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Registration number: 03819701

Allicin International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023




 

 

Allicin International Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Allicin International Limited

Company Information

Director

Mr NJ Bennett

Company secretary

Mr NJ Bennett

Registered office

Half House
Military Road
Rye
East Sussex
TN31 7NY

 

Allicin International Limited

(Registration number: 03819701)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

13,320

15,206

Tangible assets

5

306,980

306,980

 

320,300

322,186

Current assets

 

Stocks

6

26,300

35,250

Debtors

7

127,318

123,183

Cash at bank and in hand

 

2,595,547

2,456,787

 

2,749,165

2,615,220

Creditors: Amounts falling due within one year

8

(183,192)

(187,427)

Net current assets

 

2,565,973

2,427,793

Total assets less current liabilities

 

2,886,273

2,749,979

Creditors: Amounts falling due after more than one year

8

(210,540)

(210,540)

Net assets

 

2,675,733

2,539,439

Capital and reserves

 

Called up share capital

34

32

Capital redemption reserve

66

68

Retained earnings

2,675,633

2,539,339

Shareholders' funds

 

2,675,733

2,539,439

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 September 2024
 

 

Allicin International Limited

(Registration number: 03819701)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Mr NJ Bennett
Company secretary and director

   
     
 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Half House
Military Road
Rye
East Sussex
TN31 7NY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

Revenue recognition

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 revenue when:
The amount of revenue 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

The property was purchased on 8 July 2022 for £306,980. Upon reviewing the current market and economic climate, the director does not consider the fair value of the investment property to have altered from its purchase price within the financial year and have therefore retained the same valuation.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

15% Reducing Balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

70,878

70,878

At 31 December 2023

70,878

70,878

Amortisation

At 1 January 2023

55,672

55,672

Amortisation charge

1,886

1,886

At 31 December 2023

57,558

57,558

Carrying amount

At 31 December 2023

13,320

13,320

At 31 December 2022

15,206

15,206

The aggregate amount of research and development expenditure recognised as an expense during the period is £6,104 (2022 - £11,230).
 

 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

306,980

306,980

At 31 December 2023

306,980

306,980

Depreciation

Carrying amount

At 31 December 2023

306,980

306,980

At 31 December 2022

306,980

306,980

Included within the net book value of land and buildings above is £306,980 (2022 - £306,980) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

26,300

35,250

7

Debtors

Current

2023
£

2022
£

Trade debtors

24,127

30,464

Other debtors

103,191

92,719

 

127,318

123,183

 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,403

8,522

Trade creditors

 

108,496

58,391

Taxation and social security

 

61,343

117,614

Accruals and deferred income

 

2,950

2,900

 

183,192

187,427

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

56,399

56,399

Other non-current financial liabilities

 

154,141

154,141

 

210,540

210,540

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

56,399

56,399

Current loans and borrowings

2023
£

2022
£

Directors current account

10,403

8,522

 

Allicin International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1,875.00 (2022 - £1,437.50) per each Fully Paid Ordinary Shares

60,000

46,000

 

 

11

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr NJ Bennett

8,522

1,880

10,403

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Mr NJ Bennett

6,504

2,019

8,522

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

-

35,000