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REGISTERED NUMBER: 08964697 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

AIS VANGUARD LIMITED

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


AIS VANGUARD LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2024







DIRECTORS: M M Ainscough
D A Cheers
S W Edge
R McLemon



REGISTERED OFFICE: Vanguard House
Bradley Lane
Standish
Wigan
Lancashire
WN6 0XF



REGISTERED NUMBER: 08964697 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: HSBC
4 Dale Street
Liverpool
Merseyside
L69 2BZ



SOLICITORS: Clarke Willmott
2nd Floor
19 Spring Gardens
Manchester
M2 1FB

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

STRATEGIC REPORT
for the Year Ended 31 May 2024

The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
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, and the directors are very pleased with the results achieved.

Key performance indicators
KPI's include sales, margins, wages and direct costs by branch including individual contract performance which is monitored by Senior managers. Efficiencies and utilisation indicators are used to guide the strategy and direction of the company with close monitoring of volumes and conversion of quoted work.


2024 2023
£'000 £'000
Sales 28,232 17,393
Gross profit 7,712 5,693
Margin % 27% 33%
EBITDA 2,422 1,317
Net Assets 6,353 4,407

Future Developments
The performance of the company in the first two quarters of the new financial year had been exceptional and the directors believe this trend will continue in the second half of the financial year, as confirmed work and enquiry levels remain very strong.

Principal risks and uncertainties
Risks including financial constraints, commercial and contractual, are managed internally by holding regular senior management meetings, and monthly Board meetings.

EMPLOYEES
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 company's policy and practice is to encourage and assist the employment, training, career development and promotion of disabled staff.


AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

STRATEGIC REPORT
for the Year Ended 31 May 2024

HEALTH, SAFETY AND ENVIRONMENTAL ISSUES
The company 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 company activities, and our rigorous attention to Health and Safety 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:




D A Cheers - Director


14 February 2025

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

REPORT OF THE DIRECTORS
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of heavy haulage, machinery removals, warehousing and plant and machinery repairs.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

M M Ainscough
D A Cheers
S W Edge
R McLemon

Other changes in directors holding office are as follows:

P Brabbins - resigned 27 October 2023

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

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

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

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

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

ON BEHALF OF THE BOARD:





D A Cheers - Director


14 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AIS VANGUARD LIMITED

Opinion
We have audited the financial statements of AIS Vanguard Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AIS VANGUARD LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AIS VANGUARD 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
AIS VANGUARD 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.




John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

24 February 2025

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

TURNOVER 28,232,437 17,392,614

Cost of sales 20,520,333 11,699,742
GROSS PROFIT 7,712,104 5,692,872

Administrative expenses 5,880,056 4,892,662
1,832,048 800,210

Other operating income 3,391 -
OPERATING PROFIT 4 1,835,439 800,210


Interest payable and similar expenses 5 64,905 56,477
PROFIT BEFORE TAXATION 1,770,534 743,733

Tax on profit 6 (175,524 ) 14,839
PROFIT FOR THE FINANCIAL YEAR 1,946,058 728,894

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,946,058

728,894

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - 192,505
Tangible assets 8 2,216,598 2,330,136
2,216,598 2,522,641

CURRENT ASSETS
Debtors 9 21,365,484 17,017,084
Cash in hand 1,443 1,335
21,366,927 17,018,419
CREDITORS
Amounts falling due within one year 10 16,074,310 13,616,326
NET CURRENT ASSETS 5,292,617 3,402,093
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,509,215

5,924,734

CREDITORS
Amounts falling due after more than one
year

11

(610,877

)

(982,626

)

PROVISIONS FOR LIABILITIES 15 (545,562 ) (535,390 )
NET ASSETS 6,352,776 4,406,718

CAPITAL AND RESERVES
Called up share capital 16 195 195
Retained earnings 17 6,352,581 4,406,523
SHAREHOLDERS' FUNDS 6,352,776 4,406,718

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





M M Ainscough - Director


AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 195 3,677,629 3,677,824

Changes in equity
Total comprehensive income - 728,894 728,894
Balance at 31 May 2023 195 4,406,523 4,406,718

Changes in equity
Total comprehensive income - 1,946,058 1,946,058
Balance at 31 May 2024 195 6,352,581 6,352,776

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

AIS Vanguard Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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.

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) Goodwill
The useful economic life of goodwill has been considered by the directors as being reasonable.

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of certain trade and assets from Ainscough Vanguard Limited, is being amortised over its useful life of 10 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any impairment. Depreciation is calculated at the following annual rates to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Improvements to property- over the lease term of 10 years
Plant and machinery- 50% on reducing balance
- 25% on reducing balance and
- 10% on reducing balance
Fixtures and fittings- 15% on reducing balance
Computer equipment- 25% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If 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 Statement of Comprehensive Income, 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.

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.

