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REGISTERED NUMBER: 05829849 (England and Wales)






















Allan Brothers Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2023






Allan Brothers Limited (Registered number: 05829849)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Allan Brothers Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: M B Valsted
J Opitz





REGISTERED OFFICE: Allan House
Ord Road
Berwick on Tweed
Northumberland
TD15 2XU





REGISTERED NUMBER: 05829849 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Allan Brothers Limited (Registered number: 05829849)

Strategic Report
for the year ended 31st December 2023

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

REVIEW OF BUSINESS
The results for the year as set out on page 8 of these financial statements are pleasing and demonstrate the continued improvement in the operations of the business.

The Directors are particularly pleased with how the business navigated through the Covid-19 pandemic and tough market conditions because of the on-going conflicts in Europe and the Middle East, and emerged stronger, with increased sales and profitability.

Although the market remains unclear given the economic uncertainty of the past years, the financial statements have been prepared on a going concern basis following representations given by Inwido AB, the ultimate parent company of Allan Brothers Limited, that it will provide the necessary financial support to enable the company to meet its financial obligations.

The directors are confident that the company's relations with its customers and suppliers, and its current trading, leave the company well placed to manage its business risks successfully. The company's forecasts and projections backed by solid trading and market conditions shows that the company should be able to operate within the level of its current facilities for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Key Performance Indicators
The director considers that the use of key performance indicators other than turnover and gross margin is not necessary given the straightforward nature of the business.

Principal Risks and Uncertainties
The principal financial instruments comprise group company financial facilities, trade creditors and trade debtors.

The main purpose of these instruments is to raise funds for the company's operations and finance working capital.

Due to the nature of the financial instruments there is limited exposure to price risk.

Trade debtors are managed in respect of credit offered to customers and are regularly monitored for both amounts outstanding and credit limits. Appropriate trade insurance is acquired to further minimise risk of non-payment.

The trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet obligations as they fall due.

ON BEHALF OF THE BOARD:





M B Valsted - Director


18th September 2024

Allan Brothers Limited (Registered number: 05829849)

Report of the Directors
for the year ended 31st December 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
M B Valsted has held office during the whole of the period from 1st January 2023 to the date of this report.

Other changes in directors holding office are as follows:

H Hjalmarsson - resigned 24th November 2023
J Opitz - appointed 24th November 2023

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), 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 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, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M B Valsted - Director


18th September 2024

Report of the Independent Auditors to the Members of
Allan Brothers Limited

Opinion
We have audited the financial statements of Allan Brothers Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31st 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
Allan Brothers 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 three, 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:

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 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, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 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 the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Allan Brothers Limited


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;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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 other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

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.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

20th September 2024

Allan Brothers Limited (Registered number: 05829849)

Statement of Comprehensive Income
for the year ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 9,532,490 8,272,484

Cost of sales 6,331,866 5,840,982
GROSS PROFIT 3,200,624 2,431,502

Administrative expenses 2,679,490 2,330,343
521,134 101,159

Other operating income 7,150 -
OPERATING PROFIT 4 528,284 101,159


Interest payable and similar expenses 6 136,150 157,434
PROFIT/(LOSS) BEFORE TAXATION 392,134 (56,275 )

Tax on profit/(loss) 7 - (28,940 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

392,134

(27,335

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

392,134

(27,335

)

Allan Brothers Limited (Registered number: 05829849)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 115,355
Tangible assets 9 3,346,728 2,812,540
3,346,728 2,927,895

CURRENT ASSETS
Stocks 10 891,747 994,694
Debtors 11 1,212,912 1,459,913
Cash in hand 1,151 86
2,105,810 2,454,693
CREDITORS
Amounts falling due within one year 12 4,236,854 4,559,038
NET CURRENT LIABILITIES (2,131,044 ) (2,104,345 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,215,684

823,550


CAPITAL AND RESERVES
Called up share capital 14 15,705,000 15,705,000
Retained earnings 15 (14,489,316 ) (14,881,450 )
SHAREHOLDERS' FUNDS 1,215,684 823,550
1,215,684 823,550

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2024 and were signed on its behalf by:





M B Valsted - Director


Allan Brothers Limited (Registered number: 05829849)

Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 7,400,000 (14,854,115 ) (7,454,115 )

Changes in equity
Issue of share capital 8,305,000 - 8,305,000
Total comprehensive income - (27,335 ) (27,335 )
Balance at 31st December 2022 15,705,000 (14,881,450 ) 823,550

Changes in equity
Total comprehensive income - 392,134 392,134
Balance at 31st December 2023 15,705,000 (14,489,316 ) 1,215,684

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Allan Brothers 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
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102. The financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

Going Concern
The financial statements have been prepared on a going concern basis following representations given by Inwido AB, the immediate parent company of Inwido UK Limited, that it will provide the necessary financial support to enable the company to meet its financial obligations.

