Company registration number 09245852 (England and Wales)
ALIOM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ALIOM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A Tullie
Mrs A Tullie
(Appointed 18 September 2024)
Secretary
Mrs A Tullie
Company number
09245852
Registered office
166 College Road
Harrow
Middlesex
HA1 1RA
Auditors
Charterhouse (Audit) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
Business address
Roman Way
South Hykeham
Lincoln
LN6 9UH
ALIOM HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
ALIOM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
S.172 statement

The information provided below is intended to explain how the directors have considered the group’s key stakeholders and the broader matters set out in s.172 (1) (a) to (f) of the Companies Act 2006 when performing their duties to promote the success of the group.

Group culture

The group culture focuses on the importance of strong financial and operational risk management controls and ensuring it complies with all applicable laws, regulations and ethical principles. The directors regularly assess the fulfilment of this culture at the operational level by requesting, receiving & analysing reports at various business levels ensuring improvements are made where necessary. By protecting the reputation and economic viability of the group, the directors believe that enhancing this culture is in long term benefit of the group and interest of its stakeholders.

Long term Strategy

The group’s long term strategy is to grow revenues and increase profits, this being done by providing high level of customer service to customers whilst managing financial, operational, regulatory and legal risks and increasing efficiency at all levels. To achieve these objectives, the directors consider it is essential to maintain adequate financial resources via both internal operational mechanisms and access external funding to maintain stakeholder confidence at all times, to invest in information technology, to conduct a policy to promote exemplary customer services and to ensure staff are professionally trained.

Stakeholder relationships

The group’s stakeholders are BMW, employees, suppliers, and shareholders. The directors understand that exceptional customer service can only be consistently delivered by attracting, motivating, training and retaining the very best team members. The group operates a franchised motor dealership. Without franchises, the group would not be able to source new car stock or perform service warranty repairs. Maintaining an excellent working relationship with our franchise partners is critical to the success of the group and is fostered by both the directors and employees within the group. The relationship with and an interest of all of the stakeholders are uppermost in the directors' minds when making decision to promote the group.

Community and environment

In the decision making, the directors always have regard to the impact of the group operations in the local community and environment. The group does whatever it can with its resources to promote better community relations and foster good environmental credentials and is challenged to make a commitment to local charities and community initiatives.

Fair review of the business

The group's results for the year and the financial position at the year end were considered satisfactory by the directors who expects continued growth in the foreseeable future.

Principal risks and uncertainties

The management of the business and the execution of the group's strategies are subject to risk, the key risk being the competition in the market place.

 

The risk implications of business decisions affecting the group companies are considered on a group level by the directors. The directors re-assess these risks on a regular basis to ensure that any risks arising from changes in the group's operations or the external environment are identified and appropriately managed.

ALIOM HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial risk management

The group’s principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and balances due from group and associated companies and individuals. The main purpose of these instruments is to raise funds for the group’s operations and to finance the group’s trading activities.

 

The group’s approach to managing other risks applicable to the financial instruments concerned is shown below.

 

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and loans.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors liquidity risk is managed by ensuring funds are available to meet amounts due.

 

In respect of balances due from group and associated companies, the directors are aware of the individual companies' finance requirements and had determined that these will only be repaid, in whole or in part, when sufficient funds are available.

Key performance indicators

The key financial performance indicators during the year are as follows:

 

 

 

 

2023

2022

 

 

 

 

£

£

 

 

 

 

 

 

Turnover

 

 

 

96,026,067

95,988,397

Gross profit

 

 

 

10,589,613

10,912,677

Earnings before interest, tax, depreciation and amortisation (EBITDA)

 

 

2,732,567

3,550,901

 

 

 

 

 

Gross profit margin

The group’s gross profit margin has fallen slightly from 11.37% last year to 11.03% this year, due to continued pressure on margins as it's a highly competitive market.

EBITDA

The directors view EBITDA as a percentage of sales as a key performance indicator for the business and this is reviewed regularly. The EBITDA is a more comparable measure of the performance of the business which shows that the EBITDA percentage of sales is 2.85% (2022: 3.7%).

