Anderco Safety (UK) Limited Company accounts

Anderco Safety (UK) Limited Company accounts

ANDERCO SAFETY (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07089015
Anderco Safety (UK) Limited
Financial Statements
31 December 2020
Anderco Safety (UK) Limited
Financial Statements
Year ended 31 December 2020
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
Anderco Safety (UK) Limited
Officers and Professional Advisers
The board of directors
Mr G Boylan
Mr D O'Donnell
Registered office
90 Freemens Common Road
Leicester
England
LE2 7SQ
Auditor
SP McCaffrey & Co
Chartered accountants & statutory auditor
50 Campsie Road
Omagh
Co Tyrone
BT79 0AG
Bankers
Bank of Ireland
4-8 High Street
Belfast
BT1 2BA
Solicitors
Fergal McManus
Mercantile Solicitors
No1 Aghalackan
Killygarry
Cavan
Co Cavan
H12 DX82
Anderco Safety (UK) Limited
Directors' Report
Year ended 31 December 2020
The directors present their report and the financial statements of the company for the year ended 31 December 2020 .
Directors
The directors who served the company during the year were as follows:
Mr G Boylan
Mr D O'Donnell
Directors' responsibilities statement
The directors are responsible for preparing the directors' report 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 July 2021 and signed on behalf of the board by:
Mr G Boylan
Mr D O'Donnell
Director
Director
Registered office:
90 Freemens Common Road
Leicester
England
LE2 7SQ
Anderco Safety (UK) Limited
Independent Auditor's Report to the Members of Anderco Safety (UK) Limited
Year ended 31 December 2020
Opinion
We have audited the financial statements of Anderco Safety (UK) Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, 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 FRS 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 company's affairs as at 31 December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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. In identifying and assessing risks of material misstatement in respect irregularities, including fraud and non compliance with laws and regulations, we considered the following: -the ability of management to override controls -the nature of the industry and sector, together with the performance of the entity-the use of estimates and judgements in the preparation of financial statements As a result of the above we have considered the opportunities that may exist within the entity for fraud and identified the greatest potential for fraud to be management override of controls. In common with all audits under ISAs (UK)we are required to perform specific procedures to respond to the risk of management override. In response to the above potential risks we have responded by: -we review minutes of meetings for reference to any breaches in laws and regulations and past instances of fraud -we discuss risk of fraud at the audit team meeting, including fraud relating to revenue recognition, related parties, and management override and financial statements disclosures -we discuss with management as to how they access, identify and respond to fraud risk within the company. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.
Gary Thompson
(Senior Statutory Auditor)
For and on behalf of
SP McCaffrey & Co
Chartered accountants & statutory auditor
50 Campsie Road
Omagh
Co Tyrone
BT79 0AG
5 July 2021
Anderco Safety (UK) Limited
Statement of Comprehensive Income
Year ended 31 December 2020
2020
2019
Note
£
£
Turnover
7,789,134
3,641,861
Cost of sales
6,670,061
3,331,901
------------
------------
Gross profit
1,119,073
309,960
Administrative expenses
729,690
491,224
------------
---------
Operating profit/(loss)
389,383
( 181,264)
Interest payable and similar expenses
2,983
938
------------
---------
Profit/(loss) before taxation
6
386,400
( 182,202)
Tax on profit/(loss)
7
79,029
( 18,407)
---------
---------
Profit/(loss) for the financial year
307,371
( 163,795)
---------
---------
Intercompany loans written off
( 255,210)
–
---------
---------
Total comprehensive income for the year
52,161
( 163,795)
---------
---------
All the activities of the company are from continuing operations.
Anderco Safety (UK) Limited
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
Fixed assets
Intangible assets
8
22,622
52,164
Tangible assets
9
9,218
30,387
--------
--------
31,840
82,551
Current assets
Stocks
338,503
610,231
Debtors
10
751,133
2,076,367
Cash at bank and in hand
1,042,965
171,812
------------
------------
2,132,601
2,858,410
Creditors: amounts falling due within one year
11
701,525
576,967
------------
------------
Net current assets
1,431,076
2,281,443
------------
------------
Total assets less current liabilities
1,462,916
2,363,994
Creditors: amounts falling due after more than one year
12
1,362,133
2,331,350
Provisions
13
21,752
5,774
------------
------------
Net assets
79,031
26,870
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
78,931
26,770
--------
--------
Shareholders funds
79,031
26,870
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 5 July 2021 , and are signed on behalf of the board by:
Mr G Boylan
Mr D O'Donnell
Director
Director
Company registration number: 07089015
Anderco Safety (UK) Limited
Statement of Changes in Equity
Year ended 31 December 2020
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2019
100
190,565
190,665
Loss for the year
( 163,795)
( 163,795)
----
---------
---------
Total comprehensive income for the year
–
( 163,795)
( 163,795)
At 31 December 2019
100
26,770
26,870
Profit for the year
307,371
307,371
Other comprehensive income for the year:
Intercompany loans written off
–
( 255,210)
( 255,210)
----
---------
---------
Total comprehensive income for the year
–
52,161
52,161
----
---------
---------
At 31 December 2020
100
78,931
79,031
----
---------
---------
Anderco Safety (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 90 Freemens Common Road, Leicester, England, LE2 7SQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipmemt
-
15% straight line
Computers & office equipmemt
-
25% straight line
Motor vehicles
-
25% straight line
Leased equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Auditor's remuneration
2020
2019
£
£
Fees payable for the audit of the financial statements
2,000
2,000
-------
-------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2019: 7 ).
