Andy Loos Holdings Limited - Limited company accounts 23.2
Andy Loos Holdings Limited - Limited company accounts 23.2
REGISTERED NUMBER: 13267055 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
For The Year Ended 31 March 2023 |
for |
Andy Loos Holdings Limited |
Andy Loos Holdings Limited (Registered number: 13267055) |
Contents of the Consolidated Financial Statements |
For The Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 16 |
Andy Loos Holdings Limited |
Company Information |
For The Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Andy Loos Holdings Limited (Registered number: 13267055) |
Group Strategic Report |
For The Year Ended 31 March 2023 |
The director presents his strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The key financial highlights were as follows:- |
2023 | 2022 |
Turnover movement | -6% | n/a |
Gross profit movement | -11% | n/a |
Profit before tax | £843k | £1,275k |
The group was profitable throughout the year and the director considers the current plans to continue to deliver profitability will consolidate its position in its chosen sector. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's markets are essentially those of the manufacture, sale and hire of bespoke toilets, wash stations and flat pack portable toilets. |
These markets continue to be subject to rigorous competition from other operators based within the United Kingdom. |
The group's aim is to compete in its chosen markets through the provision of quality services to its customers. |
ON BEHALF OF THE BOARD: |
Andy Loos Holdings Limited (Registered number: 13267055) |
Report of the Director |
For The Year Ended 31 March 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary £1 shares | 30000 | - 31 March 2023 |
Ordinary A £1 shares | 30000 | - 31 March 2023 |
Ordinary B £1 shares | 30000 | - 31 March 2023 |
The director recommends that no final dividends be paid. |
The total distribution of dividends for the year ended 31 March 2023 will be £ 90,000 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Andy Loos Holdings Limited |
Opinion |
We have audited the financial statements of Andy Loos Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 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 March 2023 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 |
In auditing the financial statements, we have concluded that the director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 this gives rise to a material misstatement in the financial statements themselves. 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Andy Loos Holdings 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident. |
At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud. |
Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud. |
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Group's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit. |
Report of the Independent Auditors to the Members of |
Andy Loos Holdings Limited |
The group is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements. |
The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. Laws and regulations which are applicable include but are not limited to; The Health and Safety at Work Act, The Data Protection Act, Business Contract Terms Regulations, The Sale of Goods Act, and The Environmental Protection Act. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Andy Loos Holdings Limited (Registered number: 13267055) |
Consolidated |
Income Statement |
For The Year Ended 31 March 2023 |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 3 | 6,362,145 | 6,982,023 |
Cost of sales | 3,498,040 | 3,751,907 |
GROSS PROFIT | 2,864,105 | 3,230,116 |
Administrative expenses | 1,959,203 | 1,948,326 |
904,902 | 1,281,790 |
Other operating income | - | 38,558 |
OPERATING PROFIT | 5 | 904,902 | 1,320,348 |
Interest receivable and similar income | 12,736 | 379 |
917,638 | 1,320,727 |
Interest payable and similar expenses | 6 | 74,382 | 45,374 |
PROFIT BEFORE TAXATION | 843,256 | 1,275,353 |
Tax on profit | 7 | 270,395 | 247,996 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 572,861 | 1,027,357 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Consolidated |
Other Comprehensive Income |
For The Year Ended 31 March 2023 |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 572,861 | 1,027,357 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
572,861 |
1,027,357 |
Total comprehensive income attributable to: |
Owners of the parent | 572,861 | 1,027,357 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Consolidated Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 20,373 | 25,643 |
Tangible assets | 11 | 5,131,616 | 3,663,685 |
Investments | 12 | - | - |
5,151,989 | 3,689,328 |
CURRENT ASSETS |
Stocks | 13 | 480,817 | 581,533 |
Debtors | 14 | 954,624 | 906,630 |
Cash at bank and in hand | 1,644,792 | 2,096,330 |
3,080,233 | 3,584,493 |
CREDITORS |
Amounts falling due within one year | 15 | 1,412,857 | 1,967,186 |
NET CURRENT ASSETS | 1,667,376 | 1,617,307 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,819,365 |
5,306,635 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,353,330 |
) |
(678,566 |
