REGISTERED NUMBER: 08654173 (England and Wales) |
Andawes Limited |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: 08654173 (England and Wales) |
Andawes Limited |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Andawes Limited (Registered number: 08654173) |
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 | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Andawes Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Andawes Limited (Registered number: 08654173) |
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. |
REVIEW OF BUSINESS |
The Group is focused on maintaining and building upon its' reputation as one of the leading street and infrastructure lighting contractors in the UK, together with offering project management, consultancy and maintenance services. We are committed to developing and training our staff and to delivering a very high standard of work in everything that we do. Our long term objective is to continue to grow the business, both in our traditional markets as well as looking for new opportunities, whilst at the same time ensuring that any new work only adds to the profitability of the Group. This will be done whilst retaining the Group's core values. |
Building on the ever evolving organisational and efficiency changes we have made, and by completing contracts on time and to budget, the Group was able to deliver another strong financial performance. Turnover for the year ended 31 March 2024 was £12.1m up from £9.4m the previous year. Profit before tax was £1.8m compared to £0.7m for 2023. Given the economic environment during the year and the pressures being faced the directors are very satisfied with these results. Our bank balance has also increased during the year; up to £2.7m at March 2024 from £2.5m at March 2023. |
The directors and management would like to thank the whole workforce for these results. |
At the time of signing these financial statements the conflicts in the Middle East and Ukraine were still on-going and there are difficult economic conditions to be faced. It is difficult to predict with any certainty just what effects these will have on UK government financing and spending policies over the coming years, but the directors are confident that with a strong balance sheet and healthy order book the Group is well placed to meet any future challenges. |
KEY PERFORMANCE INDICATORS |
The directors monitor the performance of the group on the following Key Performance Indicators ("KPI's"); |
Year ended | Year ended |
31 March 2024 | 31 March 2023 |
Gross profit margin | 26.3% | 20.1% |
Operating profit margin | 14.8% | 7.7% |
EBITDA | £1,948k | £771k |
PRINCIPAL RISKS AND UNCERTAINTIES |
As noted in the Review of Business, the principal risks faced at the moment are the effects on the world economy and material prices brought about due to the conflict in Ukraine plus rising interest rates and inflationary pressures in the UK. The effects of these factors will no doubt impact upon government taxation policy and consequently the amount of funding available for lighting and infrastructure projects. However, the directors feel that the Group is well placed to weather any economic storms as it has a strategy of minimising costs as much as practicable and maintaining a significant cash reserve. |
ON BEHALF OF THE BOARD: |
Andawes Limited (Registered number: 08654173) |
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 |
Dividends totalling £268,000 (2023: £269,500) were paid in the year. |
FUTURE DEVELOPMENTS |
The group intends to continue with the growth policies that have proven to be successful so far and it will continue to search for new sales opportunities. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
EMPLOYEES |
Details of the number of employees and related costs are included within the notes to the financial statements. |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of an employee becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training and support is given. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees. The group has policies and practices to keep employees informed on matters relevant to them as employees through regular meetings and other communications. Employee representatives are consulted regularly on a wide range of matters affecting their interests. |
ENVIRONMENTAL |
The group recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the group's activities. Such initiatives include the use of low emission vehicles where practicable, the recycling of as much material and other items as practically possible and reducing energy consumption. |
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). 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. |
Andawes Limited (Registered number: 08654173) |
Report of the Directors |
for the year ended 31 March 2024 |
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. |
AUDITORS |
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Andawes Limited |
Opinion |
We have audited the financial statements of Andawes 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 |
Andawes 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 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 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. |
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 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 other management, 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, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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. |
Report of the Independent Auditors to the Members of |
Andawes Limited |
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: and |
- | tested journal entries to identify 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; |
- | 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 HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
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 other management and the inspection of regulatory and legal correspondence, if any. |
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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditor |
Andawes Limited (Registered number: 08654173) |
Consolidated Income Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 12,083,428 | 9,386,393 |
Cost of sales | 8,905,571 | 7,499,559 |
GROSS PROFIT | 3,177,857 | 1,886,834 |