6. Profit before taxation
Profit before taxation is stated after charging:
2020
2019
£
£
Amortisation of intangible assets
29,542
29,542
Depreciation of tangible assets
21,169
25,390
--------
--------
7. Tax on profit/(loss)
Major components of tax expense/(income)
2020
2019
£
£
Current tax:
UK current tax expense/(income)
83,051
( 24,181)
Deferred tax:
Origination and reversal of timing differences
( 4,022)
5,774
--------
--------
Tax on profit/(loss)
79,029
( 18,407)
--------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2019: higher than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).
2020
2019
£
£
Profit/(loss) on ordinary activities before taxation
386,400
( 182,202)
---------
---------
Profit/(loss) on ordinary activities by rate of tax
73,416
( 34,618)
Effect of capital allowances and depreciation
5,613
16,211
---------
---------
Tax on profit/(loss)
79,029
( 18,407)
---------
---------
8. Intangible assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
233,129
---------
Amortisation
At 1 January 2020
180,965
Charge for the year
29,542
---------
At 31 December 2020
210,507
---------
Carrying amount
At 31 December 2020
22,622
---------
At 31 December 2019
52,164
---------
9. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2020 and 31 December 2020
118,589
21,828
9,150
50,141
199,708
---------
--------
-------
--------
---------
Depreciation
At 1 January 2020
103,121
18,354
9,151
38,695
169,321
Charge for the year
14,082
3,474
–
3,613
21,169
---------
--------
-------
--------
---------
At 31 December 2020
117,203
21,828
9,151
42,308
190,490
---------
--------
-------
--------
---------
Carrying amount
At 31 December 2020
1,386
–
( 1)
7,833
9,218
---------
--------
-------
--------
---------
At 31 December 2019
15,468
3,474
( 1)
11,446
30,387
---------
--------
-------
--------
---------
10. Debtors
2020
2019
£
£
Trade debtors
746,578
701,138
Amounts owed by group undertakings and undertakings in which the company has a participating interest
–
1,324,998
Corporation tax repayable
–
24,181
Other debtors
4,555
26,050
---------
------------
751,133
2,076,367
---------
------------
11. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
159,547
320,263
Accruals and deferred income
187,435
47,678
Corporation tax
59,898
–
Social security and other taxes
29,544
3,906
Obligations under finance leases and hire purchase contracts
3,585
6,146
Invoice discounting
260,884
198,974
Other creditors
632
–
---------
---------
701,525
576,967
---------
---------
12. Creditors: amounts falling due after more than one year
2020
2019
£
£
Amounts owed to group undertakings
1,362,133
2,327,765
Obligations under finance leases and hire purchase contracts
–
3,585
------------
------------
1,362,133
2,331,350
------------
------------
13. Provisions
Deferred tax (note 14)
Dilapidations
Total
£
£
£
At 1 January 2020
5,774
–
5,774
Additions
( 4,022)
20,000
15,978
-------
--------
--------
At 31 December 2020
1,752
20,000
21,752
-------
--------
--------
14. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020
2019
£
£
Included in provisions (note 13)
1,752
5,774
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£
£
Accelerated capital allowances
1,752
5,774
-------
-------
15. Related party transactions
In accordance with FRS 102 the Company has taken advantage of the exemption of the requirements to disclose related party transactions with other Group companies.
16. Controlling party
James Boylan Safety Limited, a company incorporated in the Republic of Ireland is the immediate parent undertaking. The ultimate parent undertaking and controlling party is Mullan Investments Limited, a company incorporated in the Republic of Ireland. Mullan Investments is the final group company into which the results of the company are consolidated. Copies of it's financial statements are filed with Companies Registration Office in the Republic of Ireland.