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Registration number: 08518706

A&U Holdings Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

A&U Holdings Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 27

 

A&U Holdings Ltd

Company Information

Directors

Aamira Tejani

Aly Salman Tejani

Amirali Sharif Tejani

Ayaz Tejani

Dr Ambareen Tejani-Sharif

Company secretary

Ann-Marie Cameron

Registered office

Office 26, Harborough Innovation Centre
Airfield Business Park
Leicester Road
Market Harborough
Leicestershire
LE16 7WB

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

A&U Holdings Ltd

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show an operating profit of £645,988 (2023 – £480,381).

As at 31 March 2024, the Group had total assets less current liabilities of £8,131,011 (2023 - £8,795,475) and net liabilities of £597,206 (2023 – £429,632).

Given the nature of the business, the directors are of the opinion that key performance indicators are important. The Group uses a number of indicators to monitor and improve the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the Group.

Principal risks and uncertainties

The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks and uncertainties the Group are considered to relate to the ongoing compliance with current and future legislation affecting the sector.

Approved by the Board on 3 December 2024 and signed on its behalf by:


Aly Salman Tejani
Director

 

A&U Holdings Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Aamira Tejani

Aly Salman Tejani

Amirali Sharif Tejani

Ayaz Tejani

Dr Ambareen Tejani-Sharif

Future developments

The external environment is expected to remain competitive, however the directors are confident that the Group will continue to improve its financial performance going forward.

Financial instruments

Objectives and policies

The board constantly monitors the group's trading results and revise projections as appropriate to ensure that the group can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the group to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditor

Each director has taken 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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Appointment of auditors

Hazlewoods LLP were appointed as auditors to the company during the period and have expressed their willingness to continue in office.

Approved by the Board on 3 December 2024 and signed on its behalf by:


Aly Salman Tejani
Director

 

A&U Holdings Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' 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 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 group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

A&U Holdings Ltd

Independent Auditor's Report to the Members of A&U Holdings Ltd

Opinion

We have audited the financial statements of A&U Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.


Other matters
The comparative period included in these, representing the financial statements for the year ended 31 March 2023, was unaudited.

Conclusions relating to going concern

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.

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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion 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 such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard.

 

A&U Holdings Ltd

Independent Auditor's Report to the Members of A&U Holdings Ltd

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 group’s and the parent 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 group or the parent 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 auditor’s 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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 considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

A&U Holdings Ltd

Independent Auditor's Report to the Members of A&U Holdings Ltd

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters 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, for this report, or for the opinions we have formed.





James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

3 December 2024

 

A&U Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
 £

Unaudited
2023
 £

Turnover

3

8,609,089

7,378,544

Cost of sales

 

(4,273,404)

(3,753,082)

Gross profit

 

4,335,685

3,625,462

Administrative expenses

 

(3,690,237)

(3,145,621)

Other operating income

4

540

540

Operating profit

6

645,988

480,381

Other interest receivable and similar income

7

369

815

Interest payable and similar charges

8

(596,194)

(448,074)

Profit before tax

 

50,163

33,122

Taxation

12

(142,337)

(153,448)

Loss for the financial year

 

(92,174)

(120,326)

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

A&U Holdings Ltd

(Registration number: 08518706)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
 £

Unaudited
2023
 £

Fixed assets

 

Intangible assets

13

8,061,713

8,571,562

Tangible assets

14

1,975,461

1,949,225

 

10,037,174

10,520,787

Current assets

 

Stocks

38,000

38,000

Debtors

16

435,976

404,753

Cash at bank and in hand

 

102,657

109,841

 

576,633

552,594

Creditors: Amounts falling due within one year

17

(2,482,796)

(2,277,906)

Net current liabilities

 

(1,906,163)

(1,725,312)

Total assets less current liabilities

 

8,131,011

8,795,475

Creditors: Amounts falling due after more than one year

17

(8,603,381)

(9,092,119)

Provisions for liabilities

12

(124,836)

(132,988)

Net liabilities

 

(597,206)

(429,632)

Capital and reserves

 

Called up share capital

20

400

400

Capital redemption reserve

240

240

Profit and loss account

(597,846)

(430,272)

Equity attributable to owners of the company

 

(597,206)

(429,632)

Total equity

 

(597,206)

(429,632)

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

Aly Salman Tejani
Director

 

A&U Holdings Ltd

(Registration number: 08518706)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

14

8,532

12,524

Investments

15

2,263,687

2,263,687

 

2,272,219

2,276,211

Current assets

 

Debtors

16

306,599

881,110

Cash at bank and in hand

 

