REGISTERED NUMBER: 08447836 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
REGISTERED NUMBER: 08447836 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Statement of Financial Position | 13 |
Company Statement of Financial Position | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Statement of Cash Flows | 18 |
Notes to the Consolidated Financial Statements | 20 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: | HSBC |
4 Dale Street |
Liverpool |
Merseyside |
L69 2BZ |
SOLICITORS: |
2nd Floor, 19 Spring Gardens |
Manchester |
M2 1FB |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
GROUP STRATEGIC REPORT |
for the Year Ended 31 May 2024 |
The directors present their strategic report of the company and the group for the year ended 31 May 2024. |
Review of Business |
Ainscough Industrial Services is the UK's largest independent Group of Companies in the equipment and machinery moving and installation industry. Together with our partners in Europe, we have established ourselves as a leading International Group, servicing our valued and loyal client base, across the UK, Europe and the Rest of the World. |
Our investment in our people and assets has proven to be a winning and successful formula, with Group results for the year to 31st May 2024 exceeding expectations. |
We are a business that works hard to support customers in challenging sectors and hazardous locations, across the UK, throughout Europe and beyond. Combining specialist expertise, a wide-ranging, wholly-owned fleet of equipment, and a strategic branch network, we lift, move, install and decommission equipment and machinery. |
We have grown by being good at what we do, investing wisely and treating both our team and our customers with fairness and integrity. For us, attention to detail and safety go hand in glove with a can-do attitude and a passion for delivering value. |
With the global movement for efficiency, sustainability and reduced environmental impact, industries are reacting by adapting their production processes and facilities to fulfil their commitment to change. Ainscough Industrial Services is committed to delivering viable progressive solutions, working in partnership with its valued customers to effect this change. |
The Group has two main trading subsidiaries; AIS Vanguard Limited, AIS Wind Energy Limited and a joint venture arrangement in AIS Eurelo Limited. |
AIS Vanguard Limited |
The company achieved turnover of £28.2m (2023 £17.3m), and EBITDA of £2.4m (2023 £1.3m) and has net assets exceeding £6m (2023 £4m). |
AIS Vanguard continues to provide an 'unrivalled national service' for machinery installation, dismantling and removal across various industries in the UK, Europe and farther afield. As the largest independent company in the UK in this industry the directors' vision for future success is through carefully managed growth, supporting industrial developments and technological evolution. |
The company continues to reassert its position in the market as the leader in heavy machinery installation in the UK, forging greater links with existing and new customers across several industrial sectors. |
AIS Wind Energy Limited |
The company achieved a turnover of £8.1m (2023 £9.6m), and EBITDA of £881k, (2023 £560K) and has net assets exceeding £1m (2023 £850k). |
The worldwide investment into 'green energy' and 'sustainability' continues to drive innovation and the demand for on-shore wind turbines. |
The directors key focus in the coming period is to ensure that an exceptional level of service is provided to our customers, which will be achieved by carefully considered growth, and recognition of the exceptional level of skilled operatives we have within the company. With an overriding ethos of safety underpinning every aspect of our operational activity and decision-making, the company will strive to achieve continued success, safely, strategically, and sustainably. |
AIS Eurelo Limited |
The company is a joint venture with a third party and acts as an intermediate holding company for 3 European subsidiaries. For the year ended 31 May 2024 there has been little trade but this is expected to increase in 2024/25. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
GROUP STRATEGIC REPORT |
for the Year Ended 31 May 2024 |
Key performance indicators |
KPI's include sales, margins, wages and direct costs by branch including individual contract performance which is monitored by the directors. Efficiencies and utilisation indicators are used to guide the strategy and direction of the Group with close monitoring of volumes and conversion of quoted work. |
For the Group as a whole the following are key financial indicators: |
2024 | 2023 |
£'000 | £'000 |
Sales | 33,792 | 25,521 |
Gross profit | 9,723 | 6,903 |
Margin % | 29% | 27% |
EBITDA | 3,644 | 2,070 |
Cash generation from operating activities | 2,674 | 2,160 |
Net Assets | 6,621 | 4,637 |
Future Developments |
Current year trading is strong, achieving above-budget results at the time of this report. The directors anticipate this trend to continue with exceptional levels of enquiries for the forthcoming months. |
