ANSA Elevators Group Limited - Limited company accounts 20.1
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 2020 |
| for |
| ANSA Elevators Group Limited |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 October 2020 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| ANSA Elevators Group Limited |
| Company Information |
| for the Year Ended 31 October 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Ian Sluckis BA FCA |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Reedham House |
| 31 King Street West |
| Manchester |
| M3 2PJ |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Group Strategic Report |
| for the Year Ended 31 October 2020 |
| The directors present their strategic report of the company and the group for the year ended 31 October 2020. |
| 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 2020 has seen a small decrease in turnover and slight increase in Group profits, the year has been a year of consolidation and uncertainty arising from the Pandemic. |
| The Group's focus on quality and excellent customer service remains at the forefront of everything we do and has enabled the Group to remain strong during these uncertain times. |
| The order book and contracts remain extremely strong and should lead to growth for the year to 31st October 2021. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The Group continues to ensure that it works in many sectors and for many clients to hedge risks on large project works along with ensuring a strong net asset position and good liquidity. |
| The Group did benefit from the Government Staff Retention Scheme but currently does not have any staff on furlough and is operating normally. |
| FINANCIAL PERFORMANCE |
| Turnover has decreased from last year by 2.79% and profit before tax has increased by 5.28%. |
| KEY PERFORMANCE INDICATORS |
| FY 2020 | FY 2019 |
| Revenue (decrease/increase) | -2.79% | 21.21% |
| Gross margin | 34.85% | 33.80% |
| Average number of employees | 125 | 115 |
| PBT | 12.17% | 11.23% |
| The year to October 2021 has been very steady with a strong finish anticipated |
| ON BEHALF OF THE BOARD: |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Report of the Directors |
| for the Year Ended 31 October 2020 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 October 2020. |
| DIVIDENDS |
| An interim dividend of 214.42 per share was paid on 28 April 2020. The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 October 2020 will be £ 411,686 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2019 to the date of this report. |
| 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. |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Report of the Directors |
| for the Year Ended 31 October 2020 |
| AUDITORS |
| The auditors, Freedman Frankl & Taylor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| ANSA Elevators Group Limited |
| 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 2020 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 2020 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 |
| We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
| - | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
| - | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
| 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
| Report of the Independent Auditors to the Members of |
| ANSA Elevators Group Limited |
| 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. |
| Report of the Independent Auditors to the Members of |
| ANSA Elevators Group Limited |
| Auditors' responsibilities for the audit of the financial statements |
| 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 including significant component audit teams 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 significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
| Report of the Independent Auditors to the Members of |
| ANSA Elevators Group Limited |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Reedham House |
| 31 King Street West |
| Manchester |
| M3 2PJ |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Consolidated Income Statement |
| for the Year Ended 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| TURNOVER | 13,233,789 | 13,613,568 |
| Cost of sales | 8,622,212 | 9,012,276 |
| GROSS PROFIT | 4,611,577 | 4,601,292 |
| Administrative expenses | 3,251,880 | 3,092,292 |
| 1,359,697 | 1,509,000 |
| Other operating income | 232,072 | - |
| OPERATING PROFIT | 4 | 1,591,769 | 1,509,000 |
| Interest receivable and similar income | 18,357 | 20,323 |
| 1,610,126 | 1,529,323 |
| Interest payable and similar expenses | 5 | 35 | 39 |
| PROFIT BEFORE TAXATION | 1,610,091 | 1,529,284 |
