REGISTERED NUMBER: 01958909 (England and Wales) |
ANGLOCO LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 01958909 (England and Wales) |
ANGLOCO LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
ANGLOCO LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Vernon House |
40 New North Road |
Huddersfield |
West Yorkshire |
HD1 5LS |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
GROUP STRATEGIC REPORT |
for the year ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
The principal activity of the Group during the year was that of building, distributing and servicing specialist vehicles and equipment. Envafine Limited, one of the subsidiary undertakings, did not trade in the year. |
REVIEW OF BUSINESS |
The Directors consider that the Group has performed well this year, stabilising the business after FY23's phenomenal revenue growth, and building a strong platform for future growth. The Revenue growth of 15.5% and more particularly the increase in Gross Margin to almost 17% was in line with expectations, and reflects the hard work of our entire team. The benefits of investment in the growth platform are expected to continue into FY25 and beyond. |
Nonetheless, the business continues to be affected by general macroeconomic factors such as; energy costs, supply chain shortages and delays, despite mitigating activities. Additionally, the ongoing global military conflicts continue to add further market uncertainty. |
The year ended with a strong orderbook across a number of areas of the business, significantly exceeding the total value at the end of FY23, indicating a strong start to FY25. |
Key Performance Indicators |
The Directors focus on two key indicators of financial performance; sales and gross profit margin. These are monitored regularly with explanations sought for variances against budgets, forecast and prior year. |
2024 | 2023 |
Sales | £39.1m | £33.84m |
Sales growth | 15.5% | 44.4% |
Gross margin | £6.56m | £4.89m |
Gross margin % | 16.8% | 14.4% |
In addition, detailed financial statements are reviewed each month by the leadership team and the board of directors. These provide analysis of orderbook, sales, cost of sales, gross profit and operating expenses, each measured against budget, forecast and prior year. Working capital is also closely monitored. |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
GROUP STRATEGIC REPORT |
for the year ended 31 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Set out below are the Group's seven major business risks together with the initiatives in place to mitigate them: |
Operational Risk - This relates to the risk of financial loss or business damage due to failed or inadequate internal processes and systems, as well as external events. This risk is managed by the Group through appropriate controls processes. |
Exchange Rate Risk - Once contracts are signed, hedges are used to fix the sales and purchase exchange rate and eliminate risk from adverse currency movements. |
Credit Risk - The Group assesses the creditworthiness of new customers before commencing trading with them. Risk is naturally mitigated as the majority of customers are branches of Government or large 'blue-chip' organisations. |
Market Risk - As with prior years, both domestic and international Governments continually review their expenditure on fire and rescue services. The Group continues to diversify both it's product range and geographically, to mitigate the impact of a reduction in demand in any one particular product or region. |
Interest Rate Risk - The Group has a mixture of fixed and floating funding to mitigate it's exposure to adverse interest rate changes. |
Inflation Risk - The Group seeks to minimise the impact of inflation through long-term agreements and contracts with suppliers, and passing on material cost increases where possible. |
Liquidity Risk - The Group's policy on liquidity is to ensure there are sufficient medium and long-term funding facilities in place to enable it to meet funding requirements and support it's growth strategies. The Group does not enter into speculative financial transactions. |
FUTURE DEVELOPMENTS |
The directors anticipate that the business environment will remain competitive. However, the focus on developing new and innovative products and partnerships, as well as identifying new markets continues to deliver margin benefits. |
This focus, combined with improving customer satisfaction, underpins the board's confidence in continuing improvements in the Company's performance |
THIRD PARTY INDEMNITY PROVISION FOR DIRECTORS |
Qualifying third party indemnity provision is in place for the benefit of all directors of the Group. |
ANTI-BRIBERY POLICY |