As part of the AIS Group's strategic plan to develop the capabilities and capacity of its offering for its customers, on 14th February 2025, Ainscough Industrial Services Ltd purchased 75% of the share capital of FFM Engineering Services Limited (FFM). |
FFM is a long-established family company with significant expertise in the machinery installation, haulage and storage industry. Specialist fields include facilitating a bespoke service for several multi-national medical equipment manufacturers. The addition of FFM together with the retention of the family owners, will result in an enhanced capability that will facilitate the expansion of the Group's scope of proficiencies. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Board are responsible for continually assessing the risks applicable to the business. |
Credit risk is mitigated through credit insurance where available and the limiting of credit offered to overseas customers. |
Liquidity risk is facilitated by the use of Group banking facilities and credit control procedures. The Directors have been in regular dialogue with the bank and are confident that the facilities will be renewed in 2024/25. |
Other risks including financial constraints, commercial and contractual, are managed internally by holding regular senior managers meetings, board meetings and bi-monthly senior Directors meetings. We also use consultants to provide advice to assist the Directors in the decision making process. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
GROUP STRATEGIC REPORT |
for the Year Ended 31 May 2024 |
EMPLOYEES |
The Group employs 187 employees and the Board would like to thank them for their hard work and support during challenging times. Regular meetings are held involving directors, managers and supervisory staff to convey information to employees regarding company performance and other factors affecting the business. |
The Group policy and practice is to encourage and assist the employment, training, career development and promotion of disabled staff. |
HEALTH, SAFETY AND ENVIRONMENTAL ISSUES |
The Group is committed to outstanding performance in health, safety and environmental matters through a policy of training, communication and co-operation applied consistently throughout all operations. |
The safety of employees, customers, public and property is the priority for all group activities, and our rigorous attention to procedures is fundamental in achieving this goal. We have accreditation for ISO 9001, ISO 14001, OSHAS 18001, British Standards Mark, NICEIC amongst many others. |
ON BEHALF OF THE BOARD: |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of heavy haulage, machinery removals, warehousing and plant and machinery repairs, steel and plastic pipework fabricators and erectors, and offshore wind lifting and installation services. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 May 2024 was £455,490 (2023 - £330,807). |
Following the year end a further £443,280 of dividends have been declared. |
EVENTS SINCE THE END OF THE PERIOD |
As part of the AIS Group's strategic plan to develop the capabilities and capacity of its offering for its customers, on 14th February 2025, Ainscough Industrial Services Ltd purchased 75% of the share capital of FFM Engineering Services Limited (FFM). |
FFM is a long-established family company with significant expertise in the machinery installation, haulage and storage industry. Specialist fields include facilitating a bespoke service for several multi-national medical equipment manufacturers. The addition of FFM together with the retention of the family owners, will result in an enhanced capability that will facilitate the expansion of the Group's scope of proficiencies. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
CHARITABLE DONATIONS |
The Group contributed £105,525 (2023 - £60,303) to charities during the year. The Group actively participates in a number of charitable and community activities and contributes time and resources to local organisations and charities. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 May 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
Opinion |
We have audited the financial statements of Ainscough Industrial Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
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: |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and Health and Safety regulations. |
- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
- we enquired of the directors about actual and potential litigation and claims. |
Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
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 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED |
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 |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
CONSOLIDATED |
INCOME STATEMENT |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 33,792,281 | 25,521,178 |
Cost of sales | 24,069,799 | 18,617,884 |
GROSS PROFIT | 9,722,482 | 6,903,294 |
Administrative expenses | 7,297,472 | 6,440,760 |
2,425,010 | 462,534 |
Other operating income | 99,613 | 557,707 |
OPERATING PROFIT | 5 | 2,524,623 | 1,020,241 |
