Company registration number 01777602 (England and Wales)
AANCO (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
AANCO (UK) LIMITED
COMPANY INFORMATION
Directors
Mr BJ Gaunt
Mr AR Gaunt
Mr CS Wann
Mr AR Gaunt
Mr DT Jones
(Appointed 1 April 2022)
Company number
01777602
Registered office
Wellington House
Wynyard Avenue
Wynyard
Billingham
Co. Durham
TS22 5TB
Auditor
Davies Tracey
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
AANCO (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
AANCO (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present the strategic report for the year ended 31 December 2022.
REVIEW OF PERFORMANCE
There was a significant increase in turnover vs 2021 though this was driven largely by increases in the costs of materials, energy and labour. Whilst we absorbed a significant amount of this we were also forced to increase prices to our customers. This is reflected in the reduced EBITDA achieved as seen below:
2022 Turnover: +14% to £41,226k vs £36,129k in 2021
2022 EBITDA: (1)% to £7,935k vs £8,002k in 2021
19.2% vs 22.1% in 2021
All trading continued to be carried out under the trading name Made For Trade.
Made For Trade’s mission is to deliver the best products, with the best service at the best prices and in a challenging year we fulfilled this with a number of key activities:
Best Products - Korniche Bi-Folding Door
The Korniche Bi-folding door was designed inhouse with a number of innovative features including the patented Speedbead™ to appeal to the installer and homeowner alike. The launch was supported by significant marketing effort and customers were excited by the product with take-up exceeding our expectations and sales quickly overtaking the Smart Visofold door. Due to the door being of our own design we are able to control our supply chain giving reduced input costs vs the Smart system supporting low pricing for a higher quality product.
Best Service – Lantern Delivery
In 2022 we made further investments in our fleet in order to commence own delivery of the Korniche lantern. This has addressed service issues with 3rd party delivery services around damages and missing parts. We will continue to invest in 2023 to expand this offering.
Best Price - Glass
As well as lantern deliveries we started to deliver glass for our Korniche bi-folding door. This has enabled us to reduce the price of our glass to our customer whilst also improving the service and reducing the overall environmental impact of our activity by reducing overall road miles. As a result we have seen the proportion of bi-fold doors sold with glass increase by around 60% with further opportunity to increase.
Further information:
Unfortunately in 2022, following the launch of our Korniche bi-folding door, Smart Systems Ltd decided to end our longstanding and fruitful partnership which accelerated the delist of the Smart Visofold bi-folding door and forced the delist of the Smart Visoglide sliding door. This was a great disappointment for us and also resulted in a significant write down to the value of stock held for these products.
As highlighted above the inflationary pressure in the year was significant and led to a reduction in our margins. The business remains in excellent health however and we continue to make significant but sustainable investments in growth without the need for debt financing. Capital asset investment was £1.3m with a further £1.1m of capital commitments outstanding at the year end.
Profit before tax was £6.9m, in line with 2021. After deducting a tax charge of £0.7m and paying dividends of £1.5m, the net assets in the Company increased from £15.7m to £20.3m. We recorded a positive cashflow, before investments and dividends, of +£4.5m.
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AANCO (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
OUR STRATEGY
In support of the mission the Made For Trade vision is to lead the glazing industry with product design, the highest manufacturing quality and a gold standard service loved by installers and homeowners alike.
With innovative product design being in our DNA the accelerated move to being a 100% Korniche branded business fits with our long term strategy. Our dedicated and growing Engineering R&D department will deliver new products that have features meeting the different, but compatible, needs of our customer and the homeowner. We will continue to protect our work through patent application which also enables us to take advantage of current government taxation schemes supporting innovative companies such as ourselves.
In recent years we have invested in building the Korniche brand and communicating our products’ attributes to homeowners, creating a pull on our customers. In 2022 we renewed all of the branding and invested in our website using new CGI and developing our Kwikquote product configurator. We will continue to grow the brand’s reach and intend to extend this brand to new products.