Non-financial key performance indicators

The directors also consider the following non-financial KPI's to have a positive impact and bearing on the future prospects of the business in relation to the year ended 31 December 2023.

 

ALIOM HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Future developments

The group has implemented extensive energy savings projects including Solar PV, LED lighting and BMS Systems. The group has reduced its CO2 production by 75% with these initiatives and more are planned.

The group has further continued its digital journey by removing 90% of all paper transactions, saving costs, increasing productivity and employee satisfaction, removing archiving requirements and ensuring secure data storage.

In 2024 the management has begun to get the group ready for the agency sales model which will bring changes to the business, the focus remains on how the group can leverage the cost savings of this future trading model.

On behalf of the board

Mr A Tullie
Director
24 September 2024
ALIOM HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the parent company continued to be that of being a holding company. The principal activity of the subsidiaries are those of a BMW and Mini dealership selling new and used cars, supplier of parts and services and property investment.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £76,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Tullie
Mrs A Tullie
(Appointed 18 September 2024)
Energy and carbon report
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
874,645
1,003,320
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
103.05
112.90
- Fuel consumed for owned transport
-
-
103.05
112.90
Scope 2 - indirect emissions
- Electricity purchased
64.77
89.64
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
167.82
202.54
Intensity ratio
Tonnes CO2e per employee
1.74
2.20
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million turnover.

ALIOM HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Measures taken to improve energy efficiency

The group has implemented extensive energy savings projects including Solar PV, LED lighting, BMS Systems. The group has reduced its CO2 production by 75% with these initiatives and more are planned.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 applicable law and UK Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (FRS 102).

 

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditors

So far as the directors are aware, there is no relevant audit information of which the group’s auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the group’s auditors are aware of that information.

On behalf of the board
Mr A Tullie
Director
24 September 2024
ALIOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALIOM HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Aliom Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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 course of 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 our audit:

ALIOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALIOM HOLDINGS LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

ALIOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALIOM HOLDINGS LIMITED
- 8 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls we have;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 an auditor's report 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.

..........................................................................................
24 September 2024
Nirav Sheth (Senior Statutory Auditor)
For and on behalf of Charterhouse (Audit) Limited
Stautory Auditor
Charterhouse (Audit) Limited
166 College Road
Harrow
Middlesex
HA1 1RA
ALIOM HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
as restated
Notes
£
£
Turnover
3
96,026,067
95,988,397
Cost of sales
(85,436,454)
(85,075,720)
Gross profit
10,589,613
10,912,677
Distribution costs
(5,395,526)
(5,243,849)
Administrative expenses
(3,864,118)
(3,299,712)
Other operating income
40,769
49,772
Operating profit
4
1,370,738
2,418,888
Interest receivable and similar income
7
845
56,357
Interest payable and similar expenses
9
(958,576)
(449,407)
Profit before taxation
413,007
2,025,838
Tax on profit
10
(468,147)
(93,966)
(Loss)/profit for the financial year
(55,140)
1,931,872
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALIOM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
£
£
(Loss)/profit for the year
(55,140)
1,931,872
Other comprehensive income
Revaluation of tangible fixed assets
1,710,000
(762,111)
Total comprehensive income for the year
1,654,860
1,169,761
Total comprehensive income for the year is all attributable to the owners of the parent company.
ALIOM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,672,225
3,105,558
Tangible assets
13
16,501,781
13,892,063
19,174,006
16,997,621
Current assets
Stocks
16
9,855,241
9,706,170
Debtors
17
4,722,181
4,094,498
Cash at bank and in hand
46,223
198,104
14,623,645
13,998,772
Creditors: amounts falling due within one year
18
(17,346,352)
(15,863,241)
Net current liabilities
(2,722,707)
(1,864,469)
Total assets less current liabilities
16,451,299
15,133,152
Creditors: amounts falling due after more than one year
19
(3,384,345)
(4,215,058)
Provisions for liabilities
Deferred tax liability
22
847,853
277,853
(847,853)
(277,853)
Net assets
12,219,101
10,640,241
Capital and reserves
Called up share capital
23
850,914
850,914
Revaluation reserve
2,543,559
833,559
Capital redemption reserve
2,327,328
2,327,328
Profit and loss reserves
6,497,300
6,628,440
Total equity
12,219,101
10,640,241
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr A Tullie
Director
Company registration number 09245852 (England and Wales)
ALIOM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
14
3,452,094
3,452,094
Current assets
Debtors
17
1,053,604
1,130,580
Cash at bank and in hand
245
3
1,053,849
1,130,583
Creditors: amounts falling due within one year
18
(1,301,116)
(1,387,200)
Net current liabilities
(247,267)
(256,617)
Total assets less current liabilities
3,204,827
3,195,477
Capital and reserves
Called up share capital
23
850,914
850,914
Capital redemption reserve
2,327,328
2,327,328
Profit and loss reserves
26,585
17,235
Total equity
3,204,827
3,195,477

