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 2020 |
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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 2020 |
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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 2020 |
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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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Notes to the Financial Statements | 10 |
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Aanco (UK) Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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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 2020 |
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The directors present their strategic report for the year ended 31 December 2020. |
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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 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 £1.7m (or 6.3%) to £27.7m. The gross margin of the company was maintained at 29%. The net effect of the rise in turnover was an increase in gross profits of £0.6m to £8.2m. Despite this growth overheads remained static at £3.6m. The net effect of the above was an increase to in profits before tax of £0.6m to £4.7m. |
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After deducting a tax charge of £556,000 and paying dividends of £798,000, the company retained profits of £3.4m and so net assets increased by this amount to £10.2m. Cash rose by £3.0m and net current assets rose by £3.6m to stand at £7.7m and £7.4m, respectively, at balance sheet date. |
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Key Performance Indicators |
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The directors consider the following to be key performance indicators: |
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2020 | 2019 |
£ | £ |
Gross profit | 8,260,391 | 7,628,866 |
Profit before tax | 4,685,956 | 4,008,256 |
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After effectively losing 2 months ( April / May ) Sales and Production, improved turnover and profitability has been achieved, which the directors see continuing. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The directors expect that the company will continue to trade profitably for the foreseeable future. The disruption that the Covid epidemic has caused to world trade is a concern. Material shortages and delivery issues are expected which may impact in the coming months with price increases expected. However the directors expect the company to continue to trade profitably for the foreseeable future. |
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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 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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DIVIDENDS |
Interim dividends totalling £798,000 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 |
2020 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 achieving real prominence, quickly becoming the market leading brand and winning many industry awards. |
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Sales of the Smart Aluminium Bi-folding Door have been really impressive too in an ever more competitive market. Since unveiling the new in house innovatively designed Korniche Bi-folding Door to the market, sales of this new door featuring many ground breaking design innovations are increasing week on week with the most positive feed back. The Company's expectations are that it will make a real impact on turnover and profitability in the coming years. |
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The company continues to add to its product range with the addition of the Smart Aluminium Patio door which is being manufactured at a new 50,000 sq ft production space in nearby Hartlepool close to the A19 motorway. This addition complements the already successful Korniche Aluminium Lantern and Bi-folding door. |
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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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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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Other changes in directors holding office are as follows: |
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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. |
Aanco (UK) Limited (Registered number: 01777602) |
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Report of the Directors |
for the Year Ended 31 December 2020 |
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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 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 2020 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 |
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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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 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. |
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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. |
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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 three, 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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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: |
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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; |
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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. |
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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. |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Other operating income |
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28,259,184 | 26,213,143 |
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Raw materials and consumables |
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12,991,630 | 11,302,326 |
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Staff costs | 4 |
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Depreciation, amortisation and adjustments for
disposals |
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Other operating expenses |
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8,295,865 | 7,281,870 |
4,695,765 | 4,020,456 |
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Interest receivable and similar income |
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4,701,882 | 4,030,341 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION | 6 |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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Aanco (UK) Limited (Registered number: 01777602) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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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 | 14 | ( |
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PROVISIONS FOR LIABILITIES | 18 | ( |
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ACCRUALS AND DEFERRED INCOME | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Allotted, called up and fully paid share capital | 20 |
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Retained earnings | 21 |
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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 2020 |
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Allotted, |
called up |
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share | Retained | Total |
capital | earnings | equity |
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Balance at 1 January 2019 |
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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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Changes in equity |
Profit for the year | - | 4,129,951 | 4,129,951 |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 December 2020 |
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Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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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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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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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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Government grants |
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them. |
