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COMPANY REGISTRATION NUMBER: 10832315
Anchorage Holdings Limited
Financial Statements
31 December 2023
Anchorage Holdings Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Director's report
2
Independent auditor's report to the member
4
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11
Anchorage Holdings Limited
Strategic Report
Year ended 31 December 2023
This report was approved by the board of directors on 1 August 2024 and signed on behalf of the board by:
Mr D Robinson
Director
Registered office:
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
Anchorage Holdings Limited
Director's Report
Year ended 31 December 2023
The director presents his report and the financial statements of the company for the year ended 31 December 2023 .
Director
The director who served the company during the year was as follows:
Mr D Robinson
Dividends
Particulars of recommended dividends are detailed in note 9 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 1 August 2024 and signed on behalf of the board by:
Mr D Robinson
Director
Registered office:
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
Anchorage Holdings Limited
Independent Auditor's Report to the Member of Anchorage Holdings Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Anchorage Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: An explanation as to what extent the audit was considered capable of detecting irregularities, including fraud, is required and has not been entered. Please populate reportpad AuditorsResponsibilitiesDetectingIrregularitiesFraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditors report 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.
Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Stewart
(Senior Statutory Auditor)
For and on behalf of
Gregory Priestley & Stewart
Chartered Accountants & statutory auditor
Lyndhurst
1-3 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
1 August 2024
Anchorage Holdings Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
8,710
4,455
-------
-------
Gross profit
8,710
4,455
Administrative expenses
5,011
4,797
-------
-------
Operating profit/(loss)
3,699
( 342)
Income from shares in group undertakings
6
1,500,000
2,092,846
Other interest receivable and similar income
7
4,550
------------
------------
Profit before taxation
1,508,249
2,092,504
Tax on profit
8
880
------------
------------
Profit for the financial year and total comprehensive income
1,507,369
2,092,504
------------
------------
Dividends paid and payable
9
( 355,000)
( 162,000)
Retained earnings at the start of the year
2,718,742
788,238
------------
------------
Retained earnings at the end of the year
3,871,111
2,718,742
------------
------------
All the activities of the company are from continuing operations.
Anchorage Holdings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
10
558,528
558,528
Investments
11
1,046,660
1,046,660
------------
------------
1,605,188
1,605,188
Current assets
Debtors
12
3,092,347
413,280
Cash at bank and in hand
740,932
1,649,774
------------
------------
3,833,279
2,063,054
Creditors: amounts falling due within one year
13
1,567,256
949,400
------------
------------
Net current assets
2,266,023
1,113,654
------------
------------
Total assets less current liabilities
3,871,211
2,718,842
------------
------------
Net assets
3,871,211
2,718,842
------------
------------
Capital and reserves
Called up share capital
14
100
100
Profit and loss account
3,871,111
2,718,742
------------
------------
Shareholder funds
3,871,211
2,718,842
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr D Robinson
Director
Company registration number: 10832315
Anchorage Holdings Limited
Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,507,369
2,092,504
Adjustments for:
Income from shares in group undertakings
( 1,500,000)
( 2,092,846)
Other interest receivable and similar income
( 4,550)
Tax on profit
880
Accrued expenses
3,000
Changes in:
Trade and other debtors
( 2,679,067)
( 160,236)
------------
------------
Cash generated from operations
( 2,675,368)
( 157,578)
Interest received
4,550
------------
---------
Net cash used in operating activities
( 2,670,818)
( 157,578)
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 558,528)
Dividends received
1,500,000
2,092,846
------------
------------
Net cash from investing activities
1,500,000
1,534,318
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
616,976
( 642,296)
Dividends paid
( 355,000)
( 162,000)
------------
------------
Net cash from/(used in) financing activities
261,976
( 804,296)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 908,842)
572,444
Cash and cash equivalents at beginning of year
1,649,774
1,077,330
------------
------------
Cash and cash equivalents at end of year
740,932
1,649,774
------------
------------
Anchorage Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with 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 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.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Turnover
Turnover arises from:
2023
2022
£
£
Other significant types of revenue - desc in a/c
8,710
-------
----
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
3,000
3,000
-------
-------
6. Income from shares in group undertakings
2023
2022
£
£
Dividends from group undertakings
1,500,000
2,092,846
------------
------------
7. Other interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
4,550
-------
----
8. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
880
----
----
Tax on profit
880
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: the same as) the standard rate of corporation tax in the UK of 23.52 % (2022: -%).
2023
2022
£
£
Profit on ordinary activities before taxation
1,508,249
2,092,504
------------
------------
Profit on ordinary activities by rate of tax
354,740
Effect of revenue exempt from tax
( 352,800)
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
(1,060)
------------
------------
Tax on profit
880
------------
------------
9. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
355,000
162,000
---------
---------
10. Tangible assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
558,528
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
558,528
---------
At 31 December 2022
558,528
---------
11. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1,046,660
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
1,046,660
------------
At 31 December 2022
1,046,660
------------
12. Debtors
2023
2022
£
£
Amounts owed by group undertakings
1,753,044
253,044
Director's loan account
1,169,303
160,236
Other debtors
170,000
------------
---------
3,092,347
413,280
------------
---------
13. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,516,976
900,000
Accruals and deferred income
4,200
4,200
Corporation tax
880
Other creditors
45,200
45,200
------------
---------
1,567,256
949,400
------------
---------
14. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
15. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
1,649,774
(908,842)
740,932
Debt due within one year
(900,000)
(616,976)
(1,516,976)
------------
------------
------------
749,774
( 1,525,818)
( 776,044)
------------
------------
------------
16. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D Robinson
160,236
1,210,086
( 201,019)
1,169,303
---------
------------
---------
------------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D Robinson
----
----
----
----
Anchorage Holdings Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2023
16. Director's advances, credits and guarantees (continued)
No interest is charged by the company on the above loan to the director. There are no fixed terms of repayment.