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £85,350 (2022: as restated £93,331)

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr A Tullie
Director
Company Registration No. 09245852
ALIOM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
914
1,595,670
2,327,328
4,771,568
8,695,480
Year ended 31 December 2022:
Profit for the year
-
-
-
1,931,872
1,931,872
Other comprehensive income:
Revaluation of tangible fixed assets
-
(762,111)
-
-
(762,111)
Total comprehensive income
-
(762,111)
-
1,931,872
1,169,761
Reinstate preference shares
23
850,000
-
-
-
850,000
Dividends
11
-
-
-
(75,000)
(75,000)
Balance at 31 December 2022
850,914
833,559
2,327,328
6,628,440
10,640,241
Year ended 31 December 2023:
Loss for the year
-
-
-
(55,140)
(55,140)
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,710,000
-
-
1,710,000
Total comprehensive income
-
1,710,000
-
(55,140)
1,654,860
Dividends
11
-
-
-
(76,000)
(76,000)
Balance at 31 December 2023
850,914
2,543,559
2,327,328
6,497,300
12,219,101
ALIOM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
914
2,327,328
(1,096)
2,327,146
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
93,331
93,331
Issue of share capital
23
850,000
-
-
850,000
Dividends
11
-
-
(75,000)
(75,000)
Balance at 31 December 2022
850,914
2,327,328
17,235
3,195,477
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
85,350
85,350
Dividends
11
-
-
(76,000)
(76,000)
Balance at 31 December 2023
850,914
2,327,328
26,585
3,204,827
ALIOM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,449,720
2,283,566
Interest paid
(958,576)
(449,407)
Income taxes refunded/(paid)
13,659
(324,651)
Net cash inflow from operating activities
2,504,803
1,509,508
Investing activities
Purchase of tangible fixed assets
(1,295,325)
(1,887,806)
Proceeds on disposal of tangible fixed assets
35,198
24,791
Interest received
845
56,357
Net cash used in investing activities
(1,259,282)
(1,806,658)
Financing activities
Repayment of borrowings
(745,933)
(226,919)
Dividends paid to equity shareholders
(76,000)
(75,000)
Net cash used in financing activities
(821,933)
(301,919)
Net increase/(decrease) in cash and cash equivalents
423,588
(599,069)
Cash and cash equivalents at beginning of year
(610,487)
(107,858)
Cash and cash equivalents at end of year
(643,149)
(610,487)
Relating to:
Cash at bank and in hand
46,223
198,104
Bank overdrafts included in creditors payable within one year
(689,372)
(808,591)
ALIOM HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(23,758)
(296,110)
Interest paid
-
0
(25,093)
Income taxes refunded
-
0
260,299
Net cash outflow from operating activities
(23,758)
(60,904)
Investing activities
Interest received
-
0
56,357
Dividends received
100,000
80,000
Net cash generated from investing activities
100,000
136,357
Financing activities
Dividends paid to equity shareholders
(76,000)
(75,000)
Net cash used in financing activities
(76,000)
(75,000)
Net increase in cash and cash equivalents
242
453
Cash and cash equivalents at beginning of year
3
(450)
Cash and cash equivalents at end of year
245
3
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Aliom Holdings Limited (“the Company”) is a private company limited by shares incorporated in England and Wales. The registered office and business addresses are set out on the company information page.

