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REGISTERED NUMBER: 13907583 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period 10 February 2022 to 31 October 2022

for

Ansa Elevators AB Ltd

Ansa Elevators AB Ltd (Registered number: 13907583)






Contents of the Consolidated Financial Statements
for the Period 10 February 2022 to 31 October 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Ansa Elevators AB Ltd

Company Information
for the Period 10 February 2022 to 31 October 2022







DIRECTORS: M S Dunning ACA
G T Kennedy
J Taylor
A Greenhalgh



SECRETARY: M S Dunning ACA



REGISTERED OFFICE: 21 Broadgate
Oldham Broadway Business Park
Oldham
Greater Manchester
OL9 9XA



REGISTERED NUMBER: 13907583 (England and Wales)



SENIOR STATUTORY AUDITOR: Ian Sluckis BA FCA



AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Ansa Elevators AB Ltd (Registered number: 13907583)

Group Strategic Report
for the Period 10 February 2022 to 31 October 2022

The directors present their strategic report of the company and the group for the period 10 February 2022 to 31 October 2022.

The principal activity of the group was that of maintenance, repair, modernisation and the installation of lifts.

The principal activity of the company is of a holding company.

REVIEW OF BUSINESS
The results for the period and the financial position of the company and the group are shown in the annexed financial statements.

The company and group's core values of excellent customer service and quality underpin it's strong financial performance.

PRINCIPAL RISKS AND UNCERTAINTIES
Inflationary pressures and uncertain market conditions continue to be of concern and may impact future trading performance. The company and group are experiencing cost increases in the current year.

The company and group continue to take steps and are in a good position to deal with these issues, firstly the company and group's customer base and contract base is very diverse which ensures a hedged commercial risk, secondly the project order book and service contract base are very strong and the company and group retain an excellent net asset and liquidity position.

FINANCIAL PERFORMANCE
The directors have managed to maintain strong financial performance despite the prevailing economic conditions.

Turnover for the period was £5.8m and profit before tax was £1.4m.

KEY PERFORMANCE INDICATORS
FY 2022

Revenue growth N/A
Gross margin 37.79%
Average number of employees 108
PBT 23.9%

The current years management accounts show another solid period of trading.

ON BEHALF OF THE BOARD:





M S Dunning ACA - Director


23 November 2023

Ansa Elevators AB Ltd (Registered number: 13907583)

Report of the Directors
for the Period 10 February 2022 to 31 October 2022

The directors present their report with the financial statements of the company and the group for the period 10 February 2022 to 31 October 2022.

INCORPORATION
The group was incorporated on 10 February 2022 .

DIVIDENDS
An interim dividend of 333.75 per share was paid on 1 June 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 31 October 2022 will be £ 433,332 .

DIRECTORS
The directors who have held office during the period from 10 February 2022 to the date of this report are as follows:

M S Dunning ACA - appointed 10 February 2022
G T Kennedy - appointed 10 February 2022
J Taylor - appointed 10 February 2022
A Greenhalgh - appointed 10 February 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M S Dunning ACA - Director


23 November 2023

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd

Opinion
We have audited the financial statements of Ansa Elevators AB Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2022 and of the group's profit for the period 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.

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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

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.

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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

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.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance;
- results of enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd


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.




Ian Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

23 November 2023

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated
Income Statement
for the Period 10 February 2022 to 31 October 2022

Notes £   

TURNOVER 5,785,917

Cost of sales 3,599,560
GROSS PROFIT 2,186,357

Administrative expenses 787,299
OPERATING PROFIT 4 1,399,058

Interest receivable and similar income 1,919
1,400,977

Interest payable and similar expenses 5 17,888
PROFIT BEFORE TAXATION 1,383,089

Tax on profit 6 162,426
PROFIT FOR THE FINANCIAL PERIOD 1,220,663
Profit attributable to:
Owners of the parent 1,220,663

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated
Other Comprehensive Income
for the Period 10 February 2022 to 31 October 2022

Notes £   

PROFIT FOR THE PERIOD 1,220,663


OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

1,220,663

Total comprehensive income attributable to:
Owners of the parent 1,220,663

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated Balance Sheet
31 October 2022

Notes £    £   
FIXED ASSETS
Intangible assets 9 -
Tangible assets 10 508,594
Investments 11 -
508,594

CURRENT ASSETS
Debtors 12 4,819,063
Cash at bank 2,320,974
7,140,037
CREDITORS
Amounts falling due within one year 13 6,741,657
NET CURRENT ASSETS 398,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

906,974

PROVISIONS FOR LIABILITIES 15 118,360
NET ASSETS 788,614

CAPITAL AND RESERVES
Called up share capital 16 1,283
Retained earnings 17 787,331
SHAREHOLDERS' FUNDS 788,614

