Company registration number 01331679 (England and Wales)
ANETIC AID LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ANETIC AID LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
ANETIC AID LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. A Curtin
Mr. G Schofield
Mr. T Schofield
Company number
01331679
Registered office
44 New Lane
Havant
Hampshire
United Kingdom
PO9 2NF
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ANETIC AID LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present the strategic report for the year ended 30 September 2024.
Fair review of the business
Sales rose by 2% & gross profit percentage fell by 1.5% from the previous year. (Export sales rose 22%). The company is hoping to increase export sales in the coming year. Employee numbers remained unchanged at 66. The order book is similar to last year.
The company continues to devote significant resources into development of new & the improvement of existing products, to ensure it remains at the forefront of a competitive stretcher (trolley) market.
The company has retained its ISO13485 Quality Certification.
The company is investing in new software to improve the service that Maintenance can offer its customers.
Principal risks and uncertainties
The company’s principal market place is UK public healthcare. Sales are primarily driven by the availability of Government funding for capital equipment.
With higher inflation & interest rates, the Company’s strong Balance Sheet & lack of debt has been very valuable. Since Brexit, the GBP has weakened against the USD & EUR. This has increased the price of imports. The risk has been reduced by buying spot at favorable moments & placing the currency in interest bearing accounts.
There are currently record waiting lists in the UK for routine operations. There is an increasing need for all hospitals to follow a standard “day surgery“ model to increase efficiency. Although many hospitals have had a surgery department for many years, it is far from standard across the NHS.
Liquidity
The company is in a very strong financial position & will continue to invest for growth. The company is in a very strong financial position & will continue to invest for growth.
Credit risk
Provided the Government does not run out of money, the principal credit risk is with foreign distributors.
Mr. G Schofield
Director
14 January 2025
ANETIC AID LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of manufacturing and sale of medical and surgical equipment.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £9,190,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr. A Curtin
Mr. G Schofield
Mr. T Schofield
Auditor
The auditor, TC Group, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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.
ANETIC AID LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr. G Schofield
Director
14 January 2025
ANETIC AID LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANETIC AID LIMITED
- 5 -
Opinion
We have audited the financial statements of Anetic Aid Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 September 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
ANETIC AID LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANETIC AID LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Irregularities including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
ANETIC AID LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANETIC AID LIMITED
- 7 -
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
ANETIC AID LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANETIC AID LIMITED
- 8 -
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 an auditor's report 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.
Graham Figgins FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
14 January 2025
Office: Portsmouth
ANETIC AID LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
21,422,492
20,905,175
Cost of sales
(11,428,268)
(10,852,322)
Gross profit
9,994,224
10,052,853
Administrative expenses
(3,353,627)
(3,189,322)
Other operating income
21,117
12,125
Operating profit
4
6,661,714
6,875,656
Interest receivable and similar income
206,101
82,667
Interest payable and similar expenses
7
(35,665)
Profit before taxation
6,832,150
6,958,323
Tax on profit
8
(1,754,870)
(1,439,604)
Profit for the financial year
5,077,280
5,518,719
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ANETIC AID LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
152,013
187,595
Current assets
Stocks
11
2,479,350
2,296,490
Debtors
12
3,514,787
3,364,176
Cash at bank and in hand
26,434,992
8,635,380
32,429,129
14,296,046
Creditors: amounts falling due within one year
13
(25,274,948)
(3,056,432)
Net current assets
7,154,181
11,239,614
Total assets less current liabilities
7,306,194
11,427,209
Provisions for liabilities
14
(130,461)
(138,756)
Net assets
7,175,733
11,288,453
Capital and reserves
Called up share capital
17
2,100
2,100
Profit and loss reserves
7,173,633
11,286,353
Total equity
7,175,733
11,288,453
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mr. G Schofield
Mr. T Schofield
Director
Director
Company Registration No. 01331679
The notes on pages 12 to 22 form part of these financial statements
ANETIC AID LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
2,100
6,122,634
6,124,734
Year ended 30 September 2023:
Profit and total comprehensive income
-
5,518,719
5,518,719
Dividends
9
-
(355,000)
(355,000)
Balance at 30 September 2023
2,100
11,286,353
11,288,453
Year ended 30 September 2024:
Profit and total comprehensive income
-
5,077,280
5,077,280
Dividends
9
-
(9,190,000)
(9,190,000)
Balance at 30 September 2024
2,100
7,173,633
7,175,733
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
1
Accounting policies
Company information
Anetic Aid Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 New Lane, Havant, Hampshire, United Kingdom, PO9 2NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Portsmouth Surgical Holdings Limited. These consolidated financial statements are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive
of Value Added Tax. In respect of sale of goods, turnover is recognised on the date that ownership of the
goods is transferred to the customer. In respect of service contracts, the turnover is recognised over the
duration of the contract on a straight-line basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
straight line over 7 years
Computer equipment
straight line over 3 years
Motor vehicles
straight line over 4-7 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of
activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in
the valuation of work in progress.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or
loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme
are held separately from those of the company. The annual contributions payable are charged to the
profit and loss account.
