AL13 Holdings Limited |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 31 August 2023 |
AL13 Holdings Limited |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 31 August 2023 |
AL13 Holdings Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Nicholas Matthew Toye FCA |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Radnor House |
Greenwood Close |
Cardiff Gate Business Park |
Cardiff |
CF23 8AA |
BANKERS: | Santander UK plc |
5-9 Queen Street |
Cardiff |
CF10 2UD |
AL13 Holdings Limited (Registered number: 12868138) |
Group Strategic Report |
for the Year Ended 31 August 2023 |
The directors present their strategic report of the company and the group for the year ended 31 August 2023. |
BUSINESS REVIEW & FUTURE DEVELOPMENTS |
The Group consists of Pachuca Holdings Limtied, an intermediate holding company, and Dudleys Aluminium Limited. The principle activity of Dudleys Aluminium Limited is the fabrication and installation of architectural aluminium. |
The year to 31st August 2023 was a successful period, building upon the strong foundations laid down in the previous years. Sales increased in comparison to the previous year, with retained profit transferred to reserves also increasing in comparison to previous periods. The Directors have continued a prudent approach and commitment to strengthening the Company's capital base, further growing, and strengthening the Company's Balance Sheet during the period. |
The business remains committed to monitoring our energy consumption, with the aim of reducing our carbon footprint. Dudley's Aluminium Limited is committed to achieving Net Zero emissions by 2050 and is currently in the process of implementing our ambitious and practical decarbonisation strategy. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Operating within the construction sector there are risks and uncertainties that the company faces on both a daily and an on-going basis. The directors believe these risks can be principally grouped as: Health and Safety risk, Operational risk and Financial risk. |
Health and safety risk |
The Board recognises its employees and subcontractors work within an industry that faces many potential Health and Safety hazards. In order to mitigate these risks to the fullest possible extent the company makes every effort to ensure that its Health and Safety policies and procedures are of the highest industry leading standard. |
Operational risk |
As the projects undertaken by the company are often over the medium to long term, contracts may progress in a way that was not anticipated. To mitigate any risks associated with such a scenario, therefore, the company has internal checks and balances throughout each department associated with a projects progression. This ensures that any changes are identified at the earliest possible stage thus enabling effective control and risk management to be maintained. |
Financial risk |
All work is subject to a formal tendering process. Within this process many criteria are taken into account, including but not exclusively, financial, technical, capability and workload. |
The risks associated with each of these stages is assessed and monitored. Close relationships are maintained with all interested parties and there is inter departmental liaison at all stages through a project's duration in order to identify variances at the earliest possible opportunity. |
The company has detailed and established financial controls to monitor all major financial indicators including, weekly and annual cash flows, monthly internal management accounts and full individual cost tracking for all projects. |
AL13 Holdings Limited (Registered number: 12868138) |
Group Strategic Report |
for the Year Ended 31 August 2023 |
KEY PERFORMANCE INDICATORS |
The directors use a number of key performance indicators, both financial and non-financial, to monitor the company's position. |
THIS REPORT WAS APPROVED BY THE BOARD: |
AL13 Holdings Limited (Registered number: 12868138) |
Report of the Directors |
for the Year Ended 31 August 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 August 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a holding company. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 August 2023 was £125,000 (2022: £125,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
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. |
AL13 Holdings Limited (Registered number: 12868138) |
Report of the Directors |
for the Year Ended 31 August 2023 |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
THIS REPORT WAS APPROVED BY THE BOARD: |
Report of the Independent Auditors to the Members of |
AL13 Holdings Limited |
Opinion |
