Anglo-Dutch Engineering Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00842280 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Anglo-Dutch Engineering Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Barling

J Vlieger

J Hunt

SECRETARY:

M J Barling

REGISTERED OFFICE:

4 Masons Avenue

Croydon

Surrey

CR0 9XS

REGISTERED NUMBER:

00842280 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

99

99

Investment property

6

600,000

300,000

600,099

300,099

CURRENT ASSETS

Debtors

7

4,846

43,900

Cash at bank

31,966

38,277

36,812

82,177

CREDITORS

Amounts falling due within one year

8

(7,648

)

(58,963

)

NET CURRENT ASSETS

29,164

23,214

TOTAL ASSETS LESS CURRENT LIABILITIES

629,263

323,313

PROVISIONS FOR LIABILITIES

9

(90,345

)

(18,345

)

NET ASSETS

538,918

304,968

CAPITAL AND RESERVES

Called up share capital

2,667

2,667

Reserve for own shares

10

1,333

1,333

Other reserves

10

512,850

269,850

Retained earnings

10

22,068

31,118

538,918

304,968

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 29 August 2023 and were signed on its behalf by:

M J Barling - Director

1.	STATUTORY INFORMATION

Anglo-Dutch Engineering Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company continued to be acting as a management company to its subsidiaries who supply marine safety and firefighting equipment to ship owners and shipyards in the United Kingdom and worldwide.

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.

TURNOVER

Turnover represents rent receivable on commercial properties net of VAT.

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

INVESTMENTS IN SUBSIDIARIES

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 property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX

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

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

EQUITY INSTRUMENTS AND DIVIDENDS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2022

and 31 December 2022

17,669

DEPRECIATION

At 1 January 2022

and 31 December 2022

17,669

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

99

NET BOOK VALUE

At 31 December 2022

99

At 31 December 2021

99

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Adec Marine Limited

Registered office: England

Nature of business: The supply of marine equipment

%

Class of shares:

holding

Ordinary

99.00

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

300,000

Revaluations

300,000

At 31 December 2022

600,000

NET BOOK VALUE

At 31 December 2022

600,000

At 31 December 2021

300,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2016

288,195

Valuation in 2022

300,000

Cost

11,805

600,000

The company has two investment properties. These properties consist of Unit 28 Fitzherbert Road, Portsmouth having valuation of £150,000 and 46/46a Barking Ind Park having valuation of £450,000. The fair value of the Investment property has been arrived at on the basis of a valuation carried out by the directors at the balance sheet date based on their opinion of the open market value at that date. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

7,900

Amounts owed by group undertakings

4,846

-

Other debtors

-

36,000

4,846

43,900

The directors consider the carrying value of trade and other receivables approximate to their fair value.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,053

1,944

Amounts owed to group undertakings

-

46,432

Taxation and social security

3,885

8,877

Other creditors

1,710

1,710

7,648

58,963

The directors consider the carrying amounts of current liabilities approximate to their fair values.

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

75,345

18,345

Provisions for liability

15,000

-

90,345

18,345

Deferred

tax

£

Balance at 1 January 2022

18,345

Provided during year

57,000

Balance at 31 December 2022

75,345

10.

RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

OTHER RESERVES

Other reserves consist of fair value adjustments of £588,195 less the corresponding deferred tax calculated on the fair value of £75,345 in relation to investment properties. This is a non-distributable reserve.

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, included in debtors are amounts due from subsidiary company - ADEC Marine Limited of £4,846 (2021 - £46,432 in other creditors).