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Grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. |
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Revenue grants are recognised in the profit and loss account using the performance or accrual model as appropriate. |
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Coronavirus Job Retention Scheme grants are accounted for on accruals basis and are included within Other operating income. |
Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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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. |
Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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The preparation of these financial statements require management to make judgements, estimates and assumptions that affect the application of policies and reported amount of assets and liabilities, income and expenses. |
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Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
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Establishing useful economic lives of tangible fixed assets for depreciation purposes |
The annual depreciation charge depends primarily on the estimated useful economic lives which is changed as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Details of the depreciation policies based on estimated useful economic lives are included in accounting policies (see above). |
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Likelihood of occurrence of provisions and contingent liabilities |
Events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are made. If the likelihood is not remote then judgement is used to determine the contingent liability disclosed. |
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4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
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: |
2020 | 2019 |
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Production | 122 | 111 |
Administration | 54 | 50 |
Distribution | 10 | - |
Directors | 3 | 3 |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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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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Aanco (UK) Limited (Registered number: 01777602) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank loan interest |
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Hire purchase interest |
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6. | PROFIT BEFORE TAXATION |
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The profit is stated after charging/(crediting): |
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2020 | 2019 |
£ | £ |
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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Loss on disposal of fixed assets |
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Computer software amortisation |
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Auditors' remuneration |
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Foreign exchange differences |
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Coronavirus Job Retention Scheme grants | ( |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Over provision in prior year | (150,736 | ) | (78,552 | ) |
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 2020 |
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7. | 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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2020 | 2019 |
£ | £ |
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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Enhanced expenditure | (234,650 | ) | (119,051 | ) |
Total tax charge | 556,005 | 579,090 |
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8. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of £1 each |
Interim dividends |
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9. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Amortisation for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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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 2020 |
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10. | TANGIBLE FIXED ASSETS |
Short |
leasehold |
Freehold | land & |
property | buildings | Showsite |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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Reclassification/transfer |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
|
Reclassification/transfer |
|
( |
) |
|
At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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|
|
At 31 December 2019 |
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|
|
|
Plant and | Motor | Office |
machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
|
Additions |
|
|
|
|
Disposals | ( |
) | ( |
) |
|
( |
) |
Reclassification/transfer |
|
|
|
|
At 31 December 2020 |
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|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal | ( |
) | ( |
) |
|
( |
) |
Reclassification/transfer |
|
|
|
|
At 31 December 2020 |
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|
|
|
NET BOOK VALUE |
At 31 December 2020 |
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|
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|
At 31 December 2019 |
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|
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|
|
The net book value of tangible fixed assets includes £ 919,359 (2019 - £ 419,499 ) in respect of assets held under hire purchase contracts. |
Aanco (UK) Limited (Registered number: 01777602) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
|
11. | STOCKS |
2020 | 2019 |
£ | £ |
Raw materials and goods ready for sale |
|
|
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' current accounts | - | 5,837 |
Prepayments and accrued income |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
Trade creditors |
|
|
Tax |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Directors' current accounts | 6,603 | - |
Accruals and deferred income |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 15) |
|
|
Hire purchase contracts (see note 16) |
|
|
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
Aanco (UK) Limited (Registered number: 01777602) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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|
16. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2020 | 2019 |
£ | £ |
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 |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 811,441 | 258,802 |
|
|
|
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 2020 |
|
|
18. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other timing differences | (1,917 | ) | (672 | ) |
399,896 | 282,780 |
|
Deferred |
tax |
£ |
Balance at 1 January 2020 |
|
Charge to Statement of Comprehensive Income during year |
|
Balance at 31 December 2020 |
|
|
19. | ACCRUALS AND DEFERRED INCOME |
2020 | 2019 |
£ | £ |
Accruals and deferred income | 139,640 | - |
|
20. | ALLOTTED, CALLED UP AND FULLY PAID SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 20,000 | 20,000 |
|
21. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2020 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2020 |
|
|
22. | ULTIMATE PARENT COMPANY |
|
The only group in which the results are consolidated is that headed by the company's immediate and 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 (UK) Limited (Registered number: 01777602) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
|
23. | 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. |
|
24. | CAPITAL COMMITMENTS |
2020 | 2019 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
During the year the company made advances to directors of £151,881 and £157,718 was repaid by the directors (2019 - £18,431 and £14,692 respectively). Interest was charged at 2.5% per annum. All amounts were repayable on demand. |
|
26. | RELATED PARTY TRANSACTIONS |
|
Information about related party transactions and outstanding balances is outlined below: |
|
|
2020 | 2019 |
£ | £ |
Dividends paid | 798,000 | 768,000 |
Amount due from related party |
|
|
Amount due to related party | ( |
) |
|
|
|
2020 | 2019 |
£ | £ |
Purchases |
|
|
Amount due to related party |
|
|
|
Key management personnel compensation in the year totalled £179,441 (2019 - £170,375). |
|
In March 2020 the company became a wholly owned subsidiary of Aanco Holdings Limited, a company controlled by B Gaunt. |