We have audited the financial statements of AL13 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated Profit & Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 31 August 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 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. |
Report of the Independent Auditors to the Members of |
AL13 Holdings Limited |
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. |
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 four, 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 |
AL13 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: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
The laws and regulations that we determined were most significant to the company were the Companies Act, UK corporate tax laws, Health and Safety at Work Act and the Environmental Protection Act. |
We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management, and corroborated these enquiries through our review of board minutes. |
We assessed the susceptibility of the companys financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates. |
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. |
Report of the Independent Auditors to the Members of |
AL13 Holdings Limited |
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 |
Chartered Accountants |
Statutory Auditor |
AL13 Holdings Limited (Registered number: 12868138) |
Consolidated Profit & Loss Account |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 12,164,619 | 9,841,717 |
Cost of sales | (9,401,601 | ) | (7,206,901 | ) |
GROSS PROFIT | 2,763,018 | 2,634,816 |
Distribution costs | (2,010 | ) | (5,076 | ) |
Administrative expenses | (1,879,708 | ) | (1,947,982 | ) |
OPERATING PROFIT | 3 | 881,300 | 681,758 |
Interest receivable & similar income | 23,901 | 6,437 |
905,201 | 688,195 |
Interest payable and similar expenses |
5 |
(9,319 |
) |
(7,899 |
) |
PROFIT BEFORE TAXATION | 895,882 | 680,296 |
Tax on profit | 6 | (194,660 | ) | (123,854 | ) |
PROFIT FOR THE FINANCIAL YEAR |
AL13 Holdings Limited (Registered number: 12868138) |
Consolidated Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | (43,145 | ) | (76,769 | ) |
Tangible assets | 10 | 244,965 | 282,135 |
Investments | 11 | 53,892 | 53,892 |
255,712 | 259,258 |
CURRENT ASSETS |
Stocks | 12 | 816,650 | 577,651 |
Debtors | 13 | 2,086,685 | 1,407,183 |
Cash at bank and in hand | 1,329,725 | 1,440,458 |
4,233,060 | 3,425,292 |
CREDITORS |
Amounts falling due within one year | 14 | 1,789,194 | 1,538,959 |
NET CURRENT ASSETS | 2,443,866 | 1,886,333 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,699,578 |
2,145,591 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(34,451 |
) |
(56,912 |
) |
PROVISIONS FOR LIABILITIES | 18 | (23,259 | ) | (23,033 | ) |
NET ASSETS | 2,641,868 | 2,065,646 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 92,400 | 92,400 |
Merger reserve | 636,272 | 636,272 |
Retained earnings | 1,913,196 | 1,336,974 |
SHAREHOLDERS' FUNDS | 2,641,868 | 2,065,646 |
AL13 Holdings Limited (Registered number: 12868138) |
Consolidated Balance Sheet - continued |
31 August 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by: |
C C Shorney - Director |
R H Cope - Director |
AL13 Holdings Limited (Registered number: 12868138) |
Company Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Merger reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
118,481 |
121,341 |
AL13 Holdings Limited (Registered number: 12868138) |
Company Balance Sheet - continued |
31 August 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
AL13 Holdings Limited (Registered number: 12868138) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 August 2023 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 September 2021 | 92,400 | 905,532 | 636,272 | 1,634,204 |
Changes in equity |
Dividends | - | (125,000 | ) | - | (125,000 | ) |
Total comprehensive income | - | 556,442 | - | 556,442 |
Balance at 31 August 2022 | 92,400 | 1,336,974 | 636,272 | 2,065,646 |
Changes in equity |
Dividends | - | (125,000 | ) | - | (125,000 | ) |
Total comprehensive income | - | 701,222 | - | 701,222 |
Balance at 31 August 2023 | 92,400 | 1,913,196 | 636,272 | 2,641,868 |
AL13 Holdings Limited (Registered number: 12868138) |
Company Statement of Changes in Equity |
for the Year Ended 31 August 2023 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
AL13 Holdings Limited (Registered number: 12868138) |
Consolidated Cash Flow Statement |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 226,671 | 734,673 |
Interest paid | (9,319 | ) | (7,899 | ) |
Tax paid | (131,064 | ) | (196,217 | ) |
Net cash from operating activities | 86,288 | 530,557 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (24,964 | ) | (81,026 | ) |
Purchase of fixed asset investments | - | (11,000 | ) |
Sale of tangible fixed assets | - | 20,270 |
Interest received | 23,901 | 6,437 |
Net cash from investing activities | (1,063 | ) | (65,319 | ) |
Cash flows from financing activities |
New loans in year | - | 41,275 |
Capital repayments in year | (70,958 | ) | (43,336 | ) |
Equity dividends paid | (125,000 | ) | (125,000 | ) |
Net cash from financing activities | (195,958 | ) | (127,061 | ) |
(Decrease)/increase in cash and cash equivalents | (110,733 | ) | 338,177 |
Cash and cash equivalents at beginning of year |
2 |
1,440,458 |
1,102,281 |
Cash and cash equivalents at end of year |
2 |
1,329,725 |
1,440,458 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 August 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 895,882 | 680,296 |
Depreciation charges | 62,134 | 63,599 |
Profit on disposal of fixed assets | - | (889 | ) |
Negative goodwill write down | (33,624 | ) | (33,624 | ) |
Finance costs | 9,319 | 7,899 |
Finance income | (23,901 | ) | (6,437 | ) |
909,810 | 710,844 |
(Increase)/decrease in stocks | (238,999 | ) | 63,034 |
(Increase)/decrease in trade and other debtors | (679,502 | ) | 1,085,463 |
Increase/(decrease) in trade and other creditors | 235,362 | (1,124,668 | ) |
Cash generated from operations | 226,671 | 734,673 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2023 |
31/8/23 | 1/9/22 |
£ | £ |
Cash and cash equivalents | 1,329,725 | 1,440,458 |
Year ended 31 August 2022 |
31/8/22 | 1/9/21 |
£ | £ |
Cash and cash equivalents | 1,440,458 | 1,102,281 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 August 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/9/22 | Cash flow | At 31/8/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,440,458 | (110,733 | ) | 1,329,725 |
1,440,458 | (110,733 | ) | 1,329,725 |
Debt |
Finance leases | (104,995 | ) | 70,958 | (34,037 | ) |
(104,995 | ) | 70,958 | (34,037 | ) |
Total | 1,335,463 | (39,775 | ) | 1,295,688 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 August 2023 |
1. | 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 as modified by the revaluation of certain assets. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of Services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the contract; |
- |
the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Negative goodwill |
Negative goodwill has arisen in connection with the acquisition of a business. The aggregate fair value of the acquired assets exceeds the consideration paid for the business. This is being released to the profit and loss account over the period in which these assets are recovered through use or sale on a pro rata basis. |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
1. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. |
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
1. | ACCOUNTING POLICIES - continued |
Pension costs |
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. |
Valuation of investments |
Investments are measured at cost less accumulated impairment. |
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
2. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,717,175 | 1,671,771 |
Social security costs | 145,631 | 158,531 |
Other pension costs | 89,117 | 158,839 |
1,951,923 | 1,989,141 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 25 | 26 |
Production | 27 | 26 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 56,931 | 110,989 |
Directors' pension contributions to money purchase schemes | 30,000 | 1,200 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | EMPLOYEES AND DIRECTORS - continued |
Total compensation paid to key management personnel during the year was £330,939 (2022: £301,833). |
3. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant & machinery | 198,695 | 110,038 |
Depreciation - owned assets | 62,134 | 63,598 |
Profit on disposal of fixed assets | - | (889 | ) |
Goodwill amortisation | (33,624 | ) | (33,624 | ) |
Audit fees | 11,025 | 10,500 |
Other operating lease rentals | 203,708 | 194,114 |
4. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Negative goodwill write down | 33,624 | 33,624 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 2,800 | 4,240 |
Other interest | 6,519 | 3,659 |
9,319 | 7,899 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 194,434 | 131,063 |
Deferred tax | 226 | (7,209 | ) |
Tax on profit | 194,660 | 123,854 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 895,882 | 680,296 |
Profit multiplied by the standard rate of corporation tax in the UK of 21.515 % (2022 - 19 %) |
192,749 |
129,256 |
Effects of: |
Expenses not deductible for tax purposes | 874 | 400 |
Depreciation in excess of capital allowances | 6,642 | 7,100 |
Taxation not provided | 1,403 | 695 |
Impact of consolidation | (7,234 | ) | (6,388 | ) |
Deferred taxation | 226 | (7,209 | ) |
Total tax charge | 194,660 | 123,854 |
7. | INDIVIDUAL PROFIT & LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit & Loss Account of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
C Ordinary | 16,250 | 16,250 |
D Ordinary | 65,000 | 65,000 |
E Ordinary | 21,875 | 21,875 |
F Ordinary | 21,875 | 21,875 |
125,000 | 125,000 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 | (693,528 | ) |
AMORTISATION |
At 1 September 2022 | (616,759 | ) |
Amortisation for year | (33,624 | ) |
At 31 August 2023 | (650,383 | ) |
NET BOOK VALUE |
At 31 August 2023 | (43,145 | ) |
At 31 August 2022 | (76,769 | ) |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2022 | 25,764 | 177,449 | 19,822 |
Additions | 7,180 | 12,086 | 5,546 |
At 31 August 2023 | 32,944 | 189,535 | 25,368 |
DEPRECIATION |
At 1 September 2022 | 6,742 | 56,167 | 4,518 |
Charge for year | 4,641 | 28,221 | 2,924 |
At 31 August 2023 | 11,383 | 84,388 | 7,442 |
NET BOOK VALUE |
At 31 August 2023 | 21,561 | 105,147 | 17,926 |
At 31 August 2022 | 19,022 | 121,282 | 15,304 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2022 | 142,932 | 18,068 | 384,035 |
Additions | - | 152 | 24,964 |
At 31 August 2023 | 142,932 | 18,220 | 408,999 |
DEPRECIATION |
At 1 September 2022 | 32,448 | 2,025 | 101,900 |
Charge for year | 24,666 | 1,682 | 62,134 |
At 31 August 2023 | 57,114 | 3,707 | 164,034 |
NET BOOK VALUE |
At 31 August 2023 | 85,818 | 14,513 | 244,965 |
At 31 August 2022 | 110,484 | 16,043 | 282,135 |
The net book value of assets held under finance leases or hire purchase contracts are £93,603 (2022: £126,775). |
11. | FIXED ASSET INVESTMENTS |
Group |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
and 31 August 2023 | 27,492 | 26,400 | 53,892 |
NET BOOK VALUE |
At 31 August 2023 | 27,492 | 26,400 | 53,892 |
At 31 August 2022 | 27,492 | 26,400 | 53,892 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C/o Dudleys Aluminium Limited, Lamby Industrial Estate, Mardy Road, Cardiff, CF3 2EX |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: C/o Dudleys Aluminium Limited, Lamby Industrial Estate, Mardy Road, Cardiff, CF3 2EX |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 186,045 | 172,782 |
Work-in-progress | 630,605 | 404,869 |
816,650 | 577,651 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 673,418 | 633,277 |
Other debtors | 1,318,532 | 726,618 |
Directors' loan accounts | - | - | 4 | 4 |
VAT | 94,735 | 47,288 |
2,086,685 | 1,407,183 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 27,336 |
70,958 |
Trade creditors | 751,687 | 434,470 |
Amounts owed to group undertakings | - | - |
Corporation tax | 194,433 | 131,063 |
Social security and other taxes | 36,196 | 29,312 |
Other creditors | 169,815 | 478,200 |
Directors' loan accounts | 35,359 | 14,861 | - | - |
Accrued expenses | 574,368 | 380,095 |
1,789,194 | 1,538,959 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 16) | 6,701 |
34,037 |
Other creditors | 27,750 | 22,875 |
34,451 | 56,912 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 27,336 | 70,958 |
Between one and five years | 6,701 | 34,037 |
34,037 | 104,995 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 162,933 | 157,543 |
Between one and five years | 336,142 | 463,915 |
499,075 | 621,458 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 34,037 | 104,995 |
The hire purchase assets are secured over the assets to which they relate. |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 23,259 | 23,033 |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2022 | 23,033 |
Charge to Profit & Loss Account during year | 226 |
Balance at 31 August 2023 | 23,259 |
The deferred taxation element relates to accelerated capital allowances. |
19. | CALLED UP SHARE CAPITAL |
2023 | 2022 |
£ | £ |
Allotted, called up and partly paid |
A ordinary shares of £1 each | 90,896 | 90,896 |
B ordinary shares of £1 each | 1,500 | 1,500 |
C ordinary shares of £1 each | 1 | 1 |
D ordinary shares of £1 each | 1 | 1 |
E ordinary shares of £1 each | 1 | 1 |
F ordinary shares of £1 each | 1 | 1 |
92,400 | 92,400 |
AL13 Holdings Limited (Registered number: 12868138) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2023 |
20. | RELATED PARTY DISCLOSURES |
C C Shorney, a director of the company, acts as a trustee to the pension fund. Rent of £139,400 (2022: £128,403) was paid to the pension fund in the year and at year end a balance of £NIL (2022: £NIL) is held in trade creditors. |