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REGISTERED NUMBER: 12063987 (England and Wales)














GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

A.I.L HOLDINGS LIMITED

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


A.I.L HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTORS: Mr D Farmer
Mr B G Jones





REGISTERED OFFICE: Suite H Level 2 No 1 Booth Park
Chelford Road
Knutsford
Cheshire
WA16 8GS





REGISTERED NUMBER: 12063987 (England and Wales)





AUDITORS: Dunhams
Chartered Accountants and
Statutory Auditor
11 Warwick Road
Old Trafford
Manchester
M16 0QQ

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2021

The directors present their strategic report of the company and the group for the year ended 30 November 2021.

REVIEW OF BUSINESS
The directors consider that the group has had an exceptional year for 2021.

The group continues to move forward with strong reserves and sufficient liquidity to support trading requirements in both the short and medium term.

The directors continue to look to their market place and provide innovative solutions for their customers and to grow the business through securing both new customers and new product lines with existing customers.

PRINCIPAL RISKS AND UNCERTAINTIES
The potential risk which would have the most impact on the business is the destruction of stock; the directors in order to mitigate this risk have taken out insurance on the stock and aim to keep stock holdings to a minimum.

The business is susceptible to fluctuations in the value of key commodities such as oil and the US Dollar, however after assessing the risks faced it is felt acceptable by the directors at present to accept market fluctuations as they will be faced by other businesses within the industry.

The directors, having considered their plans for the future, believe there is sufficient funding in place for the business to operate successfully and feel there is no requirement to secure any further finance at this time.

Covid-19
Despite the current climate surrounding Covid-19, the company has continued to operate as normal

ON BEHALF OF THE BOARD:





Mr B G Jones - Director


14 June 2022

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2021

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2021.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
A Ordinary £1 - £23500
B Ordinary £1 - £23500
C Ordinary £1 - £23500

The total distribution of dividends for the year ended 30 November 2021 will be £ 4,700,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2020 to the date of this report.

Mr D Farmer
Mr B G Jones

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2021


AUDITORS
The auditors, Dunhams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr B G Jones - Director


14 June 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A.I.L HOLDINGS LIMITED

Opinion
We have audited the financial statements of A.I.L Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2021 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 30 November 2021 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
A.I.L HOLDINGS LIMITED


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
A.I.L HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those which relate to the financial reporting framework (FRS 102 and the Companies Act 2006) and the relevant direct tax regulations.

We understood how A.I.L Holdings Limited & its subsidiaries are complying with those frameworks by making enquiries with management, who in this instance are the same as those charged with governance to understand how the group maintains and communicates its policies and procedures in these areas and to understand the controls put in place to reduce the risk of non-compliance.

We documented our understanding of controls put in place by management to reduce the opportunities for fraudulent transactions and enquired as to the results of their own assessment of those controls during the year.

We assessed the susceptibility of the Group 's financial statements to material misstatement, including how fraud might occur, through internal team conversations and inquiry of management.

We considered the risk of management override by testing a sample population of journals, investigating them to gain an understanding and then agreeing a sample of them to source documentation.

We also reviewed and assessed both individually and cumulatively accounting estimates included in the financial statements to assess the extent to which they gave rise to indication of management bias, fraud, or material misstatement.

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved verifying that material transactions were recorded in compliance with FRS 102 and, where appropriate, Companies Act 2006.

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
A.I.L HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Edwards ACA FCCA (Senior Statutory Auditor)
for and on behalf of Dunhams
Chartered Accountants and
Statutory Auditor
11 Warwick Road
Old Trafford
Manchester
M16 0QQ

14 June 2022

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2021

Period
22.6.19
Year Ended to
30.11.21 30.11.20
Notes £    £   

TURNOVER 32,484,384 44,277,222

Cost of sales (25,774,991 ) (34,133,307 )
GROSS PROFIT 6,709,393 10,143,915

Administrative expenses (2,282,268 ) (3,696,505 )
4,427,125 6,447,410

Other operating income 64,733 52,157
OPERATING PROFIT 4 4,491,858 6,499,567


Interest payable and similar expenses 5 (281,584 ) (811,743 )
PROFIT BEFORE TAXATION 4,210,274 5,687,824

Tax on profit 6 (1,086,234 ) (1,733,814 )
PROFIT FOR THE FINANCIAL YEAR 3,124,040 3,954,010
Profit attributable to:
Owners of the parent 3,124,040 3,954,010

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2021

Period
22.6.19
Year Ended to
30.11.21 30.11.20
Notes £    £   

PROFIT FOR THE YEAR 3,124,040 3,954,010


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,124,040

3,954,010

Total comprehensive income attributable to:
Owners of the parent 3,124,040 3,954,010

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

CONSOLIDATED BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Intangible assets 9 11,592,219 13,120,863
Tangible assets 10 108,721 28,664
Investments 11 - -
11,700,940 13,149,527

