Company registration number 14100712 (England and Wales)
BACALL ALUMINIUM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BACALL ALUMINIUM LIMITED
COMPANY INFORMATION
Directors
C H Keen
G C Keen
D S Sneddon
(Appointed 27 January 2023)
Company number
14100712
Registered office
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
United Kingdom
RG41 5TS
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
BACALL ALUMINIUM LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BACALL ALUMINIUM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
Unaudited
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
4
380,385
270,100
Cash at bank and in hand
627,986
1,079,940
1,008,371
1,350,040
Creditors: amounts falling due within one year
5
(13,628,645)
(5,589,962)
Net current liabilities
(12,620,274)
(4,239,922)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(12,620,374)
(4,240,022)
Total equity
(12,620,274)
(4,239,922)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
G C Keen
Director
Company registration number 14100712 (England and Wales)
BACALL ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Bacall Aluminium Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, United Kingdom, RG41 5TS.

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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 December 2023 are the first financial statements of Bacall Aluminium Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 11 May 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Going concern

The Directors have conducted a comprehensive assessment of the Company’s ability to continue as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements.true

 

In making this assessment, the Directors have prepared cash flow projections for the Company. This forecast indicates that with continued development of the project, the Company would require additional funding to maintain liquidity. The Directors have engaged with current financiers to secure the necessary funding from consortium partners. Whilst the Directors are confident that this funding will be completed within the necessary timeframe, there is no commitment from the financier regarding the timing of the funding receipt. Given this uncertainty, the Directors acknowledge a material uncertainty that may cast significant doubt over the Company’s ability to continue as a going concern.

 

However, after considering all available information about the future, including the support of the consortium partners to date and expectation of future support, the Directors have a reasonable expectation that the Group has adequate resources to continue its operations for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

BACALL ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and convertible loan notes that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

1.5
Equity instruments

Equity instruments issued by the company 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 company.

1.6
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.

2
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 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.

 

Management are of the opinion that there are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as at year end.

BACALL ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

Unaudited
2023
2022
Number
Number
1
-
0
4
Debtors
Unaudited
2023
2022
Amounts falling due within one year:
£
£
Other debtors
380,385
270,100
5
Creditors: amounts falling due within one year
Unaudited
2023
2022
Notes
£
£
Convertible loans
6
13,398,345
5,589,962
Trade creditors
203,931
-
0
Taxation and social security
5,019
-
0
Accruals and deferred income
21,350
-
0
13,628,645
5,589,962
6
Convertible loan notes
Unaudited
2023
2022
£
£
Liability component of convertible loan notes
13,398,345
5,589,962

The net proceeds received from the issue of the convertible loan notes have been recognised in full as a financial liability.

The liability is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Statement Of Financial Position represents the effective interest rate less interest paid to that date.

The convertible loan notes accrue interest rate at 6% per annum on the nominal value of the loan. The loan notes can be redeemed at the earliest conversion event being an equity financing, exit, or maturity on the tenth anniversary of the agreement, being 31 May 2032.

BACALL ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Share capital
Unaudited
Unaudited
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Daniel Wesolowski
Statutory Auditor:
FLB Audit LLP
Date of audit report:
30 September 2024
9
Events after the reporting date

On 11 January 2024, the Company drew down a further £2,200,000 of the unsecured convertible loan notes from Diageo Scotland Limited with an effective rate of interest of 6%.

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Unaudited
Purchases
Purchases
2023
2022
£
£
Common directorships
7,221,245
4,050,010

Purchase of services from entities under common control, were that of recharged expenditure from Keen Limited, under a management service agreement.

BACALL ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
11
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2022
£
Total adjustments
-
Loss as previously reported
(4,240,022)
Loss as adjusted
(4,240,022)
Notes to reconciliation

In the prior year statement of financial position, the convertible loan notes totalling £5,400,000 were misclassified as non-current liabilities. The comparative statement of financial position has therefore been restated to correctly disclose the convertible loan notes. As a result, non-current liabilities were previously stated as £5,400,000 and have been restated to £nil, and current liabilities were previously stated as £nil and have been restated to £5,400,000. No change to total equity arose as a result of this restatement and no change to the loss for the financial year.

 

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