Interest receivable and similar income | 12,017 | 8,477 |
2,536,640 | 1,028,718 |
Interest payable and similar expenses | 6 | 235,227 | 450,641 |
PROFIT BEFORE TAXATION | 2,301,413 | 578,077 |
Tax on profit | 7 | (137,560 | ) | (64,236 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,353,089 | 557,760 |
Non-controlling interests | 85,884 | 84,553 |
2,438,973 | 642,313 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,438,973 | 642,313 |
OTHER COMPREHENSIVE INCOME |
Revaluation gain in the year on freehold | - | 624,982 |
property |
Income tax relating to other comprehensive income |
- |
(156,246 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
468,736 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,438,973 |
1,111,049 |
Total comprehensive income attributable to: |
Owners of the parent | 2,353,089 | 1,120,164 |
Non-controlling interests | 85,884 | (9,115 | ) |
2,438,973 | 1,111,049 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | 38,429 |
Tangible assets | 11 | 13,864,912 | 14,438,892 |
Investments | 12 | - | - |
Investment property | 13 | - | - |
13,864,912 | 14,477,321 |
CURRENT ASSETS |
Debtors | 14 | 9,812,411 | 8,820,773 |
Cash at bank and in hand | 14,290 | 3,624 |
9,826,701 | 8,824,397 |
CREDITORS |
Amounts falling due within one year | 15 | 8,603,040 | 8,942,155 |
NET CURRENT ASSETS/(LIABILITIES) | 1,223,661 | (117,758 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
15,088,573 |
14,359,563 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(7,205,732 |
) |
(8,605,288 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,262,072 | ) | (1,116,990 | ) |
NET ASSETS | 6,620,769 | 4,637,285 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Share premium | 22 | 3,999,900 | 3,999,900 |
Revaluation reserve | 22 | 688,671 | 702,148 |
Capital redemption reserve | 22 | 484,000 | 484,000 |
Retained earnings | 22 | 1,186,753 | (724,323 | ) |
SHAREHOLDERS' FUNDS | 6,359,424 | 4,461,825 |
NON-CONTROLLING INTERESTS | 23 | 261,345 | 175,460 |
TOTAL EQUITY | 6,620,769 | 4,637,285 |
The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by: |
M M Ainscough - Director |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Revaluation reserve | 22 |
Capital redemption reserve | 22 |
Other reserves | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 163,244 | 118,490 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share | Revaluation |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 June 2022 | 100 | (964,753 | ) | 3,999,900 | 246,889 |
Changes in equity |
Dividends | - | (330,807 | ) | - | - |
Total comprehensive income | - | 571,237 | - | 455,259 |
Balance at 31 May 2023 | 100 | (724,323 | ) | 3,999,900 | 702,148 |
Changes in equity |
Dividends | - | (455,490 | ) | - | - |
Total comprehensive income | - | 2,366,566 | - | (13,477 | ) |
Balance at 31 May 2024 | 100 | 1,186,753 | 3,999,900 | 688,671 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 484,000 | 3,766,136 | 184,575 | 3,950,711 |
Changes in equity |
Dividends | - | (330,807 | ) | - | (330,807 | ) |
Total comprehensive income | - | 1,026,496 | (9,115 | ) | 1,017,381 |
Balance at 31 May 2023 | 484,000 | 4,461,825 | 175,460 | 4,637,285 |
Changes in equity |
Dividends | - | (455,490 | ) | - | (455,490 | ) |
Total comprehensive income | - | 2,353,089 | 85,884 | 2,438,973 |
Balance at 31 May 2024 | 484,000 | 6,359,424 | 261,344 | 6,620,768 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | ( |
) | - |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 31 May 2024 |
Capital |
Revaluation | redemption | Other | Total |
reserve | reserve | reserves | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | - | - | ( |
) |
Total comprehensive income |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | - | - | ( |
) |
Total comprehensive income |
Balance at 31 May 2024 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,768,731 | 2,708,989 |
Interest paid | (148,304 | ) | (135,462 | ) |
Interest element of finance lease payments paid |
(86,923 |
) |
(315,179 |
) |
Tax paid | 140,313 | (98,235 | ) |
Net cash from operating activities | 2,673,817 | 2,160,113 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (287,154 | ) | (343,497 | ) |
Sale of tangible fixed assets | 284,016 | 168,094 |
Interest received | 12,017 | 8,477 |
Net cash from investing activities | 8,879 | (166,926 | ) |
Cash flows from financing activities |
Loan repayments in year | (83,817 | ) | (88,013 | ) |
Loan to related undertaking | (110,379 | ) | (185,575 | ) |
Capital repayments in year | (1,763,306 | ) | (1,170,435 | ) |
Amount introduced by directors | 9,098 | 265,406 |
Amount withdrawn by directors | (103,719 | ) | (409,778 | ) |
Dividends paid to minority interests | - | (93,668 | ) |
Equity dividends paid | (455,490 | ) | (330,807 | ) |
Net cash from financing activities | (2,507,613 | ) | (2,012,870 | ) |
Increase/(decrease) in cash and cash equivalents | 175,083 | (19,683 | ) |
Cash and cash equivalents at beginning of year |
2 |
(160,793 |
) |
(141,110 |
) |
Cash and cash equivalents at end of year | 2 | 14,290 | (160,793 | ) |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,301,413 | 578,077 |