CURRENT ASSETS
Stocks 12 3,171,279 2,392,774
Debtors 13 7,069,551 6,708,083
Cash at bank and in hand 3,617,724 39,180
13,858,554 9,140,037
CREDITORS
Amounts falling due within one year 14 (12,064,008 ) (7,229,655 )
NET CURRENT ASSETS 1,794,546 1,910,382
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,495,486

15,059,909

PROVISIONS FOR LIABILITIES 18 (13,792 ) (2,255 )
NET ASSETS 13,481,694 15,057,654

CAPITAL AND RESERVES
Called up share capital 19 300 300
Share premium 20 12,007,350 12,007,350
Retained earnings 20 1,474,044 3,050,004
SHAREHOLDERS' FUNDS 13,481,694 15,057,654

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2022 and were signed on its behalf by:




Mr B G Jones - Director



Mr D Farmer - Director


A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

COMPANY BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 24,135,180 24,135,180
24,135,180 24,135,180

CURRENT ASSETS
Debtors 13 4,000,000 -
Cash in hand 100 100
4,000,100 100
CREDITORS
Amounts falling due within one year 14 (4,000,000 ) (3,955,503 )
NET CURRENT ASSETS/(LIABILITIES) 100 (3,955,403 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,135,280

20,179,777

CAPITAL AND RESERVES
Called up share capital 19 300 300
Share premium 20 12,007,350 12,007,350
Retained earnings 20 12,127,630 8,172,127
SHAREHOLDERS' FUNDS 24,135,280 20,179,777

Company's profit for the financial year 8,655,503 9,076,133

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2022 and were signed on its behalf by:




Mr B G Jones - Director



Mr D Farmer - Director


A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 300 - 12,007,350 12,007,650
Dividends - (904,006 ) - (904,006 )
Total comprehensive income - 3,954,010 - 3,954,010
Balance at 30 November 2020 300 3,050,004 12,007,350 15,057,654

Changes in equity
Dividends - (4,700,000 ) - (4,700,000 )
Total comprehensive income - 3,124,040 - 3,124,040
Balance at 30 November 2021 300 1,474,044 12,007,350 13,481,694

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 300 - 12,007,350 12,007,650
Dividends - (904,006 ) - (904,006 )
Total comprehensive income - 9,076,133 - 9,076,133
Balance at 30 November 2020 300 8,172,127 12,007,350 20,179,777

Changes in equity
Dividends - (4,700,000 ) - (4,700,000 )
Total comprehensive income - 8,655,503 - 8,655,503
Balance at 30 November 2021 300 12,127,630 12,007,350 24,135,280

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2021

Period
22.6.19
Year Ended to
30.11.21 30.11.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 10,054,419 9,681,093
Interest paid (447,299 ) (646,028 )
Tax paid (1,421,855 ) (1,051,969 )
Net cash from operating activities 8,185,265 7,983,096

Cash flows from investing activities
Purchase of tangible fixed assets (116,932 ) (11,206 )
Purchase of fixed asset investments - (5,883,974 )
Net cash from investing activities (116,932 ) (5,895,180 )

Cash flows from financing activities
Loan repayments in year (3,789,789 ) (2,041,283 )
Amount introduced by directors - 896,553
Equity dividends paid (700,000 ) (904,006 )
Net cash from financing activities (4,489,789 ) (2,048,736 )

Increase in cash and cash equivalents 3,578,544 39,180
Cash and cash equivalents at beginning of
year

2

39,180

-

Cash and cash equivalents at end of year 2 3,617,724 39,180

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2021

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
Profit for the financial year 3,124,040 3,954,010
Depreciation charges 1,565,519 2,186,201
Finance costs 281,584 811,743
Taxation 1,086,234 1,733,814
6,057,377 8,685,768
(Increase)/decrease in stocks (778,505 ) 1,072,848
Increase in trade and other debtors (361,468 ) (2,674,997 )
Increase in trade and other creditors 5,137,015 2,597,474
Cash generated from operations 10,054,419 9,681,093

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 30 November 2021
30.11.21 1.12.20
£    £   
Cash and cash equivalents 3,617,724 39,180
Period ended 30 November 2020
30.11.20 22.6.19
£    £   
Cash and cash equivalents 39,180 -


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.12.20 Cash flow At 30.11.21
£    £    £   
Net cash
Cash at bank and in hand 39,180 3,578,544 3,617,724
39,180 3,578,544 3,617,724
Debt
Debts falling due within 1 year (3,789,789 ) 3,789,789 -
(3,789,789 ) 3,789,789 -
Total (3,750,609 ) 7,368,333 3,617,724

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1. STATUTORY INFORMATION

A.I.L Holdings 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 General Information page.

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


The financial statements are presented rounded to the nearest pound sterling.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries).
Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Stock Provision
Management review the stock levels and recent movements to determine if a a provision is required against slow moving items based on previous experience and expected order levels.

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The group imports and distributes a number of packaging products.
Sales of goods are recognised on delivery, when the customer has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the customer’s acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied.
In some instances goods are shipped direct from the supplier to the customer and the sale of these goods is recognised on receipt of the Bill of Lading showing the order depart for the customer.