To continue to deliver the best products with the best service at the best prices we will continue to reinvest a large proportion of profits in capital equipment and the development of our systems and processes. Crucial though to our success will be attracting, retaining, developing and motivating great people in our business and we will continue to review and improve our training, engagement and wider benefits.
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AANCO (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the company and the execution of the company’s strategy are subject to a number of risks. The company maintains and regularly reviews a risk register with actions taken to mitigate risks.
UK Macroeconomic conditions
Risk
The high inflationary environment and resulting increases in interest rates have seriously weakened consumer spending power which has a direct impact on relatively expensive, discretionary purchases. This is likely to negatively impact our sales volumes and our customers’ profitability and cashflow.
Mitigation
The company actively works to reduce costs of manufacture to maintain margins whilst remaining price competitive. We work to maintain strong relationships with a diverse customer base, meeting their needs, whilst regularly and proactively reviewing and addressing customer payment performance.
Our sustainable growth approach, including maintain strong reserves, means we can comfortably continue to work towards our long term growth strategy in the face of any short term dip in performance.
Materials Pricing and Availability
Risk
The risk of supply is heightened in our business, relative to our industry, because we have developed unique products.
Mitigation
We are reviewing our supplier base with a view to increasing dual source and strengthening relationships with suppliers who can demonstrate the required standards, supported by fair and rewarding contractual agreements. We achieved dual sourcing on aluminium and glass in 2022.
Competitor Activity
Risk
Increasingly we are seeing competitors enter the lantern market with new or revised products trying to emulate the Korniche product.
Mitigation
Whilst we protect ourselves as much as possible with patents for our products it is vital that we continue to meet our commitment to the best products with the best service at the best prices so that our customers are satisfied and that we communicate clearly through clear and targeted marketing activity using the Korniche brand.
Reliance on Key Personnel
Risk
As a business that has already grown relatively rapidly in recent years there is a risk that further business growth becomes constrained by insufficient skills and experience
Mitigation
The company continues to follow a plan to recruit externally into key management positions bringing in skills and experience from outside of our industry. In line with ISO9001 accreditation we will continue to invest in processes supported by investment in internal software development and 3rd party systems, reducing reliance on acquired knowledge.
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AANCO (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
S172 statement
In line with Section 172 of The Companies Act 2006 the directors of the company have acted in ways most likely to promote the success of the company for the benefit of its members as a whole, as set out below:
The long term success of Made For Trade will be judged on the growth of the business through the deployment of new and innovative products. The directors recognise the criticality of investment in our people, systems and processes and make these investment decisions based on strategic alignment as opposed to short term profitability.
We operate an open and somewhat informal business culture that encourages direct communication between all levels of employees. We are committed to supporting our employees to progress within the organisation where they have the desire to do so and provide continuous training to do so. The standards required from our employees are set out in the employee handbook and we ensure that these are maintained so as to provide a safe and welcoming environment. As part of this we maintain a whistleblowing policy should the need arise.
Our relationships with key suppliers and customers have been key to the growth of the business and we work to maintain equitable relationships. We are sure to make all payments when due and are developing the transparency of our supplier selection processes.
As a business that only makes aluminium products we are delivering durable and highly recyclable products. We regularly review data on our energy usage, materials waste and fuel use and take proactive measures to reduce these. This includes identifying structural changes to the whole supply chain and collaboration with suppliers to reduce overall environmental impact.
The company understands the importance of maintaining trust with all of our stakeholders, including employees, suppliers, customers and shareholders, and strives to treat each stakeholder fairly and to meet all commitments. By acting in this way we can be a leader our industry.
Mr BJ Gaunt
Director
6 July 2023
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AANCO (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their annual report and financial statements for the year ended 31 December 2022.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £1,532,833. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr BJ Gaunt
Mr AR Gaunt
Mr CS Wann
Mr AR Gaunt
Mr DT Jones
(Appointed 1 April 2022)
Financial instruments
Financial risk management and liquidity policies
The company maintains a high level of free cash and a layered approach is taken to investments with a variety of maturities and varying degrees of volatility. Management of investments with longer maturity is outsourced with appropriate policies in regards to spread of investments. In addition the business regularly forecasts cash requirements with a prudent approach taken.