Depreciation charges | 1,179,780 | 1,152,925 |
Profit on disposal of fixed assets | (60,649 | ) | (103,128 | ) |
Finance costs | 235,227 | 450,641 |
Finance income | (12,017 | ) | (8,477 | ) |
3,643,754 | 2,070,038 |
(Increase)/decrease in trade and other debtors | (739,500 | ) | 1,096,396 |
Decrease in trade and other creditors | (135,523 | ) | (457,445 | ) |
Cash generated from operations | 2,768,731 | 2,708,989 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 May 2024 |
31/5/24 | 1/6/23 |
£ | £ |
Cash and cash equivalents | 14,290 | 3,624 |
Bank overdrafts | - | (164,417 | ) |
14,290 | (160,793 | ) |
Year ended 31 May 2023 |
31/5/23 | 1/6/22 |
£ | £ |
Cash and cash equivalents | 3,624 | 3,732 |
Bank overdrafts | (164,417 | ) | (144,842 | ) |
(160,793 | ) | (141,110 | ) |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Year Ended 31 May 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1/6/23 | Cash flow | changes | At 31/5/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 3,624 | 10,666 | 14,290 |
Bank overdrafts | (164,417 | ) | 164,417 | - |
(160,793 | ) | 175,083 | 14,290 |
Debt |
Finance leases | (9,410,863 | ) | 1,763,306 | (503,584 | ) | (8,151,141 | ) |
Debts falling due |
within 1 year | (773,055 | ) | (2,229 | ) | - | (775,284 | ) |
Debts falling due |
after 1 year | (661,868 | ) | 86,046 | - | (575,822 | ) |
(10,845,786 | ) | 1,847,123 | (503,584 | ) | (9,502,247 | ) |
Total | (11,006,579 | ) | 2,022,206 | (503,584 | ) | (9,487,957 | ) |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Ainscough Industrial Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of Ainscough Industrial Services Limited and its subsidiary undertakings for the year to 31 May 2024. |
Profits arising from intra-group transactions are eliminated in full. On acquisition of a subsidiary it's assets and liabilities at the date of acquisition are recorded at their fair value reflecting their condition at that date. |
The consolidated financial statements include the results of the activities described in the Strategic Report. |
The parent company acts as a holding company for it's subsidiaries AIS Projects Limited, AIS Vanguard Limited, AIS Offshore Renewables Limited, AIS Integrated Services Limited, Seward Wyon Limited, AIS Wind Energy Limited and AIS Eurelo Limited. |
The following subsidiaries are exempt from the requirements of the Companies Act relating to the audit of their accounts by virtue of section 479A Companies Act 2006: |
AIS Integrated Services Limited |
AIS Projects Limited |
Seward Wyon Limited and AIS Offshore Renewables Limited have not been audited as they are dormant companies. |
AIS Eurelo Limited is a joint venture with a third party and this company acts as an intermediate holding company for European subsidiaries. For the year ended 31 May 2024 this has been assessed as immaterial to the group under section 405 of the Companies Act 2006. Therefore the joint venture has not been accounted for under the equity method as this is not a material departure from the standards. |
The company has taken advantage of the exemption given in section 408 of the Companies Act 2006 not to produce its own profit and loss account and has also adopted the disclosure exemption to present a statement of cash flows and related notes. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
a) Long term contracts |
The valuation of the final outcome of long term contracts is estimated using information and assessments by experienced management. The basis on which this is calculated is set out in the accounting policies for turnover and long term contracts. |
b) Fixed asset investments |
In the individual company accounts the fixed asset investments includes directors' valuation of the carrying value. |
c) Investment property |
The carrying value of investment property has been assessed by the directors, taking into account current market conditions. |
d) Useful economic lives |
The useful economic lives of tangible and intangible fixed assets are assessed on an annual basis on the latest available information. Management believe that the useful economic lives being used currently are still appropriate. |
e) Goodwill |
The useful economic life of goodwill has been considered by the directors as being reasonable. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided and is shown net of VAT. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, which is usually at the point the customer has signed for the goods. |
Turnover from long term contracts 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 for work performed to date, 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 are recoverable. |
The whole of the turnover is attributable to the group's principal activities. The turnover and operating profit are principally generated in the UK. |
Long term contracts |
Profit on long term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out by the year end by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract revenue costs incurred to date, compared to total expected costs for that contract. Revenue derived from variations on contracts is recognised only when they have been accepted by the customers. Full provision is made for losses on all contracts in the year in which they are foreseen. |