The Group values its reputation and is committed to maintaining the highest level of ethical standards in the conduct of its business affairs. The actions and conduct of the Group's staff as well as others acting on the Group's behalf are key to maintaining these standards. The Group will not tolerate bribery or corruption in any form, and strictly prohibits the offering, giving, solicitation or the acceptance of any bribe or corrupt inducement, whether in cash or in any other form. |
GOING CONCERN |
The Directors are comfortable that the organisation can continue to operate as a going concern for the foreseeable future. |
ON BEHALF OF THE BOARD: |
16 September 2024 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2024 |
AUDITORS |
The auditors, SMH Sheards Audit Limited, has indicated its willingness to continue as auditor. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANGLOCO LIMITED |
Opinion |
We have audited the financial statements of Angloco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
ANGLOCO LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANGLOCO LIMITED |
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. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the sector; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; |
- | we assessed the extent of compliance with the laws and regulations identified through making enquiries of management; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; and |
- | enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as the may involve deliberate concealment or collusion. |
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 |
ANGLOCO 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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Vernon House |
40 New North Road |
Huddersfield |
West Yorkshire |
HD1 5LS |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
CONSOLIDATED INCOME STATEMENT |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 39,073,160 | 33,837,529 |
Cost of sales | (32,509,834 | ) | (28,941,578 | ) |
GROSS PROFIT | 6,563,326 | 4,895,951 |
Administrative expenses | (6,268,303 | ) | (5,451,839 | ) |
OPERATING PROFIT/(LOSS) | 5 | 295,023 | (555,888 | ) |
Interest receivable and similar income | 17,031 | 7,836 |
312,054 | (548,052 | ) |
Interest payable and similar expenses | 6 | (184,614 | ) | (93,226 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 127,440 | (641,278 | ) |
Tax on profit/(loss) | 7 | (11,897 | ) | 204,884 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 115,543 | (436,394 | ) |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 115,543 | (436,394 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
115,543 |
(436,394 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 115,543 | (436,394 | ) |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
CONSOLIDATED BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 957,745 | 1,060,279 |
Investments | 10 | 123,117 | 123,117 |
1,080,862 | 1,183,396 |
CURRENT ASSETS |
Stocks | 11 | 6,415,342 | 5,536,892 |
Debtors | 12 | 9,642,794 | 9,359,992 |
Cash at bank | 556,603 | 1,340,445 |
16,614,739 | 16,237,329 |
CREDITORS |
Amounts falling due within one year | 13 | (11,694,432 | ) | (11,674,656 | ) |
NET CURRENT ASSETS | 4,920,307 | 4,562,673 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,001,169 |
5,746,069 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(1,132,565 |
) |
(1,037,905 |
) |
PROVISIONS FOR LIABILITIES | 18 | (143,218 | ) | (98,321 | ) |
NET ASSETS | 4,725,386 | 4,609,843 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 20,000 | 20,000 |
Capital redemption reserve | 20 | 5,000 | 5,000 |
Retained earnings | 20 | 4,700,386 | 4,584,843 |
SHAREHOLDERS' FUNDS | 4,725,386 | 4,609,843 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by: |
D J Moore - Director |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
COMPANY BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 115,543 | (436,394 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 20,000 | 5,021,237 | 5,000 | 5,046,237 |
Changes in equity |
Total comprehensive income | - | (436,394 | ) | - | (436,394 | ) |
Balance at 31 March 2023 | 20,000 | 4,584,843 | 5,000 | 4,609,843 |
Changes in equity |
Total comprehensive income | - | 115,543 | - | 115,543 |
Balance at 31 March 2024 | 20,000 | 4,700,386 | 5,000 | 4,725,386 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 986,483 | 322,564 |
Interest paid | (108,432 | ) | (75,093 | ) |
Interest element of hire purchase payments paid |
(76,182 |
) |
(18,133 |
) |
Tax paid | 68,055 | (35,055 | ) |
Net cash from operating activities | 869,924 | 194,283 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (288,234 | ) | (342,728 | ) |
Sale of tangible fixed assets | 1,250 | 1,250 |
Interest received | 17,031 | 7,836 |
Net cash from investing activities | (269,953 | ) | (333,642 | ) |
Cash flows from financing activities |
New loans in year | - | 1,241,867 |
Movement in trade loan | (1,519,381 | ) | (31,774 | ) |
Capital repayments in year | 135,568 | (59,994 | ) |
Net cash from financing activities | (1,383,813 | ) | 1,150,099 |
(Decrease)/increase in cash and cash equivalents | (783,842 | ) | 1,010,740 |