Interest rate risk
The company holds limited debt related to Hire Purchase agreements on fixed interest rates and at 31st December 2022 held no interest rate dependent investments.
Foreign curency risk
The company has significant foreign currency outflows. We adhere to a policy that ensures limited short term exposure through the use of basic instruments and do not speculate on future currency movements.
Credit risk
With a large customer base we have a real risk of default, especially if market conditions are difficult for our customers. We subscribe to a credit reference agency and regularly review our credit position and payment performance by customer with appropriate actions being taken to address potential issues.
Streamlined energy and carbon report
Introduction & Methodology
Our products are made from aluminium which is almost infinitely recyclable with a well established recycling industry in the UK. In addition it’s properties give our products a longer lifetime than alternatives such as uPVC and wood. When designing our products and manufacturing processes we look to maximise our efficiency reducing the environmental impact of our products.
The following table sets out our carbon emissions as required under the Companies Act 2006 and in line with The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. We have followed the 2019 HM Government Environmental Reporting Guidelines and have used the 2022 UK Government’s Conversion Factors for Company Reporting. Our emissions have been calculated for the financial control boundary, i.e. the financial year.
We have included scope 3 emissions for 3rd party distribution of our lanterns and glass units; we feel it is important to recognise these indirect emissions for a clearer picture of the impact of our operations.
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AANCO (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Measures taken to improve energy efficiency
As noted in the strategic report we have commenced combined delivery of product and glass on our vehicles giving a significant decrease in overall road miles
We have started to track our energy usage weekly leading to direct actions to reduce use at our sites
We have invested in electric cars and continue to monitor progress in electric commercial vehicles range and cost.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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). 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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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AANCO (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
DISCLOSURE IN STRATEGIC REPORT
As permitted by the Companies Act, the company has disclosed in the Strategic Report information which would otherwise be disclosed in the Directors’ Report, as follows:
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr BJ Gaunt
Director
6 July 2023
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AANCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AANCO (UK) LIMITED
Opinion
- 8 -
We have audited the financial statements of Aanco (UK) Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 December 2022 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.
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 Auditor's 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
AANCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AANCO (UK) LIMITED
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 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.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is the extent to which an audit conducted under ISAs (UK) is capable of detecting irregularity, including fraud. Our procedures include:
obtaining an understanding of the legal and regulatory frameworks applicable to the company, such as the Companies Act 2006;
obtaining an understanding of how the company complies with the applicable legal and regulatory frameworks;
assessing the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, with audit procedures including reviewing internal controls, testing supporting documentation, enquiring of company management and obtaining written confirmation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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AANCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AANCO (UK) LIMITED
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 an auditor's report 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.
Christopher Neasham (Senior Statutory Auditor)
for and on behalf of Davies Tracey
Chartered Accountants and Statutory Auditors
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
6 July 2023
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AANCO (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Notes
£
£
Turnover
41,225,601
36,128,724
Other operating income
486,788
447,077
Raw materials and consumables
(22,749,804)
(19,777,544)
Staff costs
5
(6,640,426)
(4,933,345)
Depreciation and other amounts written off tangible and intangible fixed assets
3
(1,047,322)
(1,047,987)
Other operating expenses
(4,386,755)
(3,862,932)
Operating profit
3
6,888,082
6,953,993
Interest receivable and similar income