The directors, having considered the forecasts for the period to December 2025 along with support provided by the parent company, Inwido AB, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of timber framed windows and doors is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible fixed assets
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over 10 years, which the directors consider to be its useful economic life. The reason for choosing this period is that it is expected the brand image and customer base acquired will last at least 10 years. Provision is made for any impairment.

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings 2.5%
Plant and machinery 10%
Computer equipment 33%

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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 in the year in which it is incurred.


Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operated a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Leasing obligations
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Interest and other income
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,396,145 2,216,178
Social security costs 228,704 217,226
Other pension costs 67,753 64,009
2,692,602 2,497,413

The average number of employees during the year was as follows:
2023 2022

Production 70 62
Sales and administration 21 21
91 83

2023 2022
£    £   
Directors' remuneration 299,384 267,906

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 299,384 267,906

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 189,456 195,052
Profit on disposal of fixed assets (6,992 ) -
Goodwill amortisation 115,355 115,358
Auditors' remuneration 29,149 24,081
Operating lease payments 49,618 57,515

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Restructuring costs (39,802 ) -

In 2023, the company completed a restructuring programme that resulted in a small number of redundancies. The costs associated with this have been shown separately as exceptional items.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 136,150 -
Group loan interest - 157,434
136,150 157,434

7. TAXATION

UK corporation tax has been charged at 25% (2022: 19%).

In the Spring Budget 2021, the Government announced that from 1st April 2023 the corporation tax rate will increase to 25%.

The company has tax losses of £12,923,642 (2022: £12,904,089) to utilise against future trading profits.

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 1,981,000
AMORTISATION
At 1st January 2023 1,865,645
Amortisation for year 115,355
At 31st December 2023 1,981,000
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 115,355

9. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1st January 2023 1,690,765 3,782,494 71,274 5,544,533
Additions 166,954 556,888 - 723,842
Disposals - (182,636 ) (8,570 ) (191,206 )
At 31st December 2023 1,857,719 4,156,746 62,704 6,077,169
DEPRECIATION
At 1st January 2023 332,410 2,328,309 71,274 2,731,993
Charge for year 20,965 168,491 - 189,456
Eliminated on disposal - (182,438 ) (8,570 ) (191,008 )
At 31st December 2023 353,375 2,314,362 62,704 2,730,441
NET BOOK VALUE
At 31st December 2023 1,504,344 1,842,384 - 3,346,728
At 31st December 2022 1,358,355 1,454,185 - 2,812,540

Included in the cost of land and buildings is freehold land of £806,657 (2022: £806,657) which is not depreciated.

10. STOCKS
2023 2022
£    £   
Raw materials 555,225 664,008
Work-in-progress 212,944 156,770
Finished goods 123,578 173,916
891,747 994,694

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 991,393 1,165,158
Amounts owed by group undertakings 32,067 13,441
Other debtors 83,030 110,660
Tax - 28,940
Prepayments and accrued income 106,422 141,714
1,212,912 1,459,913

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,380,517 1,115,260
Amounts owed to group undertakings 2,243,609 2,936,890
Social security and other taxes 47,665 60,166
VAT 147,023 79,509
Other creditors 418,040 367,213
4,236,854 4,559,038

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 47,368 39,580
Between one and five years 59,308 24,992
106,676 64,572

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
15,705,000 Ordinary shares £1 15,705,000 15,705,000

In 2022, the company issued 8,305,000 £1 Ordinary Shares at par to its parent company.

15. RESERVES
Retained
earnings
£   

At 1st January 2023 (14,881,450 )
Profit for the year 392,134
At 31st December 2023 (14,489,316 )

Retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Allan Brothers Limited (Registered number: 05829849)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

16. PENSION COMMITMENTS

Contributions by the company to defined contribution pension schemes for the year amounted to £101,150 (2022: £100,968). The amounts outstanding at the year end were £10,352 (2022: £11,192).

17. ULTIMATE PARENT COMPANY

The immediate parent company is Inwido UK Limited, a company incorporated in the United Kingdom. The ultimate parent company is Inwido AB, a public listed company incorporated in Sweden, these being the smallest and largest group into which the company is consolidated. A copy of the ultimate parent company financial statements are available from the company's registered office at Engelbrektsgatan 15, SE-211 33 Malmo, Sweden.

18. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 1,317,000 1,534,000

19. RELATED PARTY DISCLOSURES

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.