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REGISTERED NUMBER: 02298288 (England and Wales)












Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 29 June 2023

for

AND Group Limited

AND Group Limited (Registered number: 02298288)






Contents of the Financial Statements
for the Year Ended 29 June 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 9

Report of the Independent Auditors 10

Profit and Loss Account and Other Comprehensive
Income

12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


AND Group Limited

Company Information
for the Year Ended 29 June 2023







DIRECTORS: Mr I A Robinson
Mr R A Howes





SECRETARY: Mr R A Howes





REGISTERED OFFICE: Tanners Bank
North Shields
Tyne and Wear
NE30 1JH





REGISTERED NUMBER: 02298288 (England and Wales)





AUDITORS: CLA Evelyn Partners Limited
17 Queens Lane
Newcastle
NE1 1RN

AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023

The directors present their strategic report for the year ended 29 June 2023.

Directors' Duties
The directors of the company, as those of all companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows: 'A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
- the likely consequences of any decisions in the long term;
- the interests of the company's employees;
- the need to foster the company's business relationships with suppliers, customers and others;
- the impact of the company's operations on the community and environment; o the desirability of the company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between shareholders of the company.'

As part of their induction, a director is briefed on their duties and they can access professional advice on these, either from the Company secretary or, if they judge it necessary, from an independent adviser.

Risk Management
We provide business-critical services to our clients, often in highly regulated environments. As we grow, our business and our risk environment also become more complex. It is therefore vital that we effectively identify, evaluate, manage and mitigate the risks we face, and that we continue to evolve our approach to risk management. For details of our principal risks and uncertainties, and how we manage our risk environment, please see the principal risks and uncertainties section of this report.

Our people
The company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, investors, communities and society as a whole. People are at the heart of our specialist services. For our business to succeed we need to manage our people's performance and develop and bring through talent while ensuring we operate as effectively as possible. We must also ensure we share common values that inform and guide our behaviour so we can achieve our goals in the right way.

Business Relationships
Our strategy priorities organic growth, driven by cross-selling and up-selling services to existing clients and bringing new clients into the Group. To do this, we need to develop and maintain strong client relationships. We value all of our suppliers and have multi-year contracts with our key suppliers.

Community and Environment
The company's approach is to use our position of strength to create positive change for the people and communities with which we interact. We want to leverage our expertise and enable colleagues to support communities around us.

Shareholders
The Board is committed to openly engaging with our shareholders, as we recognise the importance of a continuing effective dialogue. It is important to us that shareholders understand our strategy and objectives, so these must be explained clearly, feedback heard and any issues or questions raised properly and considered.


AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023

REVIEW OF BUSINESS
AND Group Limited (AND) is part of Broadband Satellite Services Limited (BSSL) group of companies. It is one of four major operating entities, the others being Satcom Global Limited (UK), Satcom Global Inc (USA) and Satcom Global Aura Limited.

As part of this group AND operates a global network that supports mission critical communications over satellite to a global customer base. AND does not own its own satellites but provides the services under a series of wholesale and lease capacity agreements with several global satellite network operators.

Companies operating within the satellite services industry can be categorised as satellite operators, satellite service distributors and end users. Satellite network operators own and operate large or small fleets of satellites capable of providing global or regional network coverage. Significant cost is involved in the construction, launch and operation of each satellite. Satellite operators tend to prefer the sale of wholesale capacity on a lease basis, allowing focus on a small number of customers providing recurring revenue streams. The operation of terrestrial infrastructure which services the end user, installation, maintenance, and technical support would typically be provided to the end user by these wholesale lease customers.

The mobile satellite service industry is segmented into land, marine and aeronautical services and within these vertical segments, provide voice, low speed data and broadband services. End users who include commercial shipping, airlines, government, defence forces, aid agencies, oil companies and NGOs may use different services across different segments

AND offers a full range of services to the maritime industry, with secure access and global coverage. Increasingly services to the sector are being driven by the operational demands of vessel performance, or the access requirements of crew for welfare and recreational use.

Land customers range from oil or mining customers in the harshest environments on earth, journalists with live broadcasting requirements and humanitarian agencies working in crisis zones. AND has long standing partnership agreements with government departments around the world providing secure and reliable voice and data services to meet security, safety, health, and education needs.

AND customers range from dealers and large end users down to individual subscribers. They cover government, military, maritime, offshore, oil and gas exploration and humanitarian needs. These customers are supported by a network of global AND offices which supports the following channels:

- Government - direct and indirect supply to government agencies;

-
Enterprise - direct supply to large customers I corporate, service provider partners for smaller users and
handset customers;
- Business to business - indirect channel partners including service providers, dealers, and agents;
- Commercial maritime - ship owners, ship managers, offshore operators.

AND is deemed to be the supplier of choice in satellite communications for a diverse range of blue-chip customers around the globe.

AND is a major distributor of L-band services for the three largest mobile satellite service network operators and as such provides a critical link in the satellite industry value chain. Distribution partners such as AND supply and support end user customers with specific services created by the L-band satellite network operators. AND also resells equipment to end user customers, paying a wholesale rate to the L-band satellite network for the airtime used by its customers. Its ground infrastructure provides connectivity which allows the end users to access their own corporate network or wider internet, providing controls on usage flow, content access and cost.

The development of digital platforms, bandwidth-hungry business applications and welfare demands has however, driven growth beyond the capabilities of the traditional L-band services. Accordingly, AND operates a global Ku-band platform under the 'Aura' brand umbrella. Ku-band offers higher speeds and more affordable bandwidth options for customers in maritime and land environments. The demand for the Aura network is growing as customers find their needs cannot be satisfied by the limited speeds and bandwidth capabilities of the traditional L-band technologies. The Aura network provides customers with the higher bandwidth solutions required by modern vessels at sea. Aura provides users with access to a comprehensive global system of satellites, combining wide beam satellites for coverage and narrower higher throughput beams for better efficiency and increased bandwidth capacity. Our Ku-band network continues to grow strongly with significant maritime customers continuing to be added together with a significant order book to carry forward, with contracts signed and a forward going pipeline of vessel installations to be completed.

We have seen strong growth with both existing and new customers choosing the Aura platform as their communication solution of choice. This demand is being led by a growing demand for faster speeds and greater data transmission capability as the maritime industry adapts to digitisation of their operations. The move to digitisation in the shipping industry, increasing commitment to 'Internet of Things' enabled solutions and broadening range of shipboard applications are driving the requirement for increased satellite bandwidth. Vessel performance monitoring, fuel optimisation, engine performance monitoring, and emissions monitoring are all key to the success of the modern ship operator. Digital navigation solutions such as Electronic Chart Display and Information Systems (ECDIS) require the movement of regular updates consuming significant amounts of data.


AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023

We expect the demand for satellite connectivity to continue to grow, especially in mobility-based applications in both our maritime and land businesses. In the business environment a rapidly growing range of applications are emerging to enable 'Internet of Things' solutions and are driving demand for lower bandwidth connectivity services. At the higher end demand is being driven by an increasing number of data-rich applications and the requirement to continually increase the number of connected devices. We are continuing to see significant growth opportunities especially for mobility solutions where satellite connectivity is often more effective than traditional terrestrial network coverage. In the crew environment, demand continues on a steeply upward curve with crew members requiring internet and social media access as a base service level.

The wide base and strength of our product and service offering, together with our approach to supporting customers is demonstrated by the strong demand for our services. With our customers contracting for three-to-five-year periods and a growing customer base, it provides a strong base for future development plans. Our strategic initiatives have been focused on meeting the new demands of customers as they 'go digital'.


AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023

PRINCIPAL RISKS AND UNCERTAINTIES
AND takes a structured and proactive approach to risk management. BSSL's activities expose it to risks and uncertainties that may adversely affect business, operations, liquidity, financial position or future performance, not all of which are wholly within its control. The Board is responsible for ensuring that business risks are identified quickly and that appropriate risk mitigation steps are taken in a proactive and timely manner within the overall strategic objectives and activities of the company. The principal risks and uncertainties identified by the management are outlined below. This is not intended to be an exhaustive analysis.

1. Competition
AND operates in a highly competitive sector and faces competition today from alternative communications technologies in our target horizontal and vertical market sectors. In the normal operation of business, there is strong competition from other service providers and satellite network operators. There is a risk that new technologies introduced by competitors may reduce demand for services or replace the technologies provided. Service providers providing VSAT services will continue to target L-band users. It is believed that the L-band product offerings distributed will remain competitive in the specific markets targeted and that the development of the Aura Ku-band network places puts AND in a favourable position with other VSAT providers. AND is also building a number of new platforms aimed at enabling small-sat and 4G/5G/LTE services within our network offering.

2. Key suppliers
Whilst AND procures services from several satellite network operators, it is reliant on the continuance of supply agreements to sell the services to end-users. The loss of any one of the agreements may impact on competitiveness in the market as many customers have a preference of a specified network operator for the provision of our services. L-band networks are often subject to congestion in high-traffic areas and are sold on a 'best effort' basis with no service level agreement commitments.

3. Satellite service continuity
All the services provided are provisioned by third party-owned satellites which are subject to significant operational risks at launch or whilst in orbit. The loss of access to any of the satellites could adversely affect the revenues, profitability and liquidity of AND. Losses of connectivity, however, would not be limited to AND but would impact equally on all major competitors.

4. Cyber security
AND's networks may be vulnerable to security risks. They are designed to be robust and provide for secure transmission of confidential information. They may however in the future be vulnerable to unauthorised access, computer viruses and other security risks. AND has implemented industry-standard security measures and are continually increasing investment in counter cyber-threat tools and staff. Current evidence is that counter measures have been effective to date, as there has been no impact from previous cyber-attack events. The nature and diversity of cyber-threats is constantly changing, both in sophistication and number. There is a possibility that these measures may prove inadequate in the case of future attacks and could result in system failures and delays that could have a material adverse effect on business and financial results.

5. Capacity oversupply
Planned launches of Ku and Ka-band satellites may introduce an over-supply position to the markets, forcing prices to fall. The satellite operators are aware of this, and some launches continue to be delayed or cancelled as global bandwidth costs continue to decline. Technological innovation and the need for remote users to be part of the corporate network continues to drive data volumes. Crew demand on board ships drives both data volumes and the requirement for a 'bring your own device' capability onboard (BYOD). These additional volume demands will assist in offsetting the impact of any price decreases.

6. Macro-economic risks
Macro-economic risks changes can impact on AND's business. This risk is offset by the long-term nature of the customer contracts held by AND, which provide recurring monthly revenues.

7. Regulation
AND is subject to regulation with respect to the resale of satellite services. In the majority of cases, the satellite network operator is responsible for obtaining the licensing required to broadcast across a defined spectrum. AND is responsible for ensuring it holds all required licences for the resale of satellite services in the countries in which it operates. There is a risk that in order to hold such licenses, there could be exposure to additional costs or limitations to the ability to provide services.

8. Management and employees
AND needs to recruit and retain personnel capable of achieving the technological competence required. The business is dependent to a significant degree on being able to recruit and retain the number and calibre of management or employees necessary to maintain and develop the business.

9. Financing and foreign exchange risk
AND has a significant amount of debt. Whilst the directors are satisfied that the liquidity position is sufficient to meet AND's needs for future financial periods, the future cost of the debt represents a future risk.

The company's functional and reporting currency is the US dollar. While most of our revenues are contracted in US Dollars, a proportion of our operating expenses and capital expenditure is denominated in currencies other than the US Dollar. AND does not currently hedge foreign exchange exposure in the short-term and there is a risk that in the longer-term that operations could be affected by US Dollar exchange rates.

AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023


AND's activities expose it to a variety of financial risks, including effects of credit and liquidity and cash flow. Risk management policies have been adopted which seek to mitigate these risks in a cost-effective manner. Financial assets that expose the company to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the company to financial risk consist principally of trade creditors and loan agreements. AND can deploy hedging policies in the case of any short-term market volatility which may impact on the overall business performance. As the company contracts most of its revenues in US dollars and its key suppliers are paid in US dollars it enjoys a natural hedge in respect of any significant level of exposure.

10. Credit risk
Credit risk is the loss of the value of financial assets due to counter-parties failing to meet all or part of their obligations. AND therefore performs ongoing credit evaluation of each of its major customers' financial position.

11. Liquidity Risk
Liquidity risk is the risk that AND does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at a prudent level and the company ensures that there is an adequate liquidity buffer to cover contingencies. The company maintains sufficient cash and open committed credit lines from its bankers to meet its current requirements. The directors assess the liquidity risk on a regular basis and ensures that sufficient cash is available to meet the company's needs.

12. Geo-political risks
The business operates in a wide range of geographic areas. This exposes AND to geo-political and
strategic risks such as disruption due to war, civil unrest, security issues and government intervention. These risks currently exist in Ukraine and Israel as well as elsewhere in the Middle East, Russia and certain parts of Latin America, Africa and Asia. None of this however constitutes a large part of our ongoing business. Not all the events are negative to the mobile satellite services business as the events themselves can cause increased demand for satellite services.

AND operates in markets where the services we supply are mission critical, rather than optional for our customers. We are always conscious to provide the required support to our customers, most of whom are contracted on 3-5 year-terms, thus providing some security of income. We have also secured the supply of equipment that is essential to our services - from multiple vendors. The COVID pandemic created demand amongst government agencies and within remote communities, with limited impact on our core maritime business. Demand for new installations of our Aura services remain strong.

13. BREXIT
The UK left the European Union (EU) on 31 January 2020. The UK government and EU continue to negotiate terms of the new relationship but to date there has been limited impact to the business. The directors keep a watching brief on the ongoing negotiations and await further guidance from the UK government as appropriate. Whilst any uncertainty remains and might present challenges for the business, the directors are confident these can be overcome with appropriate planning and consultation, such as not to have any significant impact on the AND's future business activities.

The Directors have reviewed the potential impact of BREXIT to date, the main outcomes being:

- Profitability has not been significantly affected, but in the event of future changes, the Group has trading
entities in alternative countries which can be used to facilitate impacted transactions. All customer contracts
give AND the ability to invoice any goods or services supplied under the contract from any Group entity.
- As around 80% of the turnover and purchases are in US Dollars, and AND's financial facilities are contracted in
USD, thus there is a natural FX coverage.
- Less than 30% of the AND's current turnover relates to sales to entities in the EU.

In conclusion, given the nature of the company's operations, management do not currently envisage any logistical impacts of Brexit in its relationships with customers and revenues.


AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023

DEVELOPMENT AND PERFORMANCE
There is an ongoing and significant change within the maritime communications sector as shipping companies worldwide recognise that the greater capacity available from VSAT broadband networks are a strategic investment in improving business productivity and crew welfare. VSAT networks provide global broadband coverage for voice and data communications at a substantially more cost-effective rate than the pay-per-use L-band services. They are central to the shipping industry, which needs to digitise many of their operations and processes. As a result, a consensus has emerged within shipping companies that there is a compelling need to shift to true broadband. Only VSAT broadband networks can deliver the high data speeds required by increasing communications needs, supporting a range of critical onboard applications.

VSAT communications enable vessels at sea to share business and operational data in a way which cannot be supported by existing L-band offerings. Communications with suppliers, port authorities, Enterprise Resource Planning (ERP) systems, video surveillance, real time operational data exchange and unlimited crew access to the internet can all be facilitated.

The commercial shipping market continues to see migration from narrowband to broadband connectivity, which is the main driver of revenue growth in this sub-segment. Commercial shipping is a core part of our maritime business where we supply a combination of VSAT, L-band, and land-based 4G/LTE networks to deliver communications across oceans and along the most difficult coastal locations in the world.

AND operates its own Ku-band VSAT service (Aura) which provides maritime and enterprise customers with a managed connectivity service which brings broadband connectivity to vessels at sea and mobile land customers. The Aura managed mobility service enables any maritime vessel to roam seamlessly anywhere in the world, providing powerful global two-way internet connectivity for internet access, voice, monitoring and tracking capabilities so vessels, passengers and crew are always connected.

The investment in Aura provides a significant opportunity to grow both revenues and margins across our customer base. With the ability to build network architecture and add capacity when required, the solution is both scalable and future-proof. Customers have access to increased throughput with unlimited data volume consumption, customised coverage options and throughput packages. Taking ownership of the network means more flexible service terms and packages can be provided compared to those of competitors with the ability to increase bit rate in high-demand areas.

AND continually invests in improving customer services and value and optimising internal costs. This allows the group to deliver a commonality of service levels and customer experience, centralising operational tasks in our back office shared service centres. The billing, support, and provisioning platforms at the heart of our network are based around proprietary technologies which enable us to provide a truly differentiated commercial offering to our customers.

As the demand for 'Internet of Things' type connectivity develops, AND has invested in several platforms to facilitate customer access to these services across a managed services platform. This development will future proof the services we offer both in terms of customer requirements, and the ability to provision services from new satellite network operators.

We are maintaining a healthy order book for our VSAT Aura platform which increases in size, as a major contributor to our financial results and organic revenue growth. Our continued development of this platform will allow us to achieve further significant cost synergies through the further integration of our various networks and platforms. We continue to see growth in data connectivity across all the market verticals we serve and the multiple verticals in which we operate across diversified markets all have substantial growth opportunities.

The Aura network is backed by a 24/7/365 Networks Operating Centre (NOC) providing real time customer support, advanced monitoring, and reporting services to our customers. Customers are able to access full visibility of service level indicators directly from the network.

VSAT is now driving growth in the maritime sector. Contracts are typically of a 3-5 year-duration, with recurring revenues and high customer retention levels. The growing technological demands of VSAT operations has increased the need for scale, with managed services and value-added service platforms requiring increased operational support.

AND is well positioned to offer a comprehensive portfolio of maritime communications and value-added services and having local scale and presence in all of the key maritime markets.

Demand for the Aura VSAT platform has continued to grow with a significant number of contracts with large vessel fleet operators having been signed since the financial year end. There is a strong installation pipeline which enables those contracts to stretch throughout the next financial year.


AND Group Limited (Registered number: 02298288)

Strategic Report
for the Year Ended 29 June 2023

KEY PERFORMANCE INDICATORS
The management team considers several key financial and operational performance indicators to assess the performance of the business against our key strategic priorities. These include:


-
Sales: As a broad measure, our sales achievement measures the success of our business model and our ability
to develop our customer base.
- Sales and installation pipeline: Opportunities and vessels contracted with equipment yet to be installed.
- Network connections: The number of current subscribers to each of the connectivity services we offer.

-
Average Revenue Per Unit (ARPU): Below the macro level it also provides information on all our product
portfolios and the ARPU attached to each service offering on our network.

-
Capital Expenditure: Measures our investment in growth and development of our network and infrastructure
along with equipment supplied to operational vessels as part of service bundles.
- EBITDA: Measures the total group profitability before finance costs, taxation, depreciation, and amortisation.
- Network Availability: Measures our network uptime against our customer service level agreement of 99.9%.

-
Employee Turnover: Measures the number of voluntary leavers during the year as a percentage of the average
number of employees in the year.

