Anderco Safety (UK) Limited Filleted accounts for Companies House (small and micro)

ANDERCO SAFETY (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07089015

Anderco Safety (UK) Limited

Filleted Financial Statements

31 December 2022

Anderco Safety (UK) Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	7	2,392	1,678

Current assets

Stocks		430,559	363,444
Debtors	8	1,051,826	1,289,578
Cash at bank and in hand		58,157	103,679
		------------	------------
		1,540,542	1,756,701

Creditors: amounts falling due within one year	9	538,171	333,559
		------------	------------
Net current assets		1,002,371	1,423,142
		------------	------------
Total assets less current liabilities		1,004,763	1,424,820

Creditors: amounts falling due after more than one year	10	668,373	1,267,348

Provisions	11	455	20,319
		------------	------------
Net assets		335,935	137,153
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	335,835	137,053
	---------	---------
Shareholders funds	335,935	137,153
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 15 September 2023 , 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

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Leconfield Industrial Estate, Cleator Moor, Cumbria, CA25 5QB, England.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2021: 7 ).

5. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	46,492	20,373

Deferred tax:

Origination and reversal of timing differences	136	( 1,433)
	--------	--------
Tax on profit	46,628	18,940
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	245,410	77,062
	---------	--------
Profit on ordinary activities by rate of tax	46,628	14,642
Effect of capital allowances and depreciation	–	4,298
	---------	--------
Tax on profit	46,628	18,940
	---------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	233,129
	---------
Amortisation
At 1 January 2022 and 31 December 2022	233,129
	---------
Carrying amount
At 31 December 2022	–
	---------
At 31 December 2021	–
	---------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2022	118,589	21,828	9,150	50,141	199,708
Additions	–	–	–	1,686	1,686
	---------	--------	-------	--------	---------
At 31 December 2022	118,589	21,828	9,150	51,827	201,394
	---------	--------	-------	--------	---------
Depreciation
At 1 January 2022	118,589	21,828	9,151	48,462	198,030
Charge for the year	–	–	–	972	972
	---------	--------	-------	--------	---------
At 31 December 2022	118,589	21,828	9,151	49,434	199,002
	---------	--------	-------	--------	---------
Carrying amount
At 31 December 2022	–	–	( 1)	2,393	2,392
	---------	--------	-------	--------	---------
At 31 December 2021	–	–	( 1)	1,679	1,678
	---------	--------	-------	--------	---------

8. Debtors

	2022	2021
	£	£
Trade debtors	729,414	301,121
Amounts owed by group undertakings and undertakings in which the company has a participating interest	277,908	973,113
Other debtors	44,504	15,344
	------------	------------
	1,051,826	1,289,578
	------------	------------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	59,648	22,017
Accruals and deferred income	3,411	17,426
Corporation tax	46,492	20,373
Social security and other taxes	33,511	18,693
Invoice discounting	394,070	255,011
Other creditors	1,039	39
	---------	---------
	538,171	333,559
	---------	---------

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Amounts owed to group undertakings	668,373	1,267,348
	---------	------------

11. Provisions

	Deferred tax (note 12)	Dilapidations	Total
	£	£	£
At 1 January 2022	319	20,000	20,319
Additions	136	( 20,000)	( 19,864)
	----	--------	--------
At 31 December 2022	455	–	455
	----	--------	--------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions (note 11)	455	319
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	455	319
	----	----

13. Summary audit opinion

The auditor's report for the year dated 15 September 2023 was unqualified .

The senior statutory auditor was Gary Thompson , for and on behalf of SP McCaffrey & Co .

14. 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.

15. 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.