Goods to some customers are sold with volume rebates and also with the provision for the customer to return faulty goods. Sales are measured at the prices specified in the sale contract, net of estimated volume rebates and returns. Volume rebates are assessed based on anticipated annual purchases. Accumulated experience is used to estimate and provide for the discounts and returns.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is determined on the average cost method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

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.


A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued
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.

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.

Financial instruments
i. Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
ii. Financial liabilities
Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
iii. Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Dividends and other distributions to the group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Operating leases
Rentals applicable to operating leases where substantially all the benefits of risks and ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS
Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
Wages and salaries 431,316 810,009
Social security costs 45,802 84,800
Other pension costs 3,677 5,046
480,795 899,855

The average number of employees during the year was NIL (2020 - NIL).

The average number of employees by undertakings that were proportionately consolidated during the year was 11 (2020 - 14 ) .

Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
Directors' remuneration 100,000 243,867

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
Depreciation - owned assets 36,875 20,622
Goodwill amortisation 1,528,644 2,165,579
Auditors' remuneration 6,500 5,500
Other non- audit services 15,621 25,648

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
Loan note interest 281,584 811,743

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
Current tax:
UK corporation tax 1,074,697 1,733,984

Deferred tax 11,537 (170 )
Tax on profit 1,086,234 1,733,814

7. 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.


8. DIVIDENDS
Period
22.6.19
Year Ended to
30.11.21 30.11.20
£    £   
A Ordinary shares of £1 each
Interim 1,950,500 375,162
B Ordinary shares of £1 each
Interim 399,500 76,841
C Ordinary shares of £1 each
Interim 2,350,000 452,003
4,700,000 904,006

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2020
and 30 November 2021 15,300,942
AMORTISATION
At 1 December 2020 2,180,079
Amortisation for year 1,528,644
At 30 November 2021 3,708,723
NET BOOK VALUE
At 30 November 2021 11,592,219
At 30 November 2020 13,120,863

10. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2020 64,963 29,898 94,861
Additions 11,054 105,878 116,932
At 30 November 2021 76,017 135,776 211,793
DEPRECIATION
At 1 December 2020 52,065 14,132 66,197
Charge for year 8,669 28,206 36,875
At 30 November 2021 60,734 42,338 103,072
NET BOOK VALUE
At 30 November 2021 15,283 93,438 108,721
At 30 November 2020 12,898 15,766 28,664

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2020
and 30 November 2021 24,135,180
NET BOOK VALUE
At 30 November 2021 24,135,180
At 30 November 2020 24,135,180

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

Subsidiary

Ardale International Limited
Registered office: Suite H, Level 2 No 1 Booth Park
Nature of business: import and distribution of packaging products
%
Class of shares: holding
Ordinary 100.00
30.11.21 30.11.20
£    £   
Aggregate capital and reserves 1,889,376 5,892,200
Profit for the year 4,934,294 6,148,116


12. STOCKS

Group
2021 2020
£    £   
Finished goods 3,171,279 2,392,774

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Trade debtors 5,606,977 5,673,703 - -
Amounts owed by group undertakings - - 4,000,000 -
Prepayments and accrued income 1,462,574 1,034,380 - -
7,069,551 6,708,083 4,000,000 -

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Debentures (see note 15) - 3,789,789 - 3,789,789
Trade creditors 1,060,625 517,038 - -
Tax 425,164 772,322 - -
VAT 1,359,998 861,152 - -
Other creditors 5,116,327 801,295 340,000 -
Directors' current accounts 3,660,000 - 3,660,000 -
Accrued expenses 441,894 488,059 - 165,714
12,064,008 7,229,655 4,000,000 3,955,503

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2021 2020 2021 2020
£    £    £    £   
Amounts falling due within one year or on demand:
Loan notes - 3,789,789 - 3,789,789

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2021 2020
£    £   
Within one year 19,757 14,741
Between one and five years 47,747 67,505
67,504 82,246

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2021 2020
£    £   
Other creditors 4,776,327 801,295

HSBC Bank PLC holds a fixed and floating charge over all assets of the company and its subsidiaries.

A.I.L HOLDINGS LIMITED (REGISTERED NUMBER: 12063987)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021

18. PROVISIONS FOR LIABILITIES

Group
2021 2020
£    £   
Deferred tax 13,792 2,255

Group
Deferred
tax
£   
Balance at 1 December 2020 2,255
Provided during year 11,537
Aquired in Subsidiary
Balance at 30 November 2021 13,792

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
83 A Ordinary £1 83 83
17 B Ordinary £1 17 17
100 C Ordinary £1 100 100
100 Preference £1 100 100
300 300

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2020 3,050,004 12,007,350 15,057,354
Profit for the year 3,124,040 3,124,040
Dividends (4,700,000 ) (4,700,000 )
At 30 November 2021 1,474,044 12,007,350 13,481,394

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2020 8,172,127 12,007,350 20,179,477
Profit for the year 8,655,503 8,655,503
Dividends (4,700,000 ) (4,700,000 )
At 30 November 2021 12,127,630 12,007,350 24,134,980