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Registration number: 07314729

Aros Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2023

 

Aros Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 33

 

Aros Holdings Limited

Company Information

Directors

R J Clark

R M Shand

P K Smith

N S Howard

Company secretary

R J Clark

Registered office

63-66 Hatton Garden
Fifth Floor, Suite 23
London
EC1N 8LE

Auditors

Walker Dunnett & Co
Statutory Auditor
29 Commercial Street
Dundee
DD1 3DG

 

Aros Holdings Limited

Strategic Report for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Principal activity

The principal activity of the group is the provision of extended warranties.

Fair review of the business

The group provides extended warranty insurance and services on vehicles and durable goods, both directly to individuals and via retailers across the UK under the MB&G, Mycover and WLM brands. These warranties primarily cover repair costs in the event the goods suffer a breakdown during a specified period of cover.
The majority of sales are made by third party retailers directly with their customers and.the group also generates sales directly with customers through a telephone sales team. All claims for both direct customers and retailers are handled by the dedicated claims team who also provide claims handling for third parties.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

13,181,689

12,686,467

Profit/(loss) before tax

245,144

264,754

Principal risks and uncertainties

The directors consider the principal risks and uncertainties facing the group to be:

Credit risk - credit risk is the risk that a customer or provider fails to perform its financial obligations. The group's principal financial assets are bank balances, investments and trade and other receivables. Investments are held in low risk, cash based assets. The group's exposure to credit risk is mitigated as the majority of its products are purchased in advance. The financial position of the group's banking providers is periodically reviewed to ensure they are appropriate.

Liquidity risk - liquidity risk is the risk that the group is unable to meet its financial obligations as they fall due. The group's exposure to liquidity risk is mitigated by the regular monitoring of forecast and actual cash flows and maintaining adequate cash reserves, in particular with regards to future warranty claims.

Commercial risk - commercial risks include macro-economic conditions and comptetive factors that may impact the group's financial performance. The group regularly reviews and, where appropraite, updates its warranty plans to ensure they meet changing requirements of customers. The group remains aware of macro-economic conditions and regularly reviews key financial performance measures to identify any emerging trends.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
R J Clark
Company secretary and director

 

Aros Holdings Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the for the year ended 31 March 2023.

Directors of the group

The directors who held office during the year were as follows:

R J Clark - Company secretary and director

R M Shand

P K Smith

N S Howard

Statement of directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Aros Holdings Limited

Directors' Report for the Year Ended 31 March 2023 (continued)

Reappointment of auditors

The auditors Walker Dunnett & Co are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
R J Clark
Company secretary and director

 

Aros Holdings Limited

Independent Auditor's Report to the Members of Aros Holdings Limited

Opinion

We have audited the financial statements of Aros Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 the parent company's affairs as at 31 March 2023 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

Aros Holdings Limited

Independent Auditor's Report to the Members of Aros Holdings Limited (continued)

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 3], 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 is 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.

 

Aros Holdings Limited

Independent Auditor's Report to the Members of Aros Holdings Limited (continued)

Auditor 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 an auditor’s report 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:

• Enquiry of management and those charged with governance around actual and potential litigation and claims.
• Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

The specific laws and regulations that have a specific impact on this company and the accounting preparation of the company accounts will include:
• The Companies Act 2006
• FRS 102
• UK Corporate tax laws
• GDPR laws
• Financial Conduct Authority rules and regulations.

We have assessed the information in the audit and have not found any significant issues with non-compliance with laws and regulations.

The main specific risks relating to audit of the financial statements are income and expense recognition as this drives the main balance sheet figures of trade debtors & creditors, deferred income and other creditors. These risks have been highlighted and have been cleared.

This business has little risk of errors and fraud even though management have the potential of including incorrect journal entries. As a result of the size of the business we can increase % of testing journal entries to reduce risk of irregularities to very low level.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Aros Holdings Limited

Independent Auditor's Report to the Members of Aros Holdings Limited (continued)

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 an auditor’s report 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.

......................................
Danie Van Niekerk (Senior Statutory Auditor)
For and on behalf of Walker Dunnett & Co, Statutory Auditor
29 Commercial Street
Dundee
DD1 3DG

8 April 2024

 

Aros Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

13,181,689

12,686,467

Cost of sales

 

(10,404,036)

(10,175,166)

Gross profit

 

2,777,653

2,511,301

Administrative expenses

 

(2,563,168)

(2,414,616)

Other operating income

-

22,824

Operating profit

4

214,485

119,509

Other interest receivable and similar income

5

14,054

34,331

Revaluation of fixed asset investments

 

22,047

135,511

Interest payable and similar expenses

6

(5,442)

(24,597)

   

30,659

145,245

Profit before tax

 

245,144

264,754

Profit for the financial year

 

245,144

264,754

Profit/(loss) attributable to:

 

Owners of the company

 

245,144

264,754

The group has no recognised gains or losses for the year other than the results above.