Amounts recoverable/payable on contracts are stated at cost plus any attributable profit less any foreseeable losses and are included in debtors/creditors accordingly. Payments on account are included in creditors. |
Rental income |
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Rental income is included in other income. |
Goodwill |
Goodwill on consolidation, being the amount paid in connection with the acquisitions of AIS Projects Limited, AIS Vanguard Limited, Seward Wyon Limited, AIS Offshore Renewables and AIS Integrated Services Limited, is being amortised over it's estimated useful life of ten years. |
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. |
Fixed asset investments |
In the individual company accounts investments in subsidiaries are initially measured at cost. After initial recognition, fixed asset investments are measured at cost less any accumulated impairment losses. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without due cost or effort on an ongoing basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. No depreciation or amortisation is provided in respect of freehold investment properties or leasehold investment properties with over twenty years to run. This treatment represents a departure from the requirement of the Companies Act 2006 which requires that depreciation is charged to write off the value of the investment properties, less any residual value, over the period of the asset's useful economic life. The directors consider that the accounting policy adopted is necessary for the financial statements to give a true and fair view. Investment properties whose fair value cannot be measured reliably without due cost or effort on an ongoing basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses. The annual valuation at fair value is carried out by the directors on an open market basis supported by external professional valuations. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation and any impairment. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over it's estimated useful life. |
Freehold property | - 2% on cost |
Improvements to property | - 10%, 25% and 33.33% on cost and over the remaining term |
of the lease |
Plant and machinery | - 5%,10%, 25% and 50% reducing balance and 25% on cost |
Fixtures and fittings | - 15% and 25% on reducing balance |
Motor vehicles | - 10% and 25% on reducing balance |
Computer equipment | - 25% and 33% on cost |
Impairment of assets |
At each reporting date 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 the 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. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
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 statement of financial position date. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets are classified as finance leases when they transfer substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The liability is included in the balance sheet (statement of financial position) as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised immediately in the profit and loss account. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to the amounts owed to the lessor. |
Financial instruments |
The company only holds basic financial instruments, as defined under Section 11 of FRS 102. |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors, overdrafts and related party loans, are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method. |
Short term employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. |
Interest bearing borrowings |
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interst method. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 10,134,263 | 8,963,762 |
Social security costs | 1,114,713 | 1,043,928 |
Other pension costs | 283,308 | 172,096 |
11,532,284 | 10,179,786 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operations | 121 | 126 |
Administration | 68 | 61 |
4. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 504,594 | 380,920 |
Directors' pension contributions to money purchase schemes | 31,799 | 21,713 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 126,912 | 119,464 |
Pension contributions to money purchase schemes | 6,455 | 4,393 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 412,657 | 290,728 |
Depreciation - assets held under finance leases | 728,694 | 581,821 |
(Profit)/loss on disposal of fixed assets | (60,649 | ) | (103,128 | ) |
Goodwill amortisation | 38,429 | 280,376 |
Auditors' fees | 43,000 | 37,000 |
Non audit fees | 7,050 | 6,500 |
(Gains)/losses on foreign exchange | 48,985 | (479,235 | ) |
Pension costs | 283,308 | 172,096 |
Operating leases - property | 451,065 | 346,466 |
Operating leases - other | 98,634 | 98.963 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 5,675 | 19,435 |
Bank loan interest | 90,432 | 37,246 |
Loan interest | 52,197 | 78,781 |
Leasing | 86,923 | 315,179 |
235,227 | 450,641 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 607 | (83,089 | ) |