) |
PROVISIONS FOR LIABILITIES | 20 | (713,887 | ) | (358,782 | ) |
NET ASSETS | 4,752,148 | 4,269,287 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 337,424 | 337,424 |
Retained earnings | 22 | 4,414,724 | 3,931,863 |
SHAREHOLDERS' FUNDS | 4,752,148 | 4,269,287 |
The financial statements were approved by the director and authorised for issue on 19 December 2023 and were signed by: |
R J Philpot - Director |
Andy Loos Holdings Limited (Registered number: 13267055) |
Company Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 127,319 | 95,554 |
The financial statements were approved by the director and authorised for issue on |
Andy Loos Holdings Limited (Registered number: 13267055) |
Consolidated Statement of Changes in Equity |
For The Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 15 March 2021 | - | 2,994,506 | 2,994,506 |
Changes in equity |
Issue of share capital | 337,424 | - | 337,424 |
Dividends | - | (90,000 | ) | (90,000 | ) |
Total comprehensive income | - | 1,027,357 | 1,027,357 |
Balance at 31 March 2022 | 337,424 | 3,931,863 | 4,269,287 |
Changes in equity |
Dividends | - | (90,000 | ) | (90,000 | ) |
Total comprehensive income | - | 572,861 | 572,861 |
Balance at 31 March 2023 | 337,424 | 4,414,724 | 4,752,148 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Company Statement of Changes in Equity |
For The Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Consolidated Cash Flow Statement |
For The Year Ended 31 March 2023 |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,112,780 | 1,761,442 |
Interest paid | (49,076 | ) | (24,826 | ) |
Interest element of hire purchase payments paid |
(25,306 |
) |
(20,548 |
) |
Government grants | - | 38,558 |
Tax paid | (295,273 | ) | (222,598 | ) |
Net cash from operating activities | 743,125 | 1,532,028 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (26,350 | ) |
Purchase of tangible fixed assets | (2,092,237 | ) | (1,874,657 | ) |
Sale of tangible fixed assets | 90,202 | 31,343 |
Net assets acquired | - | 1,557,316 |
Interest received | 12,736 | 379 |
Net cash from investing activities | (1,989,299 | ) | (311,969 | ) |
Cash flows from financing activities |
New loans in year | 350,000 | 700,000 |
Loan repayments in year | (79,351 | ) | (47,439 | ) |
Capital movement in year | 613,987 | 223,710 |
Amount introduced by directors | 90,000 | 90,000 |
Amount withdrawn by directors | (90,000 | ) | - |
Equity dividends paid | (90,000 | ) | (90,000 | ) |
Net cash from financing activities | 794,636 | 876,271 |
(Decrease)/increase in cash and cash equivalents | (451,538 | ) | 2,096,330 |
Cash and cash equivalents at beginning of year |
2 |
2,096,330 |
- |
Cash and cash equivalents at end of year | 2 | 1,644,792 | 2,096,330 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation | 843,256 | 1,275,353 |
Depreciation charges | 612,261 | 541,946 |
Profit on disposal of fixed assets | (72,887 | ) | (27,138 | ) |
Government grants | - | (38,558 | ) |
Finance costs | 74,382 | 45,374 |
Finance income | (12,736 | ) | (379 | ) |
1,444,276 | 1,796,598 |
Decrease/(increase) in stocks | 100,716 | (581,533 | ) |
Decrease/(increase) in trade and other debtors | 195,515 | (906,630 | ) |
(Decrease)/increase in trade and other creditors | (627,727 | ) | 1,453,007 |
Cash generated from operations | 1,112,780 | 1,761,442 |
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 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,644,792 | 2,096,330 |
Period ended 31 March 2022 |
31.3.22 | 15.3.21 |
£ | £ |
Cash and cash equivalents | 2,096,330 | - |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,096,330 | (451,538 | ) | 1,644,792 |
2,096,330 | (451,538 | ) | 1,644,792 |
Debt |
Finance leases | (223,710 | ) | (613,987 | ) | (837,697 | ) |
Debts falling due within 1 year | (56,835 | ) | (27,488 | ) | (84,323 | ) |
Debts falling due after 1 year | (595,726 | ) | (243,161 | ) | (838,887 | ) |
(876,271 | ) | (884,636 | ) | (1,760,907 | ) |
Total | 1,220,059 | (1,336,174 | ) | (116,115 | ) |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements |
For The Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Andy Loos Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
United Kingdom | 6,359,445 | 6,982,023 |
Europe | 2,700 | - |
6,362,145 | 6,982,023 |
4. | EMPLOYEES AND DIRECTORS |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries | 2,045,996 | 1,844,832 |
Social security costs | 198,007 | 169,134 |
Other pension costs | 154,291 | 32,849 |
2,398,294 | 2,046,815 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
Director | 1 | 1 |
Administration | 53 | 46 |
Selling | 10 | 10 |
Manufacturing | 10 | 10 |
The average number of employees by undertakings that were proportionately consolidated during the year was 73 (2022 - 67 ) . |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Director's remuneration | 84,938 | 89,569 |
Director's pension contributions to money purchase schemes | 80,000 | - |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery | 50,700 | 39,567 |
Other operating leases | 5,935 | 10,335 |
Depreciation - owned assets | 606,991 | 540,461 |
Profit on disposal of fixed assets | (72,887 | ) | (27,138 | ) |
