Company Registration No. 00507451 (England and Wales)
ANDERS ELECTRONICS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ANDERS ELECTRONICS PLC
COMPANY INFORMATION
Directors
J. M. Anders
N. H. Anders
P. L. Anders
B. Lim
Secretary
L. Quinn
Company number
00507451
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Business address
Plus X Innovation
2 Brunel Way
Slough
Berkshire
SL1 1FQ
Bankers
HSBC UK Bank Plc
10 York Road
London
SE1 7ND
England
ANDERS ELECTRONICS PLC
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 28
ANDERS ELECTRONICS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

Our global customers span a broad range of industry sectors including Industrial, Infrastructure, Energy, Healthcare, Medtech, Transportation, Process Control, Consumer and Mechatronics. We enable our customers to develop high-quality products which deliver rich, exciting experiences to their end-users via our designs and through our provision of innovative systems encompassing leading edge embedded technologies and user interfaces. We make these possible by drawing on our deep and extensive knowledge in the field. Our customers, who are our partners benefit extensively as we share our deep expertise to help extract outstanding outcomes in their product development.

 

Our European facility in the Netherlands, which was set up to bypass the negative impacts of Brexit has continued to serve us well during 2024. As a fully operational BV company, generating its own revenue stream and contributing to the overall profitability of the group, it continues to be an asset to service our European customers.

 

Our team has continued to embrace the hybrid work environment and we do not expect to return to a full-time on-site work arrangement in the near term. Our engineering team utilises a combination of our on-site laboratory for hardware R&D as well as home office working for software R&D.

 

During 2024 we continued to leverage the strength of our supplier partnerships to ensure that deliveries to our customers were fulfilled and new designs and projects were supported. Supply lead times have generally improved, although product development by our customers have not ramped up to pre-pandemic levels. The escalation of geopolitical conflicts continue to make it challenging for businesses overall and the uncertainty of the outcome from the US elections in the second half of 2024 resulted in a significant downturn in manufacturing orders.

 

Revenues for the year were $18,677,058 (2023: $19,598,868) resulting in a pre-tax profit of $98,739 (2023: $307,535). As at year end, net assets amounted to $3,808,126 (2023: $3,717,010).

 

Margins continued to be under pressure across all the major industry sectors even as supply chains continued to ramp up output. Our strong partnerships with our suppliers have helped to stabilise and minimise the impact on our customers although high inflation during 2024 impacted demand. Our strategic focus on product enablement and our ongoing investment in the business for R&D have continued to serve us well and allowed us to maintain the high level of service to our customers. Over the next three years, we expect to realise the returns from our R&D investments.

 

We would like to acknowledge the significant contributions of our people and we thank them for their passion and hard work, without whom our ongoing achievements would not have been possible.

 

We will continue to seek new opportunities to acquire or partner with companies and institutions who can bring us into complementary and new markets.

Principal risks and uncertainties

As a matter of course, we identify and actively manage the risks and uncertainties facing the business both internally and externally, on a regular basis and have taken steps to mitigate these through good business practices. These include management awareness, prevention, diversification and insurances as appropriate.

 

Current geopolitical actions and political unrest remain the biggest risk to the business given the uncertainty of actions being taken by governments driven by populism and nationalism. These actions include trade barriers which drive customer decision making away from best practice to favour political self-interest. During 2024, the lead up to the US elections have had a disproportionate negative impact on our customers’ business decisions.

 

Our continuing investment in our product portfolio, logistics and infrastructure and the increasing depth and breadth of our customer and supplier base mitigate our overall exposure in the respective segments of the business.

 

The directors continue to consider the effect of geo-politics and the ongoing fallout of Brexit, on the company's activities. We have managed to adapt our working practices with no impact on our ability to service our customers. Our customers continue to create new projects with us and at the date of approval of these financial statements, we expect to continue to re-build our growth for the coming years.

ANDERS ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The directors produce and measure financial performance against management accounts. In addition, certain key performance indicators are used to manage the business.