1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.15
Research and development expenditure is charged to profits in the period in which it is incurred.
Development costs incurred on specific projects are capitalised when recoverability can be assessed with
reasonable certainty and amortised in line with the expected use arising from the projects. All other
development costs are written off in the year of expenditure.
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The company maintains a stock provision in order to ensure that stock is recognised at the lower of cost and net realisable value. The provision is reviewed annually. The company uses specific criteria to calculate stock provisions, but establishing the criteria requires significant judgement. The company estimate the required provision by reviewing all stock lines and considering the usage and demand of the products.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,483,611
17,687,208
Overseas
3,938,881
3,217,967
21,422,492
20,905,175
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
171,927
(26,355)
Research and development costs
10,195
9,826
Fees payable to the company's auditor for the audit of the company's financial statements
14,950
12,000
Depreciation of owned tangible fixed assets
66,056
85,748
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
30
28
Sales and mainentence
14
15
Admin
22
23
Total
66
66
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,219,019
3,096,103
Social security costs
376,624
348,219
Pension costs
277,043
320,076
3,872,686
3,764,398
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
208,065
174,312
Company pension contributions to defined contribution schemes
87,617
87,464
295,682
261,776
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
124,635
-
Company pension contributions to defined contribution schemes
56,888
-
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
7
Interest payable and similar expenses
2024
2023
£
£
Other interest
35,665
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,714,548
1,422,709
Adjustments in respect of prior periods
48,617
Total current tax
1,763,165
1,422,709
Deferred tax
Origination and reversal of timing differences
(8,295)
16,895
Total tax charge
1,754,870
1,439,604
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
6,832,150
6,958,323
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
1,708,038
1,531,527
Tax effect of expenses that are not deductible in determining taxable profit
958
Adjustments in respect of prior years
48,617
4,637
Under provided corporation tax in current year
(2,743)
(37,408)
Enhanced capital allowances
1,204
Research and development tax credit
(60,356)
Taxation charge for the year
1,754,870
1,439,604
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
9
Dividends
2024
2023
£
£
Equity dividend on Ordinary shares
9,190,000
355,000
10
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
326,971
209,923
42,800
579,694
Additions
12,322
18,152
30,474
At 30 September 2024
339,293
228,075
42,800
610,168
Depreciation and impairment
At 1 October 2023
175,401
183,696
33,002
392,099
Depreciation charged in the year
37,914
25,694
2,448
66,056
At 30 September 2024
213,315
209,390
35,450
458,155
Carrying amount
At 30 September 2024
125,978
18,685
7,350
152,013
At 30 September 2023
151,570
26,227
9,798
187,595
11
Stocks
2024
2023
£
£
Work in progress
928,998
800,330
Finished goods and goods for resale
1,550,352
1,496,160
2,479,350
2,296,490
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,137,457
3,269,696
Other debtors
17,332
3,493
Prepayments and accrued income
359,998
90,987
3,514,787
3,364,176
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
729,311
742,179
Amounts owed to group undertakings
22,849,999
Corporation tax
241,548
891,718
Other taxation and social security
272,215
474,157
Other creditors
16,535
14,958
Accruals and deferred income
1,165,340
933,420
25,274,948
3,056,432
14
Provisions for liabilities
2024
2023
Notes
£
£
Warranty provision
97,844
97,844
Deferred tax liabilities
15
32,617
40,912
130,461
138,756
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
15
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
35,271
43,786
Retirement benefit obligations
(2,654)
(2,874)
32,617
40,912
2024
Movements in the year:
£
Liability at 1 October 2023
40,912
Credit to profit and loss
(8,295)
Liability at 30 September 2024
32,617
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
277,043
320,076
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,710 Ordinary A shares of £1 each
1,710
1,710
300 Ordinary B shares of £1 each
300
300
90 Ordinary C shares of £1 each
90
90
2,100
2,100
ANETIC AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
18
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
49,392
22,572
Between two and five years
104,497
5,676
153,889
28,248
19
Ultimate controlling party
The ultimate parent company is Portsmouth Surgical Holdings Limited, a company registered in England and
Wales.
Portsmouth Surgical Holdings Limited prepares group financial statements and copies can be obtained from
the Company Secretary, Portsmouth Surgical Holdings Limited, 44 New Lane, Havant, P09 2NF. Portsmouth Surgical Holdings Limited is under the control of Mr and Mrs G Schofield, by virtue of their 100%
shareholding.
During the year the company paid rents to Portsmouth Surgical Holdings Limited amounting to £300,000 (2023 - £305,000).
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