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REGISTERED NUMBER: 03443642 (England and Wales)














STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

ARDALE INTERNATIONAL LIMITED

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ARDALE INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr B G Jones
Mr D Farmer





REGISTERED OFFICE: Suite H, Level 2
No 1 Booth Park
Chelford Road
Knutsford
Cheshire
WA16 8GS





REGISTERED NUMBER: 03443642 (England and Wales)





AUDITORS: Dunhams
Chartered Accountants and
Statutory Auditor
11 Warwick Road
Old Trafford
Stretford
Manchester
M16 0QQ

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The directors consider that the company has had an exceptional year for 2023.

The group continues to move forward with strong reserves and sufficient liquidity to support trading requirements in both the short and medium term.

The directors continue to look to their market place and provide innovative solutions for their customers and to grow the business through securing both new customers and new product lines with existing customers.

PRINCIPAL RISKS AND UNCERTAINTIES
The potential risk which would have the most impact on the business is the destruction of stock; the directors in order to mitigate this risk have taken out insurance on the stock and aim to keep stock holdings to a minimum.

The business is susceptible to fluctuations in the value of key commodities such as oil and the US Dollar, however after assessing the risks faced it is felt acceptable by the directors at present to accept market fluctuations as they will be faced by other businesses within the industry.

The directors, having considered their plans for the future, believe there is sufficient funding in place for the business to operate successfully and feel there is no requirement to secure any further finance at this time.

ON BEHALF OF THE BOARD:





Mr B G Jones - Director


27 August 2024

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of import and distribution of packaging products and other goods.

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2023.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 December 2022 to the date of this report.

The directors shown below were in office at 30 November 2023 but did not hold any interest in the Ordinary shares of £1 each at 1 December 2022 or 30 November 2023.

Mr B G Jones
Mr D Farmer

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


AUDITORS
The auditors, Dunhams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr B G Jones - Director


27 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ARDALE INTERNATIONAL LIMITED

Opinion
We have audited the financial statements of Ardale International Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2023 and of its 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 company 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ARDALE INTERNATIONAL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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:

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and
determined
that the most significant are those which relate to the financial reporting framework (FRS 102 and the Companies Act
2006) and the relevant direct tax regulations.
We understood how A.I.L Holdings Limited is complying with those frameworks by making enquiries with
management, who in this instance are the same as those charged with governance to understand how the Company
maintains and communicates its policies and procedures in these areas and to understand the controls put in place to
reduce the risk of non-compliance.
We documented our understanding of controls put in place by management to reduce the opportunities for fraudulent
transactions and enquired as to the results of their own assessment of those controls during the year.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur, through internal team conversations and inquiry of management.
We considered the risk of management override by testing the entire population of journals, investigating them to gain
an understanding and then agreeing a sample of them to source documentation.
We also reviewed and assessed both individually and cumulatively accounting estimates included in the financial
statements to assess the extent to which they gave rise to indication of management bias, fraud, or material
misstatement.
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and
regulations. Our procedures involved verifying that

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
ARDALE INTERNATIONAL 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.




Andrew Edwards FCA ACCA (Senior Statutory Auditor)
for and on behalf of Dunhams
Chartered Accountants and
Statutory Auditor
11 Warwick Road
Old Trafford
Stretford
Manchester
M16 0QQ

27 August 2024

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

TURNOVER 35,562,776 37,222,781

Cost of sales (27,542,088 ) (31,909,131 )
GROSS PROFIT 8,020,688 5,313,650

Administrative expenses (2,219,825 ) (1,133,736 )
5,800,863 4,179,914

Other operating income - 10,500
OPERATING PROFIT 4 5,800,863 4,190,414

Interest receivable and similar income 53,732 -
5,854,595 4,190,414

Interest payable and similar expenses 5 (6,838 ) -
PROFIT BEFORE TAXATION 5,847,757 4,190,414

Tax on profit 6 (1,775,900 ) (792,435 )
PROFIT FOR THE FINANCIAL YEAR 4,071,857 3,397,979

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

4,071,857

3,397,979

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 86,041 83,525
86,041 83,525

CURRENT ASSETS
Stocks 9 3,316,277 5,272,672
Debtors 10 5,412,882 5,983,379
Cash at bank 4,191,812 218,518
12,920,971 11,474,569
CREDITORS
Amounts falling due within one year 11 (3,634,694 ) (6,261,016 )
NET CURRENT ASSETS 9,286,277 5,213,553
TOTAL ASSETS LESS CURRENT LIABILITIES 9,372,318 5,297,078

PROVISIONS FOR LIABILITIES 14 (13,106 ) (9,723 )
NET ASSETS 9,359,212 5,287,355

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 9,359,112 5,287,255
SHAREHOLDERS' FUNDS 9,359,212 5,287,355

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr B G Jones - Director


ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 100 1,889,276 1,889,376

Changes in equity
Total comprehensive income - 3,397,979 3,397,979
Balance at 30 November 2022 100 5,287,255 5,287,355

Changes in equity
Total comprehensive income - 4,071,857 4,071,857
Balance at 30 November 2023 100 9,359,112 9,359,212

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,309,899 (460,771 )
Interest paid (6,838 ) -
Tax paid (1,284,008 ) (931,366 )
Net cash from operating activities 5,019,053 (1,392,137 )

Cash flows from investing activities
Purchase of tangible fixed assets (38,176 ) (6,969 )
Sale of tangible fixed assets 13,000 -
Interest received 53,732 -
Net cash from investing activities 28,556 (6,969 )

Cash flows from financing activities
Amount paid to Group Company (1,097,676 ) (2,000,000 )
Amount introduced by directors 23,361 -
Net cash from financing activities (1,074,315 ) (2,000,000 )