 

These include but are not limited to the following:

- Turnover: $18,677,058 (2023: $19,598,868)

- Gross profit: $4,432,454 (2023: $4,535,314)

Promoting the success of the company

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 ('S172 (1)') when performing their duty to promote the success of the company. When making decisions, each director ensures that they act in the way that would most likely promote the company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following matters:

 

(a) The likely consequences of any decision in the long term

 

The directors understand the business and the evolving environment in which the group operates, including the challenges of operating in an uncertain business environment.

 

(b) The interests of the group's employees

 

The directors recognise that the success of the business depends on attracting, retaining and motivating highly engaged and competent team members. The directors take into account the benefits of being a responsible employer, provision of a healthy and safe workplace environment, and the role of the business in support of the community, environment and social justice.

 

In addition to ensuring a competitive compensation and benefits package for employees, the group is committed to the personal development of our employees and has funded both training and educational courses to improve the skills and competencies of our people.

 

(c) The need to foster the group's business relationships with suppliers, customers and others

 

The directors seek to promote strong mutually beneficial relationships with all our stakeholders including suppliers, customers, regulators and authorities. Such general principles are critical in the delivery of the group's strategy.

 

Our supply chain strategy relies on key relationships with a focused number of suppliers. Over the years, the group has undergone a supplier rationalisation program in order to be better able to partner with our high-quality suppliers.

 

We manage our customers with internal and external facing teams to ensure that our customers are serviced by dedicated teams with the necessary breadth and depth of expertise.

(d) The impact of the group's operations on the community and the environment

 

The group is committed to understanding the interests of our external stakeholder groups. The directors receive information on these topics on a periodic basis to provide relevant information for specific decisions.

 

The group receives information and interacts with the local business community association and the Oxford business groups. We are a signatory to the UK anti-slavery act and are committed to the framework of the Code of Conduct V6.0 2018 (Code) issued by the Responsible Business Alliance RBA (formerly the Electronic Industry Citizenship Coalition EICC) with respect to our Corporate Social and Environmental Policy.

 

Fundamental to adopting this Code is the understanding that a business, in all of its activities, must operate in full compliance with the laws, rules and regulations of the countries in which it operates.

 

We expect our group to go beyond legal compliance, drawing upon internationally recognised standards, in order to advance social

and environmental responsibility and business ethics. In alignment with the UN Guiding Principles on Business and Human Rights,

the provisions in this Code are derived from key international human rights standards including the ILO Declaration on Fundamental Principles and Rights at Work and the UN Universal Declaration of Human Rights.

ANDERS ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

(e) The desirability of the group maintaining a reputation for high standards of business conduct

 

The directors recognise the importance of acting in ways which promote high standards of business conduct. The board periodically reviews and approves clear operating frameworks including the Code of Conduct V6.0 2018 (Code) issued by the Responsible Business Alliance RBA (formerly the Electronic Industry Citizenship Coalition EICC) to ensure that its high standards are maintained both within the businesses and the business relationships the group has with stakeholders.

 

(f) The need to act fairly between members of the group

 

The directors aim to act fairly between the group's members when delivering the group's strategy. All strategic decisions take into account the interests of all the stakeholders of the group and serve to improve both the long term strength of the group in terms of its financials as well as the well being and health of our people.

By order of the board

L. Quinn
Secretary
26 June 2025
ANDERS ELECTRONICS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activities of the company and group are in the design, development and supply of displays, interface systems, embedded computing and other related technologies and services.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. 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:

J. M. Anders
N. H. Anders
P. L. Anders
B. Lim
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group has the option to use interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates if deemed necessary.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost. This hedging activity would involve the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Research and development

The group actively engages in research and development (R&D) at the cutting edge of our technologies. The results of our R&D activities benefit our customers and allow us to deliver high quality products and services.

 

We remain fully committed to investing in R&D for the coming years.

ANDERS ELECTRONICS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
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 auditor of the company 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 auditor of the company is aware of that information.

By order of the board
L. Quinn
Secretary
26 June 2025
ANDERS ELECTRONICS PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANDERS ELECTRONICS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANDERS ELECTRONICS PLC
- 7 -
Opinion

We have audited the financial statements of Anders Electronics Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 FRS 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:

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 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 group's and 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ANDERS ELECTRONICS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANDERS ELECTRONICS PLC
- 8 -
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 strategic report and the directors' report.

