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Registered Number: 14488533
England and Wales

 

 

 

AONIC UK LTD


Audited Financial Statements
 


Period of accounts

Start date: 16 November 2022

End date: 31 December 2023
Directors Olliver Heins
Fredrik Oien Iversen
Paul Andreas Schempp
Registered Number 14488533
Registered Office Unit 2e, Second Floor Zetland House
5-25 Scrutton Street
LONDON
EC2A 4HJ
Auditors TTCA LTD
269 Farnborough Road, Farnborough
Hampshire
GU14 7LY
1
Director's report and financial statements
The directors present his/her/their annual report and the audited financial statements for the period ended 31 December 2023
Principal activities
Principal activity of the company during the financial period was that of an investment holding company
Directors
The directors who served the company throughout the period were as follows:
Olliver Heins
Fredrik Oien Iversen
Paul Andreas Schempp
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure of information to auditor
Each director who held office at the date of approval of this directors' report confirms that
  • So far as the director is aware , there is no relevant audit information needed by the company’s auditor in connection with preparing their report, of which the company auditor is unaware and
  • The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies regime

This report has been prepared taking advantage of the exemptions for small companies within Part 15 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:


----------------------------------
Fredrik Oien Iversen
Director

Date approved: 01 October 2024
2
Opinion

We have audited the financial statements of Aonic UK Ltd for the period ended 31 December 2023 which comprise Income Statement, Statement of Financial Position and notes to the financial position, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland Section(1A)(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
  • give a true and fair view of the state of the companys affairs as at 31 December 2023 and of its Loss for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors’ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 
Irregularities  - ability to detect 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We identified areas as those most likely to have such an effect such as anti-bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.  
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with the Companies Act 2006, Pt. 16, Ch. 3. Our audit work has been undertaken so that we might state to the company’s members those matters that we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, or the opinions we have formed.



Thomas McManners BSc ACA ACMI (Senior Statutory Auditor)
for and on behalf of TTCA LTD
Registered Auditors
269 Farnborough Road, Farnborough
Hampshire
GU14 7LY
Date: 01 October 2024
3
 
 
Notes
 
2023
£
Gross profit
Administrative expenses (82,105)
Operating loss (82,105)
Interest payable and similar charges (111,245)
Profit/(Loss) on ordinary activities before taxation (193,350)
Tax on profit on ordinary activities
Profit/(Loss) for the financial period (193,350)
 
4
 
 
Notes
 
2023
£
Fixed assets    
Investments 3 2,848,991 
2,848,991 
Current assets    
Creditors: amount falling due within one year 4 (111,245)
Net current assets (111,245)
 
Total assets less current liabilities 2,737,746 
Creditors: amount falling due after more than one year 5 (2,931,095)
Net assets (193,349)
 

Capital and reserves
   
Called up share capital 1 
Profit and loss account (193,350)
Shareholders' funds (193,349)
 


These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 01 October 2024 and were signed on its behalf by:


-------------------------------
Fredrik Oien Iversen
Director
5
General Information
Aonic UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 14488533, registration address Unit 2e, Second Floor Zetland House, 5-25 Scrutton Street, LONDON, EC2A 4HJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The financial statements have been prepared on a going concern basis which the directors believe to be appropriate. The Company has received assurances from its ultimate holding company that sufficient funds will be made available to allow the Company and its immediate parent company to continue trading as a going concern for the foreseeable future.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
2.

Average number of employees

Average number of employees during the period was 0.
3.

Investments

Cost Other investments other than loans   Total
  £   £
At 16 November 2022  
Additions 2,848,991    2,848,991 
Transfer to/from tangible fixed assets  
Disposals  
At 31 December 2023 2,848,991    2,848,991 

4.

Creditors: amount falling due within one year

2023
£
Accrued Expenses 111,245 
111,245 

5.

Creditors: amount falling due after more than one year

2023
£
Amounts Owed to Group Undertakings 2,931,095 
2,931,095 

6.

Controlling party

Aonic UK Ltd is a subsidiary of Aonic AB with the ultimate parent company being Active Ownership Management Ltd.
6