Company registration number SC171308 (Scotland)
ANDERSEN CALEDONIA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ANDERSEN CALEDONIA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ANDERSEN CALEDONIA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,328,109
1,251,910
Current assets
Stocks
150,427
69,494
Debtors
5
720,232
780,109
Cash at bank and in hand
281,405
335,507
1,152,064
1,185,110
Creditors: amounts falling due within one year
6
(891,756)
(871,368)
Net current assets
260,308
313,742
Total assets less current liabilities
1,588,417
1,565,652
Creditors: amounts falling due after more than one year
7
(864,608)
(918,346)
Provisions for liabilities
(97,579)
(108,438)
Net assets
626,230
538,868
Capital and reserves
Called up share capital
368,686
368,686
Share premium account
500,962
500,962
Profit and loss reserves
(243,418)
(330,780)
Total equity
626,230
538,868
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr J P Lintott
Director
Company Registration No. SC171308
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Andersen Caledonia Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian House, Phoenix Crescent, Strathclyde Business Park, Bellshill, Lanarkshire, United Kingdom, ML4 3NJ.
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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
In preparing these financial statements, the directors of the company have given carefultrue consideration to current and anticipated future solvency of the company and its ability to continue as a going concern for the foreseeable future.
The company has prepared the financial statements on a going concern basis. The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through its operating cash flows, cash reserves and banking facilities to meet its liabilities as they fall due for that period.
On this basis the directors believe the adoption of the going concern basis to be appropriate.
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.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
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:
Leasehold land and buildings
10% on cost
Plant and equipment
10% on cost
Computers
20% on cost
Motor vehicles
33% on cost
Office equipment
10% 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.
1.5
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 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.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.
1.8
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.
1.9
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.
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
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.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.14
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 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.
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
55
55
4
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Lab & office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
1,150,000
1,365,749
465,703
17,745
2,999,197
Additions
48,330
155,817
59,312
263,459
At 31 December 2022
1,150,000
48,330
1,521,566
525,015
17,745
3,262,656
Depreciation and impairment
At 1 January 2022
1,150,000
451,880
144,185
1,222
1,747,287
Depreciation charged in the year
123,194
58,151
5,915
187,260
At 31 December 2022
1,150,000
575,074
202,336
7,137
1,934,547
Carrying amount
At 31 December 2022
48,330
946,492
322,679
10,608
1,328,109
At 31 December 2021
913,869
321,518
16,523
1,251,910
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
508,589
523,906
Corporation tax recoverable
81,001
Other debtors
87,181
78,650
Prepayments and accrued income
109,186
81,276
704,956
764,833
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Debtors
(Continued)
- 7 -
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
15,276
15,276
Total debtors
720,232
780,109
6
Creditors: amounts falling due within one year
2022
2021
£
£
Obligations under finance leases
5,200
5,200
Other borrowings
69,365
62,043
Trade creditors
153,640
168,931
Taxation and social security
116,623
134,285
Other creditors
393,831
411,330
Accruals and deferred income
153,097
89,579
891,756
871,368
7
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
10,400
15,600
Other borrowings
171,859
241,224
Preference dividends payable
437,341
416,514
Share capital treated as debt
245,008
245,008
864,608
918,346
Cumulative preference dividends are payable only at such time that the company has sufficient distributable reserves.
Preference shares treated as debt are redeemable only on a sale or a disposal of all of the issued Ordinary Shares in the Company or a Listing.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Wilkie
Statutory Auditor:
Azets Audit Services
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Contingent assets
Andersen Caledonia Limited will be submitting a claim for research and development tax relief to HMRC for the year ended 31 December 2022. The inflow of economic benefits has been considered as probable because a tax credit has been obtained in the past. At present the company has an estimate of the tax credit of £85,000.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
983,225
1,021,073
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of tangible fixed assets
267,503
-
ANDERSEN CALEDONIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
12
Related party transactions
As at the balance sheet date the ultimate controlling party was owed £nil (2021 - £6,265).