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Leases
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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,729,960 5,438,848
Social security costs 724,775 614,005
Other pension costs 202,451 110,826
7,657,186 6,163,679

The average number of employees during the year was as follows:
2024 2023

Operations 81 75
Administration 37 30
118 105

2024 2023
£    £   
Directors' remuneration 48,768 100,708
Directors' pension contributions to money purchase schemes 5,011 4,028

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

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

2024 2023
£    £   
Subcontractor costs 10,265,133 4,361,267
Other operating leases 49,681 65,031
Depreciation - owned assets 108,198 118,187
Depreciation - assets on finance leases 309,581 273,610
Profit on disposal of fixed assets (23,817 ) (85,078 )
Goodwill amortisation 192,505 210,000
Auditors' remuneration 14,000 11,500
Operating lease - rent 489,382 387,612

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 153
Hire purchase 64,905 56,324
64,905 56,477

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Overprovision for prior years (185,696 ) (169,958 )

Deferred tax - current year 10,172 184,797
Tax on profit (175,524 ) 14,839

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

6. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 1,770,534 743,733
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20%)

442,634

148,747

Effects of:
Expenses not deductible for tax purposes 5,967 2,058
Fixed asset differences 48,924 (12,609 )
Group relief surrendered/(claimed) (520,988 ) 9,642
Movement in deferred tax not recognised 32,202 -
Adjustments to tax charge in respect of previous periods - corporation tax (185,698 ) (169,958 )
Remeasurement of deferred tax for changes in tax rates - 36,959
Chargeable gains 1,435 -
Total tax (credit)/charge (175,524 ) 14,839

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 2,100,005
AMORTISATION
At 1 June 2023 1,907,500
Amortisation for year 192,505
At 31 May 2024 2,100,005
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 192,505

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 36,317 2,805,407 72,469 175,911 3,090,104
Additions 9,698 449,396 10,230 14,340 483,664
Disposals - (306,927 ) - - (306,927 )
At 31 May 2024 46,015 2,947,876 82,699 190,251 3,266,841
DEPRECIATION
At 1 June 2023 35,019 530,534 52,127 142,288 759,968
Charge for year 3,834 394,503 4,068 15,374 417,779
Eliminated on disposal - (127,504 ) - - (127,504 )
At 31 May 2024 38,853 797,533 56,195 157,662 1,050,243
NET BOOK VALUE
At 31 May 2024 7,162 2,150,343 26,504 32,589 2,216,598
At 31 May 2023 1,298 2,274,873 20,342 33,623 2,330,136

The net book value of tangible fixed assets includes £1,459,293 (2023 - £1,546,158) in respect of assets held under finance leases.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,255,875 2,952,363
Amounts owed by group undertakings 16,451,506 13,298,291
Amounts owed by related undertakings - 962
Tax 223,373 161,318
Amounts recoverable on
contracts 1,226,685 344,907
Prepayments 208,045 259,243
21,365,484 17,017,084

Included in trade debtors are certain assigned debts under an invoice discounting agreement.

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 122,041 79,300
Finance leases (see note 13) 450,502 331,186
Trade creditors 2,521,190 1,147,776
Amounts owed to group undertakings 9,638,745 8,820,194
Tax 8,640 -
Social security and other taxes 867,423 665,556
Other creditors 87,118 96,094
Invoice discounting 1,220,534 1,208,238
Contracts costs 473,178 350,428
Accrued expenses 684,939 917,554
16,074,310 13,616,326

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases (see note 13) 610,877 982,626

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 122,041 79,300

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 450,502 331,186
Between one and five years 610,877 982,626
1,061,379 1,313,812

Non-cancellable operating leases
2024 2023
£    £   
Within one year 439,113 240,869
Between one and five years 1,597,661 471,821
In more than five years 827,500 75,000
2,864,274 787,690

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 122,041 79,300
Finance leases 1,061,379 1,313,812
Invoice discounting 1,220,534 1,208,238
2,403,954 2,601,350

The bank overdraft is secured by a debenture and floating charge over all assets of the company. Also, a composite unlimited multilateral guarantee between the company and AIS Projects Limited, AIS Integrated Services Limited, Ainscough Industrial Services Limited and AIS Wind Energy Limited.

The invoice discounting facility is secured by a fixed charge over the book debts, together with unlimited multilateral guarantees from Ainscough Industrial Services Limited and AIS Wind Energy Limited.

Finance lease contracts are secured on the assets concerned.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 545,562 535,390

Deferred
tax
£   
Balance at 1 June 2023 535,390
Charge to Statement of Comprehensive Income during year 10,172
Balance at 31 May 2024 545,562

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
195 Ordinary £1 195 195

17. RESERVES
Retained
earnings
£   

At 1 June 2023 4,406,523
Profit for the year 1,946,058
At 31 May 2024 6,352,581

Retained earnings includes all current and prior retained profits and losses.

AIS VANGUARD LIMITED (REGISTERED NUMBER: 08964697)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

18. PENSION COMMITMENTS

The company operates a 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 £202,450 (2023 - £110,826) and as at the year end there were £41,387 (2023 - £24,190) of unpaid contributions.

19. RELATED PARTY DISCLOSURES

During the year the following transactions were entered into with related parties:

AIS Wind Energy Limited

A 75% group member

An intercompany loan exists with cost recharges/expenses of £Nil (2023 - £132,904) incurred with payments/receipts and loan transfers of £2,621,298 (2023 - £2,209,764).
As at the year end £9,857,280 (2023 - £7,297,670) remains due from the company.
Net sales of £Nil (2023 - £4,416) were recorded, with £11,336 (2023 - £4,126) due as at 31 May 2024.

AIS Eurelo GmbH

A company under common ownership.

Net sales of £68,952 (2023 - £46,795) were recorded, with £183,593 (2023 - £114,641) due as at 31 May 2024.

20. ULTIMATE CONTROLLING PARTY

The controlling party is M M Ainscough.

21. ULTIMATE PARENT COMPANY

The ultimate parent company is Ainscough Industrial Services Limited, a company registered in England and Wales, which prepares group financial statements. Copies can be obtained from Vanguard House, Bradley Lane, Standish, Wigan WN6 0XF.