Company Registration No. 00430163 (England and Wales)
ANDERMAN & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ANDERMAN & COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr R T Feeser
Mr P D Dimmock
Mrs A C Gilbert
Dr J A Verrier
Mrs J Paterson
Mr A Cicchetti
Secretary
Mrs C Verrier
Company number
00430163
Registered office
117 Oak Drive
Hartlebury Trading Estate
Kidderminder
Worcestershire
DY10 4JB
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank plc
28 Borough High Street
Southwark
London
SE1 1YB
ANDERMAN & COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ANDERMAN & COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ANDERMAN & COMPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Anderman & Company Limited for the year ended 31 December 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Anderman & Company Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Anderman & Company Limited
and state those matters that we have agreed to state to the Board of Directors of Anderman & Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Anderman & Company Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Anderman & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Anderman & Company Limited. You consider that Anderman & Company Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Anderman & Company Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
3 August 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ANDERMAN & COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44,836
67,190
Investments
4
76
83
44,912
67,273
Current assets
Stocks
596,963
521,294
Debtors
5
2,081,565
1,716,558
Cash at bank and in hand
27,703
81,704
2,706,231
2,319,556
Creditors: amounts falling due within one year
6
(1,076,515)
(1,060,712)
Net current assets
1,629,716
1,258,844
Total assets less current liabilities
1,674,628
1,326,117
Creditors: amounts falling due after more than one year
7
(194,614)
(6,709)
Provisions for liabilities
(4,825)
(6,241)
Net assets
1,475,189
1,313,167
Capital and reserves
Called up share capital
10
18,338
18,338
Share premium account
239,151
239,151
Capital redemption reserve
3,700
3,700
Profit and loss reserves
1,214,000
1,051,978
Total equity
1,475,189
1,313,167
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ANDERMAN & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2017
31 December 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 3 August 2018 and are signed on its behalf by:
Dr J A Verrier
Director
Company Registration No. 00430163
ANDERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information
Anderman & Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
117 Oak Drive, Hartlebury Trading Estate, Kidderminder, Worcestershire, DY10 4JB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Improvements to property
15% on cost
Warehouse equipment
20% on cost
Office equipment, fixtures and fittings
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
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
ANDERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
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 replacement cost and 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.
1.6
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.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ANDERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.9
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 the profit and loss account 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 income 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 lease asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 14 (2016 - 14).
3
Tangible fixed assets
Improvements to property
Warehouse equipment
Office equipment, fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2017
117,010
17,275
106,319
240,604
Additions
-
2,500
649
3,149
Exchange adjustments
-
-
447
447
At 31 December 2017
117,010
19,775
107,415
244,200
Depreciation and impairment
At 1 January 2017
73,478
8,783
91,154
173,415
Depreciation charged in the year
17,552
2,348
5,603
25,503
Exchange adjustments
-
-
446
446
At 31 December 2017
91,030
11,131
97,203
199,364
Carrying amount
At 31 December 2017
25,980
8,644
10,212
44,836
At 31 December 2016
43,533
8,492
15,165
67,190
ANDERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
3
Tangible fixed assets
(Continued)
- 7 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Warehouse equipment
6,195
8,260
4
Fixed asset investments
2017
2016
£
£
Investments
76
83
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017
83
Exchange differences
(7)
At 31 December 2017
76
Carrying amount
At 31 December 2017
76
At 31 December 2016
83
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
667,358
716,765
Corporation tax recoverable
-
14,906
Amounts due from group undertakings
1,352,543
948,257
Other debtors
61,664
36,630
2,081,565
1,716,558
ANDERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
312,854
283,315
Trade creditors
477,445
397,976
Amounts due to group undertakings
140,930
212,298
Other taxation and social security
57,767
54,361
Other creditors
87,519
112,762
1,076,515
1,060,712
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
189,768
-
Other creditors
4,846
6,709
194,614
6,709
8
Secured debts
The following secured debts are included within creditors:
2017
2016
£
£
Hire purchase contracts
6,709
8,572
Bank overdrafts
92,380
81,154
Bank loans
410,242
202,161
509,331
291,887
Hire purchase contracts are secured against the assets to which they relate.
9
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
4,825
6,241
4,825
6,241
ANDERMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
183,380 Ordinary of 10p each
18,338
18,338
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is Ceramic Products Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Dr J A Verrier, by virtue of his controlling interest in the ultimate parent company.
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03 August 2018
Mr R T Feeser
Mr P D Dimmock
Mrs A C Gilbert
Dr J A Verrier
Mrs J Paterson
Mr A Cicchetti
Mrs C Verrier
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