Company registration number 05861198 (England and Wales)
ALERT COMMUNICATIONS (2006) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ALERT COMMUNICATIONS (2006) LIMITED
COMPANY INFORMATION
Directors
Mark Knight
Matthew Bealey
John Cavill
Matthew Taylor
Secretary
Nicholas Borrett
Company number
05861198
Registered office
33 Wigmore Street
London
UK
W1U 1QX
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants & Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
ALERT COMMUNICATIONS (2006) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
ALERT COMMUNICATIONS (2006) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and the financial statements of Alert Communications (2006) Limited ("the Company") for the year ended 31 March 2024.

Principal activities

The principal activity of the Company is to hold financing instruments for fellow group companies.

Results and dividends

The results for the year are set out on page 8.

 

The loss for the financial year, after taxation, amounted to £162,641 (2023: loss as restated of £140,287).

 

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

Ordinary dividends were paid amounting to £nil (2023: £nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of approval of the financial statements were as follows:

Mark Knight
Matthew Bealey
(Appointed 3 August 2023)
John Cavill
Matthew Taylor
James Edenborough
(Resigned 3 August 2023)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

The directors intend for the business to continue to operate in line with the contractual terms and do not expect any strategic changes.

Auditors

The auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditors

In the case of each director in office at the date the Directors' Report is approved:

 

•    so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

•    they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

ALERT COMMUNICATIONS (2006) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators

In its role as a holding company there are no key performance indicators for the directors to monitor. However, from a group point of view the performance of the investment is assessed every six months by testing the cash resources against the bank lending covenants. The key indicator being the debt service cover ratio. The investment has been compliant with the covenants laid out in the Group loan agreement.

 

Climate Change

The directors recognise that it is important to disclose their view of the impact of climate change on the Company. As a holding company, the Company itself does not trade. The Company's subsidiary holds key operational contracts which are long-term and with a small number of known counterparties. In most cases, the cash flows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the Company's operations, including the operations of its subsidiary, its contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the Company's operational or financial performance arising from climate change.

Going concern

These financial statements have been prepared on the going concern basis for the reasons set out in the

Accounting Policies.

 

Small companies exemption

This report has been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006. Exemption has also been taken from the requirement to prepare a Strategic Report.

On behalf of the board
For and on behalf of Mark Knight
Director
25 September 2024
ALERT COMMUNICATIONS (2006) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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 the financial statements, the directors are required to:

 

 

They 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 keeping adequate accounting records that are sufficient to show and explain the company’s transactions and 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 financial statements were approved and signed by the director and authorised for issue on 25 September 2024

 

 

 

 

Mark Knight

Director                        

 

ALERT COMMUNICATIONS (2006) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF ALERT COMMUNICATIONS (2006) LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Report on the audit of the financial statements
Opinion

In our opinion, Alert Communications (2006) Limited's financial statements:

 

 

 

 

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the Statement of financial position as at 31 March 2024; the Statement of comprehensive income and the Statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

ALERT COMMUNICATIONS (2006) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ALERT COMMUNICATIONS (2006) LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' report for the year ended 31 March 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

 

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.

Auditors' 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.

ALERT COMMUNICATIONS (2006) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ALERT COMMUNICATIONS (2006) LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

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.

 

Based on our understanding of the company and industry, we identified that the principal risks of non­-compliance with laws and regulations related to Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

 

 

 

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

Other required reporting

 

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

 

 

 

 

 

We have no exceptions to report arising from this responsibility.

ALERT COMMUNICATIONS (2006) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ALERT COMMUNICATIONS (2006) LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: take advantage of the small companies exemption in preparing the Directors' report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Paul Cheshire (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
25 September 2024
ALERT COMMUNICATIONS (2006) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
as restated
Notes
£
£
Interest receivable and similar income
5
323,827
323,826
Interest payable and similar expenses
6
(486,468)
(464,113)
Loss before taxation
(162,641)
(140,287)
Tax on loss
7
-
0
-
0
Loss for the financial year
(162,641)
(140,287)

This income statement has been prepared on the basis that all operations are continuing operations.

 

In the prior year, interest payable was understated by £240,720 and therefore a prior year restatement has been made to reflect this (see note 14).

The notes on pages 11 to 17 form part of these financial statements.

ALERT COMMUNICATIONS (2006) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors: amounts falling due within one year
8
10,292,235
9,968,408
Creditors: amounts falling due within one year
9
(6,908,935)
(6,422,467)
Net current assets
3,383,300
3,545,941
Total assets less current liabilities
3,383,300
3,545,941
Creditors: amounts falling due after more than one year
10
(4,693,137)
(4,693,137)
Net liabilities
(1,309,837)
(1,147,196)
Capital and reserves
Called up share capital
11
10
10
Profit and loss reserve
12
(1,309,847)
(1,147,206)
Total shareholders' deficit
(1,309,837)
(1,147,196)

The notes on pages 11 to 17 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mark Knight
Director
Company registration number 05861198 (England and Wales)
ALERT COMMUNICATIONS (2006) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Called up share capital
Profit and loss reserve
Total
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
10
(1,006,919)
(1,006,909)
Year ended 31 March 2023:
Loss and total comprehensive income for the financial year
-
(140,287)
(140,287)
Balance at 31 March 2023
10
(1,147,206)
(1,147,196)
Year ended 31 March 2024:
Loss and total comprehensive income for the financial year
-
(162,641)
(162,641)
Balance at 31 March 2024
10
(1,309,847)
(1,309,837)

The notes on pages 11 to 17 form part of these financial statements.

ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Alert Communications (2006) Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom and is registered in England and Wales. The address of its registered office is 33 Wigmore Street, London, England, W1U 1QX.

 

The principal activity of the Company is to hold financing instruments for fellow group companies.

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, as modified by the revaluation of certain financial assets and liabilities. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

Disclosure Exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of BIIF Holdco Limited which can be obtained from the Company Secretary at Cannon Place, 78 Cannon Street, London, EC4N 6AF. As such, advantage has been taken of the following disclosure exemptions available under FRS 102:

 

(a) No cash flow statement has been presented for the Company.

 

(b) Certain disclosures required by Sections 11 and 12 of FRS 102 (Basic Financial Instruments and Other Financial Instruments Issues respectively)

 

The Company is wholly owned by Alert Communications (Holdings) Limited and has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures', that allows it not to disclose transactions with wholly owned members of a group.

1.2
Going concern

The financial statements are prepared on a going concern basis notwithstanding net liabilities of true£1,309,837

(2023 as restated: £1,147,196) which the directors believe to be appropriate for the following reasons.

 

Cash flow forecasts are prepared for the group companies looking over the expected life of the assets

and so including the 12 month period from the date the financial statements are signed. In drawing up these

forecasts, the directors have made assumptions based upon their view of the current and future economic

conditions that will prevail over the forecast period.

 

The Company's performance is dependent on the performance of the Group investment. After reviewing the

performance of the Group investment, which is done on a regular basis, the directors have a reasonable

expectation that the Company has adequate resources to continue in operational existence for the

foreseeable future.

 

In light of this, the directors continue to adopt the going concern basis of accounting in preparing the

Company's annual financial statements.

ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.3
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.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and debtors 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.

Other financial assets

Other financial instruments are subsequently measured at fair value, with any changes recognised in the Statement of Comprehensive Income, with the exception of hedging instruments in a designated hedging relationship.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including Creditors, bank loans, loans from fellow group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statment Of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of assets

The carrying value of those assets recorded in the Company's Statement of financial position, at amortised cost less any impairment losses, could be materially reduced where circumstances exist which might indicate that an asset has been impaired and an impairment review is performed. Impairment reviews consider the fair value and/or value in use of the potentially impaired asset or assets and compare that with the carrying value of the asset or assets in the Statement of financial position. Any reduction in value arising from such a review would be recorded in the Statement of comprehensive income. Impairment reviews involve the significant use of assumptions. Consideration has to be given as to the price that could be obtained for the asset or assets, or in relation to a consideration of value in use, estimates of the future cash flows that could be generated by the potentially impaired asset of assets, together with a consideration of an appropriate discount rate to apply to those cash flows.

3
Auditors' remuneration

The audit fee of £2,660 (2023: £2,490) was borne by the sister company Alert Communications Limited.

4
Employees

The average number of persons employed by the Company during the financial year amounted to nil (2023: nil). The directors are not employed by the Company and did not receive any remuneration from the Company during the year (2023: £nil).

5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
323,827
323,826
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
323,827
323,826
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
486,468
464,113

Interest for 2023 has been restated for the matter set out in note 14.

 

 

 

 

 

ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
7
Taxation on loss

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(162,641)
(140,287)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(40,660)
(26,655)
Tax effect of expenses that are not deductible in determining taxable profit
121,617
88,182
Group relief
(80,957)
(61,527)
Taxation charge for the year
-
-

Tax for 2023 has been restated for the matter set out in note 14.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,292,225
9,968,398
Other debtors
10
10
10,292,235
9,968,408

Amounts owed by Group undertakings includes a subordinated loan of £4,693,137 (2023: £4,693,137) which bears interest at 6.9% and accrued interest on the loan of £5,599,088 (2023: £5,275,261). The directors of the company have the ability to call the debt at any point.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
6,908,935
6,422,467

The amounts owed to Group undertakings include accrued interest £5,893,054 (2023: £5,406,586) and group relief £1,015,881 (2023: £1,015,881). Interest is charged on the accrued interest balance in line with the terms in note 10. The remainder are trading balances and do not bear interest.

 

Creditors for 2023 has been restated for the matter set out in note 14.

ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
4,693,137
4,693,137

The preference shares have a fixed interest payable of £0.0476 per share and are repayable on 31 March 2031.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

12
Profit and loss reserve

Retained earnings records retained earnings and accumulated losses.

13
Ultimate controlling party

The immediate parent undertaking is Alert Communications (Holdings) Limited.

 

The intermediate parent undertaking is BIIF Holdco Limited, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of BIIF Holdco Limited consolidated financial statements can be obtained from the Company Secretary at Cannon Place, 78 Cannon Street, London, EC4N 6AF.

The ultimate parent and controlling party is BIIF LP. BIIF LP. is owned by a number of investors with no one investor having individual control.

14
Prior period adjustment

During the year it was identified that in the year ending 31 March 2023, interest had not been charged on the unpaid interest relating to the preference shares issued. An adjustment has been made to account for this additional interest.

Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Creditors due within one year
Other creditors
(6,181,747)
(240,720)
(6,422,467)
Capital and reserves
Profit and loss reserve
(906,486)
(240,720)
(1,147,206)
ALERT COMMUNICATIONS (2006) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Prior period adjustment
(Continued)
- 17 -
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Interest payable and similar expenses
(223,393)
(240,720)
(464,113)
Profit/(loss) for the financial period
100,433
(240,720)
(140,287)
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Interest payable on accrued interest
-
(240,720)
Equity as previously reported
(1,006,909)
(906,476)
Equity as adjusted
(1,006,909)
(1,147,196)
Analysis of the effect upon equity
Profit and loss reserve
-
(240,720)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Interest payable on accrued interest
(240,720)
Profit as previously reported
100,433
Loss as adjusted
(140,287)
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