 

Aros Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

245,144

264,754

Total comprehensive income for the year

245,144

264,754

Total comprehensive income attributable to:

Owners of the company

245,144

264,754

 

Aros Holdings Limited

(Registration number: 07314729)
Consolidated Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

354,799

212,380

Other financial assets

13

1,749,393

1,675,846

 

2,104,192

1,888,226

Current assets

 

Debtors

14

10,521,011

9,044,907

Cash at bank and in hand

 

1,832,035

1,856,121

 

12,353,046

10,901,028

Creditors: Amounts falling due within one year

16

(10,785,131)

(7,775,121)

Net current assets

 

1,567,915

3,125,907

Total assets less current liabilities

 

3,672,107

5,014,133

Creditors: Amounts falling due after more than one year

16

(6,286,434)

(7,768,104)

Net liabilities

 

(2,614,327)

(2,753,971)

Capital and reserves

 

Called up share capital

17

1,000

1,000

Share premium reserve

99,750

99,750

Retained earnings

(2,715,077)

(2,854,721)

Equity attributable to owners of the company

 

(2,614,327)

(2,753,971)

Shareholders' deficit

 

(2,614,327)

(2,753,971)

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
R J Clark
Company secretary and director

 

Aros Holdings Limited

(Registration number: 07314729)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

12

1,908,044

1,908,044

Current assets

 

Debtors

14

53,769

-

Creditors: Amounts falling due within one year

16

(1,696,493)

(1,619,368)

Net current liabilities

 

(1,642,724)

(1,619,368)

Net assets

 

265,320

288,676

Capital and reserves

 

Called up share capital

17

1,000

1,000

Share premium reserve

99,750

99,750

Retained earnings

164,570

187,926

Shareholders' funds

 

265,320

288,676

The company made a profit after tax for the financial year of £82,144 (2022 - profit of £110,286).

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
R J Clark
Company secretary and director

 

Aros Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 1 April 2022

1,000

99,750

(2,854,721)

(2,753,971)

(2,753,971)

Profit for the year

-

-

245,144

245,144

245,144

Dividends

-

-

(105,500)

(105,500)

(105,500)

At 31 March 2023

1,000

99,750

(2,715,077)

(2,614,327)

(2,614,327)

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Total equity
£

At 1 April 2021

1,000

99,750

(3,068,555)

(2,967,805)

(2,967,805)

Profit for the year

-

-

264,754

264,754

264,754

Dividends

-

-

(100,920)

(100,920)

(100,920)

Purchase of own share capital

-

-

50,000

50,000

50,000

At 31 March 2022

1,000

99,750

(2,854,721)

(2,753,971)

(2,753,971)

 

Aros Holdings Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

1,000

99,750

187,926

288,676

Profit for the year

-

-

82,144

82,144

Dividends

-

-

(105,500)

(105,500)

At 31 March 2023

1,000

99,750

164,570

265,320

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2021

1,000

99,750

128,560

229,310

Profit for the year

-

-

110,286

110,286

Dividends

-

-

(100,920)

(100,920)

Purchase of own share capital

-

-

50,000

50,000

At 31 March 2022

1,000

99,750

187,926

288,676

 

Aros Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2023

2023
£

2022
£

Cash flows from operating activities

Profit for the year

245,144

264,754

Adjustments to cash flows from non-cash items

Depreciation and amortisation

87,878

117,271

Revaluation of fixed asset investments

(22,047)

(135,511)

Loss on disposal of tangible assets

7,362

-

Finance income

(14,054)

(34,331)

Finance costs

5,442

24,597

309,725

236,780

Working capital adjustments

Increase in trade debtors

(1,452,320)

(1,747,233)

Increase in trade creditors

2,627,373

376,942

(Decrease)/increase in deferred income, including government grants

(1,112,275)

1,555,280

Net cash flow from operating activities

372,503

421,769

Cash flows from investing activities

Interest received

14,054

34,331

Acquisitions of tangible assets

(237,659)

(87,452)

Acquisitions of other financial assets

(200,000)

(500,000)

