Alo'nuko Ltd 08178191 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the manufacturing and trading of clothing. Digita Accounts Production Advanced 6.30.9574.0 true true 08178191 2023-01-01 2023-12-31 08178191 2023-12-31 08178191 core:CurrentFinancialInstruments 2023-12-31 08178191 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08178191 core:Non-currentFinancialInstruments 2023-12-31 08178191 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08178191 core:FurnitureFittingsToolsEquipment 2023-12-31 08178191 core:LandBuildings 2023-12-31 08178191 bus:SmallEntities 2023-01-01 2023-12-31 08178191 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08178191 bus:FullAccounts 2023-01-01 2023-12-31 08178191 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08178191 bus:RegisteredOffice 2023-01-01 2023-12-31 08178191 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 08178191 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08178191 core:FurnitureFittings 2023-01-01 2023-12-31 08178191 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08178191 core:LandBuildings 2023-01-01 2023-12-31 08178191 core:LeaseholdImprovements 2023-01-01 2023-12-31 08178191 countries:EnglandWales 2023-01-01 2023-12-31 08178191 2022-12-31 08178191 core:FurnitureFittingsToolsEquipment 2022-12-31 08178191 core:LandBuildings 2022-12-31 08178191 2022-01-01 2022-12-31 08178191 2022-12-31 08178191 core:CurrentFinancialInstruments 2022-12-31 08178191 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08178191 core:Non-currentFinancialInstruments 2022-12-31 08178191 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08178191 core:FurnitureFittingsToolsEquipment 2022-12-31 08178191 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 08178191

Prepared for the registrar

Alo'nuko Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Alo'nuko Ltd

(Registration number: 08178191)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

126,952

177,114

Current assets

 

Stocks

57,946

101,901

Debtors

5

85,698

320,421

Cash at bank and in hand

 

16,634

2,286

 

160,278

424,608

Creditors: Amounts falling due within one year

6

(896,221)

(870,430)

Net current liabilities

 

(735,943)

(445,822)

Total assets less current liabilities

 

(608,991)

(268,708)

Creditors: Amounts falling due after more than one year

6

(47,719)

(64,386)

Net liabilities

 

(656,710)

(333,094)

Capital and reserves

 

Called up share capital

109

109

Share premium reserve

258,103

258,103

Profit and loss account

(914,922)

(591,306)

Shareholders' deficit

 

(656,710)

(333,094)

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 their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 September 2024
 


B G Okunlola
Company secretary and director

 

Alo'nuko Ltd

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:
20-22 Wenlock Road
London
N1 7GU
England

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

 

Alo'nuko Ltd

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20%/33% Reducing Balance

Leasehold improvements

33% Straight Line

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Alo'nuko Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2022 - 15).

 

Alo'nuko Ltd

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

 

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

116,936

84,387

201,323

Additions

7,026

7,537

14,563

Disposals

(22)

(100)

(122)

At 31 December 2023

123,940

91,824

215,764

Depreciation

At 1 January 2023

9,227

14,982

24,209

Charge for the year

40,633

23,970

64,603

At 31 December 2023

49,860

38,952

88,812

Carrying amount

At 31 December 2023

74,080

52,872

126,952

At 31 December 2022

107,709

69,405

177,114

 

5

Debtors

2023
 £

2022
 £

Trade debtors

8,681

298,824

Other debtors

66,935

11,118

Prepayments

10,082

10,479

 

85,698

320,421

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

16,666

26,954

Trade creditors

 

34,438

14,122

Social security and other taxes

 

152,601

64,246

Outstanding defined contribution pension costs

 

2,938

554

Other creditors

 

31,620

75,489

Accrued expenses

 

5,380

7,785

Deferred income

 

652,578

681,280

 

896,221

870,430

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

47,719

64,386

 

Alo'nuko Ltd

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

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,666

16,036

Bank overdrafts

-

7,993

Other borrowings

-

2,925

16,666

26,954

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

47,719

64,386

 

8

Related party transactions

At 31 December 2023, the company is owed £18,501 from the director (owed the company 2022 - £2,925) in the form of a director's loan account. These amounts repayable on demand and interest is being charged at HMRC approved rates on overdrawn loan amounts