669,515

389

At 31 December 2019

70,895

897,703

960

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2020

233,193

193,127

3,940,693

Additions

-

6,413

6,413

At 31 December 2020

233,193

199,540

3,947,106

DEPRECIATION

At 1 January 2020

136,313

146,719

2,827,847

Charge for year

68,584

20,730

337,615

At 31 December 2020

204,897

167,449

3,165,462

NET BOOK VALUE

At 31 December 2020

28,296

32,091

781,644

At 31 December 2019

96,880

46,408

1,112,846

5.

STOCKS

31.12.20

31.12.19

£

£

Stocks

769,649

1,153,879

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

738,113

2,508,032

Amounts owed by group undertakings

166,667

111,111

Other debtors

443,552

349,352

1,348,332

2,968,495

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 9)

25,281

25,281

Trade creditors

147,186

695,901

Taxation and social security

1,383

72,297

Other creditors

282,623

790,220

456,473

1,583,699

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

50,000

-

Hire purchase contracts (see note 9)

14,747

40,028

Other creditors

2,166,700

2,361,144

2,231,447

2,401,172

This balance within other creditors consists of the loan from the Rilian Corp and interest accrued thereon. The loan is interest bearing and unsecured.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.20

31.12.19

£

£

Net obligations repayable:

Within one year

25,281

25,281

Between one and five years

14,747

40,028

40,028

65,309

Non-cancellable

operating leases

31.12.20

31.12.19

£

£

Within one year

205,457

205,457

Between one and five years

25,682

231,139

231,139

436,596

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of Nordens

11.	RELATED PARTY DISCLOSURES

Transactions with Parent

Other than the related party transactions disclosed in note 10 to the financial statements, the company has paid no dividends to its parent in this or the preceding year.

During the year, the company has paid £25,000 (net of VAT) to Crimson Management Services Limited for the provision of consultancy services. The company director, Mr L Collier, is also both a director and majority shareholder of Crimson Management Services Limited.

Key Management Personnel

The directors of the company, Mr J Willis and Mr M Zolotukhin, who are also majority shareholders of the parent company, Andrews & Wykeham Holdings Limited are considered to be key management personnel. Key management personnel received total emoluments amounting to £198,862 (2019: £524,557) in the year for services undertaken on behalf of the company.

On 30 July 2019, Andrews & Wykeham Holdings Limited, a company incorporated in the United Kingdom, acquired 100% of the share capital of the company.