Ladder And Fencing Industries(Newent)lim - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00588937 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 January 2022

for

Ladder and Fencing

Industries(Newent)Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B.D.R. Walker

R J Chaplin

D R C Neate

REGISTERED OFFICE:

Horsefair Lane

Newent

Gloucestershire

GL18 1RP

REGISTERED NUMBER:

00588937 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Tangible assets

4

841,462

1,087,654

Investments

5

2,000

2,000

Investment property

6

150,000

200,000

993,462

1,289,654

CURRENT ASSETS

Stocks

2,306,394

1,878,899

Debtors

7

6,253,661

5,703,370

Cash at bank and in hand

327,460

56,884

8,887,515

7,639,153

CREDITORS

Amounts falling due within one year

8

3,741,783

3,079,105

NET CURRENT ASSETS

5,145,732

4,560,048

TOTAL ASSETS LESS CURRENT LIABILITIES

6,139,194

5,849,702

CREDITORS

Amounts falling due after more than one year

9

(1,266,825

)

(1,283,700

)

PROVISIONS FOR LIABILITIES

(18,557

)

-

NET ASSETS

4,853,812

4,566,002

CAPITAL AND RESERVES

Called up share capital

23,180

23,180

Capital redemption reserve

28,820

28,820

Retained earnings

4,801,812

4,514,002

SHAREHOLDERS' FUNDS

4,853,812

4,566,002

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2023 and were signed on its behalf by:

R J Chaplin - Director

1.	STATUTORY INFORMATION

Ladder and Fencing Industries(Newent)Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of the revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred, or to be incurred, in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of training services is recognised when the provision of the training course occurs.

Tangible fixed assets

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

Land and buildings

-

2% on cost and over the period of the lease

Plant and machinery etc

-

20% on cost

Investments in associates

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investment property

Investment properties are shown at their most recent valuation. In accordance with SSAP 19, investment properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. Depreciation is not provided in respect of the company's investment properties, all of which are freehold. The directors consider that this accounting policy results in the financial statements giving a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount that might otherwise have been shown cannot be separately identified or quantified.

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. In the case of manufactured products, cost includes all direct raw material expenditure and allocated direct labour costs. Net realisable value is the price at which the stock can be realised in the normal course of business after allowing for the costs of realisation and, where appropriate, the cost of conversion from its existing state to a finished condition. Provision is made for obsolete, slow-moving and defective stock.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on .the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Any outstanding balances at the year end are then re-translated at the closing rate at that date. Exchange differences are taken into account in arriving at the operating profit/loss.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leasing commitments arising from the sale and leaseback of fixed assets are shown as a liability in the company's Balance Sheet at the present value of the rental payments payable over the term of the lease.

Pension costs and other post-retirement benefits

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

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2021 - 47 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2021

1,750,965

1,574,537

3,325,502

Additions

709,763

106,801

816,564

Disposals

(1,750,965

)

(19,990

)

(1,770,955

)

At 31 January 2022

709,763

1,661,348

2,371,111

DEPRECIATION

At 1 February 2021

717,174

1,520,674

2,237,848

Charge for year

33,252

22,378

55,630

Eliminated on disposal

(745,167

)

(18,662

)

(763,829

)

At 31 January 2022

5,259

1,524,390

1,529,649

NET BOOK VALUE

At 31 January 2022

704,504

136,958

841,462

At 31 January 2021

1,033,791

53,863

1,087,654

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 February 2021

and 31 January 2022

2,000

NET BOOK VALUE

At 31 January 2022

2,000

At 31 January 2021

2,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2021

200,000

Impairments

(50,000

)

At 31 January 2022

150,000

NET BOOK VALUE

At 31 January 2022

150,000

At 31 January 2021

200,000

Fair value at 31 January 2022 is represented by:

£

Valuation in 2022

(50,000

)

Cost

200,000

150,000

If freehold investment property had not been revalued it would have been included at the following historical cost:

31.1.22

31.1.21

£

£

Cost

200,000

200,000

Freehold investment property was valued on an open market basis on 31 January 2022 by the directors .

7.

DEBTORS

31.1.22

31.1.21

£

£

Amounts falling due within one year:

Trade debtors

1,431,312

1,549,231

Other debtors

76,456

121,170

1,507,768

1,670,401

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,745,893

4,032,969

Aggregate amounts

6,253,661

5,703,370

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Finance leases

125,000

-

Trade creditors

1,460,520

1,452,040

Amounts owed to group undertakings

2,000

2,000

Taxation and social security

401,030

413,479

Other creditors

1,753,233

1,211,586

3,741,783

3,079,105

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Finance leases

1,006,825

-

Other creditors

260,000

1,283,700

1,266,825

1,283,700

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

553,088

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.22

31.1.21

£

£

Other loans

502,017

1,656,859

Other creditors

1,145,034

719,827

1,647,051

2,376,686

The loans and other creditors are secured by a fixed and floating charge on the assets of the company, together with a guarantee provided by the company's parent company, Access Solutions Holdings Limited.

11.	CONTINGENT LIABILITIES

The company has given a guarantee in respect of certain borrowings of its parent company Access Solutions Holdings Limited, which at the balance sheet date amounted to £500,000 (2021:£1,250,000).

12.	RELATED PARTY DISCLOSURES

The company provided a long term loan to its parent company Access Solutions Holdings Limited during the period ended 31 January 2019. An additional loan was provided during the year ended 31 January 2022. Interest is charged on this loan at the rate of 4%. The balance outstanding on this loan, including accrued interest, at 31 January 2022 was £4,745,894 (2021:£4,032,969)

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors via their shareholdings in the parent company Access Solutions Holdings Limited.