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





M S Dunning ACA - Director


Ansa Elevators AB Ltd (Registered number: 13907583)

Company Balance Sheet
31 October 2022

Notes £    £   
FIXED ASSETS
Intangible assets 9 -
Tangible assets 10 -
Investments 11 5,072,871
5,072,871

CREDITORS
Amounts falling due within one year 13 5,071,588
NET CURRENT LIABILITIES (5,071,588 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,283

CAPITAL AND RESERVES
Called up share capital 16 1,283
SHAREHOLDERS' FUNDS 1,283

Company's profit for the financial year 433,332

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





M S Dunning ACA - Director


Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated Statement of Changes in Equity
for the Period 10 February 2022 to 31 October 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1,283 - 1,283
Dividends - (433,332 ) (433,332 )
Total comprehensive income - 1,220,663 1,220,663
Balance at 31 October 2022 1,283 787,331 788,614

Ansa Elevators AB Ltd (Registered number: 13907583)

Company Statement of Changes in Equity
for the Period 10 February 2022 to 31 October 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1,283 - 1,283
Dividends - (433,332 ) (433,332 )
Total comprehensive income - 433,332 433,332
Balance at 31 October 2022 1,283 - 1,283

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated Cash Flow Statement
for the Period 10 February 2022 to 31 October 2022

Notes £   
Cash flows from operating activities
Cash generated from operations 1 352,314
Interest paid (17,888 )
Tax paid (296,181 )
Net cash from operating activities 38,245

Cash flows from investing activities
Purchase of intangible fixed assets (5,072,871 )
Purchase of tangible fixed assets (51,338 )
Sale of tangible fixed assets 7,001
Interest received 1,919
Net cash from investing activities (5,115,289 )

Cash flows from financing activities
Amount introduced by directors 4,674,417
Share issue 1,283
Net cash acquired with subsidiaries 3,155,650
Equity dividends paid (433,332 )
Net cash from financing activities 7,398,018

Increase in cash and cash equivalents 2,320,974
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of period 2 2,320,974

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Cash Flow Statement
for the Period 10 February 2022 to 31 October 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
£   
Profit before taxation 1,383,089
Depreciation charges (585,901 )
Profit on disposal of fixed assets (4,680 )
Finance costs 17,888
Finance income (1,919 )
808,477
Increase in trade and other debtors (750,514 )
Increase in trade and other creditors 294,351
Cash generated from operations 352,314

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 October 2022
31.10.22 10.2.22
£    £   
Cash and cash equivalents 2,320,974 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 10.2.22 Cash flow At 31.10.22
£    £    £   
Net cash
Cash at bank - 2,320,974 2,320,974
- 2,320,974 2,320,974
Total - 2,320,974 2,320,974

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements
for the Period 10 February 2022 to 31 October 2022

1. STATUTORY INFORMATION

Ansa Elevators AB Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements include the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold are consolidated from the periods from or to the date on which control passes. Acquisitions are accounted for under the acquisition method.

Negative goodwill, which represents the excess of the fair value of the net assets acquired over the purchase consideration for the shares in the subsidiaries is credited to the balance sheet and will be recognised in the profit and loss account in the period in which the shares in subsidiaries are acquired.

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant accounting Judgements

The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of turnover and tangible fixed assets as discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

The turnover policy, as described below, requires forecasts to be made of the outcomes of long-term construction contracts. These require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work and changes in costs. The range of potential outcomes could result in a positive or negative change to underlying profitability and cash flow.

Provisions are made for expected future losses on incomplete contracts. These provision require management's best estimate of the costs that will be required to complete contracts based on contractual requirements.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received and receivable for services provided, net of trade discounts and value added tax. Turnover from contracting and service activities represents the value of work carried out during the year, including amounts not invoiced.
When the outcome of individual construction and service contracts can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.Variation in work, claims and incentive payments are included to the extent that it is probable they will result in revenue.

Interest income
Bank and other interest is recognised in the period in which it was received.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business has been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - The period of the lease
Plant & machinery - 25% on cost
Fixtures & fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The group's financial statements for the period ended 31st October 2022 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. These are depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Those held under operating leases are charged to the profit and loss account as they are incurred.

3. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 1,631,302
Social security costs 195,053
Other pension costs 116,417
1,942,772

The average number of employees during the period was as follows:

Administration 48
Direct labour 60
108

£   
Directors' remuneration 171,773
Directors' pension contributions to money purchase schemes 36,023

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

£   
Depreciation - owned assets 116,644
Profit on disposal of fixed assets (4,680 )
Goodwill on consolidation amortisation (702,545 )
Auditors' remuneration 7,767
Other operating leases - land & buildings 39,583

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank interest 21
Other interest 17,867
17,888

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 124,192

Deferred tax 38,234
Tax on profit 162,426

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Profit before tax 1,383,089
Profit multiplied by the standard rate of corporation tax in the UK of 19 % 262,787

Effects of:
Expenses not deductible for tax purposes 5,188
Capital allowances in excess of depreciation (133,956 )
Deferred tax charge - impact of rate change 28,407
Total tax charge 162,426

From 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
£   
Ordinary shares of £1 each
Interim 433,332

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
on
consolidation
£   
COST
Additions 5,072,870
Acquisition on business
combinations (5,775,415 )
At 31 October 2022 (702,545 )
AMORTISATION
Amortisation for period (702,545 )
At 31 October 2022 (702,545 )
NET BOOK VALUE
At 31 October 2022 -

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 10 February 2022 46,377 73,006 60,090
Additions - 7,930 2,745
Disposals - (358 ) (1,830 )
At 31 October 2022 46,377 80,578 61,005
DEPRECIATION
At 10 February 2022 37,846 52,451 48,241
Charge for period (7,418 ) 12,270 2,330
Eliminated on disposal - (358 ) (1,830 )
At 31 October 2022 30,428 64,363 48,741
NET BOOK VALUE
At 31 October 2022 15,949 16,215 12,264
At 9 February 2022 8,531 20,555 11,849

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 10 February 2022 1,227,858 338,413 1,745,744
Additions 5,870 34,793 51,338
Disposals (34,027 ) (16,292 ) (52,507 )
At 31 October 2022 1,199,701 356,914 1,744,575
DEPRECIATION
At 10 February 2022 767,180 263,805 1,169,523
Charge for period 94,616 14,846 116,644
Eliminated on disposal (32,763 ) (15,235 ) (50,186 )
At 31 October 2022 829,033 263,416 1,235,981
NET BOOK VALUE
At 31 October 2022 370,668 93,498 508,594
At 9 February 2022 460,678 74,608 576,221

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 5,072,871
At 31 October 2022 5,072,871
NET BOOK VALUE
At 31 October 2022 5,072,871

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ansa Elevators Group Limited
Registered office: England & Wales
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

ANSA Elevators Limited - Indirectly held
Registered office: England & Wales
Nature of business: Maintenance,repair and installation of lifts.
%
Class of shares: holding
Ordinary 100.00


On 20 May 2022, the group acquired 100% of the ordinary share capital of Ansa Elevators Group Limited Limited.

Analysis of acquisition
£

Tangible fixed assets 576,239
Debtors 5,706,759
Cash 3,155,650
Creditors (3,663,232 )
Acquisition on business combinations 5,775,416
Consideration 5,072,871
Negative goodwill (702,545 )

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group
£   
Trade debtors 2,171,031
Amounts recoverable on contract 763,450
Other debtors 316,540
Directors' current accounts 1,379,206
Prepayments 188,836
4,819,063

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade creditors 2,256,375 -
Amounts owed to group undertakings - 5,071,588
Tax 219,885 -
Social security and other taxes 409,433 -
Other creditors 474,781 -
Directors' current accounts 3,036,188 -
Accrued expenses 344,995 -
6,741,657 5,071,588

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non- cancellable operating leases
£   
Within one year 95,000
Between one and five years 380,000
In more than five years 285,000
760,000

15. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax 118,360

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

15. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Charge to Income Statement during period 38,234
On acquisition of subsidiary 80,126
Balance at 31 October 2022 118,360

2022
£
Accelerated capital allowances 118,360

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
1,283 Ordinary £1 1,283

1,283 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

17. RESERVES

Group
Retained
earnings
£   

Profit for the period 1,220,663
Dividends (433,332 )
At 31 October 2022 787,331

Company
Retained
earnings
£   

Profit for the period 433,332
Dividends (433,332 )
At 31 October 2022 -


Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Period 10 February 2022 to 31 October 2022

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 October 2022:

£   
A Greenhalgh
Balance outstanding at start of period -
Amounts advanced 1,183,197
Amounts repaid (129,358 )
Amounts written off -
Amounts waived -
Balance outstanding at end of period 1,053,839

J Taylor
Balance outstanding at start of period -
Amounts advanced 422,301
Amounts repaid (96,934 )
Amounts written off -
Amounts waived -
Balance outstanding at end of period 325,367

During the period, the group received interest amounting to £10,608 in respect of directors advances at a rate of 2% - 2.5% per annum.

19. RELATED PARTY DISCLOSURES

During the period, the group paid £39,583 in rent to an entity in which some of the directors of the group have a material interest. At 31 October 2022, the balance outstanding was nil.

At 31 October 2022, creditors included director's current account balances amounting to £3,036,188. There are no fixed repayment terms and interest amounting to £28,475 has been charged to the group in respect of these balances at a rate of 2% - 2.5% per annum.

20. ULTIMATE CONTROLLING PARTY

The company and group have been controlled throughout the current period by its directors.