Goodwill amortisation | 5,270 | 707 |
Auditors' remuneration | 17,500 | - |
Foreign exchange differences | 7,595 | - |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Bank interest | - | 5 |
Loan | 49,076 | 24,821 |
Hire purchase | 25,306 | 20,548 |
74,382 | 45,374 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | - | 226,474 |
Tax recoverable | (84,710 | ) | - |
Total current tax | (84,710 | ) | 226,474 |
Deferred tax | 355,105 | 21,522 |
Tax on profit | 270,395 | 247,996 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax | 843,256 | 1,275,353 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
160,219 |
242,317 |
Effects of: |
Expenses not deductible for tax purposes | 8,482 | 22,005 |
Adjustments to tax charge in respect of previous periods | (2,408 | ) | (6,515 | ) |
Superdeductions | (66,924 | ) | (9,688 | ) |
Structural buildings allowance | (350 | ) | (123 | ) |
Change in deferred tax rate | 171,376 | - |
Total tax charge | 270,395 | 247,996 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
8. | 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. |
9. | DIVIDENDS |
Period |
15.3.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | 30,000 | 30,000 |
Ordinary A shares of £1 each |
Interim | 30,000 | 30,000 |
Ordinary B shares of £1 each |
Interim | 30,000 | 30,000 |
90,000 | 90,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 26,350 |
AMORTISATION |
At 1 April 2022 | 707 |
Amortisation for year | 5,270 |
At 31 March 2023 | 5,977 |
NET BOOK VALUE |
At 31 March 2023 | 20,373 |
At 31 March 2022 | 25,643 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2022 | 1,346,741 | 69,592 | 355,635 |
Additions | 677,110 | - | 86,503 |
Disposals | - | (17,644 | ) | (19,412 | ) |
At 31 March 2023 | 2,023,851 | 51,948 | 422,726 |
DEPRECIATION |
At 1 April 2022 | 22,691 | 48,902 | 276,723 |
Charge for year | 26,935 | 6,079 | 37,056 |
Eliminated on disposal | - | (11,772 | ) | (19,412 | ) |
At 31 March 2023 | 49,626 | 43,209 | 294,367 |
NET BOOK VALUE |
At 31 March 2023 | 1,974,225 | 8,739 | 128,359 |
At 31 March 2022 | 1,324,050 | 20,690 | 78,912 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 122,031 | 1,588,213 | 3,949,155 | 7,431,367 |
Additions | 1,545 | 1,169,277 | 157,802 | 2,092,237 |
Disposals | (16,551 | ) | (269,496 | ) | (26,260 | ) | (349,363 | ) |
At 31 March 2023 | 107,025 | 2,487,994 | 4,080,697 | 9,174,241 |
DEPRECIATION |
At 1 April 2022 | 98,842 | 1,104,614 | 2,215,910 | 3,767,682 |
Charge for year | 12,328 | 277,672 | 246,921 | 606,991 |
Eliminated on disposal | (14,779 | ) | (259,917 | ) | (26,168 | ) | (332,048 | ) |
At 31 March 2023 | 96,391 | 1,122,369 | 2,436,663 | 4,042,625 |
NET BOOK VALUE |
At 31 March 2023 | 10,634 | 1,365,625 | 1,644,034 | 5,131,616 |
At 31 March 2022 | 23,189 | 483,599 | 1,733,245 | 3,663,685 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
13. | STOCKS |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Stocks | 480,817 | 581,533 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors | 659,889 | 819,458 |
Amounts owed by group undertakings | 90,000 | - |
Other debtors | 16,323 | 1,734 |
Tax | 153,509 | - |
Prepayments and accrued income | 34,903 | 85,438 |
954,624 | 906,630 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 84,323 | 56,835 |
Hire purchase contracts (see note 18) | 323,254 | 140,870 |
Trade creditors | 257,117 | 730,761 |
Amounts owed to group undertakings | 90,000 | - |
Corporation tax | - | 226,474 |
Social security and other taxes | 159,506 | 222,728 |
Other creditors | 25,532 | 38,843 |
Directors' current accounts | 90,000 | 90,000 | 90,000 | 90,000 |
Accrued expenses | 383,125 | 460,675 |
1,412,857 | 1,967,186 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans (see note 17) | 838,887 | 595,726 |
Hire purchase contracts (see note 18) | 514,443 | 82,840 |
1,353,330 | 678,566 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 84,323 | 56,835 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 89,439 | 55,986 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 286,510 | 185,678 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 462,938 | 354,062 | 462,938 | 354,062 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year | 323,254 | 140,870 |
Between one and five years | 514,443 | 82,840 |
837,697 | 223,710 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Deferred tax | 713,887 | 358,782 | 2,743 | 2,157 |
Andy Loos Holdings Limited (Registered number: 13267055) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 31 March 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 358,782 |
Accelerated capital allowances | 355,105 |
Balance at 31 March 2023 | 713,887 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Accelerated capital allowances | 586 |
Balance at 31 March 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 253,068 | 253,068 |
Ordinary A | £1 | 42,178 | 42,178 |
Ordinary B | £1 | 42,178 | 42,178 |
337,424 | 337,424 |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2022 | 3,931,863 |
Profit for the year | 572,861 |
Dividends | (90,000 | ) |
At 31 March 2023 | 4,414,724 |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is R J Philpot. |