33,615

16,105

 

340,214

897,215

Creditors: Amounts falling due within one year

17

(403,125)

(703,623)

Net current (liabilities)/assets

 

(62,911)

193,592

Total assets less current liabilities

 

2,209,308

2,469,803

Creditors: Amounts falling due after more than one year

17

(2,159,370)

(2,404,202)

Provisions for liabilities

12

3,457

-

Net assets

 

53,395

65,601

Capital and reserves

 

Called up share capital

20

400

400

Capital redemption reserve

240

240

Profit and loss account

52,755

64,961

Total equity

 

53,395

65,601

The company made a profit after tax for the financial year of £63,194 (2023 - profit of £51,297).

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

Aly Salman Tejani
Director

 

A&U Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

400

-

240

(430,272)

(429,632)

Loss for the year

-

-

-

(92,174)

(92,174)

Dividends

-

-

-

(75,400)

(75,400)

At 31 March 2024

400

-

240

(597,846)

(597,206)

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2022

640

726,000

-

15,657

742,297

Loss for the year

-

-

-

(120,326)

(120,326)

Dividends

-

-

-

(325,603)

(325,603)

Purchase of own share capital

(240)

(726,000)

240

-

(726,000)

At 31 March 2023

400

-

240

(430,272)

(429,632)

 

A&U Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

400

240

64,961

65,601

Profit for the year

-

-

63,194

63,194

Dividends

-

-

(75,400)

(75,400)

At 31 March 2024

400

240

52,755

53,395

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2022 (unaudited)

640

726,000

-

339,267

1,065,907

Profit for the year

-

-

-

51,297

51,297

Dividends

-

-

-

(325,603)

(325,603)

Purchase of own share capital

(240)

(726,000)

240

-

(726,000)

At 31 March 2023 (unaudited)

400

-

240

64,961

65,601

 

A&U Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
 £

Unaudited
2023
 £

Cash flows from operating activities

Loss for the year

 

(92,174)

(120,326)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

702,478

595,334

Finance income

7

(369)

(815)

Finance costs

8

596,194

448,074

Income tax expense

12

142,337

153,448

 

1,348,466

1,075,715

Working capital adjustments

 

Increase in stocks

-

(22,930)

(Increase)/decrease in trade debtors

16

(27,619)

65,716

Increase in trade creditors

17

151,063

340,660

Cash generated from operations

 

1,471,910

1,459,161

Income taxes (paid)/received

12

(41,370)

6,285

Net cash flow from operating activities

 

1,430,540

1,465,446

Cash flows from investing activities

 

Interest received

369

815

Acquisitions of tangible assets

(218,573)

(377,840)

Acquisition of intangible assets

13

-

(2,695,990)

Net cash flows from investing activities

 

(218,204)

(3,073,015)

Cash flows from financing activities

 

Interest paid

 

(534,893)

(363,553)

Proceeds from bank borrowing draw downs

 

-

2,047,713

Repayment of bank borrowing

 

(2,091,138)

-

Proceeds from other borrowing draw downs

 

1,700,000

-

Repayment of other borrowing

 

(132,119)

(1,572,023)

Proceeds from issue of shares classified as liabilities

 

-

1,220,015

Payments to finance lease creditors

 

(24,669)

-

Interest on preference shares

 

(61,301)

(51,084)

Dividends paid

(75,400)

6,205

Net cash flows from financing activities

 

(1,219,520)

1,287,273

Net decrease in cash and cash equivalents

 

(7,184)

(320,296)

Cash and cash equivalents at 1 April

 

109,841

430,137

Cash and cash equivalents at 31 March

 

102,657

109,841

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

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:
Office 26, Harborough Innovation Centre
Airfield Business Park
Leicester Road
Market Harborough
Leicestershire
LE16 7WB

 

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £63,194 (2023 - £51,297).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group 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 group's activities.

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 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 group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred 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 are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Furniture, fittings and equipment

20%-25% straight line

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

Straight line over 20 years

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. 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 group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 group 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

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.

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments (continued)

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 as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

Unaudited
31 March
2023
£

Rental income

540

540

 

5

Exceptional items

2024
 £

Unaudited
2023
 £

Exceptional expenses

48,652

11,400

Exceptional items for the current year consist of recruitment expenses, service introduction fees and other non-recurring costs. Exceptional items for the prior year consisted of recruitment expenses and property repairs expenses.

