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Registration number: 08336264

Prepared for the registrar

Almero Holdings UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Almero Holdings UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Almero Holdings UK Limited

Company Information

Directors

A Franks

L Steyn

T Steyn

Company secretary

L Sinfield

Registered office

Bath House
16 Bath Row
Stamford
Lincolnshire
PE9 2QU

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Almero Holdings UK Limited

(Registration number: 08336264)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

267,656

255,368

Tangible assets

5

136,786

148,212

Investments

6

7,953,174

7,877,343

 

8,357,616

8,280,923

Current assets

 

Debtors

7

67,829,039

65,241,402

Cash at bank and in hand

 

3,447,049

5,759,493

 

71,276,088

71,000,895

Creditors: Amounts falling due within one year

8

(76,391,880)

(74,807,615)

Net current liabilities

 

(5,115,792)

(3,806,720)

Total assets less current liabilities

 

3,241,824

4,474,203

Provisions

 

(793,722)

(793,722)

Net assets

 

2,448,102

3,680,481

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

158,176

158,176

Profit and loss account

2,289,826

3,522,205

Shareholders' funds

 

2,448,102

3,680,481

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 


A Franks
Director

 

Almero Holdings UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bath House
16 Bath Row
Stamford
Lincolnshire
PE9 2QU
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents asset management fees charged for services rendered. Turnover is generated in the ordinary course of the company's business and is not attributable to any markets outside of the United Kingdom.

Fee income is accounted for in accordance with agreed management fee contracts.

 

Almero Holdings UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets comprise of office equipment.

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of the asset as follows:

Asset class

Depreciation method and rate

Office equipment

4 - 5 years

Intangible assets

Intangible assets comprise of software and internally generated brnads.

Intangible assets are initially recorded at cost and subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset as follows:

Asset class

Amortisation method and rate

Software

3 years

Internally generated brands

5 years

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

Almero Holdings UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Almero Holdings UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2021 - 38).

 

Almero Holdings UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

4

Intangible assets

Software
 £

Internally generated brands
 £

Total
£

Cost

At 1 January 2022

237,273

34,500

271,773

Additions acquired separately

76,286

-

76,286

At 31 December 2022

313,559

34,500

348,059

Amortisation

At 1 January 2022

8,700

7,705

16,405

Amortisation charge

57,098

6,900

63,998

At 31 December 2022

65,798

14,605

80,403

Carrying amount

At 31 December 2022

247,761

19,895

267,656

At 31 December 2021

228,573

26,795

255,368

 

5

Tangible assets

Office equipment
 £

Cost

At 1 January 2022

264,727

Additions

45,734

At 31 December 2022

310,461

Depreciation

At 1 January 2022

116,515

Charge for the year

57,160

At 31 December 2022

173,675

Carrying amount

At 31 December 2022

136,786

At 31 December 2021

148,212

 

6

Investments

Subsidiaries

£

Cost

At 1 January 2022

7,877,343

Additions

75,831

At 31 December 2022

7,953,174

Carrying amount

At 31 December 2022

7,953,174

At 31 December 2021

7,877,343

 

Almero Holdings UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

7

Debtors

Note

2022
 £

2021
 £

Trade debtors

 

3,602,177

3,619,750

Amounts owed by related parties

63,915,764

61,525,827

Other debtors

 

68,995

34,700

Prepayments

 

242,103

61,125

   

67,829,039

65,241,402

 

8

Creditors

Note

2022
 £

2021
 £

Due within one year

 

Loans and borrowings

9

70,451,666

70,451,667

Trade creditors

 

-

29,608

Amounts due to related parties

5,269,273

3,796,026

Social security and other taxes

 

308,445

293,809

Outstanding defined contribution pension costs

 

-

14,116

Other creditors

 

19,680

69,272

Accrued expenses

 

342,816

20,000

Corporation tax liability

-

133,117

 

76,391,880

74,807,615

 

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Shareholder loans

70,451,666

70,451,667