Company registration number 04023935 (England and Wales)
ANCHOR SYSTEMS (INTERNATIONAL) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ANCHOR SYSTEMS (INTERNATIONAL) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ANCHOR SYSTEMS (INTERNATIONAL) LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
934,184
1,046,731
Investments
6
76
76
934,260
1,046,807
Current assets
Stocks
512,175
678,588
Debtors
8
622,303
665,468
Cash at bank and in hand
50,058
43,319
1,184,536
1,387,375
Creditors: amounts falling due within one year
9
(590,421)
(1,036,776)
Net current assets
594,115
350,599
Total assets less current liabilities
1,528,375
1,397,406
Provisions for liabilities
11
(117,805)
(117,396)
Net assets
1,410,570
1,280,010
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,409,570
1,279,010
Total equity
1,410,570
1,280,010
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ANCHOR SYSTEMS (INTERNATIONAL) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr H C Smith
Mr SJ Chamberlain
Director
Director
Company Registration No. 04023935
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Anchor Systems (International) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 39, Hobbs Industrial Estate, Newchapel, Lingfield, RH7 6HN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
3 year straight line
Plant and machinery
25% on the reducing balance
Fixtures, fittings & equipment
20% on the reducing balance
Motor vehicles
25% on the reducing balance
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.6
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.
1.7
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in the profit and loss account.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling 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 in the period are included in profit or loss.
2
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.
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
11
4
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
295.15
295.15
£
£
Ordinary shares
Interim paid
112.17
533.14
112,170
533,136
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
435,637
656,291
82,215
286,214
1,460,357
Additions
8,681
2,414
78,790
89,885
Disposals
(15,275)
(15,275)
At 30 April 2024
435,637
664,972
84,629
349,729
1,534,967
Depreciation and impairment
At 1 May 2023
19,481
270,562
40,753
82,830
413,626
Depreciation charged in the year
33,394
96,684
8,348
53,929
192,355
Eliminated in respect of disposals
(5,198)
(5,198)
At 30 April 2024
52,875
367,246
49,101
131,561
600,783
Carrying amount
At 30 April 2024
382,762
297,726
35,528
218,168
934,184
At 30 April 2023
416,156
385,729
41,462
203,384
1,046,731
6
Fixed asset investments
2024
2023
£
£
Investments
76
76
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 & 30 April 2024
76
Carrying amount
At 30 April 2024
76
At 30 April 2023
76
7
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Anchor Systems (Europe) Limited
Dormant company
Ordinary
100.00
0
Anchor Systems Limited
Dormant company
Ordinary
100.00
0
The companies have their registered office at the following address:
Unit 39, Hobbs Industrial Estate, Newchapel, Lingfield, RH7 6HN
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Anchor Systems (Europe) Limited
75
Anchor Systems Limited
1
The investments in subsidiaries are all stated at cost less any accumulated impairment losses.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
563,253
610,013
Other debtors
105
Prepayments and accrued income
59,050
55,350
622,303
665,468
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
10
75,220
489,779
Trade creditors
243,760
152,703
Amounts due to group undertakings
76
76
Corporation tax
100,936
128,105
Other taxation and social security
30,140
47,321
Other creditors
88,024
119,059
Accruals and deferred income
52,265
99,733
590,421
1,036,776
The company has a receivable financing facility with RBS Invoice Finance Limited which is secured by a fixed and floating charge over the assets of the company. At the balance sheet date the amount due under the facility was £87,915 (2023: £118,950).
10
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
75,220
489,779
Payable within one year
75,220
489,779
The company has received loans from its parent which are interest free and have no fixed repayment conditions and are repayable on demand. However, the directors are of the opinion that full redemption within the next 12 months is highly unlikely.
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
117,805
117,396
ANCHOR SYSTEMS (INTERNATIONAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 May 2023
117,396
Charge to profit or loss
409
Liability at 30 April 2024
117,805
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
148,758
235,374
13
Parent company
The parent company of Anchor Systems (International) Limited is Createch Solutions Limited and its registered office is Unit 39, Hobbs Industrial Estate, Newchapel, Lingfield, RH7 6HN.
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