7
22,193
2,906
Interest payable and similar expenses
8
(17,508)
(22,554)
Profit before taxation
6,892,767
6,934,345
Tax on profit
9
(744,530)
(622,064)
Profit for the financial year
6,148,237
6,312,281
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AANCO (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
218,069
194,372
Tangible assets
12
4,414,818
4,174,226
4,632,887
4,368,598
Current assets
Stocks
14
4,133,080
4,352,823
Debtors
15
7,316,116
7,568,346
Investments
16
7,608,101
Cash at bank and in hand
2,584,780
7,240,489
21,642,077
19,161,658
Creditors: amounts falling due within one year
17
(4,876,967)
(6,577,361)
Net current assets
16,765,110
12,584,297
Total assets less current liabilities
21,397,997
16,952,895
Creditors: amounts falling due after more than one year
18
(295,258)
(483,522)
Provisions for liabilities
Deferred tax liability
20
668,261
633,311
(668,261)
(633,311)
Deferred income
21
(105,662)
(122,650)
Net assets
20,328,816
15,713,412
Capital and reserves
Called up share capital
23
20,000
20,000
Profit and loss reserves
24
20,308,816
15,693,412
Total equity
20,328,816
15,713,412
The financial statements were approved by the board of directors and authorised for issue on 6 July 2023 and are signed on its behalf by:
Mr BJ Gaunt
Director
Company Registration No. 01777602
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AANCO (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
20,000
10,179,708
10,199,708
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
6,312,281
6,312,281
Dividends
10
-
(798,577)
(798,577)
Balance at 31 December 2021
20,000
15,693,412
15,713,412
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
6,148,237
6,148,237
Dividends
10
-
(1,532,833)
(1,532,833)
Balance at 31 December 2022
20,000
20,308,816
20,328,816
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AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
Company information
Aanco (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellington House, Wynyard Avenue, Wynyard, Billingham, Co. Durham, TS22 5TB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
- 5 years
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AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
20% on cost on buildings
Leasehold improvements
in accorance with the lease
Plant and equipment
15% on cost
Office Equipment
15% - 33% on cost
Motor vehicles
15% - 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Stocks
- 15 -
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
- 16 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 17 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange published by the Bank of England for the last working day of the preceding calendar month. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(51,101)
(29,742)
Research and development costs
17,602
35,516
Government grants
(46,669)
Depreciation of owned tangible fixed assets
788,270
681,164
Depreciation of tangible fixed assets held under finance leases
195,707
223,375
Loss on disposal of tangible fixed assets
6,982
81,010
Amortisation of intangible assets
56,363
60,899
(Profit)/loss on disposal of intangible assets
1,539
Operating lease charges
646,545
728,592
- 18 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,000
7,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Production
169
149
Administration
59
48
Distribution
11
10
Directors
5
2
Total
244
209
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
5,992,804
4,474,415
Social security costs
516,630
362,706
Pension costs
130,992
96,224
6,640,426
4,933,345
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
151,655
44,901
Company pension contributions to defined contribution schemes
3,446
4,424
155,101
49,325
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2021 - 2).
- 19 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
7,406
535
Other interest income
3,916
2,371
Total interest revenue
11,322
2,906
Other income from investments
Dividends received
10,163
Gains on financial instruments measured at fair value through profit or loss
708
Total income
22,193
2,906
2022
2021
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
708
Dividends from financial assets measured at fair value through profit or loss
10,163
8
Interest payable and similar expenses
2022
2021
£
£
Interest on finance leases and hire purchase contracts
17,508
22,554
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
709,580
692,458
Adjustments in respect of prior periods
(303,809)
Total current tax
709,580
388,649
Deferred tax
Origination and reversal of timing differences
34,950
233,415
Total tax charge
744,530
622,064
- 20 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
6,892,767
6,934,345
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
1,309,626
1,317,526
Tax effect of expenses that are not deductible in determining taxable profit
14,809
23,433
Tax effect of income not taxable in determining taxable profit
(215)
Unutilised tax losses carried forward
81
Adjustments in respect of prior years
(303,809)
Effect of change in corporation tax rate
8,388
151,994
Permanent capital allowances in excess of depreciation
(38,691)
(19,584)
Deferred tax adjustments in respect of prior years
(31,281)
Enhanced expenditure
