REGISTERED NUMBER: 14579582 (England and Wales) |
Anand Group Ltd |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 30th June 2024 |
REGISTERED NUMBER: 14579582 (England and Wales) |
Anand Group Ltd |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
For The Year Ended 30th June 2024 |
Anand Group Ltd (Registered number: 14579582) |
Contents of the Consolidated Financial Statements |
For The Year Ended 30th June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 4 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 | to | 25 |
Anand Group Ltd |
Company Information |
For The Year Ended 30th June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
310 Wellingborough Road |
Northampton |
NN1 4EP |
Anand Group Ltd (Registered number: 14579582) |
Group Strategic Report |
For The Year Ended 30th June 2024 |
The directors present their strategic report of the company and the group for the year ended 30th June 2024. |
REVIEW OF BUSINESS |
The group's turnover has increased by 7% whilst the gross profit percentage achieved is similar to that achieved in 2023. |
Both the group and parent company have a healthy net assets position as shown on the relevant statement of financial position. |
The risks facing the group are those relating to technical innovations of products and of changes in the world economic climate on consumer, and therefore wholesaler demand. The group is always sensitive to new and innovational trends in the market and hopes to take advantage of any profitable new UK and overseas markets as they open up. |
The Key Performance Indicators are |
2024 | 2023 | 2022 |
Debtors days | 37 | 43 | 42 |
Creditor days | 21 | 39 | 21 |
Trading ratio | 6.74% | 10.07% | 5.77% |
Liquidity ratio | 677.96% | 449.41% | 653.66% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The risks facing the group are those relating to technical innovations of products and of changes in the UK and |
world economic climate on consumer, and therefore wholesaler demand. |
Anand Group Ltd (Registered number: 14579582) |
Group Strategic Report |
For The Year Ended 30th June 2024 |
SECTION 172(1) STATEMENT |
Directors' statement of compliance with duty to promote the success of the group and its parent company. |
During the year , the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 |
whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the parent company and its subsidiaries for the benefit of the members. Specifically, the directors have considered the following:- |
a. The likely consequences of any decision in the long term; |
b. The interests of the group's employees; |
c. The need to foster the group's business relationships with suppliers , customers and others; |
d. The impact of the operations of the group on the community and the environment; |
e. The desirability of the group maintaining a reputation for high standards of business conduct; and |
f. The need to act fairly between members of the parent company which controls all the wholly owned subsidiaries |
S172(1) (a) The Likely consequences of any decision in the long term. |
The Directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long-term decisions . There is a plan for increased growth in the company's business in a cautious and risk -averse manner. |
S172(1) (b) The interests of the group's employees. |
The directors recognise that the group's employees are key to the business and its success.Staff retention is achieved by the prioritising of employee wellbeing such that employees work in a humane ,safe and healthy environment which aims to encourage that employees develop to the best of their potential. |
S172(1) (c) The need to foster the group's business relationships with suppliers , customers and others. |
The directors recognise the important of relationships with our supply chain and the need to continue to build relationships with our key suppliers. We actively engage with suppliers throughout the year to ensure our respective plans align with one -another. |
The group is committed to maintaining good customer relations and continues to spend considerable time to ensure customer satisfaction. |
S172(1) (d) The impact of the group's operations on the community and the environment. |
The group recognise the importance of minimising the impact of our operations on the community and environment , which is why it is core to our strategy. |
The group purchases from supplier companies which recycle batteries. |
S172 (1) (e) The desirability of the group maintaining a reputation for high standards of business conduct. |
The group gives a significant proportion of its income to a charitable settlement registered in England & Wales which has funded many local and national charitable causes. |
S172(1) (f) The need to act fairly between members of the parent company. |
The parent company is a family run company where the long term ties of kindred and friendship combine to produce a courteous and a respectful atmosphere.The wholly owned subsidiary companies are run on the same lines. |