Increase/(decrease) in cash and cash equivalents 3,973,294 (3,399,106 )
Cash and cash equivalents at beginning of
year

2

218,518

3,617,624

Cash and cash equivalents at end of year 2 4,191,812 218,518

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit for the financial year 4,071,857 3,397,979
Depreciation charges 28,453 32,167
Profit on disposal of fixed assets (5,794 ) -
Finance costs 6,838 -
Finance income (53,732 ) -
Taxation 1,775,900 792,435
5,823,522 4,222,581
Decrease/(increase) in stocks 1,956,395 (2,101,393 )
Decrease in trade and other debtors 570,497 1,086,172
Decrease in trade and other creditors (2,040,515 ) (3,668,131 )
Cash generated from operations 6,309,899 (460,771 )

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 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 4,191,812 218,518
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 218,518 3,617,624


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank 218,518 3,973,294 4,191,812
218,518 3,973,294 4,191,812
Total 218,518 3,973,294 4,191,812

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Ardale International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 £.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Stock Provision
Management review the stock levels and recent movements to determine if a a provision is required against slow moving items based on previous experience and expected order levels.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company imports and distributes a number of packaging products.
Sales of goods are recognised on delivery, when the customer has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the customer’s acceptance of the product.
Delivery occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied.
In some instances goods are shipped direct from the supplier to the customer and the sale of these goods is recognised on receipt of the Bill of Lading showing the order depart for the customer.

Goods to some customers are sold with volume rebates and also with the provision for the customer to return faulty goods. Sales are measured at the prices specified in the sale contract, net of estimated volume rebates and returns. Volume rebates are assessed based on anticipated annual purchases. Accumulated experience is used to estimate and provide for the discounts and returns.

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.

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

Fixtures & Fittings and Motor Vehicles are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on the average cost method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

Financial instruments
i. Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans 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.

Trade 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

iii. Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and other distributions to the group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.


ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Operating leases
Rentals applicable to operating leases where substantially all the benefits of risks and ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,521,762 458,941
Social security costs 190,923 53,114
Other pension costs 3,783 4,675
1,716,468 516,730

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Sales 5 5
Office and administration 7 7
12 12

2023 2022
£    £   
Directors' remuneration 1,100,202 100,000

Information regarding the highest paid director for the year ended 30 November 2023 is as follows:
2023
£   
Emoluments etc 550,101

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 28,454 32,167
Profit on disposal of fixed assets (5,794 ) -
Auditors' remuneration 6,436 8,442
Auditors' remuneration for non audit work 17,549 13,963

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 6,838 -

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 1,772,517 801,398
Tax adjustments to prior years - (4,894 )
Total current tax 1,772,517 796,504

Deferred tax 3,383 (4,069 )
Tax on profit 1,775,900 792,435

UK corporation tax has been charged at 23.01% .

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 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 5,847,757 4,190,414
Profit multiplied by the standard rate of corporation tax in the UK of
23.010% (2022 - 19%)

1,345,569

796,179

Effects of:
Expenses not deductible for tax purposes 431,310 1,563
Capital allowances in excess of depreciation (4,436 ) -
Depreciation in excess of capital allowances - 3,656
Adjustments to tax charge in respect of previous periods - (4,894 )
Rounding 74 -
Remeasurement of deferred tax for changes in tax rates 3,383 (4,069 )
Total tax charge 1,775,900 792,435

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 14,500
AMORTISATION
At 1 December 2022
and 30 November 2023 14,500
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

8. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2022 60,757 135,776 196,533
Additions 6,176 32,000 38,176
Disposals - (29,898 ) (29,898 )
At 30 November 2023 66,933 137,878 204,811
DEPRECIATION
At 1 December 2022 47,312 65,696 113,008
Charge for year 9,488 18,966 28,454
Eliminated on disposal - (22,692 ) (22,692 )
At 30 November 2023 56,800 61,970 118,770
NET BOOK VALUE
At 30 November 2023 10,133 75,908 86,041
At 30 November 2022 13,445 70,080 83,525

9. STOCKS
2023 2022
£    £   
Finished goods 3,316,277 5,272,672

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,719,264 5,461,829
Prepayments and accrued income 693,618 521,550
5,412,882 5,983,379

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 752,122 1,185,485
Amounts owed to group undertakings 902,323 2,000,000
Tax 778,811 290,302
Social security and other taxes 14,905 14,034
VAT 838,801 1,002,256
Other creditors (1,732,184 ) 1,463,637
Directors' current accounts 23,361 -
Accrued expenses 2,056,555 305,302
3,634,694 6,261,016

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 19,758 19,758
Between one and five years 8,232 27,989
27,990 47,747

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other creditors - 1,463,637

The other creditors comprising of trade finance accounts held with HSBC are secured by fixed and floating charges over the assets of the company.

Additionally HSBC UK Bank PLC hold a fixed and floating charge over all assets of the company.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 13,106 9,723

Deferred
tax
£   
Balance at 1 December 2022 9,723
Charge to Statement of Comprehensive Income during year 3,383
Balance at 30 November 2023 13,106

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

16. RESERVES
Retained
earnings
£   

At 1 December 2022 5,287,255
Profit for the year 4,071,857
At 30 November 2023 9,359,112

ARDALE INTERNATIONAL LIMITED (REGISTERED NUMBER: 03443642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

17. ULTIMATE PARENT COMPANY

A.I.L. Holdings Limited (incorporated in England & Wales ) is regarded by the directors as being the company's ultimate parent company.

18. ULTIMATE CONTROLLING PARTY

The controlling party is AIL Holdings Limited.