Prior year (over) provision | (283,249 | ) | (170,340 | ) |
Total current tax | (282,642 | ) | (253,429 | ) |
Deferred tax: |
Current year | 145,082 | 185,267 |
Prior year | - | 3,926 |
Total deferred tax | 145,082 | 189,193 |
Tax on profit | (137,560 | ) | (64,236 | ) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,301,413 | 578,077 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20 %) |
575,353 |
115,615 |
Effects of: |
Expenses not deductible for tax purposes | (13,451 | ) | 17,546 |
Income not taxable for tax purposes | - | (170 | ) |
and transfers |
Fixed asset differences | 50,735 | (434,138 | ) |
Chargeable gains/(losses) | 1,435 | - |
Adjustments in respect of prior period deferred tax | - | 3,584 |
Remeasurement of deferred tax for changes in tax rates | - | 62,234 |
Deferred tax not recognised | (468,383 | ) | 337,060 |
Losses carried back to prior periods | - | 4,373 |
Adjustment in respect of prior periods | (283,249 | ) | (170,340 | ) |
Total tax credit | (137,560 | ) | (64,236 | ) |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 May 2024. |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation gain in the year on freehold | 624,982 | (156,246 | ) | 468,736 |
property |
624,982 | (156,246 | ) | 468,736 |
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 |
£ | £ |
B Ordinary shares of £1 each |
Final | - | 39,725 |
Interim | 28,872 | 25,675 |
C Ordinary shares of 50p each |
Final | - | 19,864 |
Interim | 57,746 | 12,838 |
D Ordinary shares of 50p each |
Final | - | 19,867 |
Interim | 28,872 | 12,838 |
A1 Ordinary shares of 50p each |
Final | 306,000 | 180,000 |
A2 Ordinary shares of 50p each |
Final | 34,000 | 20,000 |
455,490 | 330,807 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | 2,818,756 |
AMORTISATION |
At 1 June 2023 | 2,780,327 |
Amortisation for year | 38,429 |
At 31 May 2024 | 2,818,756 |
NET BOOK VALUE |
At 31 May 2024 | - |
At 31 May 2023 | 38,429 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 2,580,000 | 336,803 | 13,441,000 |
Additions | - | 9,698 | 593,629 |
Disposals | - | - | (558,723 | ) |
At 31 May 2024 | 2,580,000 | 346,501 | 13,475,906 |
DEPRECIATION |
At 1 June 2023 | - | 292,415 | 1,870,675 |
Charge for year | 51,601 | 16,216 | 985,659 |
Eliminated on disposal | - | - | (354,832 | ) |
At 31 May 2024 | 51,601 | 308,631 | 2,501,502 |
NET BOOK VALUE |
At 31 May 2024 | 2,528,399 | 37,870 | 10,974,404 |
At 31 May 2023 | 2,580,000 | 44,388 | 11,570,325 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 79,998 | 255,749 | 599,961 | 17,293,511 |
Additions | 10,230 | 143,815 | 33,366 | 790,738 |
Disposals | - | (105,403 | ) | - | (664,126 | ) |
At 31 May 2024 | 90,228 | 294,161 | 633,327 | 17,420,123 |
DEPRECIATION |
At 1 June 2023 | 42,513 | 164,579 | 484,437 | 2,854,619 |
Charge for year | 5,948 | 30,100 | 51,827 | 1,141,351 |
Eliminated on disposal | - | (85,927 | ) | - | (440,759 | ) |
At 31 May 2024 | 48,461 | 108,752 | 536,264 | 3,555,211 |
NET BOOK VALUE |
At 31 May 2024 | 41,767 | 185,409 | 97,063 | 13,864,912 |
At 31 May 2023 | 37,485 | 91,170 | 115,524 | 14,438,892 |
Cost or valuation at 31 May 2024 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2019 | 173,725 | - | - |
Valuation in 2023 | 500,129 | - | - |
Cost | 1,906,146 | 346,501 | 13,475,906 |
2,580,000 | 346,501 | 13,475,906 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2019 | - | - | - | 173,725 |
Valuation in 2023 | - | - | - | 500,129 |
Cost | 90,228 | 294,161 | 633,327 | 16,746,269 |
90,228 | 294,161 | 633,327 | 17,420,123 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold property had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,906,146 | 1,906,146 |
Aggregate depreciation | 327,222 | 289,099 |
Freehold property was valued on an open market basis on 6 October 2022 by Eddisons Real Estate and Business Valuers . |
The directors do not consider the valuation to differ materially from the net book values as at 31 May 2024. |
The net book value of tangible fixed assets includes £9,567,513 (2023 - £10,329,779) in respect of assets held under finance leases. |
Company |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2019 | 5,628 | - | - |
Valuation in 2023 | 37,510 | - | - |
Cost | 144,307 | 98,729 | 1,706,433 |
187,445 | 98,729 | 1,706,433 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2019 | - | - | - | 5,628 |
Valuation in 2023 | - | - | - | 37,510 |
Cost | 22,917 | 136,314 | 376,972 | 2,485,672 |
22,917 | 136,314 | 376,972 | 2,528,810 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
If freehold property had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 144,307 | 144,307 |
Aggregate depreciation | 24,508 | 21,622 |
Freehold property was valued on an open market basis basis on 6 October 2022 by Eddisons Real Estate and Business Valuers . |
The directors do not consider the valuation to differ materially from the net book values as at 31 May 2024. |
The net book value of tangible fixed assets includes £358,814 (2023 - £611,120) in respect of assets held under finance leases. |
12. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The company has interests in the following share capital of companies registered in England and Wales: |
