ANSA Elevators Group Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07768194 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2021

for

ANSA Elevators Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

M S Dunning ACA

G T Kennedy

J Taylor

A Greenhalgh

SECRETARY:

M S Dunning ACA

REGISTERED OFFICE:

21 Broadgate

Broadway Business Park

Chadderton

Lancashire

OL9 9XA

REGISTERED NUMBER:

07768194 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Sluckis BA FCA

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

The directors present their strategic report of the company and the group for the year ended 31 October 2021.

The principal activity of the Company in the year under review was that of a holding company.

The principal activity of the Group was the maintenance, repair, modernisation and the installation of lifts.

REVIEW OF BUSINESS

The results for the year and the financial position of the Company and Group are shown in the annexed financial statements.

The year to 31st October 2021 has seen a small decrease in turnover and profits .

The Groups' core values of excellent customer service and quality continue to underpin strong financial performance.

PRINCIPAL RISKS AND UNCERTAINTIES

Due to the Pandemic, Inflation, political uncertainty and environmental issues it is anticipated trading will be volatile and uncertain over the short and medium term.

The Company and the Group has taken steps and is in a good position to deal with these issues, firstly the customer base and contract base is very diverse which ensures a hedged commercial risk, secondly the project order book and service contract base are very strong and the Group retains an excellent Net Asset and liquidity position.

FINANCIAL PERFORMANCE

Turnover has decreased from last year by 4.86% and profit before tax has decreased by 6.15%

KEY PERFORMANCE INDICATORS

FY 2021

FY 2020

Revenue (decrease/increase)

-4.86%

-2.79%

Gross margin

37.60%

34.85%

Average number of employees

117

125

PBT

12%

12.17%

ON BEHALF OF THE BOARD:

M S Dunning ACA - Director

28 July 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2021.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2020 to the date of this report.

M S Dunning ACA

G T Kennedy

J Taylor

A Greenhalgh

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Freedman Frankl & Taylor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M S Dunning ACA - Director

28 July 2022

Opinion

We have audited the financial statements of ANSA Elevators Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2021 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance;

- results of enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

28 July 2022

TURNOVER

12,590,250

13,233,789

Cost of sales

7,856,576

8,612,823

GROSS PROFIT

4,733,674

4,620,966

Administrative expenses

3,307,530

3,261,269

1,426,144

1,359,697

Other operating income

60,575

232,072

OPERATING PROFIT

4

1,486,719

1,591,769

Interest receivable and similar income

24,506

18,357

1,511,225

1,610,126

Interest payable and similar expenses

5

80

35

PROFIT BEFORE TAXATION

1,511,145

1,610,091

Tax on profit

6

221,831

278,273

PROFIT FOR THE FINANCIAL YEAR

1,289,314

1,331,818

Profit attributable to:

Owners of the parent

1,289,314

1,331,818

PROFIT FOR THE YEAR

1,289,314

1,331,818

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,289,314

1,331,818

Total comprehensive income attributable to:

Owners of the parent

1,289,314

1,331,818

FIXED ASSETS

Tangible assets

9

451,230

594,364

Investments

10

-

-

451,230

594,364

CURRENT ASSETS

Debtors

11

5,128,148

3,624,932

Cash at bank and in hand

3,768,552

3,018,037

8,896,700

6,642,969

CREDITORS

Amounts falling due within one year

12

4,049,430

3,202,710

NET CURRENT ASSETS

4,847,270

3,440,259

TOTAL ASSETS LESS CURRENT LIABILITIES

5,298,500

4,034,623

PROVISIONS FOR LIABILITIES

14

80,126

105,563

NET ASSETS

5,218,374

3,929,060

CAPITAL AND RESERVES

Called up share capital

15

1,920

1,920

Share premium

16

1,845

1,845

Capital redemption reserve

16

630

630

Retained earnings

16

5,213,979

3,924,665

SHAREHOLDERS' FUNDS

5,218,374

3,929,060

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2022 and were signed on its behalf by:

M S Dunning ACA - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

5,000

5,000

5,000

5,000

CURRENT ASSETS

Debtors

11

3,052,199

1,792,870

Cash at bank

187,885

550,512

3,240,084

2,343,382

CREDITORS

Amounts falling due within one year

12

331,540

307,684

NET CURRENT ASSETS

2,908,544

2,035,698

TOTAL ASSETS LESS CURRENT LIABILITIES

2,913,544

2,040,698

CAPITAL AND RESERVES

Called up share capital

15

1,920

1,920

Share premium

1,845

1,845

Capital redemption reserve

630

630

Retained earnings

2,909,149

2,036,303

SHAREHOLDERS' FUNDS

2,913,544

2,040,698

Company's profit for the financial year

872,846

1,005,486

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2022 and were signed on its behalf by:

M S Dunning ACA - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 November 2019

1,920

3,004,533

1,845

630

3,008,928

Changes in equity

Dividends

-

(411,686

)

-

-

(411,686

)