Administrative expenses | 1,392,701 | 1,167,214 |
OPERATING PROFIT | 5 | 1,785,156 | 719,620 |
Interest receivable and similar income | 42,033 | 2,855 |
1,827,189 | 722,475 |
Interest payable and similar expenses | 6 | 3,809 | 2,274 |
PROFIT BEFORE TAXATION | 1,823,380 | 720,201 |
Tax on profit | 7 | 455,417 | 137,454 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,367,963 | 582,747 |
Andawes Limited (Registered number: 08654173) |
Consolidated Other Comprehensive Income |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,367,963 | 582,747 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,367,963 |
582,747 |
Total comprehensive income attributable to: |
Owners of the parent | 1,367,963 | 582,747 |
Andawes Limited (Registered number: 08654173) |
Consolidated Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 655,001 | 248,801 |
Investments | 12 | - | - |
655,001 | 248,801 |
CURRENT ASSETS |
Stocks | 13 | 818,333 | 1,025,959 |
Debtors | 14 | 3,132,538 | 2,427,114 |
Cash at bank and in hand | 2,683,848 | 2,456,292 |
6,634,719 | 5,909,365 |
CREDITORS |
Amounts falling due within one year | 15 | 2,211,429 | 2,281,388 |
NET CURRENT ASSETS | 4,423,290 | 3,627,977 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,078,291 |
3,876,778 |
PROVISIONS FOR LIABILITIES | 18 | 163,750 | 62,200 |
NET ASSETS | 4,914,541 | 3,814,578 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 100 | 100 |
Retained earnings | 20 | 4,914,441 | 3,814,478 |
SHAREHOLDERS' FUNDS | 4,914,541 | 3,814,578 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by: |
DS Jones - Director |
Andawes Limited (Registered number: 08654173) |
Company Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 507,416 | 300,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Andawes Limited (Registered number: 08654173) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 100 | 3,501,231 | 3,501,331 |
Changes in equity |
Dividends | - | (269,500 | ) | (269,500 | ) |
Total comprehensive income | - | 582,747 | 582,747 |
Balance at 31 March 2023 | 100 | 3,814,478 | 3,814,578 |
Changes in equity |
Dividends | - | (268,000 | ) | (268,000 | ) |
Total comprehensive income | - | 1,367,963 | 1,367,963 |
Balance at 31 March 2024 | 100 | 4,914,441 | 4,914,541 |
Andawes Limited (Registered number: 08654173) |
Company Statement of Changes in Equity |
for the year ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Andawes Limited (Registered number: 08654173) |
Consolidated Cash Flow Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,021,332 | 670,086 |
Interest element of hire purchase payments paid |
(3,809 |
) |
(2,274 |
) |
Tax paid | (134,537 | ) | (113,635 | ) |
Net cash from operating activities | 882,986 | 554,177 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (639,566 | ) | (70,934 | ) |
Sale of tangible fixed assets | 70,184 | 7,500 |
Interest received | 42,033 | 2,855 |
Net cash from investing activities | (527,349 | ) | (60,579 | ) |
Cash flows from financing activities |
Capital repayments in year | 148,655 | (6,984 | ) |
Amount introduced by directors | - | (266 | ) |
Amount withdrawn by directors | (8,736 | ) | 1,485 |
Equity dividends paid | (268,000 | ) | (269,500 | ) |
Net cash from financing activities | (128,081 | ) | (275,265 | ) |
Increase in cash and cash equivalents | 227,556 | 218,333 |
Cash and cash equivalents at beginning of year |
2 |
2,456,292 |
2,237,959 |
Cash and cash equivalents at end of year |
2 |
2,683,848 |
2,456,292 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,823,380 | 720,201 |
Depreciation charges | 169,454 | 56,604 |
Profit on disposal of fixed assets | (6,272 | ) | (4,838 | ) |
Finance costs | 3,809 | 2,274 |
Finance income | (42,033 | ) | (2,855 | ) |
1,948,338 | 771,386 |
Decrease/(increase) in stocks | 207,626 | (421,764 | ) |
(Increase)/decrease in trade and other debtors | (705,424 | ) | 70,349 |
(Decrease)/increase in trade and other creditors | (429,208 | ) | 250,115 |
Cash generated from operations | 1,021,332 | 670,086 |
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 | 2,683,848 | 2,456,292 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 2,456,292 | 2,237,959 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,456,292 | 227,556 | 2,683,848 |
2,456,292 | 227,556 | 2,683,848 |
Debt |
Finance leases | - | (148,655 | ) | (148,655 | ) |
- | (148,655 | ) | (148,655 | ) |
Total | 2,456,292 | 78,901 | 2,535,193 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Andawes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the financial statements have ben rounded to the nearest £1. |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the possible effects that the continued conflict in Ukraine is having on both the supply chain and material prices plus the inflationary, supply chain and labour issues facing the UK economy and the impact these may have on Group trading activities. The directors are extremely confident that the Group will continue to occupy a strong market position and point out the buoyant sales order-book and strong cash reserves. Consequently the directors have continued to prepare the financial statements on the going concern basis without any adjustments that might arise due to these factors. |
Basis of consolidation |
The consolidated financial statements of Andawes Limited comprise the financial statements of Andawes Limited and its subsidiary undertakings. The financial statements of all the subsidiary undertakings are made up to 31 March. |
Significant judgements and estimates |
In determining the carrying amounts of certain assets and liabilities, the group makes calculated assumptions based on the effects of uncertain future events on those assets and liabilities at the balance sheet date. The group's estimates and assumptions are based on historical experience and expectations of future events and are reviewed periodically and updated to reflect current market conditions as required. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised, in respect of contracts where the group's contractual obligations are performed gradually over time, as contract activity progresses to reflect the group's partial performance of its contractual obligations. The amount of revenue reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed. |
Goodwill |
Goodwill arising on the acquisition of a business acquired in 2015 was amortised over 3 years. |
