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REGISTERED NUMBER: SC519762 (Scotland)















Audited Financial Statements for the Year Ended 31 December 2023

for

Anchorpoint Group Limited

Anchorpoint Group Limited (Registered number: SC519762)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Anchorpoint Group Limited (Registered number: SC519762)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 19,677 6,406

CURRENT ASSETS
Stocks 398,911 84,588
Debtors 5 3,840,655 3,095,416
Cash at bank 1,439,898 2,025,701
5,679,464 5,205,705
CREDITORS
Amounts falling due within one year 6 (3,069,033 ) (2,875,633 )
NET CURRENT ASSETS 2,610,431 2,330,072
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,630,108

2,336,478

CREDITORS
Amounts falling due after more than one
year

7

-

(30,655

)

PROVISIONS FOR LIABILITIES (4,920 ) -
NET ASSETS 2,625,188 2,305,823

CAPITAL AND RESERVES
Called up share capital 110,004 110,004
Retained earnings 2,515,184 2,195,819
SHAREHOLDERS' FUNDS 2,625,188 2,305,823

Anchorpoint Group Limited (Registered number: SC519762)

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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr Dale Paterson - Director


Anchorpoint Group Limited (Registered number: SC519762)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Anchorpoint Group Limited is a private company, limited by shares, domiciled in Scotland, registration number SC519762. The registered office is Anchorpoint House, Clashburn Close, Kinross KY13 8GD.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods and services in respect of product handling solutions and office fit outs, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Turnover comprises the fair value of construction carried out in the year, based on an internal assessment of work carried out. Once the outcome of a construction contract can be estimated reliably, profit is recognised on a stage of contract completion basis by reference to either costs incurred to date and total forecast costs on the contract as a whole, or certified value.

Losses expected in bringing a contract to completion are recognised immediately as soon as they are forecast. Where the outcome of variations is uncertain, the company only recognised turnover and associated profit where it is probable that the client will approve the variation. Where the outcome of claims is uncertain, the company only recognises turnover when negotiations have reached an advanced stage such that it is probable that the customer will accept the claim.

Amounts due from construction contract customers which are included within debtors, represent turnover less progress payments received. Where progress payments exceed turnover and other contact balances, the excess is shown as amounts due to construction contract customers within current liabilities.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.


Anchorpoint Group Limited (Registered number: SC519762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Anchorpoint Group Limited (Registered number: SC519762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Significant estimates and judgements
The preparation of financial statements required management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities relate to construction contract accounting as the values recognised are based on the proportion of work carried out on a contract by contract basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 69,818
Additions 23,209
Disposals (2,634 )
At 31 December 2023 90,393
DEPRECIATION
At 1 January 2023 63,412
Charge for year 7,616
Eliminated on disposal (312 )
At 31 December 2023 70,716
NET BOOK VALUE
At 31 December 2023 19,677
At 31 December 2022 6,406

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,160,964 1,773,558
Amounts owed by group undertakings 1,003,566 1,225,496
Amounts recoverable on contract 521,151 44,184
Other debtors 154,974 52,178
3,840,655 3,095,416

Anchorpoint Group Limited (Registered number: SC519762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,074,808 723,103
Amounts owed to group undertakings 476,000 -
Taxation and social security 581,644 654,817
Other creditors 936,581 1,497,713
3,069,033 2,875,633

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors - 30,655

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 110,000 110,000
Between one and five years 45,833 155,833
155,833 265,833

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Clinton (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA

10. RELATED PARTY DISCLOSURES

Other loans of £117,001 (2022: £30,843) relate to loans from family members, employees and the APGK pension fund which the directors have control over. The total interest payment during the year was £3,987 (2022: £5,393).

11. ULTIMATE PARENT ENTITY

The ultimate parent company is APGK Limited, a company incorporated in Scotland having its registered office at Anchorpoint House, Clashburn Close, Kinross, KY13 8GD.