 

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:

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 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 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

 

ANDERS ELECTRONICS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANDERS ELECTRONICS PLC
- 9 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

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 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.

Simon Mott-Cowan (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
26 June 2025
ANDERS ELECTRONICS PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
$
$
Turnover
3
18,677,058
19,598,868
Cost of sales
(14,244,604)
(15,063,554)
Gross profit
4,432,454
4,535,314
Distribution costs
(509,521)
(525,232)
Administrative expenses
(3,835,109)
(3,674,156)
Other operating income
57
62
Operating profit
4
87,881
335,988
Interest receivable and similar income
8
11,712
2,172
Interest payable and similar expenses
9
(854)
(30,625)
Profit before taxation
98,739
307,535
Tax on profit
10
(1,415)
(2,316)
Profit for the financial year
97,324
305,219
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ANDERS ELECTRONICS PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
$
$
Profit for the year
97,324
305,219
Other comprehensive income
Currency translation differences
(6,208)
(1,877)
Total comprehensive income for the year
91,116
303,342
Total comprehensive income for the year is all attributable to the owners of the parent company.
ANDERS ELECTRONICS PLC
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
$
$
$
$
Fixed assets
Tangible assets
11
29,518
113,754
Current assets
Stocks
14
861,430
1,017,954
Debtors
15
4,694,379
3,583,988
Cash at bank and in hand
1,030,567
1,248,403
6,586,376
5,850,345
Creditors: amounts falling due within one year
16
(2,725,118)
(2,230,080)
Net current assets
3,861,258
3,620,265
Total assets less current liabilities
3,890,776
3,734,019
Provisions for liabilities
Provisions
17
82,650
17,009
(82,650)
(17,009)
Net assets
3,808,126
3,717,010
Capital and reserves
Called up share capital
63,750
63,750
Profit and loss reserves
3,744,376
3,653,260
Total equity
3,808,126
3,717,010
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
B. Lim
Director
ANDERS ELECTRONICS PLC
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
$
$
$
$
Fixed assets
Tangible assets
11
27,532
109,578
Investments
12
175,982
175,982
203,514
285,560
Current assets
Stocks
14
782,510
988,022
Debtors
15
4,849,426
3,820,460
Cash at bank and in hand
772,573
1,069,814
6,404,509
5,878,296
Creditors: amounts falling due within one year
16
(2,538,005)
(2,178,759)
Net current assets
3,866,504
3,699,537
Total assets less current liabilities
4,070,018
3,985,097
Provisions for liabilities
Provisions
17
82,650
17,009
(82,650)
(17,009)
Net assets
3,987,368
3,968,088
Capital and reserves
Called up share capital
63,750
63,750
Profit and loss reserves
3,923,618
3,904,338
Total equity
3,987,368
3,968,088

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was $19,280 (2023 - $250,461 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
B. Lim
Director
Company Registration No. 00507451
ANDERS ELECTRONICS PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 January 2023
63,750
3,349,918
3,413,668
Year ended 31 December 2023:
Profit for the year
-
305,219
305,219
Other comprehensive income:
Currency translation differences
-
(1,877)
(1,877)
Total comprehensive income for the year
-
303,342
303,342
Balance at 31 December 2023
63,750
3,653,260
3,717,010
Year ended 31 December 2024:
Profit for the year
-
97,324
97,324
Other comprehensive income:
Currency translation differences
-
(6,208)
(6,208)
Total comprehensive income for the year
-
91,116
91,116
Balance at 31 December 2024
63,750
3,744,376
3,808,126
ANDERS ELECTRONICS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 January 2023
63,750
3,653,877
3,717,627
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
250,461
250,461
Balance at 31 December 2023
63,750
3,904,338
3,968,088
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
19,280
19,280
Balance at 31 December 2024
63,750
3,923,618
3,987,368
ANDERS ELECTRONICS PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(208,639)
2,425,636
Interest paid
(854)
(30,625)
Income taxes paid
(11,519)
(1,128)
Net cash (outflow)/inflow from operating activities
(221,012)
2,393,883
Investing activities
Purchase of tangible fixed assets
(2,517)
(11,314)
Proceeds on disposal of tangible fixed assets
-
10,280
Interest received
11,712
2,172
Net cash generated from investing activities
9,195
1,138
Net (decrease)/increase in cash and cash equivalents
(211,817)
2,395,021
Cash and cash equivalents at beginning of year
1,248,403
(1,144,741)
Effect of foreign exchange rates
(6,019)
(1,877)
Cash and cash equivalents at end of year
1,030,567
1,248,403
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Anders Electronics Plc (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom. The business address is Plus X Innovation, 2 Brunel Way, Slough, Berkshire, SL1 1FQ.

 

The group consists of Anders Electronics Plc and all of its subsidiaries.

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.

On 1 January 2024, the group changed its presentational currency from Pound Sterling to US Dollar as this is the group's functional currency. In accordance with FRS 102, this change in presentational currency was applied retrospectively and accordingly, prior year comparatives have been restated.

 

Financial information included in the consolidated financial statements for the years ended 31 December 2024 and 2023 has been restated in US dollars as follows:

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Anders Electronics Plc together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions and balances between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources, including the availability of bank funding to assist with the cash flow and working capital of the group as needed, 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.

ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% - 33.33% per annum on a straight line basis
Computers
25% - 33.33% per annum on a straight line basis
Motor vehicles
25% - 33.33% per annum on a straight line basis

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 recognised in the profit and loss account.

1.6
Fixed asset investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and is determined on the first-in, first-out (FIFO) method.

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.

ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Equity instruments

Equity instruments issued by the group 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 group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not feel there are any material key judgements or accounting estimates.

ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Turnover and other revenue
2024
2023
$
$
Turnover analysed by class of business
Sale of goods
18,677,058
19,598,868
2024
2023
$
$
Other significant revenue
Interest income
11,712
2,172
2024
2023
$
$
Turnover analysed by geographical market
United Kingdom
5,494,524
6,979,556
Europe
8,841,072
9,103,781
Rest of World
4,341,462
3,515,531
18,677,058
19,598,868
4
Operating profit
2024
2023
$
$
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(77,329)
45,044
Depreciation of owned tangible fixed assets
86,564
86,532
Profit on disposal of tangible fixed assets
-
(17,519)
Operating lease charges
115,874
115,805
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
59,075
53,727
For other services
Audit-related assurance services
1,317
1,279
Other taxation services
3,943
575
5,260
1,854
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
19
20
16
16
Selling and distribution
17
17
15
15
Total
36
37
31
31

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
$
$
$
$
Wages and salaries
2,203,612
2,077,249
2,021,482
1,866,555
Social security costs
262,189
197,909
242,573
176,838
Pension costs
59,310
48,569
59,310
48,569
2,525,111
2,323,727
2,323,365
2,091,962
7
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
183,596
164,181
8
Interest receivable and similar income
2024
2023
$
$
Interest income
Interest on bank deposits
11,712
2,172
9
Interest payable and similar expenses
2024
2023
$
$
Interest expense
Interest on bank overdrafts and loans
854
30,625
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
-
0
1,282
Other taxes
1,415
1,034
Total current tax
1,415
2,316