| Tax on profit | 6 | 278,273 | 294,418 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,331,818 | 1,234,866 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,331,818 | 1,234,866 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,331,818 |
1,234,866 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,331,818 | 1,234,866 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Consolidated Balance Sheet |
| 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 594,364 | 673,209 |
| Investments | 10 | - | - |
| 594,364 | 673,209 |
| CURRENT ASSETS |
| Debtors | 11 | 3,624,932 | 4,365,903 |
| Cash at bank and in hand | 3,018,037 | 1,370,460 |
| 6,642,969 | 5,736,363 |
| CREDITORS |
| Amounts falling due within one year | 12 | 3,202,710 | 3,289,366 |
| NET CURRENT ASSETS | 3,440,259 | 2,446,997 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,034,623 |
3,120,206 |
| PROVISIONS FOR LIABILITIES | 14 | 105,563 | 111,277 |
| NET ASSETS | 3,929,060 | 3,008,929 |
| 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 | 3,924,665 | 3,004,534 |
| SHAREHOLDERS' FUNDS | 3,929,060 | 3,008,929 |
| The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2021 and were signed on its behalf by: |
| M S Dunning ACA - Director |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Company Balance Sheet |
| 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | - | - |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,005,486 | 841,946 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 October 2020 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 November 2018 | 1,920 | 2,048,855 | 1,845 | 630 | 2,053,250 |
| Changes in equity |
| Dividends | - | (279,187 | ) | - | - | (279,187 | ) |
| Total comprehensive income | - | 1,234,866 | - | - | 1,234,866 |
| Balance at 31 October 2019 | 1,920 | 3,004,534 | 1,845 | 630 | 3,008,929 |
| Changes in equity |
| Dividends | - | (411,686 | ) | - | - | (411,686 | ) |
| Total comprehensive income | - | 1,331,818 | - | - | 1,331,818 |
| Balance at 31 October 2020 | 1,920 | 3,924,666 | 1,845 | 630 | 3,929,061 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 October 2020 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 November 2018 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2019 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2020 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,303,832 | 1,519,972 |
| Interest paid | (35 | ) | (39 | ) |
| Tax paid | (244,873 | ) | (208,947 | ) |
| Net cash from operating activities | 2,058,924 | 1,310,986 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (239,582 | ) | (452,309 | ) |
| Sale of tangible fixed assets | 48,967 | 68,730 |
| Interest received | 18,357 | 20,323 |
| Net cash from investing activities | (172,258 | ) | (363,256 | ) |
| Cash flows from financing activities |
| Amount introduced by directors | 172,597 | - |
| Amount withdrawn by directors | - | (116,008 | ) |
| Equity dividends paid | (411,686 | ) | (279,187 | ) |
| Net cash from financing activities | (239,089 | ) | (395,195 | ) |
| Increase in cash and cash equivalents | 1,647,577 | 552,535 |
| Cash and cash equivalents at beginning of year |
2 |
1,370,460 |
817,925 |
| Cash and cash equivalents at end of year | 2 | 3,018,037 | 1,370,460 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 October 2020 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2020 | 2019 |
| £ | £ |
| Profit before taxation | 1,610,091 | 1,529,284 |
| Depreciation charges | 285,339 | 247,432 |
| Profit on disposal of fixed assets | (15,879 | ) | (60,829 | ) |
| Finance costs | 35 | 39 |
| Finance income | (18,357 | ) | (20,323 | ) |
| 1,861,229 | 1,695,603 |
| Decrease/(increase) in trade and other debtors | 568,373 | (720,868 | ) |
| (Decrease)/increase in trade and other creditors | (125,770 | ) | 545,237 |
| Cash generated from operations | 2,303,832 | 1,519,972 |
| 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 2020 |
| 31.10.20 | 1.11.19 |
| £ | £ |
| Cash and cash equivalents | 3,018,037 | 1,370,460 |
| Year ended 31 October 2019 |
| 31.10.19 | 1.11.18 |
| £ | £ |
| Cash and cash equivalents | 1,370,460 | 817,925 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.11.19 | Cash flow | At 31.10.20 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,370,460 | 1,647,577 | 3,018,037 |
| 1,370,460 | 1,647,577 | 3,018,037 |
| Total | 1,370,460 | 1,647,577 | 3,018,037 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 October 2020 |
| 1. | STATUTORY INFORMATION |
| ANSA Elevators Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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. |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Government grants |
| Grants of a revenue nature are credited to income in the period to which they relate. |