Total comprehensive income

-

1,331,818

-

-

1,331,818

Balance at 31 October 2020

1,920

3,924,665

1,845

630

3,929,060

Changes in equity

Total comprehensive income

-

1,289,314

-

-

1,289,314

Balance at 31 October 2021

1,920

5,213,979

1,845

630

5,218,374

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 November 2019

1,920

1,442,503

1,845

630

1,446,898

Changes in equity

Dividends

-

(411,686

)

-

-

(411,686

)

Total comprehensive income

-

1,005,486

-

-

1,005,486

Balance at 31 October 2020

1,920

2,036,303

1,845

630

2,040,698

Changes in equity

Total comprehensive income

-

872,846

-

-

872,846

Balance at 31 October 2021

1,920

2,909,149

1,845

630

2,913,544

Cash flows from operating activities

Cash generated from operations

1

2,319,858

2,303,832

Interest paid

(80

)

(35

)

Tax paid

(234,198

)

(244,873

)

Net cash from operating activities

2,085,580

2,058,924

Cash flows from investing activities

Purchase of tangible fixed assets

(130,091

)

(239,582

)

Sale of tangible fixed assets

37,899

48,967

Interest received

24,506

18,357

Net cash from investing activities

(67,686

)

(172,258

)

Cash flows from financing activities

Amount introduced by directors

-

172,597

Amount withdrawn by directors

(1,267,379

)

-

Equity dividends paid

-

(411,686

)

Net cash from financing activities

(1,267,379

)

(239,089

)

Increase in cash and cash equivalents

750,515

1,647,577

Cash and cash equivalents at beginning of year

2

3,018,037

1,370,460

Cash and cash equivalents at end of year

2

3,768,552

3,018,037

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2021

2020

£

£

Profit before taxation

1,511,145

1,610,091

Depreciation charges

269,807

285,339

Profit on disposal of fixed assets

(34,481

)

(15,879

)

Finance costs

80

35

Finance income

(24,506

)

(18,357

)

1,722,045

1,861,229

(Increase)/decrease in trade and other debtors

(235,837

)

568,373

Increase/(decrease) in trade and other creditors

833,650

(125,770

)

Cash generated from operations

2,319,858

2,303,832

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2021

31.10.21

1.11.20

£

£

Cash and cash equivalents

3,768,552

3,018,037

Year ended 31 October 2020

31.10.20

1.11.19

£

£

Cash and cash equivalents

3,018,037

1,370,460

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.20

Cash flow

At 31.10.21

£

£

£

Net cash

Cash at bank and in hand

3,018,037

750,515

3,768,552

3,018,037

750,515

3,768,552

Total

3,018,037

750,515

3,768,552

1.	STATUTORY INFORMATION

ANSA Elevators Group 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October each year. The results of subsidiaries acquired or sold are consolidated from the periods from or to the date on which control passes. Acquisitions are accounted for under the acquisition method.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant accounting Judgements

The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of turnover and tangible fixed assets as discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key 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 disclosed below.

The turnover policy, as described below, requires forecasts to be made of the outcomes of long-term construction contracts. These require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work and changes in costs. The range of potential outcomes could result in a positive or negative change to underlying profitability and cash flow.

Provisions are made for expected fugue losses on incomplete contracts. These provision require management's best estimate of the costs that will be required to complete contracts based on contractual requirements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at the fair value of the consideration received and receivable for services provided, net of trade discounts and value added tax. Turnover from contracting and service activities represents the value of work carried out during the year, including amounts not invoiced.

When the outcome of individual construction and service contracts can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.Variation in work, claims and incentive payments are included to the extent that it is probable they will result in revenue.

Bank and other interest is recognised in the period in which it was received.

Tangible fixed assets

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

Improvements to property

-

The period of the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Stock and work in progress

Profit on contracting is taken on short-term contracts when completed, and for long-term contracts attributable profit is taken when the final outcome can be foreseen with reasonable certainty; provision is made for any anticipated losses. Amounts, by which turnover in respect of long-term contracts exceed payment on account, are held in debtors as amounts recoverable on contracts. Amounts received in respect of long-term contracts, in excess of amounts reflected in turnover, are held in creditors as payments on account.

Going concern

The group's financial statements for the year ended 31st October 2021 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

2021

2020

£

£

Wages and salaries

3,972,892

4,134,806

Social security costs

405,957

429,926

Other pension costs

280,491

185,698

4,659,340

4,750,430

The average number of employees during the year was as follows:

2021

2020

Administration

51

47

Direct labour

66

78

117

125

2021

2020

£

£

Directors' remuneration

426,155

413,062

Directors' pension contributions to money purchase schemes

93,915

21,437

Information regarding the highest paid director is as follows:

2021

2020

£

£

Emoluments etc

120,367

115,972

Pension contributions to money purchase schemes

5,746

5,472

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021

2020

£

£

Depreciation - owned assets

269,807

285,339

Profit on disposal of fixed assets

(34,481

)

(15,879

)

Auditors' remuneration

18,450

18,425

Operating lease - land & buildings

95,000

80,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2021

2020

£

£

Bank interest

-

35

Other interest

80

-

80

35