REGISTERED NUMBER: |
Directors' Report and |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Almaya International Limited |
Trading as |
Almaya International Limited |
REGISTERED NUMBER: |
Directors' Report and |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Almaya International Limited |
Trading as |
Almaya International Limited |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Directors' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 |
Almaya International Limited |
Trading as Almaya International Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
144-146 Kings Cross Road |
London |
WC1X 9DU |
BANKERS: |
42 Moorgate, London, EC2R 6JJ |
Lloyds TSB Bank PLC |
564-568 High Road, Wembley, HA0 2AB |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Directors' Report |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of 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 company 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 company'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 company's auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Statement of Financial Position |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDER FUNDS | 16 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Almaya International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The directors having considered the company's position for the year ended 31 December 2022, have given indication of their willingness to give group support to the company in the foreseeable future. |
On the basis, the directors consider it is appropriate to prepare the financial statements on going concern basis. The financial statements do not include any adjustment that would result if future cash flows are insufficient or if shareholder support was withdrawn. |
The principal accounting policies of the company have remained unchanged during the year. |
The financial statements have been prepared under the going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company’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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting etimates are recognised in the period in which the estimate is revised where the revision affects only at period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Depreciation on Freehold properties |
The company's most significant asset represents the freehold property which is assessed to have useful life of 50 years and is depreciated 2% on cost of freehold building on straight line basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
In accordance with section 17.15A of FRS 102, the company has stated freehold properties at cost value. |
No depreciation provided on freehold land. |
Depreciation is provided from the date the asset is brought into use. On disposal of an asset depreciation is provided up to the date of disposal. |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instrument |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with 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 trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Equity instruments |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Employee benefits |
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
Provisions |
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Valuation of investments |
Investments in BT shares are recorded at fair market value less provision for any permanent diminution. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in cost of land and buildings is freehold land of £870,336 (2021 £870,336) which is not depreciated. |
The company owns a lease for the property at Weybridge Farm, Stambourne Road, Great Yeldham, Halstead, Essex at a peppercorn rent. |
Freehold property is pledged as security for the company's bank loans. |
5. | FIXED ASSET INVESTMENTS |
Fixed assets investment consists of shares in the quoted company. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 6,074 | - |
Other debtors | 1,888 | 4,036 |
Prepayments |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Other creditor | - | 655 |
Rent advance | 76,151 | 72,231 |
Amounts owed to group undertakings |
Amounts owed to participating interests | 117,313 | 88,466 |
Social security and other taxes |
Pension control | 102 | 368 |
VAT | 10,890 | 13,072 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans (see note 9) |
Rent deposit | 85,425 | 85,425 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 130,991 | 175,611 |
Bank loan and overdrafts are secured by first legal charge over freehold land and buildings of the Company and guarantee from Al Maya International (BVI) Inc. The bank loan is payable by instalments. |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | LOANS - continued |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 130,991 | 175,611 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Bank overdrafts |
Bank loans |
The company has a loan with Lloyds Bank Plc of £399,054 (2021: £449,837 ). The loan is repayable on monthly instalments expiring in 2029. The interest rate applicable is 2% over Bank of England Base Rate. |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 | ( |
) |
Profit for the year |
Unrealised revaluation loss | (644 | ) |
At 31 December 2022 | ( |
) |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
All the directors are common to both companies, Almaya International Limited and Almaya (UK) Limited. |
Mr D L Pagarani is also a director of Greenock Holdings Group Limited (BVI) and Al Maya International (BVI) Inc. |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
14. | RELATED PARTY DISCLOSURES |
Under section 33.11 of FRS 102, the company has taken exemption from disclosure of transactions with wholly-owned subsidiaries. During the year ended 31 December 2022 the company entered into the following transactions with the Group undertakings: |
Management | Fees Paid |
2022 | 2021 |
£ | £ |
Al Maya International (BVI) Inc | 0 | 0 |
At the year end the company had the following outstanding balances with connected companies: |
Amounts | Amounts |
Owed by | Owed to |
£ | £ |
Almaya Holdings Inc | 6,074 |
Al Maya International (BVI) | 12,600 |
Mala Properties Inc | 30,345 |
SMP Investments Inc | 41,731 |
Deam Investments Inc | 45,237 |
18,674 | 117,313 |
Greenock Holdings Group Limited is the immediate parent undertaking. Both Greenock Holdings Group Limited and Almaya (UK) Limited are wholly owned subsidiaries of Al Maya International (BVI) Inc.During the year the company had the following transactions with group and related companies: |
Balance as at |
Year end |
Indenting | Trade |
Sales | Commission | debtors |
£ | £ | £ |
Al Maya International Ltd (FZC) | 4,139,094 | 176,119 | 1,507,276 |
Al Maya International LLC (Oman) | 3,168,822 | 44,773 | 1,229,701 |
Al Maya Retail Trading WLL (Qatar) | 150,808 | 5,698 | 74,009 |
Al Maya International WLL (Qatar) | 215,838 | 2,840 |
7,674,562 | 229,430 | 2,810,986 |
Key management includes the directors of the company. There was no compensation paid or payable to key management for employee services during the year. |
15. | POST BALANCE SHEET EVENTS |
There have been no significant post-balance sheet events affecting the company's financial potential. |
. |
Almaya International Limited (Registered number: 02496175) |
Trading as Almaya International Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
16. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDER FUNDS |
31.12.22 | 31.12.21 |
£ | £ |
Profit for the financial year |
Other comprehensive income relating to the year (net) | (644 | ) | 411 |
Net addition to shareholder funds | 589,253 | 399,671 |
Opening shareholder funds | 816,027 | 416,356 |
Closing shareholder funds | 1,405,280 | 816,027 |