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Registration number: 08336264

Prepared for the registrar

Almero Holdings UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Almero Holdings UK Limited

(Registration number: 08336264)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

189,640

267,656

Tangible assets

5

196,602

136,786

Investments

6

8,478,945

7,953,174

 

8,865,187

8,357,616

Current assets

 

Debtors

7

91,509,840

67,829,039

Cash at bank and in hand

 

8,866,452

3,447,049

 

100,376,292

71,276,088

Creditors: Amounts falling due within one year

8

(107,223,043)

(76,391,880)

Net current liabilities

 

(6,846,751)

(5,115,792)

Total assets less current liabilities

 

2,018,436

3,241,824

Provisions

 

(841,245)

(793,722)

Net assets

 

1,177,191

2,448,102

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

158,176

158,176

Profit and loss account

1,018,915

2,289,826

Shareholders' funds

 

1,177,191

2,448,102

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.

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 Board on 2 October 2024 and signed on its behalf by:
 


AJ Franks
Director

 

Almero Holdings UK Limited

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

 

1

General information

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

The address of its registered office is:
Bath House
16 Bath Row
Stamford
Lincolnshire
PE9 2QU
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.

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 represents asset management fees charged for services rendered. Turnover is generated in the ordinary course of the company's business and is not attributable to any markets outside of the United Kingdom.

Fee income is accounted for in accordance with agreed management fee contracts.

 

Almero Holdings UK Limited

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

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.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets comprise of office equipment and motor vehicles.

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of the asset as follows:

Asset class

Depreciation method and rate

Office equipment

4 - 5 years

Motor vehicles

5 years

Intangible assets

Intangible assets comprise of software and internally generated brands.

Intangible assets are initially recorded at cost and subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset as follows:

Asset class

Amortisation method and rate

Software

3 years

Internally generated brands

5 years

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

Almero Holdings UK Limited

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

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.

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.

Borrowings

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

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

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

Share capital

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

Defined contribution pension obligation

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

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

 

Almero Holdings UK Limited

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

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2022 - 36).

 

4

Intangible assets

Software
 £

Internally generated brands
 £

Total
£

Cost

At 1 January 2023

313,559

34,500

348,059

Additions

34,745

-

34,745

At 31 December 2023

348,304

34,500

382,804

Amortisation

At 1 January 2023

65,798

14,605

80,403

Amortisation charge

105,861

6,900

112,761

At 31 December 2023

171,659

21,505

193,164

Carrying amount

At 31 December 2023

176,645

12,995

189,640

At 31 December 2022

247,761

19,895

267,656

 

Almero Holdings UK Limited

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

 

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

310,461

-

310,461

Additions

122,281

98,148

220,429

At 31 December 2023

432,742

98,148

530,890

Depreciation

At 1 January 2023

173,675

-

173,675

Charge for the year

160,613

-

160,613

At 31 December 2023

334,288

-

334,288

Carrying amount

At 31 December 2023

98,454

98,148

196,602

At 31 December 2022

136,786

-

136,786

 

6

Investments

Subsidiaries

£

Cost

At 1 January 2023

7,953,174

Revaluation

500,000

Additions

25,771

At 31 December 2023

8,478,945

Carrying amount

At 31 December 2023

8,478,945

At 31 December 2022

7,953,174

 

7

Debtors

2023
 £

2022
 £

Trade debtors

1,071,799

369,163

Amounts owed by related parties

90,198,900

67,211,812

Other debtors

171,617

5,961

Prepayments

67,524

242,103

 

91,509,840

67,829,039

 

Almero Holdings UK Limited

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

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

96,373,375

70,451,666

Trade creditors

 

87,705

-

Amounts due to related parties

10,071,385

5,269,273

Social security and other taxes

 

299,401

308,445

Outstanding defined contribution pension costs

 

23,834

-

Other creditors

 

52,253

19,680

Accrued expenses

 

315,090

342,816

 

107,223,043

76,391,880

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Shareholder loans

96,373,375

70,451,666