Company registration number 03837936 (England and Wales)
FINANCIAL ALAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
FINANCIAL ALAN LIMITED
COMPANY INFORMATION
Director
Christopher Peacock
(Appointed 21 July 2023)
Company number
03837936
Registered office
Second Floor De Burgh House
Market Road
Wickford
Essex
England
SS12 0FD
Accountants
Animo Tax and Accountancy Limited
35 Princess Street
Rochdale
Greater Manchester
United Kingdom
OL12 0HA
FINANCIAL ALAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FINANCIAL ALAN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
€
€
€
€
Fixed assets
Investments
6
2,052,895
1,152,895
Current assets
Cash at bank and in hand
870
31,063
Creditors: amounts falling due within one year
7
(1,423,542)
(1,021,771)
Net current liabilities
(1,422,672)
(990,708)
Total assets less current liabilities
630,223
162,187
Capital and reserves
Called up share capital
8
7,092
7,092
Profit and loss reserves
623,131
155,095
Total equity
630,223
162,187
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
Christopher Peacock
Director
Company Registration No. 03837936
FINANCIAL ALAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Financial Alan Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor De Burgh House, Market Road, Wickford, Essex, England, SS12 0FD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
Debtors
Other than loans, debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
FINANCIAL ALAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Foreign exchange
Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FINANCIAL ALAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2022
2021
Number
Number
Total
4
Taxation
2022
2021
€
€
Current tax
Foreign current tax on profits for the current period
195,000
4,959
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Vibrowest Italia SRL
Italy
Producing and trading in industrial machineries
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
€
€
Vibrowest Italia SRL
1,906,290
537,266
6
Fixed asset investments
2022
2021
€
€
Shares in group undertakings and participating interests
2,052,895
1,152,895
FINANCIAL ALAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries and associates
€
Cost or valuation
At 1 January 2022
1,152,895
Additions
900,000
At 31 December 2022
2,052,895
Carrying amount
At 31 December 2022
2,052,895
At 31 December 2021
1,152,895
The company acquired the remaining 25% of the shares in Vobrowest Italiana SRL on 18th October 2022 for a cost of €900,000.
7
Creditors: amounts falling due within one year
2022
2021
€
€
Bank loans and overdrafts
25
Other creditors
1,423,517
1,021,771
1,423,542
1,021,771
8
Called up share capital
2022
2021
€
€
Ordinary share capital
Issued and fully paid
5,000 Ordinary shares of £1 each
7,092
7,092
7,092
7,092
9
Related party transactions
Included in other creditors is an amount due to the shareholder of €1,422,093 (2021: €660,347). The loan is interest free and is repayable on demand.