(549,468)
(516,215)
Taxation charge for the year
744,530
622,064
10
Dividends
2022
2021
£
£
Interim paid
1,532,833
798,577
11
Intangible fixed assets
Software
£
Cost
At 1 January 2022
319,888
Additions
80,060
At 31 December 2022
399,948
Amortisation and impairment
At 1 January 2022
125,516
Amortisation charged for the year
56,363
At 31 December 2022
181,879
Carrying amount
At 31 December 2022
218,069
At 31 December 2021
194,372
- 21 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Office Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
121,925
1,438,002
3,088,185
298,938
1,313,829
6,260,879
Additions
60,640
515,630
59,832
624,200
1,260,302
Disposals
(5,638)
(53,391)
(69,935)
(128,964)
At 31 December 2022
121,925
1,493,004
3,603,815
305,379
1,868,094
7,392,217
Depreciation and impairment
At 1 January 2022
10,160
346,528
1,193,576
154,374
382,015
2,086,653
Depreciation charged in the year
24,397
164,903
459,746
70,955
263,976
983,977
Eliminated in respect of disposals
(1,705)
(50,349)
(41,177)
(93,231)
At 31 December 2022
34,557
509,726
1,653,322
174,980
604,814
2,977,399
Carrying amount
At 31 December 2022
87,368
983,278
1,950,493
130,399
1,263,280
4,414,818
At 31 December 2021
111,765
1,091,474
1,894,609
144,564
931,814
4,174,226
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Plant and equipment
72,159
Motor vehicles
519,677
715,383
519,677
787,542
13
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
7,608,101
-
14
Stocks
2022
2021
£
£
Raw materials and consumables
4,133,080
4,352,823
- 22 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
15
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,927,453
2,146,032
Corporation tax recoverable
35,809
Amounts owed by group undertakings
5,168,450
5,166,950
Other debtors
30,414
19,233
Prepayments and accrued income
189,799
200,322
7,316,116
7,568,346
16
Current asset investments
2022
2021
£
£
Unlisted investments
7,608,101
17
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Obligations under finance leases
19
188,264
232,876
Trade creditors
2,220,364
3,579,272
Amounts owed to group undertakings
12,168
750
Corporation tax
304,746
Other taxation and social security
857,827
329,968
Other creditors
37,386
70,107
Accruals and deferred income
1,256,212
2,364,388
4,876,967
6,577,361
Obligations under finance leases are secured against the assets to which they relate.
18
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
19
295,258
483,522
Obligations under finance leases are secured against the assets to which they relate.
- 23 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
199,301
250,234
In two to five years
303,576
502,828
502,877
753,062
Less: future finance charges
(19,355)
(36,664)
483,522
716,398
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
671,075
635,177
Other timing differences
(2,814)
(1,866)
668,261
633,311
2022
Movements in the year:
£
Liability at 1 January 2022
633,311
Charge to profit or loss
34,950
Liability at 31 December 2022
668,261
21
Deferred income
2022
2021
£
£
Other deferred income
105,662
122,650
- 24 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
22
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
130,992
96,224
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
20,000
20,000
20,000
20,000
24
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
15,693,412
10,179,708
Profit for the year
6,148,237
6,312,281
Dividends declared and paid in the year
(1,532,833)
(798,577)
At the end of the year
20,308,816
15,693,412
25
Financial commitments, guarantees and 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.
Grants receivable may be repayable in part or in full if certain conditions associated with the grants are not met.
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
625,889
604,047
Between two and five years
639,814
1,265,703
1,265,703
1,869,750
- 25 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
27
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of tangible fixed assets
1,056,556
19,976
28
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2022
2021
£
£
Other related parties
-
27,498
Dividends payable
2022
2021
£
£
Entities with control, joint control or significant influence over the company
1,532,833
798,577
2022
2021
Amounts due to related parties
£
£
Key management personnel
(7,073)
(6,928)
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Key management personnel
555
3,828
Other related parties
-
6,334
29
Directors' transactions
During the year the company made advances to directors of £5,395 and £8,667 was repaid by the directors (2021 - £6,841 and £3,012 respectively). Interest where applicable was charged at 2.0% per annum. All amounts were repayable on demand.
- 26 -
AANCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
30
Ultimate controlling party
The only group in which the results are consolidated is that headed by the company's ultimate parent undertaking Aanco Holdings Limited, whose registered office is:
Wellington House
Wynyard Avenue
Billingham
TS22 5TB
Consolidated financial statements are available to the public and can be obtained from Companies House.
Aanco Holdings Limited is controlled by Mr B Gaunt.
- 27 -
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