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Registration number: 03754917

Anderson-Wales Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Anderson-Wales Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Anderson-Wales Limited

Company Information

Directors

Mr N Prestwich

RML Prestwich

Registered office

Suite 17 Hardmans Business Centre
New Hall Hey Road
Rawtenstall
Rossendale
BB4 6HH

 

Anderson-Wales Limited

(Registration number: 03754917)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,091

13,104

Current assets

 

Stocks

5

43,650

47,490

Debtors

6

271,801

283,280

Cash at bank and in hand

 

4

24,309

 

315,455

355,079

Creditors: Amounts falling due within one year

7

(215,333)

(245,334)

Net current assets

 

100,122

109,745

Total assets less current liabilities

 

113,213

122,849

Provisions for liabilities

(2,752)

-

Net assets

 

110,461

122,849

Capital and reserves

 

Called up share capital

8

104

100

Retained earnings

110,357

122,749

Shareholders' funds

 

110,461

122,849

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr N Prestwich
Director

 

Anderson-Wales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 17 Hardmans Business Centre
New Hall Hey Road
Rawtenstall
Rossendale
BB4 6HH

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, Anderson-Wales Limited.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Anderson-Wales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance

Furniture and fittings

15% on reducing balance

Work in progress

In respect of work in progress, costs includes a relevant proportion of overheads according to the stage of completion.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Anderson-Wales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 8 (2023 - 7).

 

Anderson-Wales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

52,202

52,202

Additions

2,297

2,297

At 31 March 2024

54,499

54,499

Depreciation

At 1 April 2023

39,098

39,098

Charge for the year

2,310

2,310

At 31 March 2024

41,408

41,408

Carrying amount

At 31 March 2024

13,091

13,091

At 31 March 2023

13,104

13,104

5

Stocks

2024
£

2023
£

Work in progress

43,650

47,490

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

39,351

63,105

Amounts owed by related parties

10

360

-

Prepayments

 

235

249

Other debtors

 

231,855

219,926

   

271,801

283,280

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

15,827

52,188

Trade creditors

 

66,102

33,702

Taxation and social security

 

123,884

151,414

Accruals and deferred income

 

7,005

7,779

Other creditors

 

2,515

251

 

215,333

245,334

 

Anderson-Wales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors include bank loans and overdrafts which are unsecured of £15,827 (2023 - £52,188).

Creditors include a debt factoring liability which is secured against the trade receivables owed to the company of £37,224 (2023 - £78,124).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £0.00 each

1,000,000

100

1,000,000

100

         

Allotted, called up and not fully paid shares

 

2024

2023

 

No.

£

No.

£

Other Shares of £0.00 (2023 - £0) each

39,999

4.00

-

-

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £19,553 (2023 - £Nil).

10

Related party transactions

The below advance had no fixed repayment date, was unsecured and interest was charged at the official rate.

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

RML Prestwich

174,955

173,358

(161,433)

186,880

         
       

 

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

RML Prestwich

185,893

99,062

(110,000)

174,955