| 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. |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Going concern |
| The group's financial statements for the year ended 31st October 2019 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 |
| 2020 | 2019 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2020 | 2019 |
| Administration | 47 | 45 |
| Direct labour | 78 | 70 |
| 2020 | 2019 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2020 | 2019 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2020 | 2019 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Operating lease - land & buildings |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2020 | 2019 |
| £ | £ |
| Bank interest |
| Interest payable |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2020 | 2019 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2020 | 2019 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2019 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Research & development | ( |
) |
| Total tax charge | 278,273 | 294,418 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2020 | 2019 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| Disposals | ( |
) |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 10. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2019 |
| and 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: 21 Broadgate, Broadway Business Park, Chadderton, Lancashire, 0L9 9XA |
| Nature of business: |
| % |
| Class of shares: | holding |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2020 | 2019 | 2020 | 2019 |
| £ | £ | £ | £ |
| Trade debtors | 2,414,620 | 2,711,151 |
| Amounts owed by group undertakings | - | - |
| Amounts recoverable on contract | 400,592 | 660,860 |
| Other debtors | 132,002 | 134,580 |
| Directors' current accounts | 551,237 | 723,834 |
| Prepayments | 126,481 | 135,478 |
| 3,624,932 | 4,365,903 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2020 | 2019 | 2020 | 2019 |
| £ | £ | £ | £ |
| Trade creditors | 1,656,494 | 1,788,632 |
| Tax | 283,987 | 244,873 |
| Social security and other taxes | 538,374 | 492,503 |
| Other creditors | 415,523 | 439,784 |
| Accrued expenses | 308,332 | 323,574 |
| 3,202,710 | 3,289,366 |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2020 | 2019 |
| £ | £ |
| Within one year | 95,000 | 80,000 |
| Between one and five years | 380,000 | - |
| In more than five years | 475,000 | - |
| 950,000 | 80,000 |
| 14. | PROVISIONS FOR LIABILITIES |
| Group |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 105,563 | 111,277 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2019 | 111,277 |
| Credit to Income Statement during year | (5,714 | ) |
| Balance at 31 October 2020 | 105,563 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 1,920 | 1,920 |
| 16. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 November 2019 | 3,004,533 | 1,845 | 630 | 3,007,008 |
| Profit for the year | 1,331,818 | 1,331,818 |
| Dividends | (411,686 | ) | (411,686 | ) |
| At 31 October 2020 | 3,924,665 | 1,845 | 630 | 3,927,140 |
| 17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019: |
| 2020 | 2019 |
| £ | £ |
| M S Dunning ACA |
| Balance outstanding at start of year | 160,814 | 139,688 |
| Amounts advanced | 150,839 | 154,956 |
| Amounts repaid | (151,032 | ) | (133,830 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 160,621 | 160,814 |
| G T Kennedy |
| Balance outstanding at start of year | 207,830 | 130,457 |
| Amounts advanced | 76,791 | 181,891 |
| Amounts repaid | (144,844 | ) | (104,518 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 139,777 | 207,830 |
| ANSA Elevators Group Limited (Registered number: 07768194) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| J Taylor |
| Balance outstanding at start of year | 87,540 | 103,933 |
| Amounts advanced | 17,921 | 19,668 |
| Amounts repaid | (53,176 | ) | (36,061 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 52,285 | 87,540 |
| A Greenhalgh |
| Balance outstanding at start of year | 267,649 | 233,746 |
| Amounts advanced | 18,814 | 94,485 |
| Amounts repaid | (87,910 | ) | (60,582 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 198,553 | 267,649 |
| During the year, the company and the group received interest of £14,125 in respect of directors advances at a rate of 2.5% per annum. |
| 18. | RELATED PARTY DISCLOSURES |
| During the year, the group paid £80,000 (2019: £80,000) in rent to an entity in which some of the directors have a material interest. At 31 October 2020, the balance outstanding was nil (2019: nil). |
| 19. | ULTIMATE CONTROLLING PARTY |
| The company and group were controlled throughout the current and previous year by its directors. |