 

The group consists of Aliom Holdings Limited and all of its subsidiaries which are disclosed in Note 5 to the accounts.

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.

The financial statements are prepared in sterling, which is the functional currency of the group and 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Aliom Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover, being that of the operation of a motor dealership and property investment, is the amount derived from the provision of goods and services falling within the group's ordinary activities after deduction of trade discounts and value added tax and includes commissions receivable.

Sales of motor vehicles, parts and accessories are recognised on the earlier of full payment or delivery to the customer. Income from service and body shop work is recognised on the completion of the agreed work.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of incorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 15 years.

1.6
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.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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:

Freehold land and buildings
50 years
Plant and equipment
12.5% to 50% on cost
Office furniture, fixtures and fittings
25% to 33% on cost
Computers
25% reducing balance
Motor vehicles
15% on cost

Freehold land is not depreciated.

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries 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.

1.8
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible 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).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock consists of motor vehicles unsold at the year end.

 

Consignment stocks held at the balance sheet date by BMW (UK) Limited are not included in the group's financial statements as explained in Note 16 to the accounts.

1.10
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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 including transaction costs. Financial assets classified as receivable within one year are not amortised.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities are not amortised.

 

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.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to expenses on a straight line basis over the term of the relevant lease.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18

Redeemable Preference shares

The Redeemable Preference shares are classified as equity in accordance with Section 22 (liabilities and equity) of FRS 102 as they are redeemable at the option of the issuer and do not carry a right to a return.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Establishing useful economic lives for depreciation and amortisation purposes of fixed assets

The annual depreciation and amortisation charges depend primarily on the estimated useful economic lives of each type of asset and estimated residual values. The directors regularly review these asset useful lives and changes them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

Inventory provision

The group sells vehicles that are subject to changing market demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. See note 16 for the net carrying value of stock and associated provision.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue

The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.

2023
2022
£
£
Turnover analysed by class of business
Sale of vehicles, parts and services
91,101,346
90,753,003
Commissions receivable
4,916,921
5,227,594
Rent receivable
7,800
7,800
96,026,067
95,988,397
2023
2022
£
£
Other revenue
Interest income
845
56,357
Grants received
-
2,023
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(2,023)
Depreciation of owned tangible fixed assets
965,006
698,680
Profit on disposal of tangible fixed assets
(34,597)
(2,758)
Amortisation of intangible assets
433,333
433,333
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditors and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,600
5,300
Audit of the financial statements of the company's subsidiaries
32,065
29,150
38,665
34,450
For other services
All other non-audit services
5,545
6,350
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
6
Employees

The average monthly number of persons employed by the group during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Selling, servicing and parts
90
96
-
-
Administration
16
14
1
1
Total
106
110
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,218,038
4,047,631
-
0
-
0
Pension costs
18,155
22,699
-
0
-
0
4,236,193
4,070,330
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
845
56,357
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
10,000
9,500

Key management personnel of the group consists of its directors only.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
350,774
204,799
Other interest on financial liabilities
591,541
219,515
942,315
424,314
Other finance costs:
Other interest
16,261
25,093
Total finance costs
958,576
449,407
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
211,390
100,563
Adjustments in respect of prior periods
256,757
(6,597)
Total current tax
468,147
93,966

