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REGISTERED NUMBER: 06180428 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ANDREW SYMONS LIMITED

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


ANDREW SYMONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A M Symons
Mrs L F Symons





SECRETARY: Mrs L F Symons





REGISTERED OFFICE: St John's House
Castle Street
Taunton
Somerset
TA1 4AY





REGISTERED NUMBER: 06180428 (England and Wales)





AUDITORS: MITCHELLS
Chartered Accountants and Statutory Auditors
St. John's House
Castle Street
TAUNTON
Somerset
TA1 4AY

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Covid-19, Brexit, the adverse economic consequences of the war in Ukraine and rising interest rates are all factors which have affected the cost of manufacturing and staff salaries during the period under review. All of these issues are combining to produce a cost-of-living crisis in the UK. However, despite the challenging market the business has performed well during this time, and we are pleased with the growth in sales.

Due to the performance of the business over the last few years we believe that the business is well positioned to deal with any future challenges.

The overall strategy continues to be to grow the company both reputationally and financially. We hope to achieve this in a sustainable, prudent manner with the key focus being on customer service and maintaining our talented and valued staff.

PRINCIPAL RISKS AND UNCERTAINTIES
In view of the current global state and the government's response to it, there is the potential for the costs of administration and stocking times to be increased, including potential sources of funding to be impacted within the debt and equity markets in the medium to long term.

These uncertainties are expected to be similar for most industries, however, it is anticipated that agriculture will remain overall in a positive position and thus remain heavily reliant on machinery dealers. The company has a strong track record, operating profitably during previous economic depressions and benefits from significant reserves.

The directors have concluded that while the global state is volatile they can be confident that they have sufficient access to stock and resources should further uncertainties develop.

ENGAGEMENT WITH EMPLOYEES
The company's policy promotes the recruitment of all individuals for roles they are qualified to fill, while ensuring Health and Safety requirements are met. All necessary assistance with initial training courses is given. Arrangements are made, wherever possible, for retraining employees who acquire disabilities, to enable them to perform work identified as appropriate to their aptitudes and abilities.

GOING CONCERN
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In making this assessment, the directors have considered the company's forecasts and projections, taking into account reasonably possible changes in trading performance, and have conducted a thorough review of the company's cash flow forecasts, financial position, and borrowing facilities.

The directors acknowledge the current economic environment and have considered its impact on the company's activities. The assessment includes an evaluation of the potential risks and uncertainties affecting the company's business model and operational environment. Key factors considered include: Financial Performance, Liquidity, Funding, Market Conditions and Contingency Plans.

Based on the above considerations, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, the directors continue to adopt the going concern basis in preparing the annual financial statements.


ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
The key performance indicators (KPIs) we use to review the company's ongoing performance are:

- Monthly review of turnover and margins.
- Percentage of costs to turnover.
- Percentage of warranty claims.
- Quality control metrics.
- Weekly review of trade debtors.
- Continuous review of market trends.
- Repair and servicing days.
- Employee productivity by sales.
- Customer satisfaction and referrals.
- Safety monitoring and environmental impact.
- Monthly cashflow reporting.

The board is satisfied that these KPIs provide the company with the ongoing insight to stay ahead of the competition and ensure the highest standards continue to be met in all sections of the business.

ON BEHALF OF THE BOARD:





Mrs L F Symons - Secretary


13 August 2024

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of agricultural engineers and machinery dealers.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 12,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A M Symons
Mrs L F Symons

DISCLOSURE IN THE STRATEGIC REPORT
The Strategic Report on page 2 sets out a fair review of the business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, MITCHELLS, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs L F Symons - Secretary


13 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW SYMONS LIMITED

Opinion
We have audited the financial statements of Andrew Symons Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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; and
-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 Auditors' 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW SYMONS LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities. It is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of the laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW SYMONS LIMITED


Use of our report
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 a Report of the Auditors 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.