RESEARCH AND DEVELOPMENT AND FUTURE DEVELOPMENTS |
The group does not manufacture or develop the products which it sells but purchases them on a wholesale |
basis. |
The group is sensitive to innovational market trends and always seeks to take advantage of any profitable new |
United Kingdom or overseas markets for new products as they open up. |
FINANCIAL INSTRUMENT RISK |
The group does not have any bank borrowings. The group has a healthy net current assets and net assets position as shown on the statement of financial position. |
The movement in foreign exchange rates affects the values of trade debtors, trade creditors and foreign currency bank accounts and the directors carefully monitor movements in those currencies. |
Anand Group Ltd (Registered number: 14579582) |
Group Strategic Report |
For The Year Ended 30th June 2024 |
GREENHOUSE GAS EMISSIONS,ENERGY CONSUMPTION & ENERGY EFFICIENCY |
Greenhouse gas emissions, energy consumption and energy efficiency disclosures are not being given because in the directors' opinion the consumption of energy is less than 40,000 k/wh per annum. |
ON BEHALF OF THE BOARD: |
Anand Group Ltd (Registered number: 14579582) |
Report of the Directors |
For The Year Ended 30th June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th June 2024. |
The interim dividends paid by the group amounted to £nil ( 2023:£90,000). |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Cheney & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Anand Group Ltd |
Opinion |
We have audited the financial statements of Anand Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 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 30th June 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 qualified 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. The financial statements for the subsidiary company , Anand Distribution Limited ,for the comparative period , the 18 months to 30th June 2023 were not audited .In the current year , on 3rd July 2023, Anand Distribution Limited became a subsidiary of a non -small group and therefore required an audit under the Companies Act 2006.The comparatives in the Statement of Income and Retained Earnings for the 18 Months to 30th June 2023 have not been audited by us and therefore we can express no opinion . The opening balances at 1st July 2023 have been |
subject to extensive audit work by us and we are satisfied that they do not contain material misstatements. |
The financial statements for the sub-subsidiary company, Daewoo International ( Europe) Ltd for the comparative period , the year to 31st October 2022 were not audited .In the current period , on 3rd July 2023, Daewoo International ( Europe ) Ltd became a subsidiary of a non -small group and therefore required an audit under the Companies Act 2006.The comparatives in the Statement of Income and Retained Earnings for the year ended 31st October 2022 have not been audited by us and therefore we can express no opinion . The opening balances at 1st November 2022 have been subject to extensive audit work by us and we are satisfied that they do not contain material misstatements. |
This means that certain elements of the comparative figures in the Income Statement have not been audited by us and we cannot therefore express an opinion. However on consolidation intra -group sales and purchases have been netted out. |
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. |
Report of the Independent Auditors to the Members of |
Anand Group Ltd |
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. |
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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Anand Group Ltd |
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 frameworks applicable to the parent company and group and the sector in which it operates. We determine that the following laws and regulations were most significant: the Companies Act 2006, UK direct and indirect taxation laws , the Consumer Rights Act, Employment Legislation and Health and Safety legislation affecting staff working in the warehouse and office staff using computer systems. The group has Marine Insurance for goods being exported via ship on the oceans of the world. |
We obtained an understanding of how the parent company and group are complying with those legal and regulatory frame works by making enquiries of management. |
We have discussed with management the risk of incorrect VAT treatment in sales transactions , including export sales of goods to Europe and the rest of the world and have concluded that the client directors and staff are sufficiently experienced concerning these regulations that the risk of material misstatement is low. |
