Company registration number 09833051 (England and Wales)
BY ALANA LIMITED
Unaudited Financial Statements
for the Year Ended 30 June 2023
BY ALANA LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BY ALANA LIMITED
Company Information
- 1 -
Director
Ms A R Spencer
Secretary
Ms A R Spencer
Company number
09833051
Registered office
2.2 Parc Melin, Glan Yr Afon Industrial Estate
Llanbadarn Fawr
Aberystwyth
SY23 3JQ
Accountants
Mitchell Associates Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN
BY ALANA LIMITED
Balance Sheet
As at 30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
66,823
96,400
Investments
4
151
151
66,974
96,551
Current assets
Stocks
6
40,739
61,150
Debtors
7
453,887
410,021
Cash at bank and in hand
283,646
78,451
778,272
549,622
Creditors: amounts falling due within one year
8
(102,896)
(74,309)
Net current assets
675,376
475,313
Total assets less current liabilities
742,350
571,864
Creditors: amounts falling due after more than one year
9
(53,988)
(69,360)
Provisions for liabilities
(12,696)
(18,316)
Net assets
675,666
484,188
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
100
100
Profit and loss reserves
675,466
483,988
Total equity
675,666
484,188
BY ALANA LIMITED
Balance Sheet
As at 30 June 2023
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 March 2024
Ms A R Spencer
Director
Company Registration No. 09833051
BY ALANA LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
- 4 -
1
Accounting policies
Company information
By Alana Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2.2 Parc Melin, Glan Yr Afon Industrial Estate, Llanbadarn Fawr, Aberystwyth, SY23 3JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover 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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover 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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the term of the lease
Plant and equipment
2, 3 and 4 years straight line
Website construction
3 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
BY ALANA LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
1
Accounting policies
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
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 balance sheet 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 debtors and cash and bank balances, are measured at transaction price.
BY ALANA LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
1
Accounting policies
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
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 at transaction price.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
BY ALANA LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
14
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
256,645
256,645
Additions
24,359
2,457
26,816
At 30 June 2023
24,359
259,102
283,461
Depreciation and impairment
At 1 July 2022
160,244
160,244
Depreciation charged in the year
7,381
49,013
56,394
At 30 June 2023
7,381
209,257
216,638
Carrying amount
At 30 June 2023
16,978
49,845
66,823
At 30 June 2022
96,400
96,400
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
151
151
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
BY ALANA LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
5
Subsidiaries
- 8 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alanamor Limited
Carreg Lwyd, Llanbadarn Road, Aberystwyth, SY23 1HB
Ordinary
80.00
Alanamor Limited
Carreg Lwyd, Llanbadarn Road, Aberystwyth, SY23 1HB
Ordinary A
70.00
Alana by the Sea Limited
Unit 2.2 Parc Melin, Glan yr Afon Industrial Estate, Llanbadarn Fawr, Aberystwyth, SY23 3JQ
Ordinary
100.00
6
Stocks
2023
2022
£
£
Stocks
40,739
61,150
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,687
8,628
Other debtors
445,200
401,393
453,887
410,021
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
15,366
14,703
Trade creditors
71,906
36,760
Taxation and social security
(20,829)
9,182
Other creditors
36,453
13,664
102,896
74,309
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
53,988
69,360
BY ALANA LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
- 9 -
10
Loans and overdrafts
2023
2022
£
£
Bank loans
69,354
84,063
Payable within one year
15,366
14,703
Payable after one year
53,988
69,360
Bank borrowings
HSBC Loan is denominated in GBP with a nominal interest rate of 2% after 12 months interest free, and the final instalment is due on 31 May 2030. The carrying amount at year end is £39,415 (2022 - £44,561).
This loan is unsecured.
Development Bank of Wales Loan is denominated in GBP with a nominal interest rate of 5%, and the final instalment is due on 30 April 2026. The carrying amount at year end is £29,938 (2022 - £39,502).
This loan is secured against all property and assets held now or in the future belonging to the company.
11
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £30,571 (2022 - £53,947).
This is made up of an operating lease and a property lease payable until the end of the lease terms detailed below:
Flowrapper lease payable until 31 August 2024 with annual rents of £7,540.56
Property lease payable until 18 November 2024 with annual rents of £15,835.56