Aludra Limited 13174147 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is trading in the sector of online retail Digita Accounts Production Advanced 6.30.9574.0 true true true 13174147 2022-01-01 2022-12-31 13174147 2022-12-31 13174147 core:CurrentFinancialInstruments 2022-12-31 13174147 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13174147 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 13174147 core:Goodwill 2022-12-31 13174147 core:OtherResidualIntangibleAssets 2022-12-31 13174147 bus:SmallEntities 2022-01-01 2022-12-31 13174147 bus:Audited 2022-01-01 2022-12-31 13174147 bus:FilletedAccounts 2022-01-01 2022-12-31 13174147 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 13174147 bus:RegisteredOffice 2022-01-01 2022-12-31 13174147 bus:Director1 2022-01-01 2022-12-31 13174147 bus:Director2 2022-01-01 2022-12-31 13174147 bus:Director3 2022-01-01 2022-12-31 13174147 bus:Director4 2022-01-01 2022-12-31 13174147 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13174147 core:Goodwill 2022-01-01 2022-12-31 13174147 core:IntangibleAssetsOtherThanGoodwill 2022-01-01 2022-12-31 13174147 core:OtherResidualIntangibleAssets 2022-01-01 2022-12-31 13174147 1 2022-01-01 2022-12-31 13174147 1 2022-01-01 2022-12-31 13174147 countries:EnglandWales 2022-01-01 2022-12-31 13174147 2021-12-31 13174147 core:Goodwill 2021-12-31 13174147 core:OtherResidualIntangibleAssets 2021-12-31 13174147 2021-02-02 2021-12-31 13174147 2021-12-31 13174147 core:CurrentFinancialInstruments 2021-12-31 13174147 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 13174147 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 13174147 core:Goodwill 2021-12-31 13174147 core:OtherResidualIntangibleAssets 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 13174147

Aludra Limited

Filleted Financial Statements

for the Year Ended 31 December 2022

 

Aludra Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Aludra Limited

Company Information

Directors

Kenneth Bryan Kryzda

David Kalowitz

Graham Kohan

Brian Lang Harwitt

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Auditors

Williamson & Croft Audit Ltd
York House
20 York Street
Manchester
M2 3BB

 

Aludra Limited

(Registration number: 13174147)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

2,126,876

3,225,354

Current assets

 

Stocks

5

51,311

120,244

Debtors

6

1,705,021

154,448

Cash at bank and in hand

 

190,342

191,939

 

1,946,674

466,631

Creditors: Amounts falling due within one year

7

(113,498)

(5,705,175)

Net current assets/(liabilities)

 

1,833,176

(5,238,544)

Total assets less current liabilities

 

3,960,052

(2,013,190)

Creditors: Amounts falling due after more than one year

7

(7,525,330)

-

Net liabilities

 

(3,565,278)

(2,013,190)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(3,565,279)

(2,013,191)

Shareholders' deficit

 

(3,565,278)

(2,013,190)

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.

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................
Kenneth Bryan Kryzda
Director

 

Aludra Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the Board on 8 October 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Disclosure of long or short period

The comparative period is less than one year due to the company being incorporated on the 2nd of February 2021.

Going concern

The financial statements have been prepared on a going concern basis.

 

Aludra Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

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 Independent Auditor's Report was unqualified.
. The name of the Senior Statutory Auditor who signed the audit report on 8 October 2024 was Tor Stringfellow FCA, who signed for and on behalf of Williamson & Croft Audit Ltd.

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.

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.

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 rate on the date when the fair value is re-measured.

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 tax. Tax is recognised in profit or loss, except that a change 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10 years

Other Intangible Assets

5 years

 

Aludra Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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 merchandise sold or 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.

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 subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

 

Aludra Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

5,647,163

5,609

5,652,772

Additions acquired separately

1,191,898

-

1,191,898

At 31 December 2022

6,839,061

5,609

6,844,670

Amortisation

At 1 January 2022

2,426,998

420

2,427,418

Amortisation charge

236,740

1,122

237,862

Impairment

2,052,514

-

2,052,514

At 31 December 2022

4,716,252

1,542

4,717,794

Carrying amount

At 31 December 2022

2,122,809

4,067

2,126,876

At 31 December 2021

3,220,165

5,189

3,225,354

The aggregate amount of research and development expenditure recognised as an expense during the period is £1,074 (2021 - £2,263).
 

5

Stocks

2022
£

2021
£

Finished goods and goods for resale

51,311

120,244

6

Debtors

Current

2022
£

2021
£

Trade debtors

121,969

130,056

Prepayments

-

3,121

Other debtors

1,583,052

21,271

 

1,705,021

154,448

 

Aludra Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

(1,417)

572

Amounts owed to group undertakings

8

-

5,568,939

Taxation and social security

 

97,164

97,164

Accruals and deferred income

 

17,750

-

Other creditors

 

1

38,500

 

113,498

5,705,175

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Amounts owed to group undertakings

6,247,436

-

Other non-current financial liabilities

1,277,894

-

7,525,330

-

8

Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group entities that are wholly owned members of the group.

9

Parent and ultimate parent undertaking

The company's ultimate parent is Cove Brands Inc, incorporated in Delaware, United States.


The main business address of Cove Brands Inc, is:

55 Broadway, Suite 401, 3rd Floor, New York, NY, 10006

The registered office address of Cove Brands Inc, is:

16192 Coastal Highway, Lewes, Delaware, United States