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
98,739
307,535
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
24,685
72,332
Tax effect of expenses that are not deductible in determining taxable profit
2,088
1,371
Unutilised tax losses carried forward
(55,739)
(20,929)
Group relief
-
0
(56,989)
Other adjustments
30,381
6,531
Taxation charge
1,415
2,316
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Tangible fixed assets
Group
Plant and equipment
Computers
Motor vehicles
Total
$
$
$
$
Cost
At 1 January 2024
400,604
7,896
15,045
423,545
Additions
2,517
-
0
-
0
2,517
Disposals
(25,202)
(2,646)
-
0
(27,848)
Exchange adjustments
(217)
(191)
(670)
(1,078)
At 31 December 2024
377,702
5,059
14,375
397,136
Depreciation and impairment
At 1 January 2024
288,690
6,213
14,888
309,791
Depreciation charged in the year
85,651
913
-
0
86,564
Eliminated in respect of disposals
(25,202)
(2,646)
-
0
(27,848)
Exchange adjustments
(110)
(116)
(663)
(889)
At 31 December 2024
349,029
4,364
14,225
367,618
Carrying amount
At 31 December 2024
28,673
695
150
29,518
At 31 December 2023
111,914
1,683
157
113,754
Company
Plant and equipment
$
Cost
At 1 January 2024
393,989
Additions
2,517
Disposals
(25,202)
At 31 December 2024
371,304
Depreciation and impairment
At 1 January 2024
284,411
Depreciation charged in the year
84,563
Eliminated in respect of disposals
(25,202)
At 31 December 2024
343,772
Carrying amount
At 31 December 2024
27,532
At 31 December 2023
109,578
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
$
$
$
$
Investments in subsidiaries
13
-
0
-
0
175,982
175,982
Movements in fixed asset investments
Company
Shares in group undertakings
$
Cost or valuation
At 1 January 2024 and 31 December 2024
175,982
Carrying amount
At 31 December 2024
175,982
At 31 December 2023
175,982
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Anders Electronics B.V.
Hoofdstraat 292, 2171 BS, Sassenheim, Netherlands
Design, development and supply of display components and systems
Ordinary
100.00
-
Anders Electronics Limited
Flat 2111, 21/F Prudential Tower The  Gateway, Harbour City, 21 Canton Road,  Tsim Sha Tsui, Hong Ko
Design, development and supply of display components and systems
Ordinary
100.00
-
Anders Electronics (Dongguan) Limited
No. 2108, block D, commercial center,  Nancheng Street Dongguan
Design, development and supply of display components and systems
Ordinary
-
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
$
$
$
$
Finished goods and goods for resale
861,430
1,017,954
782,510
988,022
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
$
$
$
$
Trade debtors
4,331,950
3,364,858
4,032,516
3,247,668
Corporation tax recoverable
10,939
835
2,108
835
Amounts owed by group undertakings
-
-
472,693
382,856
Other debtors
28,770
34,349
26,119
11,948
Prepayments and accrued income
322,720
183,946
315,990
177,153
4,694,379
3,583,988
4,849,426
3,820,460
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
$
$
$
$
Trade creditors
2,305,651
1,747,203
2,155,144
1,717,907
Other taxation and social security
67,453
76,513
67,453
76,513
Other creditors
1,465
1,326
-
0
-
0
Accruals and deferred income
350,549
405,038
315,408
384,339
2,725,118
2,230,080
2,538,005
2,178,759
17
Provisions for liabilities
Group
Company
2024
2023
2024
2023
$
$
$
$
Provisions
82,650
17,009
82,650
17,009
Movements on provisions:
Provisions
Group
$
At 1 January 2024
17,009
Additional provisions in the year
82,650
Utilisation of provision
(17,009)
At 31 December 2024
82,650
ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Provisions for liabilities
(Continued)
- 27 -
Company
$
At 1 January 2024
17,009
Additional provisions in the year
82,650
Utilisation of provision
(17,009)
At 31 December 2024
82,650
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
59,310
48,569

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Financial commitments, guarantees and contingent liabilities

The company has a debenture in place, relating to a loan facility, with a fixed and floating charge over the assets held in the company.

20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
$
$
$
$
Within one year
56,466
113,001
45,573
97,986
Between two and five years
-
37,104
-
25,500
56,466
150,105
45,573
123,486
21
Related party transactions

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

 

At the year end, the company owed an amount of $6,400 (2023: $6,400) to a director of the company.

 

During the year, a close family member of a director received gross remuneration of $6,996 (2023: $13,598).

ANDERS ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
22
Cash (absorbed by)/generated from group operations
2024
2023
$
$
Profit for the year after tax
97,324
305,219
Adjustments for:
Taxation charged
1,415
2,316
Finance costs
854
30,625
Investment income
(11,712)
(2,172)
Gain on disposal of tangible fixed assets
-
(17,519)
Depreciation and impairment of tangible fixed assets
86,564
86,532
Increase/(decrease) in provisions
65,641
(96,820)
Movements in working capital:
Decrease in stocks
156,524
857,706
(Increase)/decrease in debtors
(1,100,287)
917,813
Increase in creditors
495,038
341,936
Cash (absorbed by)/generated from operations
(208,639)
2,425,636
23
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
$
$
$
$
Cash at bank and in hand
1,248,403
(211,817)
(6,019)
1,030,567
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