Disposal of other financial assets

148,500

100,000

Net cash flows from investing activities

(275,105)

(453,121)

Cash flows from financing activities

Interest paid

(5,442)

(24,597)

Payments for purchase of own shares

-

50,000

Repayment of bank borrowing

(10,542)

(7,028)

Dividends paid

(105,500)

(100,920)

Net cash flows from financing activities

(121,484)

(82,545)

Net decrease in cash and cash equivalents

(24,086)

(113,897)

Cash and cash equivalents at 1 April

1,856,121

1,970,018

Cash and cash equivalents at 31 March

1,832,035

1,856,121

 

Aros Holdings Limited

Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

82,144

110,286

Adjustments to cash flows from non-cash items

 

Finance costs

5,442

12,023

 

87,586

122,309

Working capital adjustments

 

(Increase)/decrease in trade debtors

14

(53,769)

30,000

Increase/(decrease) in trade creditors

16

77,125

(89,366)

Net cash flow from operating activities

 

110,942

62,943

Cash flows from financing activities

 

Interest paid

(5,442)

(12,023)

Payments for purchase of own shares

 

-

50,000

Dividends paid

(105,500)

(100,920)

Net cash flows from financing activities

 

(110,942)

(62,943)

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 1 April

 

-

-

Cash and cash equivalents at 31 March

 

-

-

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
63-66 Hatton Garden
Fifth Floor, Suite 23
London
EC1N 8LE

These financial statements were authorised for issue by the Board on 8 April 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company 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 the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

At the balance sheet date, the group had a deficiency of assets over liabilities of £2,614,327. The directors consider the deficit to be temporary and that the company will be able to meet its liabilities as they fall due for the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the accounts were not prepared on a going concern basis.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Judgements

In application of the group's accounting policies, the directors are 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 historic 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.

The key source of estimation uncertainty that have an effect on the amounts recognised in the financial statements are described below.

Key sources of estimation uncertainty

Management charge depreciation on fixed assets based on the expected useful life.

Management charge amortisation on goodwill of trade purchased.

Management recognise accruals based on expected costs to be incurred.

Management calculate an amount for deferred income to recognise income in line with recognition of costs.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group provides extended warranties. The warranties extend over a number of years, primarily 10, and revenue is recognised over the period during which the warranty is to be provided having made an initial allowance for work incurred at the inception of the agreement.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% or 33% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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 group 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.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instrucments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial Instruments are recognised in the group's balance sheet when the group becomes party yo the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receiveable within one year are not amortised.

 Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

13,181,689

12,686,467

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

87,878

77,546

Amortisation expense

-

39,725

Loss on disposal of property, plant and equipment

7,362

-

5

Other interest receivable and similar income

2023
£

2022
£

Interest income on investments

14,054

34,331

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

-

6,214

Interest expense on other finance liabilities

5,442

18,383

5,442

24,597

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,435,014

1,269,120

Other employee expense

40,318

28,830

1,475,332

1,297,950

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

45

47

45

47

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

51,139

37,824

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

23,025

14,700

Audit of the financial statements of subsidiaries of the company pursuant to legislation

2,500

2,500

25,525

17,200


 

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

1,399,177

1,399,177

At 31 March 2023

1,399,177

1,399,177

Amortisation

At 1 April 2022

1,399,177

1,399,177

At 31 March 2023

1,399,177

1,399,177

Carrying amount

At 31 March 2023

-

-

On 19 February 2016 the company acquired the whole of the share capital of Mechanical Breakdown and General Insurance Services Limited and Warranty Logistics Management Limited. The goodwill arising on the purchases amounted to £1,399,177.

The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

11

Tangible assets

Group

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

709,717

709,717

Additions

237,659

237,659

Disposals

(93,729)

(93,729)

At 31 March 2023

853,647

853,647

Depreciation

At 1 April 2022

497,337

497,337

Charge for the year

87,877

87,877

Eliminated on disposal

(86,366)

(86,366)

At 31 March 2023

498,848

498,848

Carrying amount

At 31 March 2023

354,799

354,799

At 31 March 2022

212,380

212,380

The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

1,908,044

1,908,044

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Warranty Logistics Management Limited*

63/66 Hatton Garden
Fifth Floor, Suite 23
London
EC1N 8LE

Ordinary

100%

100%

 

England & Wales

     

Mechanical Breakdown and General Insurance Services Limited*

Cobalt Business Exchange
Cobalt Park Way
Wallsend
Tyne and Wear
NE28 9NZ

Ordinary

100%

100%

 

England & Wales

     

Gold Shield Trustees Limited

Cobalt Business Exchange
Cobalt Park Way
Wallsend
Tyne and Wear
NE28 9NZ

Sole member

100%

100%

 

England & Wales

     

Mycoverplan Insurance Services Limited

Cobalt Business Exchange
Cobalt Park Way
Wallsend
Newcastle-Upon- Tyne
NE28 9NZ

Ordinary

100%

100%

 

England & Wales

     
 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

12

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Auto Warranty Limited

Cobalt Business Exchange
Cobalt Park Way
Wallsend
NE28 9NZ

Ordinary

100%

100%

 

England & Wales

     

Warranty Logistics JV One Limited

63/66 Hatton Garden
Fifth Floor, Suite 23
London
EC1N 8LE

Ordinary

100%

100%

 

England & Wales

     

Fix Anything Limited

63/66 Hatton Garden
Fifth Floor, Suite 23
London
EC1N 8LE

Ordinary

100%

100%

 

England & Wales

     

* indicates direct investment of the company

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

12

Investments (continued)

Subsidiary undertakings

Warranty Logistics Management Limited

The principal activity of Warranty Logistics Management Limited is provision of warranties

Mechanical Breakdown and General Insurance Services Limited

The principal activity of Mechanical Breakdown and General Insurance Services Limited is insurance intermediary

Gold Shield Trustees Limited

The principal activity of Gold Shield Trustees Limited is provision of extended warranties

Mycoverplan Insurance Services Limited

The principal activity of Mycoverplan Insurance Services Limited is insurance intermediary

Auto Warranty Limited

The principal activity of Auto Warranty Limited is dormant

Warranty Logistics JV One Limited

The principal activity of Warranty Logistics JV One Limited is dormant

Fix Anything Limited

The principal activity of Fix Anything Limited is dormant

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

13

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

1,675,846

1,675,846

Revaluations

22,047

22,047

Additions

200,000

200,000

Disposals

(148,500)

(148,500)

At 31 March 2023

1,749,393

1,749,393

Carrying amount

At 31 March 2023

1,749,393

1,749,393

14

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

3,906,741

2,846,030

-

-

Amounts owed by related parties

35,770

12,000

53,769

-

Other debtors

 

223,092

172,488

-

-

Prepayments

 

6,355,408

6,014,389

-

-

   

10,521,011

9,044,907

53,769

-

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

15

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

267

1,152

-

-

Cash at bank

1,332,411

1,129,996

-

-

Short-term deposits

499,357

724,973

-

-

1,832,035

1,856,121

-

-

16

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

9,900

9,900

-

-

Trade creditors

 

2,653,506

2,315,276

-

-

Amounts due to related parties

-

154,110

1,696,492

1,619,368

Social security and other taxes

 

175,380

79,092

-

-

Other payables

 

1,749,362

1,497,957

1

-

Accruals

 

4,969,050

2,849,706

-

-

Deferred income

 

1,227,933

869,080

-

-

 

10,785,131

7,775,121

1,696,493

1,619,368

Due after one year

 

Loans and borrowings

18

22,030

32,572

-

-

Deferred income

 

5,467,672

6,980,199

-

-

Other non-current financial liabilities

 

796,732

755,333

-

-

 

6,286,434

7,768,104

-

-

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

-

-

-

-

B Ordinary of £1 each

250

250

250

250

C Ordinary of £1 each

300

300

300

300

D Ordinary of £1 each

300

300

300

300

E Ordinary of £1 each

150

150

150

150

 

1,000

1,000

1,000

1,000

On 5 February 2021 the company repurchased 250 A Ordinary shares of £1 each at a cost of £50,000. The shares were held as treasury stock and, following a re-designation into 50 C Ordinary shares, 150 D Ordinary shares and 50 E Ordinary shares, the shares were sold on 15 June 2021 for £50,000.

18

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,030

32,572

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,900

9,900

-

-

Bank borrowings comprise a Coronavirus business interruption loan.The loan was for £49,500 and is repayable in 60 installments commencing in July 2021. The loan was interest free until July 2021 and thereafter bears interest at 2.5%

 

Aros Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

19

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each A Ordinary

 

-

 

-

Final dividend of £422.00 (2022 - £403.68) per each B Ordinary

 

105,500

 

100,920

Final dividend of £Nil per each C Ordinary

 

-

 

-

   

105,500

 

100,920

 

-