ON BEHALF OF THE BOARD:





Mr I A Robinson - Director


7 November 2024

AND Group Limited (Registered number: 02298288)

Report of the Directors
for the Year Ended 29 June 2023

The directors present their report with the financial statements of the company for the year ended 29 June 2023.

PRINCIPAL ACTIVITY
The company continues to specialise in the provision of telecommunications services and the supply, installation and maintenance of electronic and electric equipment in marine and offshore markets.

DIVIDENDS
No dividends will be distributed for the year ended 29 June 2023.

The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 30 June 2022 to the date of this report.

Mr I A Robinson
Mr R A Howes

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with S.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups ( Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, CLA Evelyn Partners Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr I A Robinson - Director


7 November 2024

Report of the Independent Auditors to the Members of
AND Group Limited

Opinion
We have audited the financial statements of AND Group Limited (the 'company') for the year ended 29 June 2023 which comprise the Profit and Loss Account and Other 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 29 June 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.

Material uncertainty relating to going concern
We draw attention to Note 3 in the financial statements, which indicates that the group's $22m debt facility was due for expiry on 30 June 2024, and has been extended to 27 December 2024. We understand that whilst discussions are ongoing in respect of renewing these facilities, at the date of approving the financial statements there are no formal arrangements in place beyond 27 December 2024.

As stated in Note 3 these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Notwithstanding the above, 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.

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.

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.

Report of the Independent Auditors to the Members of
AND Group Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:
- making enquires of directors and management as to where they consider there to be a susceptibility to fraud
and whether they have any knowledge or suspicion of fraud;
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or
non-compliance with laws and regulations;
- assessing the risk of management override including identifying and testing journal entries;
- challenging the assumptions and judgements made by management in its significant accounting estimates.

Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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.




Donna Bulmer BA (Hons) ACA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
17 Queens Lane
Newcastle
NE1 1RN

8 November 2024

AND Group Limited (Registered number: 02298288)

Profit and Loss Account and
Other Comprehensive Income
for the Year Ended 29 June 2023

Period
1.7.21
Year Ended to
29.6.23 29.6.22
Notes $    $   

TURNOVER 5 4,146,079 4,447,690

Cost of sales (5,276,381 ) (7,114,105 )
GROSS LOSS (1,130,302 ) (2,666,415 )

Administrative expenses (1,726,357 ) (1,812,203 )
(2,856,659 ) (4,478,618 )

Other operating income 6 4,105,755 5,665,828
OPERATING PROFIT 8 1,249,096 1,187,210


Interest payable and similar expenses 10 (7,307 ) -
PROFIT BEFORE TAXATION 1,241,789 1,187,210

Tax on profit 11 (616,154 ) -
PROFIT FOR THE FINANCIAL YEAR 625,635 1,187,210

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

625,635

1,187,210

AND Group Limited (Registered number: 02298288)

Balance Sheet
29 June 2023

2023 2022
Notes $    $   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 1,450 3,708
1,450 3,708

CURRENT ASSETS
Stocks 14 499,858 340,657
Debtors 15 17,490,810 17,818,631
Cash at bank and in hand 93,235 21,000
18,083,903 18,180,288
CREDITORS
Amounts falling due within one year 16 (11,383,670 ) (12,107,948 )
NET CURRENT ASSETS 6,700,233 6,072,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,701,683

6,076,048

CAPITAL AND RESERVES
Called up share capital 17 246,007 246,007
Share premium 18 55,800 55,800
Profit and loss account 18 6,399,876 5,774,241
SHAREHOLDERS' FUNDS 6,701,683 6,076,048

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





Mr I A Robinson - Director


AND Group Limited (Registered number: 02298288)

Statement of Changes in Equity
for the Year Ended 29 June 2023

Called up Profit
share and loss Share Total
capital account premium equity
$    $    $    $   
Balance at 1 July 2021 246,007 4,587,031 55,800 4,888,838

Changes in equity
Total comprehensive income - 1,187,210 - 1,187,210
Balance at 29 June 2022 246,007 5,774,241 55,800 6,076,048

Changes in equity
Total comprehensive income - 625,635 - 625,635
Balance at 29 June 2023 246,007 6,399,876 55,800 6,701,683

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements
for the Year Ended 29 June 2023

1. STATUTORY INFORMATION

AND Group 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.