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. |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiary undertakings |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments, bank balances and group debts, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
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. |
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. |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,518,343 | 2,385,518 |
Social security costs | 256,285 | 252,679 |
Other pension costs | 309,127 | 120,181 |
3,083,755 | 2,758,378 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operatives and installers | 69 | 67 |
Management and administration | 11 | 10 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 28,325 | 99,077 |
Directors' pension contributions to money purchase schemes | 180,000 | 1,951 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 169,454 | 56,604 |
Profit on disposal of fixed assets | (6,272 | ) | (4,838 | ) |
Auditors' remuneration | 5,600 | 5,400 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Hire purchase | 3,809 | 2,274 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 353,867 | 134,537 |
Deferred tax | 101,550 | 2,917 |
Tax on profit | 455,417 | 137,454 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax charge 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 before tax | 1,823,380 | 720,201 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
455,845 |
136,838 |
Effects of: |
Expenses not deductible for tax purposes | 122 | - |
Effect of change in marginal rate of tax and deferred tax | (550 | ) | 701 |
Effect of other capital allowances legislation | - | (85 | ) |
Total tax charge | 455,417 | 137,454 |
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. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of £1 each |
Dividends paid | 88,500 | 90,000 |
Ordinary B shares of £1 each |
Dividends paid | 89,500 | 88,500 |
Ordinary C shares of £1 each |
Dividends paid | 90,000 | 91,000 |
268,000 | 269,500 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 6,000 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 | 6,000 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 80,437 | 26,849 | 630,769 | 103,203 | 841,258 |
Additions | 24,702 | 1,612 | 600,177 | 13,075 | 639,566 |
Disposals | (3,000 | ) | - | (230,398 | ) | - | (233,398 | ) |
At 31 March 2024 | 102,139 | 28,461 | 1,000,548 | 116,278 | 1,247,426 |
DEPRECIATION |
At 1 April 2023 | 55,999 | 22,641 | 418,292 | 95,525 | 592,457 |
Charge for year | 9,423 | 1,455 | 151,727 | 6,849 | 169,454 |
Eliminated on disposal | (3,000 | ) | - | (166,486 | ) | - | (169,486 | ) |
At 31 March 2024 | 62,422 | 24,096 | 403,533 | 102,374 | 592,425 |
NET BOOK VALUE |
At 31 March 2024 | 39,717 | 4,365 | 597,015 | 13,904 | 655,001 |
At 31 March 2023 | 24,438 | 4,208 | 212,477 | 7,678 | 248,801 |
Included within tangible fixed assets are items subject to outstanding hire purchase obligations. The book value of these assets at the year end was £189,074 and the depreciation charged on these assets in the year was £25,201. There were no assets subject to outstanding hire purchase obligations in the prior year. |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
12. | FIXED ASSET INVESTMENTS |
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 company's investments at the Balance Sheet date comprise of a 100% holding of the issued share capital of Jones Lighting Limited and Anderson & Heeley Limited. Jones Lighting Limited provides specialist street lighting and infrastructure services whilst Anderson & Heeley Limited is dormant. Both companies have their registered offices at Suite 5, Farington House, Leyland Business Park, Centurion Way, Leyland, Lancashire PR26 6TW. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stock | 818,333 | 1,025,959 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,032,435 | 1,798,927 |
Amounts owed by group undertakings | - | - |
Other debtors | 103 | 528,187 |
3,032,538 | 2,327,114 |
Amounts falling due after more than one | year: |
Other debtors | 100,000 | 100,000 |
Aggregate amounts | 3,132,538 | 2,427,114 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 148,655 | - |
Trade creditors | 460,756 | 794,529 |
Amounts owed to group undertakings | - | - |
Corporation tax | 353,867 | 134,537 |
Social security and other taxes | 80,520 | 64,219 |
VAT | 514,933 | 241,056 | - | - |
Other creditors | 544,357 | 962,211 |
Directors' current accounts | - | 8,736 | - | 2,704 |
Accruals and deferred income | 108,341 | 76,100 |
2,211,429 | 2,281,388 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 148,655 | - |
Group |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Between one and five years | 255,329 | 350,000 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 148,655 | - |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 163,750 | 62,200 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred tax |
£ |
Balance at 1 April 2023 | 62,200 |
Charge to Income Statement during year | 101,550 |
Balance at 31 March 2024 | 163,750 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 51 | 51 |
Ordinary B | £1 | 24 | 24 |
Ordinary C | £1 | 25 | 25 |
100 | 100 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 3,814,478 |
Profit for the year | 1,367,963 |
Dividends | (268,000 | ) |
At 31 March 2024 | 4,914,441 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
Andawes Limited (Registered number: 08654173) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2024 |
21. | RELATED PARTY DISCLOSURES |
In the opinion of the directors the company is ultimately controlled by DS & AJ Jones, who are directors of the company, by virtue of their shareholding. |
During the year the company purchased goods and services for £279,328 (2023: £351,204) from Andawes Commercials Limited, a company in which DS Jones is also a director. At the year end the trade creditor owing to Andawes Commercials Limited was £16,774 (2023: £6,203) which is paid to Andawes Commercials Limited on a regular basis in the normal course of business. The amounts charged and paid were the normal market rates for such goods and services. |
In addition there is an amount owing to Andawes Commercials Limited of £535,002 included in other creditors (2023: other debtors £528,157 and other creditors £943,721) which was repaid in full in June 2024. |