Subsidiary |
Principal activity |
% Holding |
Direct/ indirect holding |
AIS Projects Limited | Heavy haulage, machinery removals, warehousing and plant and machinery repairs |
100% | Direct |
AIS Vanguard Limited | Heavy haulage, machinery removals, warehousing and plant and machinery repairs |
100% | Direct |
AIS Integrated Services Limited | Lifting, moving and installation of heavy machinery |
100% | Direct |
AIS Wind Energy Limited | Lifting, moving and installation of heavy machinery |
75% | Direct |
AIS Offshore Renewables Limited |
Dormant | 100% | Direct |
Seward Wyon Limited | Dormant | 100% | Indirect |
AIS Eurelo Limited | Holding company | 50% | Direct |
Due to the Group's investment in AIS Eurelo Limited the Group also has interest in the following share capital of companies registered in Europe: |
AIS Eurelo GmbH |
Lifting, moving and installation of heavy machinery |
50% |
Indirect |
AIS Eurelo Poland |
Lifting, moving and installation of heavy machinery |
50% |
Indirect |
AIS Eurelo Czechoslovakia |
Lifting, moving and installation of heavy machinery |
50% |
Indirect |
13. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2019 | 168,097 |
Valuation in 2023 | 462,619 |
Cost | 1,761,839 |
2,392,555 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
13. | INVESTMENT PROPERTY - continued |
Company |
If Investment property had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,761,839 | 1,761,839 |
Investment property was valued on an open market basis on 6 October 2022 by Eddisons Real Estate and Business Valuers . |
This valuation has been relied upon by the directors as at 31 May 2024. |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,932,731 | 4,756,834 |
Amounts recoverable on |
contracts | 2,970,417 | 1,552,414 | - | - |
Amounts owed by group undertakings | 754,483 | 643,142 |
Amounts owed by related undertakings | 12,859 | 13,821 | 12,859 | 12,859 |
Other debtors | 119,809 | 32,179 |
Other loans | 620,000 | - | 620,000 | - |
Director's current account | 497,978 | 403,357 | 497,978 | 403,357 |
Corporation tax | 430,623 | 383,485 |
Prepayments and accrued income | 473,511 | 1,035,541 |
9,812,411 | 8,820,773 |
Included in trade debtors are assigned debts under the invoice discounting agreement. |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 100,284 | 262,472 |
Other loans (see note 17) | 675,000 | 675,000 |
Finance leases (see note 18) | 1,521,231 | 1,467,443 |
Trade creditors | 1,425,617 | 1,041,194 |
Amounts owed to group undertakings | - | - |
Tax | 9,247 | 104,438 |
Social security and other taxes | 1,050,846 | 765,219 |
Other creditors | 120,299 | 128,546 |
Invoice financing | 1,661,214 | 2,239,742 | - | - |
Contract costs | 1,005,061 | 744,426 |
Accrued income and deferred |
income | 1,034,241 | 1,513,675 |
8,603,040 | 8,942,155 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 575,822 | 661,868 |
Finance leases (see note 18) | 6,629,910 | 7,943,420 |
7,205,732 | 8,605,288 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 164,417 |
Bank loans | 100,284 | 98,055 |
Other loans | 675,000 | 675,000 |
775,284 | 937,472 |
Amounts falling due between one and two | years: |
Bank loans | 102,564 | 100,284 |
Amounts falling due between two and five | years: |
Bank loans | 321,896 | 314,741 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 151,362 | 246,843 | 151,362 | 246,843 |
Included in other loans is an amount for £675,000 (2023 - £675,000). This is a loan from the Martin Ainscough 2005/1 Life Interest Settlement Trust. This loan attracts interest of 12% per annum and is repayable on demand. The loan is unsecured. |
A bank loan for the Wigan property is repayable by August 2030, carries an interest rate of 1.75% over the Bank of England base rate and is secured. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 1,521,231 | 1,467,443 |
Between one and five years | 6,629,910 | 7,943,420 |
8,151,141 | 9,410,863 |
Company |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 505,116 | 240,869 |
Between one and five years | 1,668,960 | 471,821 |
In more than five years | 827,500 | 75,000 |
3,001,576 | 787,690 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdraft | - | 164,417 |
Bank loans | 676,106 | 759,923 |
Finance leases | 8,151,141 | 9,410,863 | 185,096 | 232,891 |
Invoice discounting | 1,661,214 | 2,239,742 | - | - |
10,488,461 | 12,574,945 |
The group bank overdraft is secured by a debenture and floating charge over all assets of the group. Also, a composite unlimited multilateral guarantee is in place between AIS Projects Limited, AIS Vanguard Limited, AIS Integrated Services Limited, Ainscough Industrial Services Limited and AIS Wind Energy Limited. |
Bank loans are secured by fixed and floating charges over all the companies named in the cross guarantee and by first legal mortgages over the property concerned. |
Finance lease contracts are secured on the assets concerned. |
The invoice discounting liability is secured by a fixed charge over the book debts, together with unlimited multilateral guarantees from Ainscough Industrial Services Limited, AIS Vanguard Limited and AIS Wind Energy Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 239,085 | 385,230 |