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2023
2022
£
£
Profit before taxation
413,007
2,025,838
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
103,252
384,909
Tax effect of expenses that are not deductible in determining taxable profit
1,125
-
0
Tax effect of income not taxable in determining taxable profit
-
0
(524)
Adjustments in respect of prior years
256,757
4,768
Effect of change in corporation tax rate
(13,081)
-
Under/(over) provided in prior years
-
0
(17,305)
Depreciation
241,252
132,749
Amortisation
108,333
82,333
Capital allowances
(220,222)
(492,964)
Profit on sale of fixed assets
(8,650)
-
0
Other adjustments
(619)
-
Taxation charge
468,147
93,966
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
76,000
75,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
6,500,000
Amortisation and impairment
At 1 January 2023
3,394,442
Amortisation charged for the year
433,333
At 31 December 2023
3,827,775
Carrying amount
At 31 December 2023
2,672,225
At 31 December 2022
3,105,558
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Office furniture, fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
11,435,000
1,254,712
3,701,418
-
0
122,163
16,513,293
Additions
-
0
83,904
545,146
4,390
661,885
1,295,325
Disposals
-
0
-
0
(698)
-
0
-
0
(698)
Revaluation
2,280,000
-
0
-
0
-
0
-
0
2,280,000
At 31 December 2023
13,715,000
1,338,616
4,245,866
4,390
784,048
20,087,920
Depreciation and impairment
At 1 January 2023
237,968
610,697
1,679,037
-
0
93,528
2,621,230
Depreciation charged in the year
30,379
142,837
630,158
137
161,495
965,006
Eliminated in respect of disposals
-
0
-
0
(97)
-
0
-
0
(97)
At 31 December 2023
268,347
753,534
2,309,098
137
255,023
3,586,139
Carrying amount
At 31 December 2023
13,446,653
585,082
1,936,768
4,253
529,025
16,501,781
At 31 December 2022
11,197,032
644,015
2,022,381
-
0
28,635
13,892,063
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The fair value of the freehold land and building has been arrived at, on the basis of a valuation carried out on 17 November 2023 by an independent professional valuers, Knight Frank. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The historical cost for the investment properties included in the valuation above is £10,323,589 (2022: £10,323,589).

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,452,094
3,452,094
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
3,452,094
Carrying amount
At 31 December 2023
3,452,094
At 31 December 2022
3,452,094
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
S.S.A.T Property Investments Limited
1
Property investment
Ordinary
100.00
Soper of Lincoln Limited
1
BMW and Mini dealership
Ordinary
100.00
The Crane Works Limited
1
Rental of storage units
Ordinary
100.00

 

Registered Office address

 

1    166 College Road, Harrow, Middlesex, HA1 1RA

 

Audit exemption of subsidiaries

 

For the financial year ended 31 December 2023, S.S.A.T. Property Investments Limited and The Crane Works Limited have both claimed exemption from audit under section 479A of the Companies Act 2006 relating to individual accounts.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
9,855,241
9,706,170
-
0
-
0

Stock is stated after provisions for impairment of £439,417 (2022: £343,696).

Stock with a total value of £2,485,298 (2022: £2,289,041) is held at the balance sheet date on consignment from BMW (UK) Limited. Consignment stock is held until the point of sale at which time the group becomes liable to BMW (UK) Limited. Consignment stock is not included in the financial statements.

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,814,246
3,575,391
-
0
-
0
Corporation tax recoverable
63,082
17,305
-
0
-
0
Amounts owed by group undertakings
-
-
818,398
895,374
Other debtors
364,343
343,657
235,206
235,206
Prepayments and accrued income
480,510
158,145
-
0
-
0
4,722,181
4,094,498
1,053,604
1,130,580
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
689,372
808,591
-
0
-
0
Other borrowings
20
968,300
883,520
-
0
-
0
Trade creditors
8,916,687
9,307,579
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
100
100
Corporation tax payable
448,956
377,623
271,007
271,007
Other taxation and social security
179,068
119,894
-
-
Other creditors
5,531,787
4,258,932
1,023,409
1,109,733
Accruals and deferred income
612,182
107,102
6,600
6,360
17,346,352
15,863,241
1,301,116
1,387,200

Bank overdrafts are secured by a fixed and floating charge on all assets of the group. There is also an unlimited cross guarantee between all the group companies.

 

Included in trade creditors and other creditors are amounts of £896,079 (2022: £301,300) and £4,508,233 (2022: £3,141,502) respectively owing to BMW Financial Services (GB) Limited which are secured against vehicle stock.