There are no critical judgements of an unusual nature . The cut off of sales , purchases and stock movements is covered by the directors involvement. The valuation of stock is performed annually by the managing director based on recent cost prices and he supervises the annual stock count. |
We have undertaken high levels of substantive testing of balances in the statement of financial position and have performed a detailed analytical review of the income statement. |
Prior to commencement of the audit staff were briefed on the risk assessment of the susceptibility of the parent company and the group financial statements to material misstatement , including fraud . |
Audit procedures performed included: |
-identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;and |
-understanding how the directors considered and addressed the potential for override of controls or inappropriate influence over the financial reporting process; and |
-challenging assumptions and judgements made by management in significant accounting estimates where appropriate;and |
-identifying and testing journal entries , in particular any journal entries posted with unusual account combinations, as appropriate; and |
-assessing the extent of compliance with laws and regulations. |
At the completion stage of the audit the results of audit tests were re-examined to ensure that they were consistent with our knowledge of the parent company and the group and did not warrant further investigation of transactions and balances. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Anand Group Ltd |
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 |
Statutory Auditor |
310 Wellingborough Road |
Northampton |
NN1 4EP |
Anand Group Ltd (Registered number: 14579582) |
Consolidated |
Income Statement |
For The Year Ended 30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 55,278,437 | 51,800,209 |
Cost of sales | (50,115,242 | ) | (46,877,348 | ) |
GROSS PROFIT | 5,163,195 | 4,922,861 |
Distribution costs | (178,639 | ) | (186,056 | ) |
Administrative expenses | (2,795,091 | ) | (2,388,673 | ) |
OPERATING PROFIT | 5 | 2,189,465 | 2,348,132 |
Interest receivable and similar income | 739,250 | 428,244 |
2,928,715 | 2,776,376 |
Amounts written off investments | 6 | (913,750 | ) | (1,100,000 | ) |
PROFIT BEFORE TAXATION | 2,014,965 | 1,676,376 |
Tax on profit | 7 | (744,148 | ) | (590,058 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,270,817 | 1,086,318 |
Anand Group Ltd (Registered number: 14579582) |
Consolidated |
Other Comprehensive Income |
For The Year Ended 30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,270,817 | 1,086,318 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,270,817 |
1,086,318 |
Total comprehensive income attributable to: |
Owners of the parent | 1,270,817 | 1,086,318 |
Anand Group Ltd (Registered number: 14579582) |
Consolidated Balance Sheet |
30th June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 1,218,199 | 1,236,638 |
Investments | 11 | - | 913,750 |
1,218,199 | 2,150,388 |
CURRENT ASSETS |
Stocks | 12 | 3,379,241 | 4,719,047 |
Debtors | 13 | 7,728,904 | 8,258,862 |
Cash at bank and in hand | 14,066,689 | 11,794,990 |
25,174,834 | 24,772,899 |
CREDITORS |
Amounts falling due within one year | 14 | 3,713,335 | 5,512,262 |
NET CURRENT ASSETS | 21,461,499 | 19,260,637 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
22,679,698 |
21,411,025 |
PROVISIONS FOR LIABILITIES | 16 | 75,800 | 78,564 |
NET ASSETS | 22,603,898 | 21,332,461 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 720 | 100 |
Retained earnings | 18 | 22,603,178 | 21,332,361 |
SHAREHOLDERS' FUNDS | 22,603,898 | 21,332,461 |
The financial statements were approved by the Board of Directors and authorised for issue on 7th January 2025 and were signed on its behalf by: |
H S Anand - Director |
Anand Group Ltd (Registered number: 14579582) |
Company Balance Sheet |
30th June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 134,464 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
Anand Group Ltd (Registered number: 14579582) |
Consolidated Statement of Changes in Equity |
For The Year Ended 30th June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2022 | - | 20,336,043 | 20,336,043 |
Changes in equity |
Issue of share capital | 100 | - | 100 |
Dividends | - | (90,000 | ) | (90,000 | ) |
Total comprehensive income | - | 1,086,318 | 1,086,318 |
Balance at 30th June 2023 | 100 | 21,332,361 | 21,332,461 |
Changes in equity |
Issue of share capital | 620 | - | 620 |
Total comprehensive income | - | 1,270,817 | 1,270,817 |
Balance at 30th June 2024 | 720 | 22,603,178 | 22,603,898 |
Anand Group Ltd (Registered number: 14579582) |
Company Statement of Changes in Equity |
For The Year Ended 30th June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Balance at 30th June 2023 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 30th June 2024 |
Anand Group Ltd (Registered number: 14579582) |
Consolidated Cash Flow Statement |
For The Year Ended 30th June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,194,883 | 3,488,684 |
Tax paid | (542,587 | ) | (473,288 | ) |
Net cash from operating activities | 1,652,296 | 3,015,396 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (157,447 | ) | (306,299 | ) |
Sale of tangible fixed assets | 36,980 | 102,723 |
Interest received | 739,250 | 428,244 |
Net cash from investing activities | 618,783 | 224,668 |
Cash flows from financing activities |
Capital repayments in year | - | (76,413 | ) |
Share issue | 620 | 100 |
Equity dividends paid | - | (90,000 | ) |
Net cash from financing activities | 620 | (166,313 | ) |
Increase in cash and cash equivalents | 2,271,699 | 3,073,751 |
Cash and cash equivalents at beginning of year |
2 |
11,794,990 |
8,721,239 |
Cash and cash equivalents at end of year | 2 | 14,066,689 | 11,794,990 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Cash Flow Statement |
For The Year Ended 30th June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,014,965 | 1,676,376 |
Depreciation charges | 141,205 | 107,834 |
Profit on disposal of fixed assets | (2,299 | ) | (27,138 | ) |
Impairment of Fixed Asset Investment | 913,750 | 1,100,000 |
Finance income | (739,250 | ) | (428,244 | ) |
2,328,371 | 2,428,828 |
Decrease/(increase) in stocks | 1,339,806 | (176,231 | ) |
Decrease in trade and other debtors | 529,958 | 345,337 |
(Decrease)/increase in trade and other creditors | (2,003,252 | ) | 890,750 |
Cash generated from operations | 2,194,883 | 3,488,684 |
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 30th June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 14,066,689 | 11,794,990 |
Year ended 30th June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 11,794,990 | 8,721,239 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,794,990 | 2,271,699 | 14,066,689 |
11,794,990 | 2,271,699 | 14,066,689 |
Total | 11,794,990 | 2,271,699 | 14,066,689 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements |
For The Year Ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Anand Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Anand Group Limited was formed on the 9th January 2023 in order to re-organise the group administratively by facilitating the share for share exchange of new shareholdings in ,a new parent company, Anand Group Limited in exchange for shareholdings in Anand International Limited and Anand Distribution Limited on 3rd July 2023. |
Anand Group Limited is a parent company with 2 directly and 4 indirectly wholly owned subsidiaries , all private limited companies , limited by share capital as follows: |
Anand International Limited ( England & Wales) which is a trading company selling consumer batteries and smoking requisites on a wholesale basis.Anand International Limited has three subsidiary companies. |
Tee Tee Co.Limited (England & Wales) and House of Batteries Holdings Limited (England & Wales) are dormant and are held to protect the trade names .30th June 2023 |
Anand Emerald Ltd ( Ireland) is effectively a branch selling operation which sells locally on wholesale terms to Republic of Ireland ( ROI) customers products sourced only from Anand International Limited on a matched ROI Sales to an equivalent purchase from Anand International Limited . A gross profit margin is added to cover local overheads. Anand Emerald Ltd ( Ireland) has no trading stock as it has no warehouse facilities .The proceeds of ROI Sales are used to settle the purchase ledger debt due to the parent company. |
Anand Distribution Limited ( England & Wales) is the company which owns the warehouse from which the group trades and it has one subsidiary company, Daewoo International Europe Ltd which traded in broadly the same sector as Anand International Limited , but on a very much smaller scale, until it ceased trading on 31st January 2024. |
Accordingly consolidated financial statements have been prepared on the merger accounting method as the subsidiary companies were all acquired on a share for share exchange , with no cash or cash equivalent consideration passing ,on the first day of the trading in the year to 30th June 2024, namely Monday 3rd July 2023. |
The merger accounting rules use existing cost values with no requirement to use fair values in the acquisition. The merger accounting rules require that comparative figures for the year ended 30th June 2023 are presented as if the business combination at 3rd July 2023 had existed in exactly the same form in the previous accounting period . |
Basis of consolidation |
Consolidated financial statements have been prepared on the merger accounting method as the subsidiary companies were all acquired on a share for share exchange , with no cash or cash equivalent consideration passing ,on the first trading day of the trading year to 30th June 2024, namely Monday 3rd July 2023. |
The merger accounting rules use existing cost values with no requirement to use fair values in the acquisition. The merger accounting rules also require that comparative figures for the year ended 30th June 2023 are presented as if the business combination at 3rd July 2023 had existed in exactly the same form in the previous accounting period . |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
The freehold property is owned by a subsidiary company and is used by the group as the business centre with offices and a warehouse with substantial loading and unloading areas used by group companies in their trade . |
The freehold property is being depreciated evenly over its useful economic life of 50 years. |
The freehold property is included at its 2004 historical cost and accumulated depreciation thereon as allowed under the merger accounting rules. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 45,409,206 | 42,233,307 |
Rest of world | 9,869,231 | 9,566,902 |
55,278,437 | 51,800,209 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,471,443 | 1,308,288 |
Social security costs | 153,878 | 137,323 |
Other pension costs | 213,466 | 249,872 |
1,838,787 | 1,695,483 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 4 | 1 |
Staff | 39 | 38 |
The average number of employees by undertakings that were proportionately consolidated during the year was 43 (2023 - 39 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 91,886 | 42,292 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 1 |
The directors' remuneration disclosed above was paid by subsidiary companies in respect of directors that were in office in coterminous periods in the subsidiary companies and in the parent company and included the appropriate benefits in kind amounts. |
Pension contributions paid by subsidiary companies for the benefit of directors that were in office for coterminous periods in the subsidiary companies and in the parent company within the year to 30th June 2024 amounted to £56,767 (2023-£18,959). |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 10,164 | 4,866 |
Depreciation - owned assets | 141,205 | 107,834 |
Profit on disposal of fixed assets | (2,299 | ) | (27,138 | ) |
Auditors' remuneration | 24,000 | 17,876 |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
2024 | 2023 |
£ | £ |
Impairment write down | 913,750 | 1,100,000 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 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 | 746,913 | 525,533 |
Deferred tax | (2,765 | ) | 64,525 |
Tax on profit | 744,148 | 590,058 |
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: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,014,965 | 1,676,376 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.500 %) |
503,741 |
343,657 |
Effects of: |
Expenses not deductible for tax purposes | 228,438 | 225,500 |
Income not taxable for tax purposes | (575 | ) | (5,563 | ) |
Capital allowances in excess of depreciation | - | (39,821 | ) |
Depreciation in excess of capital allowances | 18,115 | - |
Rounding | (2,806 | ) | 1,760 |
Deferred taxation | (2,765 | ) | 64,525 |
Total tax charge | 744,148 | 590,058 |
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 shares of £1 each |
Interim | - | 90,000 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2023 | 1,325,532 | 751,965 | 305,278 | 2,382,775 |
Additions | - | 70,452 | 86,995 | 157,447 |
Disposals | - | (10,692 | ) | (51,000 | ) | (61,692 | ) |
At 30th June 2024 | 1,325,532 | 811,725 | 341,273 | 2,478,530 |
DEPRECIATION |
At 1st July 2023 | 503,703 | 548,564 | 93,870 | 1,146,137 |
Charge for year | 26,511 | 57,036 | 57,658 | 141,205 |
Eliminated on disposal | - | (10,542 | ) | (16,469 | ) | (27,011 | ) |
At 30th June 2024 | 530,214 | 595,058 | 135,059 | 1,260,331 |
NET BOOK VALUE |
At 30th June 2024 | 795,318 | 216,667 | 206,214 | 1,218,199 |
At 30th June 2023 | 821,829 | 203,401 | 211,408 | 1,236,638 |
The freehold property is owned by a subsidiary company and is used by the group as the business centre with offices and a warehouse with substantial loading and unloading areas used by group companies in their trade . |
The freehold property is being depreciated evenly over its useful economic life of 50 years. |
The freehold property is included at its 2004 historical cost and accumulated depreciation thereon as allowed under the merger accounting rules. |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2023 | 913,750 |
Impairments | (913,750 | ) |
At 30th June 2024 | - |
NET BOOK VALUE |
At 30th June 2024 | - |
At 30th June 2023 | 913,750 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
On 22nd February 2021 Anand Distribution Limited acquired 100% of the issued ordinary share capital of Daewoo International ( Europe) Ltd amounting to four ordinary shares of £1 each for £2,013,750.In the 18 month period to 30th June 2023 dividends were received from Daewoo International ( Europe ) Ltd amounting to £1,100,000 reduced the underlying of the investment leading to an equivalent impairment , resulting a balance of £913,750 brought forward at 1st July 2023 which was further impaired in the current year by dividends of £913,750 leaving only £4 asset value in the subsidiary at 30th June 2024.The assets and trade have been hived up into Anand Distribution Limited by way of dividends in cash & specie. |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 3,379,241 | 4,719,047 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 5,595,280 | 6,033,866 |
