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REGISTERED NUMBER: 13907583 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2024

for

Ansa Elevators AB Ltd

Ansa Elevators AB Ltd (Registered number: 13907583)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Ansa Elevators AB Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: M S Dunning ACA
G T Kennedy
J Taylor
A Greenhalgh



REGISTERED OFFICE: 21 Broadgate
Oldham Broadway Business Park
Oldham
Greater Manchester
OL9 9XA



REGISTERED NUMBER: 13907583 (England and Wales)



SENIOR STATUTORY AUDITOR: Ian Sluckis BA FCA



AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Ansa Elevators AB Ltd (Registered number: 13907583)

Group Strategic Report
for the Year Ended 31 October 2024

The directors present their strategic report of the company and the group for the year ended 31 October 2024.

The principal activity of the group is that of maintenance, repair, modernisation and the installation of lifts.

The principal activity of the company is of a holding company.

REVIEW OF BUSINESS
The results for the year and the financial position of the company and the group are shown in the annexed financial statements.

The year to 31st October 2024 has seen an increase in turnover and margins.

The company and group's core values of excellent customer service and quality underpin its strong financial performance.

PRINCIPAL RISKS AND UNCERTAINTIES
The Group continues to see an increase in costs due to the changes in national insurance and minimum wage.

The company and group continue to take steps and are in a good position to deal with any issues, firstly the company and group's customer base and contract base is very diverse which ensures a hedged commercial risk, secondly the project order book and service contract base are very strong and the company and group retain an excellent net asset and liquidity position.

FINANCIAL PERFORMANCE
The directors have managed to maintain strong financial performance despite the prevailing economic conditions.

Turnover has increased from the last year by 7.95% and profit before tax by 56.69%.

KEY PERFORMANCE INDICATORS
FY 2024 FY 2023

Revenue growth 7.95% 156.93%
Gross margin 33.16% 33.16%
Average number of employees 119 112
Profit Before Tax on turnover 12.11% 8.34%

The current years management accounts confirm strong financial performance is continuing.

ON BEHALF OF THE BOARD:





M S Dunning ACA - Director


28 July 2025

Ansa Elevators AB Ltd (Registered number: 13907583)

Report of the Directors
for the Year Ended 31 October 2024

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

DIVIDENDS
An interim dividend of 370 per share was paid on 29 July 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2024 will be £ 474,710 .

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

M S Dunning ACA
G T Kennedy
J Taylor
A Greenhalgh

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

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

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

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

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

ON BEHALF OF THE BOARD:





M S Dunning ACA - Director


28 July 2025

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd

Opinion
We have audited the financial statements of Ansa Elevators AB Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd


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

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

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

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

Report of the Independent Auditors to the Members of
Ansa Elevators AB Ltd


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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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
Ansa Elevators AB Ltd


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.




Ian Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

28 July 2025

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated
Income Statement
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 3 16,047,665 14,865,496

Cost of sales (10,185,652 ) (9,935,807 )
GROSS PROFIT 5,862,013 4,929,689

Administrative expenses (3,966,106 ) (3,691,403 )
OPERATING PROFIT 5 1,895,907 1,238,286

Interest receivable and similar income 100,302 66,348
1,996,209 1,304,634

Interest payable and similar expenses 6 (53,636 ) (64,856 )
PROFIT BEFORE TAXATION 1,942,573 1,239,778

Tax on profit 7 (491,680 ) (288,367 )
PROFIT FOR THE FINANCIAL YEAR 1,450,893 951,411
Profit attributable to:
Owners of the parent 1,450,893 951,411

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated
Other Comprehensive Income
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,450,893 951,411


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,450,893

951,411

Total comprehensive income attributable to:
Owners of the parent 1,450,893 951,411

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 966,083 610,276
Investments 12 - -
966,083 610,276

CURRENT ASSETS
Debtors 13 5,675,552 5,325,857
Cash at bank 2,427,246 2,059,082
8,102,798 7,384,939
CREDITORS
Amounts falling due within one year 14 (6,870,712 ) (6,853,272 )
NET CURRENT ASSETS 1,232,086 531,667
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,198,169

1,141,943

PROVISIONS FOR LIABILITIES 16 (219,330 ) (139,287 )
NET ASSETS 1,978,839 1,002,656

CAPITAL AND RESERVES
Called up share capital 17 1,283 1,283
Retained earnings 18 1,977,556 1,001,373
SHAREHOLDERS' FUNDS 1,978,839 1,002,656

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





M S Dunning ACA - Director


Ansa Elevators AB Ltd (Registered number: 13907583)

Company Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,072,871 5,072,871
5,072,871 5,072,871

CREDITORS
Amounts falling due within one year 14 (5,071,588 ) (5,071,588 )
NET CURRENT LIABILITIES (5,071,588 ) (5,071,588 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,283

1,283

CAPITAL AND RESERVES
Called up share capital 17 1,283 1,283
SHAREHOLDERS' FUNDS 1,283 1,283

Company's profit for the financial year 474,710 737,369

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





M S Dunning ACA - Director


Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 1,283 787,331 788,614

Changes in equity
Dividends - (737,369 ) (737,369 )
Total comprehensive income - 951,411 951,411
Balance at 31 October 2023 1,283 1,001,373 1,002,656

Changes in equity
Dividends - (474,710 ) (474,710 )
Total comprehensive income - 1,450,893 1,450,893
Balance at 31 October 2024 1,283 1,977,556 1,978,839

Ansa Elevators AB Ltd (Registered number: 13907583)

Company Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 1,283 - 1,283

Changes in equity
Dividends - (737,369 ) (737,369 )
Total comprehensive income - 737,369 737,369
Balance at 31 October 2023 1,283 - 1,283

Changes in equity
Dividends - (474,710 ) (474,710 )
Total comprehensive income - 474,710 474,710
Balance at 31 October 2024 1,283 - 1,283

Ansa Elevators AB Ltd (Registered number: 13907583)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,247,108 1,144,751
Interest paid (53,636 ) (64,856 )
Tax paid (266,972 ) (220,353 )
Net cash from operating activities 1,926,500 859,542

Cash flows from investing activities
Purchase of tangible fixed assets (682,066 ) (367,087 )
Sale of tangible fixed assets 59,237 22,211
Interest received 100,302 66,348
Net cash from investing activities (522,527 ) (278,528 )

Cash flows from financing activities
Amount withdrawn by directors (561,099 ) (105,537 )
Equity dividends paid (474,710 ) (737,369 )
Net cash from financing activities (1,035,809 ) (842,906 )

Increase/(decrease) in cash and cash equivalents 368,164 (261,892 )
Cash and cash equivalents at beginning of
year

2

2,059,082

2,320,974

Cash and cash equivalents at end of year 2 2,427,246 2,059,082

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,942,573 1,239,778
Depreciation charges 307,835 263,318
Profit on disposal of fixed assets (40,814 ) (20,124 )
Finance costs 53,636 64,856
Finance income (100,302 ) (66,348 )
2,162,928 1,481,480
Increase in trade and other debtors (663,880 ) (357,894 )
Increase in trade and other creditors 748,060 21,165
Cash generated from operations 2,247,108 1,144,751

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 2,427,246 2,059,082
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 2,059,082 2,320,974


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank 2,059,082 368,164 2,427,246
2,059,082 368,164 2,427,246
Total 2,059,082 368,164 2,427,246

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Ansa Elevators AB Ltd 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 General 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.

Basis of consolidation
The group financial statements include the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold are consolidated from the periods from or to the date on which control passes. Acquisitions are accounted for under the acquisition method.

Negative goodwill, which represents the excess of the fair value of the net assets acquired over the purchase consideration for the shares in the subsidiaries is credited to the balance sheet and will be recognised in the profit and loss account in the period in which the shares in subsidiaries are acquired.

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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

Significant accounting Judgements

The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of turnover and tangible fixed assets as discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

The turnover policy, as described below, requires forecasts to be made of the outcomes of long-term construction contracts. These require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work and changes in costs. The range of potential outcomes could result in a positive or negative change to underlying profitability and cash flow.

Provisions are made for expected future losses on incomplete contracts. These provision require management's best estimate of the costs that will be required to complete contracts based on contractual requirements.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received and receivable for services provided, net of trade discounts and value added tax. Turnover from contracting and service activities represents the value of work carried out during the year, including amounts not invoiced.
When the outcome of individual construction and service contracts can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.Variation in work, claims and incentive payments are included to the extent that it is probable they will result in revenue.

Interest income
Bank and other interest is recognised in the period in which it was received.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - The period of the lease
Plant & machinery - 25% on cost
Fixtures & fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The group's financial statements for the year ended 31st October 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. These are depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Those held under operating leases are charged to the profit and loss account as they are incurred.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Construction 7,205,212 6,862,176
Maintenance 8,842,453 8,003,320
16,047,665 14,865,496

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,789,954 4,397,922
Social security costs 517,460 476,883
Other pension costs 265,317 246,760
5,572,731 5,121,565

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

4. EMPLOYEES AND DIRECTORS - continued

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

Administration 48 49
Direct labour 71 63
119 112

2024 2023
£    £   
Directors' remuneration 460,375 436,980
Directors' pension contributions to money purchase schemes 52,583 52,000

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 152,745 131,862
Pension contributions to money purchase schemes 7,699 6,456

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 307,836 263,318
Profit on disposal of fixed assets (40,814 ) (20,124 )
Auditors' remuneration 23,045 19,140
Other operating leases - land & buildings 95,000 95,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 18
Other interest 53,636 64,838
53,636 64,856

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 411,637 266,972
Prior year adjustment - 468
Total current tax 411,637 267,440

Deferred tax 80,043 20,927
Tax on profit 491,680 288,367

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

2024 2023
£    £   
Profit before tax 1,942,573 1,239,778
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023
- 25 %)

485,643

309,945

Effects of:
Expenses not deductible for tax purposes 6,514 8,262
Capital allowances in excess of depreciation (477 ) (878 )
Adjustments to tax charge in respect of previous periods - 468
of rate change
Tax rate change - (29,430 )
Total tax charge 491,680 288,367

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 474,710 737,369

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
on
consolidation
£   
COST
At 1 November 2023
and 31 October 2024 (702,545 )
AMORTISATION
At 1 November 2023
and 31 October 2024 (702,545 )
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 November 2023 46,377 81,282 64,616
Additions 21,780 25,660 -
Disposals - - -
At 31 October 2024 68,157 106,942 64,616
DEPRECIATION
At 1 November 2023 39,694 65,511 54,032
Charge for year 2,034 10,275 4,887
Eliminated on disposal - - -
At 31 October 2024 41,728 75,786 58,919
NET BOOK VALUE
At 31 October 2024 26,429 31,156 5,697
At 31 October 2023 6,683 15,771 10,584

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 1,425,739 407,181 2,025,195
Additions 614,138 20,488 682,066
Disposals (214,141 ) (9,236 ) (223,377 )
At 31 October 2024 1,825,736 418,433 2,483,884
DEPRECIATION
At 1 November 2023 958,683 296,999 1,414,919
Charge for year 245,797 44,843 307,836
Eliminated on disposal (197,088 ) (7,866 ) (204,954 )
At 31 October 2024 1,007,392 333,976 1,517,801
NET BOOK VALUE
At 31 October 2024 818,344 84,457 966,083
At 31 October 2023 467,056 110,182 610,276

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 5,072,871
NET BOOK VALUE
At 31 October 2024 5,072,871
At 31 October 2023 5,072,871

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ansa Elevators Group Limited
Registered office: England & Wales
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,842,052 3,231,266
Profit for the year 610,786 22,922

ANSA Elevators Limited - In-direct
Registered office: England & Wales
Nature of business: Maintenance,repair and installation of lifts.
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,213,374 2,847,977
Profit for the year 365,397 191,120


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 3,233,801 2,164,352
Amounts recoverable on contract 697,830 1,085,431
Other debtors 339,449 343,799
Directors' current accounts 1,213,921 1,528,106
Prepayments 190,551 204,169
5,675,552 5,325,857

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 2,867,608 2,279,116 - -
Amounts owed to group undertakings - - 5,071,588 5,071,588
Tax 411,637 266,972 - -
Social security and other taxes 505,699 437,399 - -
Other creditors 502,751 452,186 - -
Directors' current accounts 2,204,267 3,079,551 - -
Accrued expenses 378,750 338,048 - -
6,870,712 6,853,272 5,071,588 5,071,588

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 95,000 95,000
Between one and five years 380,000 380,000
In more than five years 95,000 190,000
570,000 665,000

16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 219,330 139,287

Group
Deferred
tax
£   
Balance at 1 November 2023 139,287
Charge to Income Statement during year 80,043
Balance at 31 October 2024 219,330

Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

16. PROVISIONS FOR LIABILITIES - continued

Analysis of deferred tax balance

2024 2023
£ £
Accelerated capital allowances 219,330 139,287

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,283 Ordinary £1 1,283 1,283

18. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 1,001,373
Profit for the year 1,450,893
Dividends (474,710 )
At 31 October 2024 1,977,556

Company
Retained
earnings
£   

Profit for the year 474,710
Dividends (474,710 )
At 31 October 2024 -


Ansa Elevators AB Ltd (Registered number: 13907583)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
A Greenhalgh
Balance outstanding at start of year 1,352,034 1,053,839
Amounts advanced 179,861 518,313
Amounts repaid (531,710 ) (220,118 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,000,185 1,352,034

J Taylor
Balance outstanding at start of year 176,070 325,367
Amounts advanced 353,855 15,648
Amounts repaid (316,190 ) (164,945 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 213,735 176,070

During the year, the group received interest amounting to £32,349 in respect of directors advances at a rate of 2% to 2.25% per annum.

20. RELATED PARTY DISCLOSURES

During the year, the group paid £95,000 (2023: £95,000) in rent to an entity in which some of the directors of the group have a material interest. At 31 October 2024, the balance outstanding was nil (2023: nil).

During the year, the group was charged £112,008 (2023: £94,372) for services by a company owned by close family members of one of the directors of the group.

At 31 October 2024, creditors included director's current account balances amounting to £2,204,267. There are no fixed repayment terms and interest amounting to £53,593 has been charged to the group in respect of these balances at a rate of 2% to 2.25% per annum.

21. ULTIMATE CONTROLLING PARTY

The company and group have been controlled throughout the current year by its directors.