The presentation currency of the financial statements is the US Dollar ($).


Monetary amounts in these financial statements are rounded to the nearest $.

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 financial statements have been prepared under the historical cost convention.

Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for 12 months from the approval of the financial statements. However, the Directors are aware of certain material uncertainties which may cause double on the Groups ability to continue as a going concern.

The directors have prepared a cash flow forecast for the period to June 2026 which is used as the base case for determining the Group's ability to continue as a going concern. These forecasts indicate that the Group will have sufficient funds available to continue in operational existence for the period under review. However, the key assumption adopted by the directors in these forecasts is that the existing loan facility with Santander is renewed.

The Group's debt facility with Santander was refinanced on 8th December 2022 to a $22m facility. The original agreement was for this to be in place until 30 June 2024. An extension has been granted by Santander to extend the termination date to 27 December 2024.

The Directors are aware that by delaying the signing of the accounts in November 2024 the group has breached one of their bank covenants, in additional the leverage covenant was breached in June 2024. Santander have acknowledged this breach and agreed to provide the group with the additional time to file the accounts, agreeing the extension of the facility to December 2024 in the process.

Discussions with Santander on a new finance facility are ongoing and are expected to be concluded before the current facility expires in December 2024. However, at the date of the approval of the financial statements the Group has yet to receive any indicators that a refinanced facility is forthcoming. The directors are satisfied that the group will be able to secure the required financial support to support its future trading requirements before the current facilities expire.

The potential inability of the Group to refinance its borrowing facilities and the potential repayment of such facilities therefore represents a material uncertainty with respect to the Group's ability to continue as a going concern.

In forming their opinion on the going concern status of the Group the Directors have also considered the impact of ongoing global events and the impact these will have on the wider economy, and markets in which the Group operates. The risks facing the Group continue to be monitored by the Board, including its business model, cash flow forecast, solvency, liquidity and banking covenants.

Based on the above, the directors believe it is appropriate to prepare the financial statements on a going concern basis. However, the uncertainties around the potential repayment of the Groups debt facilities gives rise to a material uncertainty related to events and conditions that cast significant doubt on the Group's ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation currently used being inappropriate.

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

3. ACCOUNTING POLICIES - continued

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Broadband Satellite Services Limited. These consolidated financial statements are available from its registered office, Tanners Bank, North Shields, Tyne & Wear, NE30 1JH.

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.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Intangible assets
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Licences are fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15%-33% straight line
Fixtures and fittings - 15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

3. ACCOUNTING POLICIES - continued

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets:
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets:
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is 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. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets:
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities:
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities:
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities:
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.




AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

3. ACCOUNTING POLICIES - continued
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

Current taxation is the amount of taxation in respect of the taxable profit for the year or prior years.

A deferred taxation asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of the current and previous period.

Deferred taxation arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred taxation recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred taxation is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differences. Deferred tax relating to land and buildings measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

Foreign currencies
Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Leasing
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

4. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

5. TURNOVER

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

An analysis of turnover by class of business is given below:

Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Sales of airtime 4,146,079 4,447,690
4,146,079 4,447,690

An analysis of turnover by geographical market is given below:

Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
United States of America 37,589 17,790
Asia 1,669,959 2,090,414
Europe and Middle East 2,433,333 2,295,008
Oceania 5,198 44,478
4,146,079 4,447,690

6. OTHER OPERATING INCOME
Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Management fees 4,105,755 5,610,375
Government grants - 55,453
4,105,755 5,665,828

7. EMPLOYEES AND DIRECTORS
Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Wages and salaries 2,849,475 2,641,752
Social security costs 344,310 329,635
Other pension costs 115,748 124,429
3,309,533 3,095,816

