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COMPANY REGISTRATION NUMBER: 05274596
ANTICH & SONS (HUDDERSFIELD) LIMITED
FILLETED FINANCIAL STATEMENTS
31 May 2023
ANTICH & SONS (HUDDERSFIELD) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 9
ANTICH & SONS (HUDDERSFIELD) LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,916,494
1,651,703
Current assets
Stocks
7
506,351
360,194
Debtors
8
2,528,515
1,941,849
Cash at bank and in hand
104,148
43,641
------------
------------
3,139,014
2,345,684
Creditors: amounts falling due within one year
9
( 3,118,707)
( 2,226,313)
------------
------------
Net current assets
20,307
119,371
------------
------------
Total assets less current liabilities
1,936,801
1,771,074
Creditors: amounts falling due after more than one year
10
( 621,972)
( 628,651)
Provisions
( 476,079)
( 306,422)
------------
------------
Net assets
838,750
836,001
------------
------------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
838,650
835,901
------------
------------
Shareholders funds
838,750
836,001
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr D M Antich
Director
Company registration number: 05274596
ANTICH & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Daropeant Buildings, Station Road, Bradley, Huddersfield, HD2 1UW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
25% on costs straight line and 10% on cost straight line
Plant and machinery
-
at varying rates on cost
Fixtures and fittings
-
25% on cost straight line and 20% on cost straight line
Motor vehicles
-
33% on cost straight line and 25% on cost straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 85 (2022: 72 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
90,000
------------
Amortisation
At 1 June 2022 and 31 May 2023
90,000
------------
Carrying amount
At 31 May 2023
------------
At 31 May 2022
------------
6. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
347,006
3,242,817
150,780
77,060
3,817,663
Additions
445,115
19,263
29,999
494,377
Disposals
( 50,800)
( 50,800)
------------
------------
------------
------------
------------
At 31 May 2023
347,006
3,687,932
170,043
56,259
4,261,240
------------
------------
------------
------------
------------
Depreciation
At 1 June 2022
246,929
1,776,222
86,621
56,188
2,165,960
Charge for the year
9,815
166,885
23,681
22,432
222,813
Disposals
( 44,027)
( 44,027)
------------
------------
------------
------------
------------
At 31 May 2023
256,744
1,943,107
110,302
34,593
2,344,746
------------
------------
------------
------------
------------
Carrying amount
At 31 May 2023
90,262
1,744,825
59,741
21,666
1,916,494
------------
------------
------------
------------
------------
At 31 May 2022
100,077
1,466,595
64,159
20,872
1,651,703
------------
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
55,595
43,743
Work in progress
41,565
110,918
Finished goods and goods for resale
409,191
205,533
------------
------------
506,351
360,194
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
949,197
689,448
Amounts owed by group undertakings
482,856
192,336
Prepayments and accrued income
333,280
243,668
Corporation tax repayable
16,737
Other debtors
763,182
799,660
------------
------------
2,528,515
1,941,849
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
1,227,296
936,776
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
776,605
564,566
Trade creditors
1,008,366
643,735
Amounts owed to group undertakings
543,476
468,549
Accruals and deferred income
58,591
94,924
Social security and other taxes
295,591
153,792
Obligations under finance leases and hire purchase contracts
268,938
187,100
Director loan accounts
28,819
9,183
Other creditors
138,321
104,464
------------
------------
3,118,707
2,226,313
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
144,000
216,000
Obligations under finance leases and hire purchase contracts
477,972
412,651
------------
------------
621,972
628,651
------------
------------
11. Secured debts
2023
2022
£
£
Invoice finance facility
704,605
492,566
Bank loans
216,000
288,000
Hire purchase contracts
746,910
599,751
------------
------------
1,667,515
1,380,317
------------
------------
Bank loans are secured by an unlimited debenture, invoice finance is secured on the book debts of the company and hire purchase contracts are secured against the assets to which they relate.
12. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
476,079
306,422
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
476,079
306,422
------------
------------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
75
75
75
75
Ordinary B shares of £ 1 each
16
16
16
16
Ordinary C shares of £ 1 each
6
6
6
6
Ordinary D shares of £ 1 each
1
1
1
1
Ordinary E shares of £ 1 each
1
1
1
1
Ordinary F shares of £1 each
1
1
1
1
------------
------------
------------
------------
100
100
100
100
------------
------------
------------
------------
14. Contingencies
The company has entered into an unlimited all monies joint and several guarantee with and provided a debenture to Lloyds Bank PLC in support of the borrowings of its ultimate holding company Daropeant Properties Limited. At 31 May 2023 Daropeant Properties Limited had outstanding loans with Lloyds Bank PLC totalling £691,555 (2022: £784,765).
15. Summary audit opinion
The auditor's report for the year dated 20 February 2024 was unqualified.
The senior statutory auditor was D M Butterworth , for and on behalf of Wheawill & Sudworth Limited .
16. Related party transactions
Included within debtors above is a loan to C & J Antich Limited of £482,856 (2022: £192,336), a fellow subsidiary. This loan is unsecured, repayable on demand and currently interest free. Recoverability is expected to be after 31 May 2024 and this loan has been disclosed within amounts falling due after more than one year. Included within creditors above are loans and debts owed to Daropeant Properties Limited of £919,058 (2022: £740,594), the parent company. These are unsecured, repayable on demand and partly bear interest at commercial rates.
17. Controlling party
The ultimate controlling party is Mrs J A Antich. The company is a subsidiary of Daropeant Properties Limited , a company incorporated in England and Wales.