REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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Aanco (UK) Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Aanco (UK) Limited |
Aanco (UK) Limited (Registered number: 01777602) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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Aanco (UK) Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Swan House |
Westpoint Road |
Teesdale Business Park |
Stockton on Tees |
TS17 6BP |
Aanco (UK) Limited (Registered number: 01777602) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The principal activities of the company are design and manufacture of Aluminium Bi-folding doors, Aluminium Roof Lanterns and Global Conservatory roof systems to trade partners nationally under the trading name of 'Made For Trade' and the Korniche brand. |
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Under these products the company's business continues to grow, with turnover increasing in the year by almost £6.8m (or 35%) to £26.0m. The gross margin for the company fell slightly from 31% to 29%. The net effect of the rise in turnover was an increase in gross profits of £1.6m to £7.6m. To achieve this growth and prepare for further expansion the company spent an extra £1.3m on overheads which rose to £3.6m. The net effect of the increases in gross profit and overheads was an increase to in profits before tax of £300,000 to £4.0m. |
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After deducting a tax charge of £579,000 and paying dividends of £768,000, the company retained profits of £2.6m and so net assets increased by this amount to £6.8m. Cash rose by £336,000 and net current assets rose by £939,000 to stand at £4.7m and £3.8m, respectively, at balance sheet date. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The directors expect that the company will continue to trade profitably for the foreseeable future. Brexit is a concern as significant amounts of extruded Aluminium profile is sourced from the EU and used in the production of Bi-folding doors and Korniche roof lanterns. This carries the risk of currency exchange variations and transportation delays, however as the company already carries significant buffer stocks we believe that this risk can be managed. |
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At the time of writing (November 2020) the Covid 19 virus has created a huge disruption to people's lives and businesses. The company although losing 2 months of production and sales (April/May) has continued to produce strong sales and is on target to exceed 2019 sales and profitability. |
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ON BEHALF OF THE BOARD: |
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Aanco (UK) Limited (Registered number: 01777602) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
Interim dividends totalling £768,000 were declared during the year. The directors recommend that no final dividend be paid. |
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RESEARCH AND DEVELOPMENT |
The company continues to invest with further expansion of the R&D department for future invention and design. |
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FUTURE DEVELOPMENTS |
2019 has seen the in house designed Korniche Aluminium Roof Lantern take the market by storm, weekly sales are growing at pace and, with the company's aggressive marketing, has achieved real prominence, quickly becoming a market leading brand. |
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Sales of the Aluminium Bi-folding Door have been really impressive too in an ever more competitive market which bodes well for the introduction of the new in house designed Korniche Bi-folding Door now planned to be unveiled early in 2021. The prototype made its debut at the 2019 industry 'Fit Show' and was well received as it displayed many new innovative features; now market ready we are confident it will make a real impact in the coming years. |
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A development that we were not aware of at the beginning of 2020 was the demise of systems company Aperture, supplier of the company's Conservatory Roof System, 'Global'. This caused disruption to the supply chain and with the massive growth in the glazed extension market to the detriment of the conservatory market the company took the view that there was not any real growth potential and the decision was taken to withdraw the Global Conservatory Roof from the market. The impact of this to the company as a result of this decision has been minimal. |
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The company expanded its production space by 110,000 sq ft at the Wynyard Business Park situated north of Teesside beside the busy A19 motorway. This large space now houses all Bi-fold production, distribution and the company's new headquarters. 20,000 sq ft of offices have been completely re-designed and upgraded into a very attractive and functioning space which includes a large canteen and Gymnasium for the use of all employees. |
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With future growth in mind a further 50,000 sq ft of production space in nearby Hartlepool close to the A19 motorway has been earmarked to house the manufacture and production of another new addition to the product range in early 2021. |
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The directors are pleased with the company's progress to date and are confident that the enlarged manufacturing and distributing capabilities, aligned with new company designed products, will have a positive impact going forward. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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Aanco (UK) Limited (Registered number: 01777602) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | 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. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Aanco (UK) Limited |
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Opinion |
We have audited the financial statements of Aanco (UK) Limited (the 'company') for the year ended 31 December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its 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. |
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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 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
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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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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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 Strategic Report or the Report of the Directors. |
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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, 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. |
Report of the Independent Auditors to the Members of |
Aanco (UK) Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
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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. |
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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. |
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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. |
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for and on behalf of
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Swan House |
Westpoint Road |
Teesdale Business Park |
Stockton on Tees |
TS17 6BP |
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Aanco (UK) Limited (Registered number: 01777602) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Other operating income |
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26,213,143 | 19,347,969 |
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Raw materials and consumables |
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11,302,326 | 8,526,124 |
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Staff costs | 3 |
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Depreciation |
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Other operating expenses |
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7,281,870 | 4,830,650 |
4,020,456 | 3,695,474 |
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Interest receivable and similar income |
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4,030,341 | 3,698,776 |
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Interest payable and similar expenses | 4 |
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PROFIT BEFORE TAXATION | 5 |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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Aanco (UK) Limited (Registered number: 01777602) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 13 | ( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Allotted, called up and fully paid share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved the Board of Directors and authorised for issue on
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Aanco (UK) Limited (Registered number: 01777602) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2019 |