The average number of employees during the year was as follows:
Period
1.7.21
Year Ended to
29.6.23 29.6.22

Management 6 4
Finance and billing 18 18
Customer support 19 22
Development and infrastructure 5 5
Sales and engineering 16 21
64 70

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

7. EMPLOYEES AND DIRECTORS - continued

Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Directors' remuneration - -

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

8. OPERATING PROFIT

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

Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Other operating leases 58,019 65,527
Depreciation - owned assets 1,373 1,648
Foreign exchange differences 9,362 (25,663 )

9. AUDITORS' REMUNERATION
Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Fees payable to the company's auditors for the audit of the company's
financial statements

61,454

15,852

10. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Other loan interest 5,235 -
Hire purchase 2,072 -
7,307 -

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Current tax:
UK corporation tax 259,140 -
Adjustments in respect of
earlier periods 357,014 -

Tax on profit 616,154 -

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

11. TAXATION - continued

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

Period
1.7.21
Year Ended to
29.6.23 29.6.22
$    $   
Profit before tax 1,241,789 1,187,210
Profit multiplied by the standard rate of corporation tax in the UK of
20.500% (2022 - 19%)

254,567

225,570

Effects of:
Expenses not deductible for tax purposes 10,414 16,792
Adjustments to tax charge in respect of previous periods 357,014 -
tax losses not previously
Group relief - (235,054 )
respect of prior periods
Deferred tax not provided (5,790 ) (7,308 )
Other adjustments (51 ) -
Total tax charge 616,154 -

12. INTANGIBLE FIXED ASSETS
Patents
and
licences
$   
COST
At 30 June 2022
and 29 June 2023 26,856
AMORTISATION
At 30 June 2022
and 29 June 2023 26,856
NET BOOK VALUE
At 29 June 2023 -
At 29 June 2022 -

13. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
$    $    $   
COST
At 30 June 2022 740,588 47,524 788,112
Exchange differences (680 ) (205 ) (885 )
At 29 June 2023 739,908 47,319 787,227
DEPRECIATION
At 30 June 2022 739,481 44,923 784,404
Charge for year 427 946 1,373
At 29 June 2023 739,908 45,869 785,777
NET BOOK VALUE
At 29 June 2023 - 1,450 1,450
At 29 June 2022 1,107 2,601 3,708

AND Group Limited (Registered number: 02298288)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

14. STOCKS
2023 2022
$    $   
Work-in-progress 138,667 149,454
Finished goods and goods for
resale 361,191 191,203
499,858 340,657

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$    $   
Trade debtors 550,414 478,017
Amounts owed by group undertakings 16,558,973 16,849,595
Other debtors 62,043 168,890
Corporation tax recoverable 140,870 140,870
Prepayments and accrued income 178,510 181,259
17,490,810 17,818,631

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$    $   
Trade creditors 1,142,917 1,246,610
Amounts owed to group undertakings 9,353,163 10,004,592
Tax 616,154 -
Social security and other taxes 126,429 752,449
Other creditors 102,238 44,661
Accruals and deferred income 42,769 59,636
11,383,670 12,107,948

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: $    $   
158,714 Ordinary £1 246,007 246,007

The Ordinary shares carry equal rights to voting, dividend distribution and on winding up.

18. RESERVES

Profit and loss account:
Includes all current and prior period retained profit and losses.

Share premium:
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

19. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

There is a cross-guarantee in place in respect of bank facilities for AND Holdings Limited up to an unlimited amount.

AND Group Limited is an obligor under the terms of the Santander loan facility agreement in Satcom Global Limited.

20. ULTIMATE CONTROLLING PARTY

Broadband Satellite Services Limited is regarded by the directors as being the company's ultimate parent company.

A copy of the consolidated financial statements can be obtained via the Companies House website.

The ultimate controlling party is Mr B Howes and Mr I Robinson through their shareholding in Broadband Satellite Services Limited.