Registration number:
AAL Investments Limited
for the Year Ended 31 December 2022
AAL Investments Limited
Contents
Company Information |
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Director's Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
AAL Investments Limited
Company Information
Director |
A Agag Longo |
Company secretary |
A Sotomayor |
Registered office |
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Accountants |
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AAL Investments Limited
Director's Report for the Year Ended 31 December 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
Principal activity
The principal activity of the company is to provide business and management consultancy services
Director of the company
The director who held office during the year and up to the date of approval of this report was as follows:
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
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AAL Investments Limited
(Registration number: 04600778)
Statement of Financial Position as at 31 December 2022
Note |
2022 |
2021 |
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Non current assets |
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Property, Plant and Equipment |
- |
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Investment property |
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Investments |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
4,745,626 |
4,884,386 |
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Shareholders' funds |
4,746,626 |
4,885,386 |
AAL Investments Limited
(Registration number: 04600778)
Statement of Financial Position as at 31 December 2022 (continued)
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.
The financial statements of AAL Investments Limited were approved and authorised for issue by the
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Director
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022
General information |
AAL Investments Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
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 UK and Republic of Ireland' and in accordance with 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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Revenue is shown net of sales/value added tax.
The Company 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 Company's activities.
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Property, Plant and Equipment
Property, Plant and Equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Office equipment |
25% straight line basis |
Investment property
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
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.
Receivables
Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
Property, Plant and Equipment |
Furniture, fittings and equipment |
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Cost |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
- |
At 31 December 2021 |
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Investment properties |
2022 |
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At 1 January |
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Additions |
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At 31 December |
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There has been no valuation of investment property by an independent valuer. The director is of the opinion that the carrying value of the property is a fair approximation of its market value.
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Other investments |
2,364,673 |
2,364,673 |
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AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
6 |
Investments (continued) |
Subsidiaries |
£ |
Cost |
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At 1 January 2022 |
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Provision |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Details of undertakings
Details of the investments in which the company 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 |
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2022 |
2021 |
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Subsidiary undertakings |
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Spain |
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Netherlands |
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Subsidiary undertakings |
A2L Sports SL The principal activity of A2L Sports SL is |
AAL Holdings BV The principal activity of AAL Holdings BV is |
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
Receivables |
2022 |
2021 |
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Trade receivables |
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Other receivables |
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Accrued income |
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- |
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Payables |
Payables: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade payables |
- |
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Amounts due to related parties |
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Corporation tax |
288,091 |
1,043,744 |
Social security and other taxes |
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Director's loan account |
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Other payables |
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Accruals |
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Due after one year |
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Bank loan |
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Share capital and reserves |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
AAL Investments Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2022 (continued)
Related party transactions |
At 31 December 2022, A Longo Agag was owed £6,813,143 by the company. (2022: £7,391,301). The loan is interest free. Within that balance is a specific loan to the company of £3,600,000, which was due for repayment in March 2022. There is no fixed repayment date or repayment schedule attached to the remaining balance of the loan.
During the year, A Longo Agag invoiced the company for consultancy services amounting to £86,669.
At 31 December 2022, the company owed £309,422 (2021: £1,143,182) to AAL Holdings BV, its subsidiary undertaking. The loan is interest free and has no fixed repayment date or repayment schedule.
At 31 December 2022 the company owed £2,093 (2021: £2,093) to A2L Sports SL, The loan is interest free and has no fixed repayment date or repayment schedule.