Samantha Vigus FCA (Senior Statutory Auditor)
for and on behalf of MITCHELLS
Chartered Accountants and Statutory Auditors
St. John's House
Castle Street
TAUNTON
Somerset
TA1 4AY

13 August 2024

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 18,170,014 18,098,856

Cost of sales 16,431,504 16,439,456
GROSS PROFIT 1,738,510 1,659,400

Administrative expenses 1,630,199 1,448,645
108,311 210,755

Other operating income 4 9,506 2,184
OPERATING PROFIT 6 117,817 212,939


Interest payable and similar expenses 7 46,959 36,857
PROFIT BEFORE TAXATION 70,858 176,082

Tax on profit 8 21,927 98,191
PROFIT FOR THE FINANCIAL YEAR 48,931 77,891

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

48,931

77,891

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,313,626 1,235,523
1,313,626 1,235,523

CURRENT ASSETS
Stocks 12 5,424,930 4,274,270
Debtors 13 2,131,716 1,391,326
Cash in hand 994 708
7,557,640 5,666,304
CREDITORS
Amounts falling due within one year 14 6,160,315 4,216,951
NET CURRENT ASSETS 1,397,325 1,449,353
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,710,951

2,684,876

CREDITORS
Amounts falling due after more than one
year

15

(16,667

)

(48,262

)

PROVISIONS FOR LIABILITIES 19 (302,847 ) (282,108 )
NET ASSETS 2,391,437 2,354,506

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 2,391,237 2,354,306
SHAREHOLDERS' FUNDS 2,391,437 2,354,506

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





A M Symons - Director


ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 200 2,341,415 2,341,615

Changes in equity
Dividends - (65,000 ) (65,000 )
Total comprehensive income - 77,891 77,891
Balance at 31 December 2022 200 2,354,306 2,354,506

Changes in equity
Dividends - (12,000 ) (12,000 )
Total comprehensive income - 48,931 48,931
Balance at 31 December 2023 200 2,391,237 2,391,437

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (29,761 ) 67,581
Interest paid (44,046 ) (32,097 )
Interest element of hire purchase payments
paid

(2,913

)

(4,760

)
Tax paid (6,847 ) -
Net cash from operating activities (83,567 ) 30,724

Cash flows from investing activities
Purchase of tangible fixed assets (454,546 ) (386,299 )
Sale of tangible fixed assets 300,917 664,477
Net cash from investing activities (153,629 ) 278,178

Cash flows from financing activities
Amounts advanced in year - 60,000
Capital repayments in year (75,927 ) (63,393 )
Net amount introduced by directors 36,074 452
Equity dividends paid (12,000 ) (65,000 )
Net cash from financing activities (51,853 ) (67,941 )

(Decrease)/increase in cash and cash equivalents (289,049 ) 240,961
Cash and cash equivalents at beginning of
year

2

(143,031

)

(383,992

)

Cash and cash equivalents at end of year 2 (432,080 ) (143,031 )

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 70,858 176,082
Depreciation charges 87,111 125,632
Profit on disposal of fixed assets (11,585 ) -
Finance costs 46,959 36,857
193,343 338,571
(Increase)/decrease in stocks (1,150,660 ) 242,712
(Increase)/decrease in trade and other debtors (740,390 ) 75,930
Increase/(decrease) in trade and other creditors 1,667,946 (589,632 )
Cash generated from operations (29,761 ) 67,581

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 994 708
Bank overdrafts (433,074 ) (143,739 )
(432,080 ) (143,031 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 708 998
Bank overdrafts (143,739 ) (384,990 )
(143,031 ) (383,992 )


ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 708 286 994
Bank overdrafts (143,739 ) (289,335 ) (433,074 )
(143,031 ) (289,049 ) (432,080 )
Debt
Finance leases (87,522 ) 65,927 (21,595 )
Debts falling due within 1 year (10,849 ) (36,074 ) (46,923 )
Debts falling due after 1 year (26,667 ) 10,000 (16,667 )
(125,038 ) 39,853 (85,185 )
Total (268,069 ) (249,196 ) (517,265 )

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

1. STATUTORY INFORMATION

Andrew Symons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

This is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 30 years
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 10% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and are satisfied that the company has the resources to continue in business for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rents received 3,960 -
Sundry receipts 5,546 2,184
9,506 2,184

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 65,805 50,270

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 2 2
Other 1 1
3 3

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

5. EMPLOYEES AND DIRECTORS - continued

31.12.23 31.12.22
£    £   
Directors' remuneration 26,019 22,442

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Other operating leases 129,983 118,650
Depreciation - owned assets 78,237 104,683
Depreciation - assets on hire purchase contracts 8,874 20,949
Profit on disposal of fixed assets (11,585 ) -
Auditors' remuneration 6,000 6,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 43,244 31,047
Bank loan interest 802 1,050
Hire purchase 2,913 4,760
46,959 36,857