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

6

Operating profit

Arrived at after charging

2024
£

Unaudited
31 March
2023
£

Depreciation expense

192,629

150,832

Amortisation expense

509,849

444,502

Operating lease expense - property

119,499

91,948

Operating lease expense - plant and machinery

223

893

 

7

Other interest receivable and similar income

2024
£

Unaudited
31 March
2023
£

Interest income on investments

117

516

Interest income on bank deposits

252

299

369

815

 

8

Interest payable and similar expenses

2024
£

Unaudited
31 March
2023
£

Interest on bank overdrafts and borrowings

55,161

39,133

Interest on preference shares

61,301

51,084

Interest expense on other finance liabilities

479,732

357,857

596,194

448,074

 

9

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

Unaudited
2023
 £

Wages and salaries

1,799,109

1,454,277

Social security costs

133,188

114,102

Pension costs, defined contribution scheme

53,178

132,685

1,985,475

1,701,064

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

Unaudited
2023
 No.

Administration and support

86

73

Company
The company incurred no staff costs and had no employees other than the directors.

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

Unaudited
31 March
2023
£

Remuneration

18,200

18,200

Contributions paid to money purchase schemes

27,774

110,622

45,974

128,822

 

11

Auditors' remuneration

2024
£

Unaudited
31 March
2023
£

Audit of these financial statements

15,500

-

Other fees to auditors

All other non-audit services

14,500

-

 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

Unaudited
31 March
2023
£

Current taxation

UK corporation tax

150,138

62,162

UK corporation tax adjustment to prior periods

-

(19,925)

150,138

42,237

Deferred taxation

Arising from origination and reversal of timing differences

(5,693)

111,211

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(2,108)

-

Total deferred taxation

(7,801)

111,211

Tax expense in the income statement

142,337

153,448

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
£

Unaudited
31 March
2023
£

Profit before tax

50,163

33,122

Corporation tax at standard rate

16,007

6,293

Effect of expense not deductible in determining taxable profit (tax loss)

118,844

111,126

Decrease in UK and foreign current tax from adjustment for prior periods

-

(19,925)

Tax increase from effect of capital allowances and depreciation

7,486

55,954

Total tax charge

142,337

153,448

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

124,836

2023 (unaudited)

Liability
£

Accelerated capital allowances

132,988

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Fixed asset timing difference

-

2,133

Losses and other deductions

5,590

-

5,590

2,133

2023 (unaudited)

Asset
£

Liability
£

Fixed asset timing difference

-

3,131

Losses and other deductions

5,590

-

5,590

3,131

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

13

Intangible assets

Group

Goodwill
 £

Cost

At 1 April 2023 and at 31 March 2024

10,532,542

Amortisation

At 1 April 2023

1,960,980

Amortisation charge

509,849

At 31 March 2024

2,470,829

Carrying amount

At 31 March 2024

8,061,713

At 31 March 2023 (unaudited)

8,571,562

 

14

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

1,518,852

965,612

2,484,464

Additions

79,744

139,119

218,863

At 31 March 2024

1,598,596

1,104,731

2,703,327

Depreciation

At 1 April 2023

149,916

385,311

535,227

Charge for the year

55,473

137,166

192,639

At 31 March 2024

205,389

522,477

727,866

Carrying amount

At 31 March 2024

1,393,207

582,254

1,975,461

At 31 March 2023 (unaudited)

1,368,936

580,289

1,949,225

Included within the net book value of land and buildings above is £1,169,764 (2023 - £1,169,764) in respect of freehold land and buildings.
 

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Company

Furniture, fittings and equipment
 £

Cost

At 1 April 2023

34,101

Additions

3,467

At 31 March 2024

37,568

Depreciation

At 1 April 2023

21,577

Charge for the year

7,459

At 31 March 2024

29,036

Carrying amount

At 31 March 2024

8,532

At 31 March 2023 (unaudited)

12,524

 

15

Investments

Company

2024
£

2023
£

Investments in subsidiaries

2,263,687

2,263,687

Subsidiaries

£

Cost and carrying amount

At 1 April 2023 and at 31 March 2024

2,263,687

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Bredbury Dental Centre Ltd

England and Wales

Ordinary

100%

100%

A&U Real Estate Limited

England and Wales

Ordinary

100%

100%

A&U Dental Surgeries Limited

England and Wales

Ordinary

100%

100%

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Bredbury Dental Centre Ltd

The principal activity of Bredbury Dental Centre Ltd is the provision of dental services.

A&U Real Estate Limited

The principal activity of A&U Real Estate Limited is that of a property holding company.

A&U Dental Surgeries Limited

The principal activity of A&U Dental Surgeries Limited is the provision of dental services.

The registered office of A&U Dental Surgeries Limited, A&U Real Estate Limited and Bredbury Dental Centre Ltd is Office 26, Harborough Innovation Centre, Airfield Business Park, Market Harborough, Leicestershire, England, LE16 7WB.

A&U Holdings Ltd has given a guarantee under section 479A of the Companies Act 2006 to guarantee all outstanding liabilities of the subsidiary companies as at 31 March 2024. The subsidiary companies are therefore exempt from the requirement of the Act relating to the audit of individual accounts. The subsidiary companies that the guarantee applies to are all companies listed above.

 

16

Debtors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Trade debtors

 

303,307

269,540

-

-

Amounts owed by group undertakings

24

-

-

295,000

870,000

Other debtors

 

30,261

29,865

-

2,173

Prepayments

 

102,408

105,348

11,599

8,937

   

435,976

404,753

306,599

881,110

 

17

Creditors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

18

523,484

578,826

209,481

224,224

Trade creditors

 

228,603

307,733

10,808

11,664

Amounts due to group undertakings

24

-

-

140,000

435,000

Social security and other taxes

 

30,648

26,170

-

-

Outstanding defined contribution pension costs

 

4,764

7,328

-

-

Other creditors

 

942,436

816,962

2,597

13,196

Accrued expenses

 

602,372

499,166

40,239

19,539

Corporation tax liability

12

150,489

41,721

-

-

 

2,482,796

2,277,906

403,125

703,623

Due after one year

 

Loans and borrowings

18

8,603,381

9,092,119

2,159,370

2,404,202

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

18

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

408,180

487,363

128,846

164,660

Hire purchase contracts

24,669

21,899

-

-

Other borrowings

90,635

69,564

80,635

59,564

523,484

578,826

209,481

224,224

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

4,721,614

6,729,963

290,402

419,144

Hire purchase contracts

48,671

76,110

-

-

Redeemable preference shares

1,355,016

1,354,776

1,220,016

1,219,776

Other borrowings

2,478,080

931,270

648,952

765,282

8,603,381

9,092,119

2,159,370

2,404,202

Bank loans

Bank borrowings comprise of 9 term loans repayable in monthly and quarterly instalments, with final repayment dates ranging between 2026 and 2037. Total Bank borrowings in respect of these term loans amount to £5,126,188 and interest ranges between a fixed rate of 7% and a rate of SONIA plus 2.85%. Bank borrowings and secured by way of a fine and floating charges over all assets of the group.

Other loans

Other borrowings comprise of 2 term loans from a related party by virtue of common control. The loans are repayable in monthly instalments, with final repayment date of 2027 and interest is charged at a fixed rate of 6%.

 

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £53,178 (2023 - £132,685).

Contributions totalling £4,764 (2023 - £7,328) were payable to the scheme at the end of the year and are included in creditors.

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

20

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £1 each

240

240

240

240

B Ordinary shares of £1 each

160

160

160

160

 

400

400

400

400

Rights, preferences and restrictions

The different classes of ordinary shares referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

On 27 May 2022, 1 B preference share was issued for a total consideration of £1,226,016 and has been classified as a liability, net of issue costs of £6,000.

The B preference shares carry rights to dividends but no voting rights.

 

21

Dividends

2024
 £

2023
 £

Dividends paid

75,400

325,603

 

22

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company is bound by an intra-group cross guarantee in respect of bank borrowings in the group headed by A&U Holdings Ltd. The total amounts guaranteed are £5,126,188 (2023 - £6,311,151).

 

23

Analysis of changes in net debt

Group

At 1 April 2023
£

Cash flows
£

Other non-cash changes
£

At 31 March 2024
£

Cash and cash equivalents

Cash

109,841

(7,184)

-

102,657

Borrowings

Other borrowings

(1,000,834)

(1,567,881)

-

(2,568,715)

Bank borrowings

(7,217,326)

2,091,138

(3,606)

(5,129,794)

Hire purchase contracts

(98,009)

24,669

-

(73,340)

Redeemable preference shares

(1,354,776)

-

(240)

(1,355,016)

(9,670,945)

547,926

(3,846)

(9,126,865)

 

(9,561,104)

540,742

(3,846)

(9,024,208)

 

A&U Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

 

24

Related party transactions

Group and Company

Summary of transactions with key management

Transactions with related parties include transactions with key members of management which are considered to consist of the directors only. Disclosure of remuneration of directors can be found in note 10.

 

25

Parent and ultimate controlling party

The ultimate controlling parties are the directors by virtue of their ultimate ownership.