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REGISTERED NUMBER: 09033199 (England and Wales)











ANVIL TRACTION LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 301,875 704,375
Tangible assets 5 30,313 19,648
Investments 6 33,625 33,625
365,813 757,648

CURRENT ASSETS
Stocks 387,332 264,722
Debtors 303,182 355,452
Cash at bank 163,313 386,322
853,827 1,006,496
CREDITORS
Amounts falling due within one year 141,873 602,096
NET CURRENT ASSETS 711,954 404,400
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,077,767

1,162,048

CREDITORS
Amounts falling due after more than one
year

(29,206

)

(29,745

)

PROVISIONS FOR LIABILITIES (5,759 ) (46,852 )

ACCRUALS AND DEFERRED INCOME (4,165 ) (13,165 )
NET ASSETS 1,038,637 1,072,286

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 1,038,537 1,072,186
SHAREHOLDERS' FUNDS 1,038,637 1,072,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





S J Poole - Director


ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Anvil Traction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09033199

Registered office: 16 Don White Road
Ogee Business Park
Wellingborough
Northamptonshire
NN8 4FT

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis of 10% per annum over its deemed useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Associates and Joint Ventures are held at cost less impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors and creditors
Debtors receivable / creditors payable within one year are measured at transaction price (less any impairment losses on debtors for bad and doubtful debts). Loans and other financial assets / liabilities are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method (less any impairment losses on debtors) for bad and doubtful debts.

Any losses arising from impairment are recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 year 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.

Foreign currencies
The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in comprehensive income as qualifying cash flow hedges.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 4,025,000
AMORTISATION
At 1 January 2023 3,320,625
Amortisation for year 402,500
At 31 December 2023 3,723,125
NET BOOK VALUE

At 31 December 2023 301,875
At 31 December 2022 704,375

ANVIL TRACTION LIMITED (REGISTERED NUMBER: 09033199)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 83,272
Additions 22,230
At 31 December 2023 105,502
DEPRECIATION
At 1 January 2023 63,624
Charge for year 11,565
At 31 December 2023 75,189
NET BOOK VALUE
At 31 December 2023 30,313
At 31 December 2022 19,648

6. FIXED ASSET INVESTMENTS

The investment held is a joint venture in which Anvil Traction Limited holds a 50% interest in the company Anvil Traction China and Hubei Kexin Shoes holds the remaining 50% interest. The monies invested were to cover the set up and running costs for the initial 12 months of this venture.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
750 Ordinary A 0.10 75 75
100 Ordinary B 0.10 10 10
150 Ordinary C 0.10 15 15
100 100

8. RELATED PARTY TRANSACTIONS

At the Balance Sheet date £12,908 (2022 - £20,410) was owed to the directors and family members. Interest of 8% (2022 - 4%) was charged on the loan balances during the year.

There was a also a balance owed to Anvil Traction China of £16,867 (2022 - £16,867). No interest has been charged and it is repayable on demand.