1 January 2023 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP118816872023-01-012023-12-31118816872023-12-31118816872022-12-3111881687core:WithinOneYear2023-12-3111881687core:WithinOneYear2022-12-3111881687core:AfterOneYear2023-12-3111881687core:AfterOneYear2022-12-3111881687core:ShareCapital2023-12-3111881687core:ShareCapital2022-12-3111881687core:SharePremium2023-12-3111881687core:SharePremium2022-12-3111881687core:RetainedEarningsAccumulatedLosses2023-12-3111881687core:RetainedEarningsAccumulatedLosses2022-12-3111881687bus:Director12023-01-012023-12-3111881687bus:RegisteredOffice2023-01-012023-12-31118816872022-01-012022-12-3111881687core:LandBuildings2023-01-0111881687core:LandBuildings2023-01-012023-12-3111881687core:LandBuildings2022-12-3111881687core:CostValuation2023-01-0111881687core:CostValuation2023-12-311188168712023-01-012023-12-3111881687countries:EnglandWales2023-01-012023-12-3111881687bus:AuditExemptWithAccountantsReport2023-01-012023-12-3111881687bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111881687bus:SmallEntities2023-01-012023-12-3111881687bus:FullAccounts2023-01-012023-12-31
Company registration number:
11881687
Anglotech Group Holdings Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Anglotech Group Holdings Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Anglotech Group Holdings Limited
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Anglotech Group Holdings Limited
for the year ended
31 December 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Anglotech Group Holdings Limited
, as a body. My work has been undertaken solely to prepare for your approval the
financial statements
of
Anglotech Group Holdings Limited
and state those matters that I have agreed to state to the Board of Directors of
Anglotech Group Holdings Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Anglotech Group Holdings Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Anglotech Group Holdings Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Anglotech Group Holdings Limited
. You consider that
Anglotech Group Holdings Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Anglotech Group Holdings Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Lineham & Co Limited
39 Somerset Drive
Duston
Northamptonshire
NN5 6FA
United Kingdom
Date:
23 August 2024
Anglotech Group Holdings Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5 -  
6,820
 
Investments 6
5,330,659
 
5,330,659
 
5,330,659
 
5,337,479
 
Current assets    
Debtors 7
379,238
 
136,679
 
Cash at bank and in hand
14,701
 
3,031
 
393,939
 
139,710
 
Creditors: amounts falling due within one year 8
(2,068,000
)
(1,339,924
)
Net current liabilities
(1,674,061
)
(1,200,214
)
Total assets less current liabilities 3,656,598   4,137,265  
Creditors: amounts falling due after more than one year 9
(2,803,603
)
(3,268,901
)
Provisions for liabilities -  
(465
)
Net assets
852,995
 
867,899
 
Capital and reserves    
Called up share capital
107
 
107
 
Share premium
4,992
 
4,992
 
Profit and loss account
847,896
 
862,800
 
Shareholders funds
852,995
 
867,899
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 August 2024
, and are signed on behalf of the board by:
C Matthewson
Director
Company registration number:
11881687
Anglotech Group Holdings Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
106-108 North Road
,
Darlington
,
DL1 2EQ
, England.

2 Statement of compliance

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.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis. The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

After reviewing the companies forecasts and projections, which cover at least 12 months from the date of signing the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements and the financial statements do not include any adjustments that would be necessary if the going concern basis was not appropriate.

Consolidation

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Current tax

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.

Tangible assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements 20% straight line

Investment in subsidiaries

Investments in subsidiaries are valued at cost less accumulated impairment.

Government grants

Government grant income is presented within other operating income and recognised when there is a reasonable assurance that the grant conditions will be met and the grants will be received. Grants are accounted for under the accruals model as permitted by FRS102

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. 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. All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

4 Average number of employees

The average number of persons employed by the company during the year was
1.00
(2022:
2
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 January 2023
15,895
 
Disposals
(15,895
)
At
31 December 2023
-  
Depreciation  
At
1 January 2023
9,075
 
Charge
3,183
 
Disposals
(12,258
)
At
31 December 2023
-  
Carrying amount  
At
31 December 2023
-  
At 31 December 2022
6,820
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 January 2023
5,330,659
 
At
31 December 2023
5,330,659
 
Impairment  
At
1 January 2023
and
31 December 2023
-  
Carrying amount  
At
31 December 2023
5,330,659
 
At 31 December 2022
5,330,659
 
The following were subsidiary undertakings of the Company at 31 December 2022:
Anglotech Group Limited - Incorporated in England and Wales
Nature of business - Sale and maintenance of photocopier equipment
100% shareholding
RVS Group Limited - Incorporated in England and Wales
Nature of business - Sale and maintenance of photocopier equipment
100% shareholding
Anglotech Solutions Limited - Incorporated in England and Wales
Nature of business - Renting and leasing of office machinery and equipment
100% shareholding

7 Debtors

20232022
££
Other debtors
379,238
 
136,679
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
1,014
 
5,446
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,243,316
 
687,243
 
Taxation and social security
189,108
 
43,298
 
Other creditors
634,562
 
603,937
 
2,068,000
 
1,339,924
 

9 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
2,803,603
 
3,268,901
 
Other creditors includes Term Loans falling due within one year of £603,192 (2022: £556,965) and Term Loans falling due after more than one year of £1,292,808 (2022: £1,896,000)
Terms loans are secured by a fixed and floating charge against the assets of the company and its subsidiaries.
Terms loans at 31 December 2023 and 31 December 2022 were repayable over 60 month terms, with the facilities ending on 26 November 2025.
The term loans attract an interest rate of 8%.
Term loans at 31 December 2023 and 31 December 2022, including the balance shown at note 8, are stated net of unamortised debt issue costs of £41,522 (2022: £63,226).
Other creditors includes Other Loans falling due after more than one year of £1,493,658 (2022: £1,336,814).
Other loans include:
- an unsecured loan with an interest rate of 4%. There is no fixed repayment date, with the facility ending on 26 November 2025 at the earliest.
- an unsecured loan with an interest rate of 11.1%, repayable over 60 month terms, with the facility ending on 11 October 2027. Other loans at 31 December 2023 and 31 December 2022 are stated net of unamortised debt issue costs and redemption fee.

10 Directors' advances, credit and guarantees

Other debtors includes amounts totalling £252,423 (2022: £54,472) advanced to B Piercewright. The full amount is repayable on demand and no interest is charged. The balance at 31 December 2023 was repaid in full on 3 July 2023.

11 Controlling party

B Piercewright is considered the Company's controlling party by virtue of his shareholding.