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Allotted, |
called up |
and fully |
paid |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Profit for the year | - | 3,008,828 | 3,008,828 |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 December 2018 |
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Changes in equity |
Profit for the year | - | 3,429,166 | 3,429,166 |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 December 2019 |
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Aanco (UK) Limited (Registered number: 01777602) |
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Cash Flow Statement |
for the Year Ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year | ( |
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Capital repayments in year | ( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year | 2 |
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1,576,857 |
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Cash and cash equivalents at end of year | 2 | 4,729,485 | 4,393,779 |
Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2019 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets |
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Finance costs | 22,085 | 30,131 |
Finance income | (9,885 | ) | (3,302 | ) |
4,499,820 | 3,975,237 |
Increase in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2019 |
31.12.19 | 1.1.19 |
£ | £ |
Cash and cash equivalents | 4,729,485 | 4,393,779 |
Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 4,393,779 | 1,576,857 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.1.19 | Cash flow | At 31.12.19 |
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Net cash |
Cash at bank and in hand | 4,393,779 | 335,706 | 4,729,485 |
4,393,779 |
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4,729,485 |
Debt |
Finance leases | (448,296 | ) | 189,494 | (258,802 | ) |
Debts falling due within 1 year | (22,407 | ) | (1,293 | ) | (23,700 | ) |
Debts falling due after 1 year | (164,282 | ) | 24,305 | (139,977 | ) |
(634,985 | ) | 212,506 | (422,479 | ) |
Total | 3,758,794 | 548,212 | 4,307,006 |
Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Aanco (UK) Limited is a
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The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
The company's turnover represents the value of goods and services supplied to customers during the year, exclusive of value added tax. |
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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. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold land & buildings | - |
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Showsite | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Office Equipment | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated on a first-in, first-out basis. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Research and development expenditure is charged to the profit and loss account as incurred. |
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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. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding. |
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Pension costs |
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. |
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Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Production | 111 | 79 |
Administration | 50 | 40 |
Directors | 3 | 3 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank loan interest |
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Hire purchase interest |
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5. | PROFIT BEFORE TAXATION |
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The profit is stated after charging/(crediting): |
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2019 | 2018 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets |
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( |
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Computer software amortisation |
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Auditors' remuneration |
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Foreign exchange differences | ( |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
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Over provision in prior year | (78,552 | ) | (41,139 | ) |
Total current tax |
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Deferred tax |
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Tax on profit |
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Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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2019 | 2018 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Adjustments to tax charge in respect of previous periods | ( |
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Research and development | (119,051 | ) | - |
Total tax charge | 579,090 | 659,817 |
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7. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of £1 each |
Interim dividends |
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8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
|
Amortisation for year |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
Aanco (UK) Limited (Registered number: 01777602) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
9. | TANGIBLE FIXED ASSETS |
Short |
leasehold |
Freehold | land & |
property | buildings | Showsite |
£ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
Additions |
|
|
|
At 31 December 2019 |
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
Charge for year |
|
|
|
At 31 December 2019 |
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
At 31 December 2018 |
|
|
|
|
Plant and | Motor | Office |
machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2019 |
|
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 December 2019 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
|
At 31 December 2018 |
|
|
|
|
|
The net book value of tangible fixed assets includes £ 419,499 (2018 - £ 630,326 ) in respect of assets held under hire purchase contracts. |
|
10. | STOCKS |
2019 | 2018 |
£ | £ |
Raw materials and goods ready for sale |
|
|
Aanco (UK) Limited (Registered number: 01777602) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts | 5,837 | 2,098 |
Prepayments and accrued income |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Tax |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
Bank loan terms of repayment are £2,470 per month and interest is payable at 3% per annum over the Bank of England Base Rate. In any event the loan will be repaid in full by the end of the term of 10 years. |
|
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans over 5 years | - | 61,774 |
Aanco (UK) Limited (Registered number: 01777602) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating | leases |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 258,802 | 448,296 |
|
|
|
Bank loans and overdrafts are secured by way of a charge over the assets of the company. Hire purchase liabilities are secured on the assets to which they relate. |
Aanco (UK) Limited (Registered number: 01777602) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
17. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other timing differences | (672 | ) | (1,120 | ) |
282,780 | 118,842 |
|
Deferred |
tax |
£ |
Balance at 1 January 2019 |
|
Charge to Statement of Comprehensive Income during year |
|
Balance at 31 December 2019 |
|
|
18. | ALLOTTED, CALLED UP AND FULLY PAID SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 | 20,000 | 20,000 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2019 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2019 |
|
|
20. | CONTINGENT LIABILITIES |
|
The company guarantees its products for up to ten years. Rectification work is considered to be an ongoing charge but the company accepts that it has contingent liability to carry out this work. The value of this liability cannot be ascertained with any accuracy but the company's past experience of rectification work indicates that it will not be material to the reading of these financial statements and therefore no provision has been made. |
|
21. | CAPITAL COMMITMENTS |
2019 | 2018 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
During the year the company made advances to directors of £18,431 and £14,692 was repaid by the directors (2018 - £3,467 and £1,369 respectively). All amounts were interest free and repayable on demand. |
Aanco (UK) Limited (Registered number: 01777602) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
23. | RELATED PARTY TRANSACTIONS |
|
|
2019 | 2018 |
£ | £ |
Dividends | 768,000 | 668,000 |
Amount due from related party |
|
|
|
|
2019 | 2018 |
£ | £ |
Purchases |
|
|
Amount due to related party |
|
|
|
Key management personnel compensation in the year totalled £170,375 (2018 - £150,620). |
|
24. | POST BALANCE SHEET EVENTS |
|
In March 2020 the company became a wholly owned subsidiary of Aanco Holdings Limited, a company controlled by B Gaunt. |