Other timing differences | 188,198 | 188,198 | 188,198 | 188,198 |
Deferred tax | 834,789 | 543,562 | - | - |
1,262,072 | 1,116,990 | 427,283 | 573,428 |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2023 | 1,116,990 |
Charge to Income Statement during year | 145,082 |
Balance at 31 May 2024 | 1,262,072 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 May 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: Class: |
Nominal | 2024 | 2023 |
value: | £ | £ |
162 | A1 Ordinary | £0.50 | 81.00 | 81.00 |
18 | A2 Ordinary | £0.50 | 9.00 | 9.00 |
10 | B Ordinary | £0.50 | 5.00 | 5.00 |
5 | C Ordinary | £0.50 | 2.50 | 2.50 |
5 | D Ordinary | £0.50 | 2.50 | 2.50 |
100.00 | 100.00 |
All of the Ordinary shares classes rank pari passu in all respects, other than: |
i) the B, C and D Ordinary shares have to be transferred back to the company on cessation of employment; and |
ii) each share class may receive a different allocation of dividends. |
22. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 June 2023 | (724,323 | ) | 3,999,900 | 702,148 | 484,000 | 4,461,725 |
Profit for the year | 2,353,089 | - | - | - | 2,353,089 |
Dividends | (455,490 | ) | - | - | - | (455,490 | ) |
Reserves transfer | 13,477 | - | (13,477 | ) | - | - |
At 31 May 2024 | 1,186,753 | 3,999,900 | 688,671 | 484,000 | 6,359,324 |
Company |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
At 1 June 2023 |
Profit for the year | - | - |
Dividends | ( |
) | - | - |
At 31 May 2024 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
22. | RESERVES - continued |
Company |
Capital |
redemption | Other |
reserve | reserves | Totals |
£ | £ | £ |
At 1 June 2023 | 5,559,910 |
Profit for the year | - | - |
Dividends | - | - | ( |
) |
At 31 May 2024 | 5,267,664 |
Retained earnings includes all current and prior retained profits and losses. |
Share premium represents the premium on the shares issued. |
The capital redemption reserve includes the nominal value of redeemable preference shares repurchased by the company. |
Revaluation and other reserves are non-distributable and relate to the revaluation gains on freehold and investment properties, net of deferred tax. |
23. | NON-CONTROLLING INTERESTS |
Minority interests represents a holding of 25% in AIS Wind Energy Limited. |
24. | PENSION COMMITMENTS |
The group operates a number of defined contribution pension scheme for certain senior management and other eligible employees. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions to the scheme amounted to £283,308 (2023 - £172,096) and as at the year end there were £45,119 (2023 - £36,879) of unpaid contributions. |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023: |
2024 | 2023 |
£ | £ |
M M Ainscough |
Balance outstanding at start of year | 335,047 | 192,475 |
Amounts advanced | 443,031 | 342,572 |
Amounts repaid | (340,000 | ) | (200,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 438,078 | 335,047 |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
R McLemon |
Balance outstanding at start of year | 34,155 | 33,255 |
Amounts advanced | 29,560 | 33,605 |
Amounts repaid | (28,872 | ) | (32,705 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 34,843 | 34,155 |
S W Edge |
Balance outstanding at start of year | 34,155 | 33,255 |
Amounts advanced | 19,774 | 33,601 |
Amounts repaid | (28,872 | ) | (32,701 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 25,057 | 34,155 |
Interest is charged at 2% and 3% on the overdrawn loan accounts. |
During the year dividends of £455,490 (2023 - £330,807) were paid to certain directors. |
Following the year end a further £443,280 of dividends have been declared. |
26. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year the following transactions were entered into with related party: |
AIS Eurelo Limited |
A 50% joint venture |
Advances of £26,325 (2023 - £337,465), recharges of £Nil (2023 - £Nil) and repayments of £137,666 (2023 - £104,167) were recorded in the year. |
As at the year end the loan balance due to the company was £754,483 (2023 - £643,142). |
Net sales of £78,607 (2023 - £1,922) were recorded, with £203,720 (2023 - £4,965) due as at 31 May 2024. |
27. | POST BALANCE SHEET EVENTS |
As part of the AIS Group's strategic plan to develop the capabilities and capacity of its offering for its customers, on 14th February 2025, Ainscough Industrial Services Ltd purchased 75% of the share capital of FFM Engineering Services Limited (FFM). |
FFM is a long-established family company with significant expertise in the machinery installation, haulage and storage industry. Specialist fields include facilitating a bespoke service for several multi-national medical equipment manufacturers. The addition of FFM together with the retention of the family owners, will result in an enhanced capability that will facilitate the expansion of the Group's scope of proficiencies. |
AINSCOUGH INDUSTRIAL SERVICES LIMITED (REGISTERED NUMBER: 08447836) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
28. | ULTIMATE CONTROLLING PARTY |
The company and group is under the ultimate control of M M Ainscough. |