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 1,188 6,848

Deferred tax 20,739 91,343
Tax on profit 21,927 98,191

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 70,858 176,082
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

13,463

33,456

Effects of:
Capital allowances in excess of depreciation (12,275 ) -
Depreciation in excess of capital allowances - 67,480
Utilisation of tax losses - (94,088 )
Deferred tax movement 20,739 91,343
Total tax charge 21,927 98,191

9. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Final 12,000 65,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 235,000
AMORTISATION
At 1 January 2023
and 31 December 2023 235,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 77,175 710,865 592,375 745,297 2,125,712
Additions - 340,936 33,505 80,105 454,546
Disposals - (299,384 ) - (44,300 ) (343,684 )
At 31 December 2023 77,175 752,417 625,880 781,102 2,236,574
DEPRECIATION
At 1 January 2023 2,315 143,389 340,451 404,034 890,189
Charge for year 2,315 21,405 26,361 37,030 87,111
Eliminated on disposal - (20,062 ) - (34,290 ) (54,352 )
At 31 December 2023 4,630 144,732 366,812 406,774 922,948
NET BOOK VALUE
At 31 December 2023 72,545 607,685 259,068 374,328 1,313,626
At 31 December 2022 74,860 567,476 251,924 341,263 1,235,523

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 207,750
Transfer to ownership (103,150 )
At 31 December 2023 104,600
DEPRECIATION
At 1 January 2023 69,041
Charge for year 8,874
Transfer to ownership (53,180 )
At 31 December 2023 24,735
NET BOOK VALUE
At 31 December 2023 79,865
At 31 December 2022 138,709

12. STOCKS
31.12.23 31.12.22
£    £   
Stocks 5,424,930 4,274,270

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,875,423 1,141,470
Other debtors 55,000 55,000
VAT 114,852 116,360
Prepayments 86,441 78,496
2,131,716 1,391,326

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 16) 443,074 153,739
Other loans (see note 16) 36,923 849
Hire purchase contracts (see note 17) 21,595 65,927
Trade creditors 5,420,907 3,817,874
Tax 1,189 6,848
Accrued expenses 236,627 171,714
6,160,315 4,216,951

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 16) 16,667 26,667
Hire purchase contracts (see note 17) - 21,595
16,667 48,262

16. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 433,074 143,739
Bank loans 10,000 10,000
Other loans 36,923 849
479,997 154,588

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,667 16,667

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 21,595 65,927
Between one and five years - 21,595
21,595 87,522

18. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 433,074 143,739

Lloyds Bank holds security in the form of an unlimited debenture from Andrew Symons Ltd and joint and several guarantees given by Andrew and Lisa Symons for a principal amount of £800,000 plus interest and other costs as detailed in the guarantee.

19. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 302,847 282,108

Deferred
tax
£   
Balance at 1 January 2023 282,108
Provided during year 20,739
Balance at 31 December 2023 302,847

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100
50 A Ordinary £1 50 50
50 B Ordinary £1 50 50
200 200

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

21. RESERVES
Retained
earnings
£   

At 1 January 2023 2,354,306
Profit for the year 48,931
Dividends (12,000 )
At 31 December 2023 2,391,237

22. OTHER FINANCIAL COMMITMENTS

At the yearend financial commitments are in place for the use of the property and land at Crediton, South Molton and Holsworthy. The total annual rent charged this year was £129,983 (2022 - £118,650). The leases are charged at market rate and are subject to early redemption charges.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
A M Symons and Mrs L F Symons
Balance outstanding at start of year (849 ) (397 )
Amounts advanced 160,788 129,833
Amounts repaid (196,862 ) (130,285 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,923 ) (849 )

No interest is charged during the year, the loan is repayable on demand.

In addition to the guarantee mentioned in Note 18, a further personal guarantee has been given to CNH, a creditor of the company, for £375,000.

24. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31.12.23 31.12.22
£    £   
Labour 2,295,155 2,131,746
Rent of premises 61,500 61,500
Amount due to related party - 4,137

Key management personnel of the entity or its parent (in the aggregate)
31.12.23 31.12.22
£    £   
Rent of premises 34,000 34,000
Rent of land 650 650
Other compensation 8,193 8,193
Wages 65,805 50,270
Dividends 12,000 65,000

ANDREW SYMONS LIMITED (REGISTERED NUMBER: 06180428)

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

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Andrew and Lisa Symons.