As at the balance sheet date a company under common directorship was owed £nil (2021 - £16,486).
As at the balance sheet date the son of the Directors owed a balance to the company of £63,282 (2021 - £63,282).
During the year a Director charged fees amounting to £10,080 (2021 - £17,633) for services provided. At year end there were no amounts owed (2021 - £Nil).
During the year another Director charged fees amounting to £159,274 (2021 - £158,435). At the year end there were no amounts owed (2021 - £Nil).
During the year a third Director charged fees amounting to £21,415 (2021- £nil) for services provided. At year end there were no amounts owed (2021 - £Nil).
A historic balance of £35,500 is due to the company by a former Director and holder of the preference shares. This amount remains unpaid and the company has therefore been accruing interest on the balance. Due to the age of the debt this was previously provided for, however the Directors are strongly of the view this amount remains payable in addition to interest compounded at a commercial interest rate from the date of initial transfer of funds.
13
Directors' transactions
At the balance sheet date a total of £15,276 was owed to the company by a director. Interest is due on this loan at a rate of 1% annually
14
Parent company
The Blue Moon Trust, are considered by the directors to be the Ultimate Controlling Party. Timothy Lintott is the first protector of the Trust.
2022-12-312022-01-01false12 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr J P LintottMr C W R LintottMs L AndersenMr J P LintottSC1713082022-01-012022-12-31SC1713082022-12-31SC1713082021-12-31SC171308core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-31SC171308core:ConstructionInProgressAssetsUnderConstruction2022-12-31SC171308core:PlantMachinery2022-12-31SC171308core:ComputerEquipment2022-12-31SC171308core:MotorVehicles2022-12-31SC171308core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-31SC171308core:ConstructionInProgressAssetsUnderConstruction2021-12-31SC171308core:PlantMachinery2021-12-31SC171308core:ComputerEquipment2021-12-31SC171308core:MotorVehicles2021-12-31SC171308core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC171308core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC171308core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC171308core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31SC171308core:CurrentFinancialInstruments2022-12-31SC171308core:CurrentFinancialInstruments2021-12-31SC171308core:Non-currentFinancialInstruments2022-12-31SC171308core:Non-currentFinancialInstruments2021-12-31SC171308core:ShareCapital2022-12-31SC171308core:ShareCapital2021-12-31SC171308core:SharePremium2022-12-31SC171308core:SharePremium2021-12-31SC171308core:RetainedEarningsAccumulatedLosses2022-12-31SC171308core:RetainedEarningsAccumulatedLosses2021-12-31SC171308bus:CompanySecretaryDirector12022-01-012022-12-31SC171308core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-31SC171308core:PlantMachinery2022-01-012022-12-31SC171308core:ComputerEquipment2022-01-012022-12-31SC171308core:MotorVehicles2022-01-012022-12-31SC171308core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-012022-12-31SC1713082021-01-012021-12-31SC171308core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-31SC171308core:ConstructionInProgressAssetsUnderConstruction2021-12-31SC171308core:PlantMachinery2021-12-31SC171308core:ComputerEquipment2021-12-31SC171308core:MotorVehicles2021-12-31SC1713082021-12-31SC171308core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-31SC171308core:ConstructionInProgressAssetsUnderConstruction2022-01-012022-12-31SC171308core:Non-currentFinancialInstruments12022-12-31SC171308core:Non-currentFinancialInstruments12021-12-31SC171308bus:PrivateLimitedCompanyLtd2022-01-012022-12-31SC171308bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-31SC171308bus:FRS1022022-01-012022-12-31SC171308bus:Audited2022-01-012022-12-31SC171308bus:Director12022-01-012022-12-31SC171308bus:Director22022-01-012022-12-31SC171308bus:Director32022-01-012022-12-31SC171308bus:CompanySecretary12022-01-012022-12-31SC171308bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP