REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Abdul Latif Jameel Investment |
Advisory Services UK Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Abdul Latif Jameel Investment |
Advisory Services UK Limited |
Abdul Latif Jameel Investment |
Advisory Services UK Limited (Registered number: 11481147) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Abdul Latif Jameel Investment |
Advisory Services UK Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
First floor |
18 Devonshire Row |
London |
EC2M 4RH |
Abdul Latif Jameel Investment |
Advisory Services UK Limited (Registered number: 11481147) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Abdul Latif Jameel Investment |
Advisory Services UK Limited (Registered number: 11481147) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Abdul Latif Jameel Investment Advisory Services UK 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The company's functional and presentational currency is USD and rounded to the nearest $. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Computer Equipment - Straight line over 36 months |
Lease hold Improvements - Straight line over 18 months |
Tangible fixed assets are stated at cost less depreciation. Cost includes the purchase cost and all other costs necessary to bring them to their present location and condition |
Taxation |
Taxation for the year comprises current 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 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars 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. |
Abdul Latif Jameel Investment |
Advisory Services UK Limited (Registered number: 11481147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and cash held on demand with banks. |
Going Concern |
The company's ability to continue as a going concern is contingent on the ability of the shareholder of the company to continue providing financial support to the company. The shareholder has confirmed that their financial support will continue for at least 12 months from the date of approval of these financial statements. These accounts have therefore been prepared on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
$ | $ | $ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Amount owed by related parties |
Other debtors |
Abdul Latif Jameel Investment |
Advisory Services UK Limited (Registered number: 11481147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
During the period, the company provided advisory services for $805,500 (2022:$1,092,000) to Menaxfundco Ltd, and $NIL (2022: $1,310,000) to ALJ Automotive Holding Company Ltd, $884,500 (2022: $523,000) to ALJ HCLS CL, all affiliated companies. |
The balance due from Menaxfundco Ltd at the year end is $NIL (2022: $97,000). |
9. | AUDITOR LIABILITY LIMITATION AGREEMENT |
An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 December 2023. The principal terms and conditions are as below: |
- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company. |
- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Abdul Latif Jameel Investment Management Services Company Ltd a company registered in Jersey, 15 Esplanade, St Helier, JE1 1RB. |