Other debtors | 337 | - |
Loans | 1,976,002 | 1,800,000 | - | - |
VAT | - | 271,421 |
Prepayments and accrued income | 157,285 | 153,575 |
7,728,904 | 8,258,862 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 2,934,506 | 5,069,800 |
Amounts owed to group undertakings | - | - |
Tax | 318,140 | 113,814 |
Social security and other taxes | 44,287 | 47,272 |
VAT | 60,532 | - | - | - |
Other creditors | - | 2,688 |
Net Wages | 48,007 | 41,600 | - | - |
Accruals and deferred income | 307,863 | 237,088 |
3,713,335 | 5,512,262 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 19,973 | 19,973 |
Between one and five years | 4,963 | 24,936 |
24,936 | 44,909 |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 2024 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 75,800 | 78,564 |
Group |
Deferred |
tax |
£ |
Balance at 1st July 2023 | 78,564 |
Credit to Income Statement during year | (2,764 | ) |
Balance at 30th June 2024 | 75,800 |
The deferred taxation provision relates to the taxation effect of accelerated capital allowances . |
17. | CALLED UP SHARE CAPITAL |
On 9th January 2023 100 Ordinary Shares £1 nominal value shares were issued for cash with a further 620 Ordinary Shares £1 nominal value issued on 3rd July 2023 pursuant to a share for share exchange agreement between the shareholders of Anand International Limited and Anand Group Limited and between the shareholders of Anand Distribution Limited and Anand Group Limited. |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st July 2023 | 21,332,361 |
Profit for the year | 1,270,817 |
At 30th June 2024 | 22,603,178 |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 30th June 2024 |
19. | ULTIMATE PARENT COMPANY |
Anand Group Limited is regarded by the directors as being the company's ultimate parent company. |
20. | ULTIMATE CONTROLLING PARTY |
HS Anand and his wife Mrs J K Anand together hold 83.33% of the issued ordinary share capital of Anand Group Limited. |
Anand Group Ltd (Registered number: 14579582) |
Notes to the Consolidated Financial Statements - continued |
For The Year Ended 30th June 2024 |
21. | GROUP RE-ORGANISATION |
Anand Group Limited was formed on the 9th January 2023 in order to re-organise the group administratively by facilitating the share for share exchange of new shareholdings in ,a new parent company, Anand Group Limited in exchange for shareholdings in Anand International Limited and Anand Distribution Limited on 3rd July 2023. |
Anand Group Limited is a parent company with 2 directly and 4 indirectly wholly owned subsidiaries , all private limited companies , limited by share capital as follows: |
Anand International Limited ( England & Wales) which is a trading company selling consumer batteries and smoking requisites on a wholesale basis.Anand International Limited has three subsidiary companies. |
Tee Tee Co.Limited (England & Wales) and House of Batteries Holdings Limited (England & Wales) are dormant and are held to protect the trade names .30th June 2023 |
Anand Emerald Ltd ( Ireland) is effectively a branch selling operation which sells locally on wholesale terms to Republic of Ireland ( ROI) customers products sourced only from Anand International Limited on a matched ROI Sales to an equivalent purchase from Anand International Limited . A gross profit margin is added to cover local overheads. Anand Emerald Ltd ( Ireland) has no trading stock as it has no warehouse facilities .The proceeds of ROI Sales are used to settle the purchase ledger debt due to the parent company. |
Anand Distribution Limited ( England & Wales) is the company which owns the warehouse from which the group trades and it has one subsidiary company, Daewoo International Europe Ltd which traded in broadly the same sector as Anand International Limited , but on a very much smaller scale, until it ceased trading on 31st January 2024. |
Accordingly consolidated financial statements have been prepared on the merger accounting method as the subsidiary companies were all acquired on a share for share exchange , with no cash or cash equivalent consideration passing ,on the first day of the trading in the year to 30th June 2024, namely Monday 3rd July 2023. |
The merger accounting rules use existing cost values with no requirement to use fair values in the acquisition. The merger accounting rules require that comparative figures for the year ended 30th June 2023 are presented as if the business combination at 3rd July 2023 had existed in exactly the same form in the previous accounting period . |