 

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
3,384,345
4,215,058
-
0
-
0
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,591,874
2,175,579
-
-
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
689,372
808,591
-
0
-
0
Other loans
4,352,645
5,098,578
-
0
-
0
5,042,017
5,907,169
-
-
Payable within one year
1,657,672
1,692,111
-
0
-
0
Payable after one year
3,384,345
4,215,058
-
0
-
0

Other loans amounting to £4,352,645 (2022: £5,098,578) are secured by fixed charges over the group's properties.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,155
22,699

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Freehold properties revaluation
847,853
277,853
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
277,853
-
Charge to profit or loss
570,000
-
Liability at 31 December 2023
847,853
-
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
82,260
82,260
823
823
Ordinary B shares of 1p each
9,140
9,140
91
91
91,400
91,400
914
914
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference shares of £1 each
850,000
850,000
850,000
850,000
Preference shares classified as equity
850,000
850,000
Total equity share capital
850,914
850,914
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Share capital
(Continued)
- 30 -

Redeemable preference shares have been reinstated in the accounts as part of prior period adjustment, please refer to note 30.

 

Full details of the rights attached to each class of shares including the right to income and distributions and the rights in respect to a return of capital on liquidation, winding up or otherwise is shown in the company's statutory records and in particular its statement of capital.

24
Related party transactions

Group

Included within creditors as at the balance sheet date is an amount of £930,816 (2022: £1,032,640) owed to the directors.

As at the balance sheet date, there is an amount included in other creditors of £17 (2022: £107) due to Digital Vehicle Solutions Limited, a company in which A Tullie is a director.

During the year, the group made purchases from Digital Vehicle Solutions Limited, a company in which A Tullie is a director, amounting to £5,016 (2022: £5,016).

During the year the group made sales to Key 2 Lease Limited, a company in which A Tullie is a director, amounting to £7,800 (2022: £7,800).

During the year, the group made purchases from Key 2 Lease Limited, a company in which A Tullie is a director, amounting to £27,561 (2022: £25,973).

Company

Included within creditors as at the balance sheet date is an amount of £930,816 (2022: as restated £1,032,640) owed to the directors.

25
Controlling party

The ultimate controlling party is Mr A Tullie.

ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
26
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(55,140)
1,931,872
Adjustments for:
Taxation charged
468,147
93,966
Finance costs
958,576
449,407
Investment income
(845)
(56,357)
Gain on disposal of tangible fixed assets
(34,597)
(2,758)
Amortisation and impairment of intangible assets
433,333
433,333
Depreciation and impairment of tangible fixed assets
965,006
698,680
Reinstatement of redeemable preference shares
-
850,000
Movements in working capital:
Increase in stocks
(149,071)
(463,826)
Increase in debtors
(581,906)
(793,943)
Increase/(decrease) in creditors
1,446,217
(856,808)
Cash generated from operations
3,449,720
2,283,566
27
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
85,350
93,331
Adjustments for:
Taxation charged
-
0
10,708
Finance costs
-
0
25,093
Investment income
(100,000)
(136,357)
Reinstate redeemable preference shares
-
0
850,000
Movements in working capital:
Decrease/(increase) in debtors
76,976
(55,770)
Decrease in creditors
(86,084)
(1,083,115)
Cash absorbed by operations
(23,758)
(296,110)
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
28
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
198,104
(151,881)
46,223
Bank overdrafts
(808,591)
119,219
(689,372)
(610,487)
(32,662)
(643,149)
Borrowings excluding overdrafts
(5,098,578)
745,933
(4,352,645)
(5,709,065)
713,271
(4,995,794)
29
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3
242
245
30
Prior period adjustment

Prior period adjustments relate to correction of past preference share redemptions which were redeemed out of capital incorrectly, have been reinstated in the accounts. This has resulted in the director's current account being overdrawn in the previous years and therefore corresponding adjustments for section 455 tax charge, corporation tax charge and interest on tax charges have been made.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
3,859,292
235,206
4,094,498
Creditors due within one year
Taxation
(226,510)
(271,007)
(497,517)
Other creditors
(14,579,970)
906,357
(13,673,613)
Net assets
9,769,685
870,556
10,640,241
Capital and reserves
Share capital
914
850,000
850,914
Profit and loss reserves
6,607,884
20,556
6,628,440
Total equity
9,769,685
870,556
10,640,241
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
30
Prior period adjustment
(Continued)
- 33 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Interest receivable and similar income
-
56,357
56,357
Interest payable and similar expenses
(424,314)
(25,093)
(449,407)
Taxation
(83,258)
(10,708)
(93,966)
Profit after taxation
1,911,316
20,556
1,931,872
Reconciliation of changes in equity - group
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Interest on overdrawn director's current account
-
56,357
Interest on S455 taxation
-
(25,093)
Corporation tax on interest on overdrawn director's current account
-
(10,708)
Reinstate redeemable preference shares
-
850,000
Total adjustments
-
870,556
Equity as previously reported
8,695,480
9,769,685
Equity as adjusted
8,695,480
10,640,241
Analysis of the effect upon equity
Share capital
-
850,000
Profit and loss reserves
-
20,556
-
870,556
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Interest on overdrawn director's current account
56,357
Interest on S455 taxation
(25,093)
Corporation tax on interest on overdrawn director's current account
(10,708)
Total adjustments
20,556
Profit as previously reported
1,911,316
Profit as adjusted
1,931,872
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
30
Prior period adjustment
(Continued)
- 34 -
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Current assets
Debtors due within one year
895,374
235,206
1,130,580
Creditors due within one year
Taxation
-
(271,007)
(271,007)
Other creditors
(2,022,550)
906,357
(1,116,193)
Net assets
2,324,921
870,556
3,195,477
Capital and reserves
Share capital
914
850,000
850,914
Profit and loss reserves
(3,321)
20,556
17,235
Total equity
2,324,921
870,556
3,195,477
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Interest receivable and similar income
-
56,357
56,357
Interest payable and similar expenses
-
(25,093)
(25,093)
Taxation
-
(10,708)
(10,708)
Profit after taxation
72,775
20,556
93,331
Reconciliation of changes in equity - company
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Interest on overdrawn directors current account
-
56,357
Interest on S455 taxation
-
(25,093)
Corporation tax on interest on overdrawn director's current account
-
(10,708)
Reinstate redeemable preference shares
-
850,000
Total adjustments
-
870,556
Equity as previously reported
2,327,146
2,324,921
Equity as adjusted
2,327,146
3,195,477
Analysis of the effect upon equity
Share capital
-
850,000
Profit and loss reserves
-
20,556
-
870,556
ALIOM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
30
Prior period adjustment
(Continued)
- 35 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Interest on overdrawn directors current account
56,357
Interest on S455 taxation
(25,093)
Corporation tax on interest on overdrawn director's current account
(10,708)
Total adjustments
20,556
Profit as previously reported
72,775
Profit as adjusted
93,331
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr A TullieMs Ms A T Tulliefalse09245852bus:Consolidated2023-01-012023-12-31092458522023-01-012023-12-3109245852bus:Director12023-01-012023-12-3109245852bus:CompanySecretary12023-01-012023-12-3109245852bus:RegisteredOffice2023-01-012023-12-31092458522023-12-3109245852bus:Consolidated2022-01-012022-12-31092458522022-01-012022-12-3109245852bus:Consolidated2023-12-3109245852core:Goodwillbus:Consolidated2023-12-3109245852core:Goodwillbus:Consolidated2022-12-3109245852bus:Consolidated2022-12-3109245852core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3109245852core:PlantMachinerybus:Consolidated2023-12-3109245852core:FurnitureFittingsbus:Consolidated2023-12-3109245852core:ComputerEquipmentbus:Consolidated2023-12-3109245852core:MotorVehiclesbus:Consolidated2023-12-3109245852core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3109245852core:PlantMachinerybus:Consolidated2022-12-3109245852core:FurnitureFittingsbus:Consolidated2022-12-3109245852core:ComputerEquipmentbus:Consolidated2022-12-3109245852core:MotorVehiclesbus:Consolidated2022-12-3109245852core:ShareCapitalbus:Consolidated2023-12-3109245852core:ShareCapitalbus:Consolidated2022-12-3109245852core:RevaluationReservebus:Consolidated2023-12-3109245852core:RevaluationReservebus:Consolidated2022-12-3109245852core:CapitalRedemptionReservebus:Consolidated2023-12-3109245852core:CapitalRedemptionReservebus:Consolidated2022-12-3109245852core:ShareCapital2023-12-3109245852core:ShareCapital2022-12-3109245852core:CapitalRedemptionReserve2023-12-3109245852core:CapitalRedemptionReserve2022-12-3109245852core:RetainedEarningsAccumulatedLosses2023-12-3109245852core:RetainedEarningsAccumulatedLosses2022-12-31092458522022-12-3109245852core:ShareCapitalbus:Consolidated2021-12-3109245852core:SharePremiumbus:Consolidated2021-12-3109245852core:CapitalRedemptionReservebus:Consolidated2021-12-31092458522021-12-3109245852core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3109245852core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3109245852core:ShareCapital2021-12-3109245852core:CapitalRedemptionReserve2021-12-3109245852core:RetainedEarningsAccumulatedLosses2021-12-3109245852core:CurrentFinancialInstruments2023-12-3109245852core:CurrentFinancialInstruments2022-12-3109245852core:ShareCapitalbus:Consolidated2022-01-012022-12-3109245852core:ShareCapital2022-01-012022-12-3109245852bus:Consolidated2021-12-3109245852core:Goodwill2023-01-012023-12-3109245852core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3109245852core:PlantMachinery2023-01-012023-12-3109245852core:FurnitureFittings2023-01-012023-12-3109245852core:ComputerEquipment2023-01-012023-12-3109245852core:MotorVehicles2023-01-012023-12-3109245852core:UKTaxbus:Consolidated2023-01-012023-12-3109245852core:UKTaxbus:Consolidated2022-01-012022-12-3109245852bus:Consolidated12023-01-012023-12-3109245852bus:Consolidated12022-01-012022-12-3109245852bus:Consolidated22023-01-012023-12-3109245852bus:Consolidated22022-01-012022-12-3109245852bus:Consolidated32023-01-012023-12-3109245852bus:Consolidated32022-01-012022-12-3109245852bus:Consolidated42023-01-012023-12-3109245852bus:Consolidated42022-01-012022-12-3109245852bus:Consolidated52023-01-012023-12-3109245852bus:Consolidated52022-01-012022-12-3109245852core:Goodwillbus:Consolidated2022-12-3109245852core:Goodwillbus:Consolidated2023-01-012023-12-3109245852core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3109245852core:PlantMachinerybus:Consolidated2022-12-3109245852core:FurnitureFittingsbus:Consolidated2022-12-3109245852core:ComputerEquipmentbus:Consolidated2022-12-3109245852core:MotorVehiclesbus:Consolidated2022-12-3109245852bus:Consolidated2022-12-3109245852core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3109245852core:PlantMachinerybus:Consolidated2023-01-012023-12-3109245852core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3109245852core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3109245852core:MotorVehiclesbus:Consolidated2023-01-012023-12-3109245852core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3109245852core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3109245852core:WithinOneYearbus:Consolidated2023-12-3109245852core:WithinOneYearbus:Consolidated2022-12-3109245852core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109245852core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109245852core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3109245852core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3109245852core:Non-currentFinancialInstruments2023-12-3109245852core:Non-currentFinancialInstruments2022-12-3109245852core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3109245852core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3109245852core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3109245852core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3109245852core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109245852core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-310924585212023-01-012023-12-3109245852bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109245852bus:FRS1022023-01-012023-12-3109245852bus:Audited2023-01-012023-12-3109245852bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3109245852bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP