REGISTERED NUMBER: 14088584 (England and Wales) |
AVENTADOR HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MAY 2022 TO 30 JUNE 2023 |
REGISTERED NUMBER: 14088584 (England and Wales) |
AVENTADOR HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MAY 2022 TO 30 JUNE 2023 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Period 5 May 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 |
AVENTADOR HOLDINGS LIMITED |
COMPANY INFORMATION |
for the Period 5 May 2022 to 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
5 Imperial Court |
Laporte Way |
Luton |
Bedfordshire |
LU4 8FE |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
GROUP STRATEGIC REPORT |
for the Period 5 May 2022 to 30 June 2023 |
The directors present their strategic report of the company and the group for the period 5 May 2022 to 30 June 2023. |
REVIEW OF BUSINESS |
Aventador Holdings Ltd became the parent company of the group on 1 September 2022. |
The group had turnover for the period of £9,460,234, profit for the financial period of £1,055,321 and achieved a gross margin of 57.5%. |
During the period, the parent issued loan notes totalling £32,848,000 to fund the purchase of its majority shareholding in its subsidiary, Hardall Holdings Limited. This long term debt has been initially recognised at net present value, which has resulted in a gain of £2,779,914 in other comprehensive income. |
The group continues to invest in research and development, particularly in regard to its fire-rated lines to ensure the integrity and safety of its products. It also continues to maintain a strong liquidity balance and the management do not have any particular concerns over any uncertainties that could face the group within the foreseeable future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The cost of living crisis is causing unprecedented increases to businesses worldwide. However, we consider that the group is in a good position to face these challenges, benefitting from good relations with customers and suppliers, together with strong liquidity in the form of cash reserves. |
The group's credit risk is primarily attributed to its trade debtors and continues to be managed by operating strict credit checks on new customers and closely monitoring the credit limits of existing customers by reference to current financial information. The group continues to have an increasingly diversified customer base which helps to reduce exposure to bad debts. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The group had total comprehensive income for the period of £3,835,235 of which £471,863 related to non controlling interests. The group also had net assets at 30 June 2023 of £8,502,392 of which £5,138,720 related to non controlling interests. |
ON BEHALF OF THE BOARD: |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
REPORT OF THE DIRECTORS |
for the Period 5 May 2022 to 30 June 2023 |
The directors present their report with the financial statements of the company and the group for the period 5 May 2022 to 30 June 2023. |
INCORPORATION AND COMMENCEMENT OF TRADING |
Aventador Holdings Limited was incorporated on 5 May 2022 but commenced trading on 1 September 2022 when the group was formed following the aquisition of Hardall Holdings Ltd. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of a manufacturer of other fabricated metal. |
DIVIDENDS |
No dividends will be distributed for the period ended 30 June 2023. |
DIRECTORS |
The directors who have held office during the period from 5 May 2022 to the date of this report are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
REPORT OF THE DIRECTORS |
for the Period 5 May 2022 to 30 June 2023 |
AUDITORS |
The auditors, Miller & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AVENTADOR HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Aventador Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 June 2023 and of the group's profit for the period 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 |
AVENTADOR 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 |
AVENTADOR 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements, including fraud. |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related 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, control environment and business performance; |
- the results of our enquiries of management about their own identification and assessments of the risks of |
irregularities; |
- any matters we identified having obtained and reviewed the group's and parent company's policies and procedures relating to: |
o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of |
non-compliance; |
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or |
alleged fraud; |
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the |
financial statements and any potential indicators of fraud. |
In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the group and parent 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, such as the Companies Act 2006. |
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's and parent company's ability to operate or to avoid a material penalty. |
Audit response to risk identified |
Our procedures to respond to risks identified included the following: |
- Reviewing the financial statement disclosures to assess compliance with provisions of relevant laws and |
regulations described as having a direct effect on the financial statements; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AVENTADOR HOLDINGS LIMITED |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate material |
misstatement due to fraud; |
- In addressing the risk of fraud through management override of controls, the testing of the appropriateness of |
journal entries and other adjustments 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 non-compliance 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. |
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. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
5 Imperial Court |
Laporte Way |
Luton |
Bedfordshire |
LU4 8FE |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Period 5 May 2022 to 30 June 2023 |
Notes | £ |
TURNOVER | 4 | 9,460,234 |
Cost of sales | 4,015,956 |
GROSS PROFIT | 5,444,278 |
Administrative expenses | 3,206,476 |
2,237,802 |
Other operating income | 5 | 43,672 |
OPERATING PROFIT | 7 | 2,281,474 |
Interest receivable and similar income | 1,913 |
2,283,387 |
Gain/loss on revaluation of assets | (33,125 | ) |
2,250,262 |
Interest payable and similar expenses | 8 | 471,643 |
PROFIT BEFORE TAXATION | 1,778,619 |
Tax on profit | 9 | 723,298 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME |
Initial net present value recognition | 2,779,914 |
Income tax relating to other comprehensive income |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
2,779,914 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
3,835,235 |
Profit attributable to: |
Owners of the parent | 583,458 |
Non-controlling interests | 471,863 |
1,055,321 |
Total comprehensive income attributable to: |
Owners of the parent | 3,363,372 |
Non-controlling interests | 471,863 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Period 5 May 2022 to 30 June 2023 |
£ |
3,835,235 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 June 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 10,424,238 |
Tangible assets | 12 | 245,979 |
Investments | 13 | 60,657 |
Investment property | 14 | 795,000 |
11,525,874 |
CURRENT ASSETS |
Stocks | 15 | 6,415,182 |
Debtors | 16 | 14,257,130 |
Cash at bank and in hand | 509,811 |
21,182,123 |
CREDITORS |
Amounts falling due within one year | 17 | 4,905,915 |
NET CURRENT ASSETS | 16,276,208 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
27,802,082 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(19,266,549 |
) |
PROVISIONS FOR LIABILITIES | 21 | (33,141 | ) |
NET ASSETS | 8,502,392 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 300 |
Non-distributable reserve | 23 | 55,811 |
Other reserves | 23 | 2,355,251 |
Retained earnings | 23 | 952,310 |
SHAREHOLDERS' FUNDS | 3,363,672 |
NON-CONTROLLING INTERESTS | 24 | 5,138,720 |
TOTAL EQUITY | 8,502,392 |
The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by: |
L C Bishop - Director |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 June 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Other reserves | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 9,217,953 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the Period 5 May 2022 to 30 June 2023 |
Called up |
share | Retained | Non-distributable |
capital | earnings | reserve |
£ | £ | £ |
Changes in equity |
Issue of share capital | 300 | - | - |
Total comprehensive income | - | 952,310 | 55,811 |
300 | 952,310 | 55,811 |
Acquisition of non-controlling interest |
- |
- |
- |
Balance at 30 June 2023 | 300 | 952,310 | 55,811 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - | 300 | - | 300 |
Total comprehensive income | 2,355,251 | 3,363,372 | 471,863 | 3,835,235 |
2,355,251 | 3,363,672 | 471,863 | 3,835,535 |
Acquisition of non-controlling interest |
- |
- |
4,666,857 |
4,666,857 |
Balance at 30 June 2023 | 2,355,251 | 3,363,672 | 5,138,720 | 8,502,392 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the Period 5 May 2022 to 30 June 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - |
Balance at 30 June 2023 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Period 5 May 2022 to 30 June 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,105,208 |
Interest paid | (41,508 | ) |
Interest element of hire purchase payments paid |
(5,472 |
) |
Tax paid | (451,071 | ) |
Net cash from operating activities | 4,607,157 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (94,272 | ) |
Sale of tangible fixed assets | 17,315 |
Purchase of acquisition less cash held | (27,245,292 | ) |
Interest received | 1,913 |
Net cash from investing activities | (27,320,336 | ) |
Cash flows from financing activities |
Loan notes issued in year | 32,848,000 |
Loan note repayments in year | (9,402,500 | ) |
Loan repayments in year | (8,874 | ) |
Capital repayments in year | (40,063 | ) |
Amount withdrawn by directors | (173,873 | ) |
Share issue | 300 |
Net cash from financing activities | 23,222,990 |
Increase in cash and cash equivalents | 509,811 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
509,811 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Period 5 May 2022 to 30 June 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 1,778,619 |
Depreciation charges | 1,235,311 |
Profit on disposal of fixed assets | (2,748 | ) |
Loss on revaluation of fixed assets | 33,125 |
Finance costs | 471,643 |
Finance income | (1,913 | ) |
3,514,037 |
Decrease in stocks | 391,496 |
Decrease in trade and other debtors | 1,141,822 |
Increase in trade and other creditors | 57,853 |
Cash generated from operations | 5,105,208 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 30 June 2023 |
30.6.23 | 5.5.22 |
£ | £ |
Cash and cash equivalents | 509,811 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 5.5.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 509,811 | 509,811 |
- | 509,811 | 509,811 |
Debt |
Finance leases | - | (78,785 | ) | (78,785 | ) |
Debts falling due within 1 year | - | (10,000 | ) | (10,000 | ) |
Debts falling due after 1 year | - | (19,926 | ) | (19,926 | ) |
- | (108,711 | ) | (108,711 | ) |
Total | - | 401,100 | 401,100 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Period 5 May 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Aventador 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 Company Information page. |
The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound. |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account. |
Basis of consolidation |
The group accounts consolidate the accounts of Aventador Holdings Limited, Hardall Holdings Limited, Hardall International Limited and Hardall Construction Limited, made up to 30 June 2023. In accordance with Section 408 of the Companies Act a separate Profit and Loss Account for Aventador Holdings Limited is not presented. Aventador Holdings Limited holds 82.117% of the shares in Hardall Holdings Limited, which in turn holds all of the shares in Hardall International Limited, which in turn holds all the shares in Hardall Construction Limited. Hardall Holdings Limited is a holding company, Hardall International Limited is a manufacturer of other fabricated metal and Hardall Construction Limited did not trade during the year. |
Exemptions for qualifying entities under FRS 102 |
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions. |
The company has taken advantage of the following exemptions in its individual financial statements: |
i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows. |
Significant judgements and estimates |
In applying the group'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. 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 revision and future period, if the revision affects both current and future periods. |
When calculating the net present value of the future cashflows relating to the loan notes, the directors consider that the HMRC beneficial loan arrangements official rate applicable at the date of recognition, to be an appropriate rate of interest. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
3. | 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. |
Sale of goods |
Turnover from the sale of goods is recognised when the goods/services have been delivered to the customers such that risks and rewards of ownership have transferred to them. |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from service contracts is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the completed proportion of the service contract. |
Manufacture and installation of chute systems |
When the outcome of a contract can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the completion of a physical proportion of the contract work. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. |
Interest and royalties receivable |
Interest income is recognised using the effective interest method and royalty income is recognised on an accruals basis as the group's right to receive payment is established per the relevant agreement. |
Rent receivable |
Rental income is recognised on an accruals basis evenly over the term of the rental agreement. |
Goodwill |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Property stock |
Property held for resale is held at the lower of cost and net realisable value. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 |
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties. |
Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Loan notes |
The parent has issued 0% fixed rate unsecured loan notes to fund the purchase of a majority shareholding in its subsidiary. As the loan notes payable originate from an arrangement that is a financing transaction, they are initially measured at the present value of the future cash payments discounted at a market rate of interest for a similar debt instrument. Gains on initial recognition are recognised in equity and other comprehensive income. |
After initial recognition, the loan notes are treated for accounting purposes as if they were issued at a market rate of interest and are measured at amortised cost using the effective interest method and are reviewed for impairment. Interest payable accounted for by applying the effective interest method is included in the statement of comprehensive income. |
Other reserves |
Other reserves represent the gain on initial recognition of the loan notes, (as a result of them being initially measured at the present value of future cash flows), less the loan note net present value unwind in the period, transferred from retained earnings. |
Non-distributable reserves |
Where investment properties are measured at fair value, a transfer is made to the non-distributable reserve (net of any deferred tax) from retained earnings to assist with the identification of profits available for distribution. |
Employee benefit trust |
Assets in Hardall Holdings Limited are disclosed as own shares at the lower of cost or option price when options have been granted. Included in creditors are the reserves which will be payable to the beneficiaries of the trust. For further details of the trust see note 26 to the financial statements. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the term of the lease. |
4. | 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: |
£ |
Rendering of services | 2,157,728 |
Supply and installation works | 7,302,506 |
9,460,234 |
5. | OTHER OPERATING INCOME |
£ |
Rents received | 21,362 |
Sundry receipts | 12,206 |
Royalty income | 10,104 |
43,672 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
6. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 2,244,465 |
Social security costs | 242,115 |
Other pension costs | 39,501 |
2,526,081 |
The average number of employees during the period was as follows: |
Office & management | 24 |
Other staff | 53 |
£ |
Directors' remuneration | 226,605 |
Directors' pension contributions to money purchase schemes | 888 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 |
Information regarding the highest paid director is as follows: |
£ |
Emoluments etc | 141,063 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Depreciation - owned assets | 77,062 |
Profit on disposal of fixed assets | (2,748 | ) |
Goodwill amortisation | 1,158,249 |
Auditors' remuneration | 5,688 |
Operating lease expense | 109,262 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank loan interest | 734 |
HMRC interest and charges | 40,774 |
Loan notes net present value unwind | 424,663 |
Hire purchase | 5,472 |
471,643 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax | 732,103 |
Deferred tax | (8,805 | ) |
Tax on profit | 723,298 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Profit before tax | 1,778,619 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 444,655 |
Effects of: |
Expenses not deductible for tax purposes | 450,797 |
Depreciation in excess of capital allowances | 523 |
Movement in deferred tax provision | (8,805 | ) |
Adjustment re super deduction | (3,084 | ) |
Taxed at lower rate of 19% | (160,884 | ) |
Losses carried forward re parent | 96 |
Total tax charge | 723,298 |
Tax effects relating to effects of other comprehensive income |
Gross | Tax | Net |
£ | £ | £ |
Initial net present value recognition | 2,779,914 | - | 2,779,914 |
The standard rate of corporation tax has changed from the previous year due to the UK Government's announcement in the 2021 budget that from 1 April 2023 the rate of corporation tax in the United Kingdom will increase from 19% to 25%. |
Deferred Tax |
Deferred tax included in the balance sheet is as follows: |
2023 |
£ |
Accelerated capital allowances | 21,322 |
Revaluation of investment property | 11,819 |
33,141 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | 11,582,487 |
At 30 June 2023 | 11,582,487 |
AMORTISATION |
Amortisation for period | 1,158,249 |
At 30 June 2023 | 1,158,249 |
NET BOOK VALUE |
At 30 June 2023 | 10,424,238 |
On consolidation, goodwill in the period arose on the investment in Hardall Holdings Ltd by Aventador Holdings Ltd. This is being amortised over its estimated useful life of ten years. |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
Additions | 83,750 | 1,322 | 9,200 | 94,272 |
Disposals | - | - | (15,892 | ) | (15,892 | ) |
Acquisition | 313,328 | 101,705 | 203,941 | 618,974 |
At 30 June 2023 | 397,078 | 103,027 | 197,249 | 697,354 |
DEPRECIATION |
Charge for period | 32,322 | 3,242 | 41,498 | 77,062 |
Eliminated on disposal | - | - | (1,325 | ) | (1,325 | ) |
Acquisition | 234,579 | 92,003 | 49,056 | 375,638 |
At 30 June 2023 | 266,901 | 95,245 | 89,229 | 451,375 |
NET BOOK VALUE |
At 30 June 2023 | 130,177 | 7,782 | 108,020 | 245,979 |
Included in the total net book value of motor vehicles was £77,688 in respect of assets held under finance leases. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
13. | FIXED ASSET INVESTMENTS |
Group | Company |
£ | £ |
Shares in group undertakings | - |
Other investments not loans | 60,657 |
60,657 |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
£ |
Hardall Holdings Ltd - |
Employee Benefit Trust | 60,657 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: Hardall House, Ludun Close, Dunstable, Bedfordshire, LU5 4PN |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
Profit for the period |
Own shares |
Own shares comprises of 105,640 ordinary shares of Hardall Holdings Ltd owned by the Employee Benefit Trust of Holdall Holdings Ltd. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
Acquisition | 834,750 |
Revaluations | (39,750 | ) |
At 30 June 2023 | 795,000 |
NET BOOK VALUE |
At 30 June 2023 | 795,000 |
Investment properties were valued on an open market basis on 30 June 2023 by the directors. |
If investment properties had not been revalued they would have been included at historical cost totalling £727,369. |
15. | STOCKS |
Group |
£ |
Property stock | 6,320,862 |
Stocks | 94,320 |
6,415,182 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
£ |
Trade debtors | 2,739,748 |
Other debtors | 10,709,682 |
Directors' current accounts | 715,006 |
Prepayments | 92,694 |
14,257,130 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 19) | 10,000 |
Hire purchase contracts (see note 20) | 26,747 |
Trade creditors | 718,785 |
Loan notes payable | 1,955,949 |
Tax | 1,912,467 |
Social security and other taxes | 87,038 |
VAT | 105,754 | - |
Other creditors | 62,366 |
Accrued expenses | 26,809 |
4,905,915 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
£ | £ |
Bank loans (see note 19) | 19,926 |
Hire purchase contracts (see note 20) | 52,038 |
Loan notes payable | 19,134,300 |
Other creditors | 60,285 |
19,266,549 |
Amounts shown in other creditors are in respect of employee benefit trust reserves. |
The parent issued £32,848,000 of 0% fixed rate unsecured loan notes on 1 September 2022 which are repayable over 10 years. |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
£ |
Amounts falling due within one year or on | demand: |
Bank loans | 10,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 10,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 9,926 |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire |
purchase |
contracts |
£ |
Net obligations repayable: |
Within one year | 26,747 |
Between one and five years | 52,038 |
78,785 |
Group |
Non- | cancellable | operating leases |
£ |
Within one year | 101,971 |
Between one and five years | 94,927 |
196,898 |
21. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 33,141 |
Group |
Deferred |
tax |
£ |
Provided during period | 33,141 |
Balance at 30 June 2023 | 33,141 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 300 |
300 Ordinary shares of 1 each were allotted and fully paid for |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
23. | RESERVES |
Group |
Retained | Non-distributable | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
Profit for the period | 583,458 | 583,458 |
Acquisition | (85,624 | ) | 85,624 | - | - |
Initial net present value recognition | - | - | 2,779,914 | 2,779,914 |
Transfer between reserves | 454,476 | (29,813 | ) | (424,663 | ) | - |
At 30 June 2023 | 952,310 | 55,811 | 2,355,251 | 3,363,372 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
Profit for the period |
Initial net present value recognition | - | 2,779,914 | 2,779,914 |
Transfer between reserves | 424,663 | (424,663 | ) | - |
At 30 June 2023 | 11,997,867 |
24. | NON-CONTROLLING INTERESTS |
The non-controlling interest of £5,138,720 relates to the Ordinary B and Ordinary C shares in Hardall Holdings Limited held by outside shareholders. |
25. | RELATED PARTY DISCLOSURES |
Information about related party transactions and outstanding balances is outlined below: |
Key management personnel of the group |
A director of one of the subsidiary companies operates a loan account with that company, which is interest free and repayable on demand. At the period end, the director owed £715,006. |
Other related parties |
During the period the parent purchased an 82.1% interest in Hardall Holdings Limited from a close family member of the shareholders/directors of the company. |
This was financed by the issue of £32,848,000 0% fixed rate unsecured loan notes in favour of the close family member. During the period repayments of £9,402,500 were made and after adjustments relating to the initial recognition of the loan notes at net present value and the associated loan notes net present value unwinding for the period, the balance due to the related party at the period end was £21,090,249. |
Other related parties |
During the period, loans were repaid by the companies under common control in aggregate of £1,178,998. The loans are interest free and repayable on demand. At the year end £10,709,682 was due from these related parties, after £194,246 was recognised as an expense in respect of bad debts. |
AVENTADOR HOLDINGS LIMITED (REGISTERED NUMBER: 14088584) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Period 5 May 2022 to 30 June 2023 |
26. | EMPLOYEE BENEFIT TRUST |
Hardall Holdings Limited established an employee benefit trust for the benefit of present and future officers or employees of the company and any subsidiary. The trust holds shares in the company which can be sold to employees directly or by granting options under the approved executive share option scheme. No shares were under option at either year end. The costs of the trust are financed by gifts which were made by the company or its subsidiary. |