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Registration number: 04685856

Aronova Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Aronova Holdings Limited

Contents

Balance sheet

1

Notes to the Financial Statements

2 to 6

 

Aronova Holdings Limited

(Registration number: 04685856)
Balance sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

52,304

91,532

Investments

5

10,075

10,075

 

62,379

101,607

Current assets

 

Cash at bank and in hand

 

18,237

4,116

Creditors: Amounts falling due within one year

6

(32,759)

(17,192)

Net current liabilities

 

(14,522)

(13,076)

Net assets

 

47,857

88,531

Share capital and reserves

 

Called up share capital

7

10,000

10,000

Retained earnings

37,857

78,531

Shareholders' funds

 

47,857

88,531

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.

Directors' 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 directors acknowledge 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Profit and loss account.

The financial statements of Aronova Holdings Limited were approved and authorised for issue by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................

D Baker
Director

 

Aronova Holdings Limited

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

1

General information

Aronova Holdings Limited ("the company") is a incorporated in England and Wales, the England and Wales under the Companies Act.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from the standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Exemption from preparing group accounts

The company and its subsidiary undertakings comprise a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts..

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Intangible assets

Intellectual Property Rights are shown at historical cost.

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

Intellectual Property Rights

10% on straight line basis

 

Aronova Holdings Limited

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

2

Accounting policies (continued)

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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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

Borrowings are accounted on the basis of transaction value. Any repayment due over a period of 12 months is classified as long term borrowings.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Aronova Holdings Limited

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

4

Intangible assets

Intellectual Property Rights
 £

Total
£

Cost

At 1 January 2023

392,280

392,280

At 31 December 2023

392,280

392,280

Amortisation

At 1 January 2023

300,748

300,748

Amortisation charge

39,228

39,228

At 31 December 2023

339,976

339,976

Carrying amount

At 31 December 2023

52,304

52,304

At 31 December 2022

91,532

91,532

Intellectual property rights comprise of intellectual property rights, related to "Global Limits Manager", valued at £326,000, acquired in April 2015 from AIG Receivables Management Limited in exchange of 65% of the shares and 49% of the voting rights the company held in in AIG Receivables Management Limited. The associated legal charges of £1,080 have also been added to the value of the intellectual property rights.

The intellectual property rights are amortised over a ten year period.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

10,075

10,075

 

Aronova Holdings Limited

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

5

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

10,075

Provision

Carrying amount

At 31 December 2023

10,075

At 31 December 2022

10,075

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade payables

 

12,000

-

Amounts due to related parties

18,359

15,992

Accruals

 

2,400

1,200

 

32,759

17,192

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

Aronova Holdings Limited

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

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £25.00 (2022 - £50.00) per ordinary share

 

250,000

 

500,000