REGISTERED NUMBER: 01777602 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Aanco (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A R Gaunt

B Gaunt

Mrs C L Gaunt

REGISTERED OFFICE:

Unit 5a Limeoak Way

St Annes Industrial Estate

Stockton-on-Tees

TS18 2LS

REGISTERED NUMBER:

01777602 (England and Wales)

ACCOUNTANTS:

Davies Tracey

Chartered Accountants and Business Advisers

Swan House

Westpoint Road

Teesdale Business Park

Stockton on Tees

TS17 6BP

FIXED ASSETS

Tangible assets

4

1,016,776

394,492

CURRENT ASSETS

Stocks

664,508

442,409

Debtors

5

451,909

311,395

Cash at bank and in hand

972,879

656,662

2,089,296

1,410,466

CREDITORS

Amounts falling due within one year

6

1,691,590

913,385

NET CURRENT ASSETS

397,706

497,081

TOTAL ASSETS LESS CURRENT LIABILITIES

1,414,482

891,573

CREDITORS

Amounts falling due after more than one year

7

(404,080

)

(108,149

)

PROVISIONS FOR LIABILITIES

(90,583

)

(75,994

)

NET ASSETS

919,819

707,430

CAPITAL AND RESERVES

Allotted, called up and fully paid share capital

20,000

20,000

Retained earnings

899,819

687,430

SHAREHOLDERS' FUNDS

919,819

707,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2017 and were signed on its behalf by:

B Gaunt - Director

1.	STATUTORY INFORMATION

Aanco (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and

registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Turnover

The company's turnover represents the value of goods and services supplied to customers during the year, exclusive of value added

tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

in accordance with the lease

Plant and machinery etc

-

20% on cost, 15% on cost, 10% - 20% on cost and 15% - 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 taxation

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

Research and development expenditure is charged to the profit and loss account as incurred.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital

element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of

charge on the balance of capital repayments outstanding.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged

to profit or loss in the period to which they relate.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2015 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

65,775

584,845

650,620

Additions

406,624

355,191

761,815

At 31 December 2016

472,399

940,036

1,412,435

DEPRECIATION

At 1 January 2016

43,444

212,684

256,128

Charge for year

16,278

123,253

139,531

At 31 December 2016

59,722

335,937

395,659

NET BOOK VALUE

At 31 December 2016

412,677

604,099

1,016,776

At 31 December 2015

22,331

372,161

394,492

The net book value of tangible fixed assets includes £ 386,606 (2015 - £ 208,213 ) in respect of assets held under hire purchase

contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

187,232

205,547

Other debtors

92,213

77,187

Directors' current accounts

143,874

-

Prepayments and accrued income

28,590

28,661

451,909

311,395

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

21,157

-

Hire purchase contracts

109,580

57,949

Trade creditors

937,332

440,147

Taxation and social security

239,411

257,249

Other creditors

328,550

141,391

Accruals and deferred income

55,560

16,649

1,691,590

913,385

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans - 2-5 years

95,619

-

Bank loans over 5 years

114,810

-

Hire purchase contracts

193,651

108,149

404,080

108,149

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

114,810

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

231,586

-

Hire purchase contracts

303,231

166,098

534,817

166,098

Bank loans and overdrafts are secured by way of a charge over the assets of the company. Hire purchase liabilities are secured on the

assets to which they relate.

9.	CONTINGENT LIABILITIES

The company guarantees its products for up to ten years. Rectification work is considered to be an ongoing charge but the company

accepts that it has contingent liability to carry out this work. The value of this liability cannot be ascertained with any accuracy but the

company's past experience of rectification work indicates that it will not be material to the reading of these financial statements and

therefore no provision has been made.

10.	CAPITAL COMMITMENTS

2016

2015

£

£

Contracted but not provided for in the

financial statements

34,200

108,000

11.	OTHER FINANCIAL COMMITMENTS

The company had total minimum operating lease commitments of £86,250 at 31 December 2016 (2015 - £146,250).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced £143,874 to the directors (2015 - £93,555). £140,000 of this amount was repayable at one

month's notice with the remaining £3,874 being repayable on demand (2015 - £Nil and £93,555 respectively). £Nil was repaid during

the year (2015 - £101,160). All amounts were interest free. At 31 December 2016 £143,874 was owed to the company (2015 - £Nil).

The loans have been repaid in full since the year end.

13.	RELATED PARTY TRANSACTIONS

Certain of the directors had given personal guarantees of £95,000 in respect of the company's bank borrowings in previous years.

These guarantees were released during the year.

At 31 December 2016 the company owed £154,737 to the directors (2015 - £65,636).