Cash and cash equivalents at beginning of year |
2 |
1,340,445 |
329,705 |
Cash and cash equivalents at end of year | 2 | 556,603 | 1,340,445 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | 127,440 | (641,278 | ) |
Depreciation charges | 390,768 | 332,272 |
Profit on disposal of fixed assets | (1,250 | ) | (1,250 | ) |
Finance costs | 184,614 | 93,226 |
Finance income | (17,031 | ) | (7,836 | ) |
684,541 | (224,866 | ) |
(Increase)/decrease in stocks | (878,450 | ) | 1,459,370 |
Increase in trade and other debtors | (317,857 | ) | (4,835,417 | ) |
Increase in trade and other creditors | 1,498,249 | 3,923,477 |
Cash generated from operations | 986,483 | 322,564 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 556,603 | 1,340,445 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,340,445 | 329,705 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,340,445 | (783,842 | ) | 556,603 |
1,340,445 | (783,842 | ) | 556,603 |
Debt |
Finance leases | (1,181,878 | ) | (135,568 | ) | (1,317,446 | ) |
Debts falling due within 1 year | (1,519,381 | ) | 1,519,381 | - |
(2,701,259 | ) | 1,383,813 | (1,317,446 | ) |
Total | (1,360,814 | ) | 599,971 | (760,843 | ) |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Angloco Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated income statement and consolidated balance sheet include the accounts of the parent undertaking and its subsidiary undertaking, Envafine Limited, made up to 31 March 2024. |
Under CA06 section 405, the directors have considered that the investment in Mist-Tech SP. z o. o, is not required to be included in the consolidated accounts for the purpose of showing a true and fair view on the grounds that it is not material. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover represents the value of work undertaken in respect of the sale of goods or provision of services to customers. Where payments are received in advance of the work being undertaken, the payments received are credited to payments on account and released to turnover as the work is completed. Where turnover is based upon stage payments, each contract is assessed for its appropriate contribution at that stage. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Electronic equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is a based upon estimated selling prices less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving items. |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs. |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed in profit or loss. |
Financial liabilities are classified depending on the substance of the contractual arrangements entered into. |
Basic financial liabilities, including trade and other creditors, bank loans, finance leases and accruals, are initially recognised at transaction price. |
Debt instruments are subsequently measured at amortised cost using the effective interest method. |
Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Research and development |
Expenditure on research and development is written off to the profit and loss account in the period in which it is incurred. |
Foreign currencies |
Assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Leased assets and obligations |
All leases are "operating leases" and the annual rentals are charged to the profit and loss account on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
Turnover is attributable to different geographical markets but further information relating to turnover is not disclosed as, in the opinion of the directors, such disclosure would seriously prejudice the company's interests. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 6,829,652 | 5,896,920 |
Social security costs | 695,864 | 665,863 |
Other pension costs | 471,921 | 410,043 |
7,997,437 | 6,972,826 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Office and management | 70 | 61 |
Production | 96 | 106 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
2024 | 2023 |
£ | £ |
Directors' remuneration | 314,331 | 343,484 |
Directors' pension contributions to money purchase schemes | 15,165 | 17,938 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 167,412 | 162,412 |
Pension contributions to money purchase schemes | 7,500 | 7,943 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 32,072 | 32,480 |
Other operating leases | 286,573 | 250,806 |
Depreciation - owned assets | 390,768 | 332,272 |
Profit on disposal of fixed assets | (1,250 | ) | (1,250 | ) |
Auditors' remuneration | 10,869 | 9,751 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Loan interest | 108,432 | 75,093 |
Hire purchase | 76,182 | 18,133 |
184,614 | 93,226 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
Prior period taxation | (33,000 | ) | (117,005 | ) |
Deferred tax | 44,897 | (87,879 | ) |
Tax on profit/(loss) | 11,897 | (204,884 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | 127,440 | (641,278 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
31,860 |
(160,320 |
) |
Effects of: |
Expenses not deductible for tax purposes | 6,881 | 5,991 |
Depreciation in excess of capital allowances | 102,341 | 5,358 |
Utilisation of tax losses | (96,185 | ) | 61,092 |
Adjustments to tax charge in respect of previous periods | (33,000 | ) | (117,005 | ) |
development relief |
Total tax charge/(credit) | 11,897 | (204,884 | ) |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | TANGIBLE FIXED ASSETS |
Group |
Short | Plant and | Motor | Electronic |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 1,108,810 | 1,056,414 | 687,484 | 525,267 | 3,377,975 |
Additions | 10,050 | 33,332 | 173,512 | 71,340 | 288,234 |
Disposals | - | - | (30,266 | ) | - | (30,266 | ) |
At 31 March 2024 | 1,118,860 | 1,089,746 | 830,730 | 596,607 | 3,635,943 |
DEPRECIATION |
At 1 April 2023 | 826,988 | 598,844 | 492,154 | 399,710 | 2,317,696 |
Charge for year | 97,291 | 78,505 | 149,025 | 65,947 | 390,768 |
Eliminated on disposal | - | - | (30,266 | ) | - | (30,266 | ) |
At 31 March 2024 | 924,279 | 677,349 | 610,913 | 465,657 | 2,678,198 |
NET BOOK VALUE |
At 31 March 2024 | 194,581 | 412,397 | 219,817 | 130,950 | 957,745 |
At 31 March 2023 | 281,822 | 457,570 | 195,330 | 125,557 | 1,060,279 |
Company |
Short | Plant and | Motor | Electronic |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 123,117 |
NET BOOK VALUE |
At 31 March 2024 | 123,117 |
At 31 March 2023 | 123,117 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Station Road, Batley, West Yorkshire, WF17 5TA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: ul. Malików 146B, 25-670 Kielce, Poland |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Envafine Limited is exempt from the requirements of the Companies Act relating to the audit of the individual by virtue of S.480 (relating to dormant subsidiaries). |
11. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Raw materials | 1,858,693 | 1,221,350 |
Work-in-progress | 4,556,649 | 4,315,542 |
6,415,342 | 5,536,892 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 8,041,400 | 7,894,567 |
Amounts owed by group undertakings | 694,987 | 657,412 |
Other debtors | 18,370 | 17,464 |
Tax | - | 35,055 |
Prepayments and accrued income | 797,756 | 492,421 |
Deposits | 90,281 | 263,073 |
9,642,794 | 9,359,992 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans (see note 15) | - | 1,519,381 |
Hire purchase contracts (see note 16) | 184,881 | 143,973 |
Payments on account | 4,235,920 | 1,281,970 |
Trade creditors | 5,795,015 | 7,016,046 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 144,432 | 149,889 |
VAT | 677,167 | 1,003,893 | 677,167 | 1,003,893 |
Accruals and deferred income | 657,017 | 559,504 |
11,694,432 | 11,674,656 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 1,132,565 | 1,037,905 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Other loans | - | 1,519,381 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 184,881 | 143,973 |
Between one and five years | 1,057,566 | 1,037,905 |
In more than five years | 74,999 | - |
1,317,446 | 1,181,878 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
16. | LEASING AGREEMENTS - continued |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
In more than five years |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 132,810 | 5,938 |
Between one and five years | 518,000 | 549,063 |
650,810 | 555,001 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans | - | 1,519,381 | - | 1,519,381 |
Hire purchase contracts | 1,317,446 | 1,181,878 | 1,317,446 | 1,181,878 |
1,317,446 | 2,701,259 |
Loan are secured by way of debenture and fixed and floating charge. Hire purchase is secured against the assets to which they relate. |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 143,218 | 98,321 | 143,218 | 98,321 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 98,321 |
Charge to Income Statement during year | 44,897 |
Balance at 31 March 2024 | 143,218 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Income Statement during year |
Balance at 31 March 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
20. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 4,584,843 | 5,000 | 4,589,843 |
Profit for the year | 115,543 | 115,543 |
At 31 March 2024 | 4,700,386 | 5,000 | 4,705,386 |
ANGLOCO LIMITED (REGISTERED NUMBER: 01958909) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
20. | RESERVES - continued |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 4,569,568 |
Profit for the year |
At 31 March 2024 | 4,685,111 |
21. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
2024 | 2023 |
£ | £ |
Sales | - | 5,141 |
Purchases | 15,994 | 153,422 |
Transfers | 37,576 | 22,547 |
Amount due from related party | 694,988 | 657,412 |
Provisions for uncollectible receivables relating to amount of outstanding balances |
111,068 |
111,068 |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is W R A Brown. |