Company Registration No. 01681135 (England and Wales)
ANSADOR LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
ANSADOR LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12
ANSADOR LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr F. Davey
Mr A. Davey
Company number
01681135
Registered office
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
ANSADOR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
65,565
100,154
Current assets
Stocks
161,316
262,745
Debtors
5
2,178,218
2,095,654
Cash at bank and in hand
1,028,876
17,176
3,368,410
2,375,575
Creditors: amounts falling due within one year
6
(2,015,707)
(1,349,848)
Net current assets
1,352,703
1,025,727
Total assets less current liabilities
1,418,268
1,125,881
Creditors: amounts falling due after more than one year
7
(467,312)
(351,042)
Provisions for liabilities
(9,666)
(15,178)
Net assets
941,290
759,661
Capital and reserves
Called up share capital
10,159
10,159
Capital redemption reserve
14,841
14,841
Profit and loss reserves
916,290
734,661
Total equity
941,290
759,661
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.
ANSADOR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
Mr A. Davey
Director
Company Registration No. 01681135
The notes on pages 4 to 12 form part of these financial statements
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Ansador Limited (01681135) is a private company limited by shares incorporated in England and Wales. The registered office is The Granary, Hones Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB. The business address is The Old Coppermill, Copper Mill Lane, London, SW17 0BN.
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
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.
The directors have prepared forecasts and considered their expectations for the company over the next 12 months and the company’s ability to meet its liabilities as they fall due, based upon the information available to the directors at the date of these financial statements.
The company moved away from high risk corporate clients to building relationships with public bodies. Based on their business and cash forecasts combined with growth in confirmed forward orders received, the directors have a good expectation that the company has adequate resources to contend with the uncertainties that may arise, and 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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work performed in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Retentions are recognised immediately upon invoicing the customer on completion of work undertaken.
Revenue arising from service level agreements is recognised in the profit and loss account evenly over the period of time to which they relate with the amount invoiced in advance being accounted for as deferred income within creditors.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
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 property
Over the period of the lease
Rented equipment
Over the period of the hire
Furniture and equipment
20% straight line basis
Computer equipment
25% straight line basis
Motor vehicles
25% straight line basis
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
1.7
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.
1.8
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, bank balances and loans to fellow group companies, 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.
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.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
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.
1.16
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
27
3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
31,933
45,090
4
Tangible fixed assets
Leasehold property
Rented equipment
Furniture and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
8,529
23,500
28,075
60,944
81,067
202,115
Additions
3,336
3,336
Disposals
(28,075)
(36,870)
(64,945)
At 31 March 2023
8,529
23,500
64,280
44,197
140,506
Depreciation and impairment
At 1 April 2022
4,833
3,917
25,182
27,722
40,306
101,960
Depreciation charged in the year
853
5,875
1,920
13,951
7,349
29,948
Eliminated in respect of disposals
(27,102)
(29,865)
(56,967)
At 31 March 2023
5,686
9,792
41,673
17,790
74,941
Carrying amount
At 31 March 2023
2,843
13,708
22,607
26,407
65,565
At 31 March 2022
3,695
19,583
2,893
33,222
40,761
100,154
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,008,951
1,016,104
Amounts owed by group undertakings
450,197
450,197
Other debtors
7,181
7,181
Prepayments and accrued income
711,889
622,172
2,178,218
2,095,654
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
132,673
54,893
Obligations under hire purchase agreements
15,141
38,654
Trade creditors
860,479
589,515
Corporation tax
96,520
155,126
Other taxation and social security
124,326
36,472
Deferred income
343,114
433,806
Other creditors
812
5,135
Accruals and deferred income
442,642
36,247
2,015,707
1,349,848
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
458,941
345,107
Other creditors
8,371
5,935
467,312
351,042
The bank loan and overdraft are secured by a fixed and floating charge. The finance leases are secured against the assets to which they relate.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
9,666
15,178
2023
Movements in the year:
£
Liability at 1 April 2022
15,178
Credit to profit or loss
(5,512)
Liability at 31 March 2023
9,666
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
9
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:
2023
2022
£
£
Within one year
48,608
56,840
Between two and five years
113,419
113,419
Total commitments
162,027
170,259
10
Related party transactions
A director has given a personal guarantee to the bank of £100,000.
11
Parent company
The company's immediate parent undertaking is Ansador Holdings Limited, which controls 100% of the company's share capital.
ANSADOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
12
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.
The senior statutory auditor was Robert Keen FCCA.
The auditor was TC Group.
2023-03-312022-04-01false18 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr F. DaveyMr A. Davey2023-10-18016811352022-04-012023-03-3101681135bus:Director12022-04-012023-03-3101681135bus:Director22022-04-012023-03-3101681135bus:RegisteredOffice2022-04-012023-03-31016811352023-03-31016811352022-03-3101681135core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3101681135core:PlantMachinery2023-03-3101681135core:FurnitureFittings2023-03-3101681135core:ComputerEquipment2023-03-3101681135core:MotorVehicles2023-03-3101681135core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3101681135core:PlantMachinery2022-03-3101681135core:FurnitureFittings2022-03-3101681135core:ComputerEquipment2022-03-3101681135core:MotorVehicles2022-03-3101681135core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101681135core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101681135core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101681135core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101681135core:Non-currentFinancialInstruments2023-03-3101681135core:Non-currentFinancialInstruments2022-03-3101681135core:ShareCapital2023-03-3101681135core:ShareCapital2022-03-3101681135core:CapitalRedemptionReserve2023-03-3101681135core:CapitalRedemptionReserve2022-03-3101681135core:RetainedEarningsAccumulatedLosses2023-03-3101681135core:RetainedEarningsAccumulatedLosses2022-03-3101681135core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3101681135core:PlantMachinery2022-04-012023-03-3101681135core:FurnitureFittings2022-04-012023-03-3101681135core:ComputerEquipment2022-04-012023-03-3101681135core:MotorVehicles2022-04-012023-03-31016811352021-04-012022-03-3101681135core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3101681135core:PlantMachinery2022-03-3101681135core:FurnitureFittings2022-03-3101681135core:ComputerEquipment2022-03-3101681135core:MotorVehicles2022-03-31016811352022-03-3101681135core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3101681135core:CurrentFinancialInstruments2023-03-3101681135core:CurrentFinancialInstruments2022-03-3101681135core:WithinOneYear2023-03-3101681135core:WithinOneYear2022-03-3101681135core:BetweenTwoFiveYears2023-03-3101681135core:BetweenTwoFiveYears2022-03-3101681135bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101681135bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101681135bus:FRS1022022-04-012023-03-3101681135bus:Audited2022-04-012023-03-3101681135bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP