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REGISTERED NUMBER: 11874270 (England and Wales)










GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

AOI HOLDINGS LTD

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


AOI HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTOR: Mr F Kane





REGISTERED OFFICE: 6 Water End Barns
New Water End
Eversholt
Bedfordshire
MK17 9EA





REGISTERED NUMBER: 11874270 (England and Wales)





AUDITORS: AGK Partners
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024

The director presents his strategic report of the company and the group for the year ended 28 February 2024.

REVIEW OF BUSINESS
The turnover for the year decreased by 12.8% to £20,317,437 (2023: £23,299,749), mainly due to the general economic conditions affecting the industry.

The gross margin increased from 8.5% to 8.6%.

The loss before tax for the year is - £5,900 (2023: £142,332).

PRINCIPAL RISKS AND UNCERTAINTIES
The market is highly competitive. The Director actively manages risk across all areas of the business. The main risks are competition risk, reputational risk and credit risk.

KEY PERFORMANCE INDICATORS
The Director consider the following as key performance indicators

2024 2023
£ £
Turnover 20,317,437 23,299,749
Cost of Sales 18,564,889 21,318,850
Gross Profit 1,752,548 1,980,899
Gross Margin 8.6% 8.5%
Profit Before Tax (5,900 ) 142,332
Net Assets 3,155,817 3,263,733

KEY STRATEGY AND FUTURE DEVELOPMENTS
The Group has built a strong brand and reputation by providing first class service to our clients. This is achieved by aligning the Group closely with our clients, ensuring we have a full understanding of their requirements. Our strategy is to continue to specialise in our principle activities, maintain our brand reputation whilst managing the risk areas across our business.

FINANCIAL POSITION
The Group is in good health and allows expansion of the business from its own resources. The results for the year and the financial position at the year-end were considered satisfactory by the Director who expects controlled growth and profitability to continue in the forseeable future.

The Director is confident that the Group will be able to strengthen its financial position by building on its current portfolio of contracts and grow the business with both existing and new clients in the future.

ON BEHALF OF THE BOARD:





Mr F Kane - Director


17 February 2025

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 28 FEBRUARY 2024

The director presents his report with the financial statements of the company and the group for the year ended 28 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of construction management and providing specialist civil engineering services.

DIVIDENDS
An interim dividend of £881.33 per share was paid on 6 April 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 28 February 2024 will be £ 89,896 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
Mr F Kane held office during the whole of the period from 1 March 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year, the Group made charitable donations amounting to £4,965 to various local and national UK charities.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, AGK Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr F Kane - Director


17 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AOI HOLDINGS LTD

Opinion
We have audited the financial statements of AOI Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 28 February 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 Auditors' 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 and the parent 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.

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

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AOI HOLDINGS LTD


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AOI HOLDINGS LTD


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 a Report of the Auditors 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.




Alekos Christofi (Senior Statutory Auditor)
for and on behalf of AGK Partners
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

17 February 2025

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024

Period
1.4.22
Year Ended to
28.2.24 28.2.23
Notes £    £   

TURNOVER 4 20,317,437 23,299,749

Cost of sales 18,564,889 21,318,850
GROSS PROFIT 1,752,548 1,980,899

Administrative expenses 1,816,083 1,837,973
(63,535 ) 142,926

Other operating income 176,442 104,422
OPERATING PROFIT 6 112,907 247,348


Interest payable and similar expenses 7 118,807 105,016
(LOSS)/PROFIT BEFORE TAXATION (5,900 ) 142,332

Tax on (loss)/profit 8 12,120 87,541
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (18,020 ) 54,791
(Loss)/profit attributable to:
Owners of the parent (18,020 ) 54,791

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024

Period
1.4.22
Year Ended to
28.2.24 28.2.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (18,020 ) 54,791


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(18,020

)

54,791

Total comprehensive income attributable to:
Owners of the parent (18,020 ) 54,791

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 665,056 734,449
Investments 12 360,383 360,383
Investment property 13 350,000 350,000
1,375,439 1,444,832

CURRENT ASSETS
Stocks 14 201,070 420,870
Debtors 15 7,008,947 5,446,543
Cash at bank and in hand 50,936 183,186
7,260,953 6,050,599
CREDITORS
Amounts falling due within one year 16 4,801,760 3,437,585
NET CURRENT ASSETS 2,459,193 2,613,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,834,632

4,057,846

CREDITORS
Amounts falling due after more than one
year

17

(614,275

)

(712,911

)

PROVISIONS FOR LIABILITIES 21 (64,540 ) (81,202 )
NET ASSETS 3,155,817 3,263,733

CAPITAL AND RESERVES
Called up share capital 22 102 102
Retained earnings 23 3,155,715 3,263,631
SHAREHOLDERS' FUNDS 3,155,817 3,263,733

The financial statements were approved by the director and authorised for issue on 17 February 2025 and were signed by:





Mr F Kane - Director


AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

COMPANY BALANCE SHEET
28 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 2 2
Investment property 13 350,000 350,000
350,002 350,002

CURRENT ASSETS
Debtors 15 6,000 5,500
Cash at bank and in hand 757 207
6,757 5,707
CREDITORS
Amounts falling due within one year 16 393,720 387,320
NET CURRENT LIABILITIES (386,963 ) (381,613 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(36,961

)

(31,611

)

CAPITAL AND RESERVES
Called up share capital 22 102 102
Retained earnings 23 (37,063 ) (31,713 )
SHAREHOLDERS' FUNDS (36,961 ) (31,611 )

Company's profit/(loss) for the financial year 84,546 (2,863 )

The financial statements were approved by the director and authorised for issue on 17 February 2025 and were signed by:





Mr F Kane - Director


AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 102 3,243,840 3,243,942

Changes in equity
Dividends - (35,000 ) (35,000 )
Total comprehensive income - 54,791 54,791
Balance at 28 February 2023 102 3,263,631 3,263,733

Changes in equity
Dividends - (89,896 ) (89,896 )
Total comprehensive income - (18,020 ) (18,020 )
Balance at 28 February 2024 102 3,155,715 3,155,817

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 102 6,150 6,252

Changes in equity
Dividends - (35,000 ) (35,000 )
Total comprehensive income - (2,863 ) (2,863 )
Balance at 28 February 2023 102 (31,713 ) (31,611 )

Changes in equity
Dividends - (89,896 ) (89,896 )
Total comprehensive income - 84,546 84,546
Balance at 28 February 2024 102 (37,063 ) (36,961 )

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024

Period
1.4.22
Year Ended to
28.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (438,385 ) (478,811 )
Interest paid (104,393 ) (99,292 )
Interest element of hire purchase payments
paid

(14,414

)

(5,724

)
Tax paid 8,720 4,844
Net cash from operating activities (548,472 ) (578,983 )

Cash flows from investing activities
Purchase of tangible fixed assets (4,351 ) (158,164 )
Purchase of fixed asset investments - (11,028 )
Sale of fixed asset investments - 846,462
Net cash from investing activities (4,351 ) 677,270

Cash flows from financing activities
New loans in year 577,620 -
Capital repayments in year (19,871 ) 45,447
Amount introduced by directors - 4,800
Amount withdrawn by directors (47,280 ) 2,206
Equity dividends paid (89,896 ) (35,000 )
Net cash from financing activities 420,573 17,453

(Decrease)/increase in cash and cash equivalents (132,250 ) 115,740
Cash and cash equivalents at beginning
of year

2

183,186

67,446

Cash and cash equivalents at end of year 2 50,936 183,186

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
(Loss)/profit before taxation (5,900 ) 142,332
Depreciation charges 73,744 73,623
Profit on disposal of fixed assets - (95,627 )
Amount recoverable on contract (1,569,574 ) -
Government grants - (5,473 )
Finance costs 118,807 105,016
(1,382,923 ) 219,871
Decrease in stocks 219,800 518,115
Decrease in trade and other debtors 52,244 1,161,627
Increase/(decrease) in trade and other creditors 672,494 (2,378,424 )
Cash generated from operations (438,385 ) (478,811 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2024
28.2.24 1.3.23
£    £   
Cash and cash equivalents 50,936 183,186
Period ended 28 February 2023
28.2.23 1.4.22
£    £   
Cash and cash equivalents 183,186 70,099
Bank overdrafts - (2,653 )
183,186 67,446


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.23 Cash flow At 28.2.24
£    £    £   
Net cash
Cash at bank and in hand 183,186 (132,250 ) 50,936
183,186 (132,250 ) 50,936
Debt
Finance leases (46,153 ) 19,871 (26,282 )
Debts falling due within 1 year (362,856 ) (656,385 ) (1,019,241 )
Debts falling due after 1 year (684,831 ) 78,765 (606,066 )
(1,093,840 ) (557,749 ) (1,651,589 )
Total (910,654 ) (689,999 ) (1,600,653 )

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1. STATUTORY INFORMATION

AOI Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of AOI Holdings Limited and its subsidiaries: LF Solutions Limited & LF Infastructures Limited.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Turnover is reduced for customer returns and other similar allowances. Turnover is recognised at the point the company has transferred to the buyer the significant risks and rewards, the amount of the turnover can be measured reliably and it is probable the economic benefits associated with the transactions will flow to the company.

Turnover related income from maintenance contracts is recognised evenly over the period of the contract.

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Contract revenue comprises the initial amount of revenue agreed in the contract and variations in the contract work and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is probable that the customer will approve the variation or negotiations have reached an advanced stage such that it is probable that the customer will accept the claim.

The stage of completion is measured by reference to the ratio of contract costs incurred to date to the estimated total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs are shown as construction contract work-in-progress on the balance sheet unless it is not probable that such contract costs are recoverable from the customers, in which case, such costs are recognised as an expense immediately.

At the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progress billings, the balance is presented as due from customers on construction contracts within "amounts recoverable on contract". Where progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within "Payments on account".

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 20% to 25% on reducing balance
Fixtures and fittings- 20% to 25% on reducing balance
Computer equipment - 20% on cost

No depreciation has been provided on the freehold property.

The group has a policy not to depreciate in the year of acquisition but to fully depreciate in the year of disposal.

Investments
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market company value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress (WIP) is recorded at the lower of cost or net realizable value. Cost includes all direct materials, and direct labor that have been incurred in relation to the completion of the project or goods. The costs associated with WIP are capitalized as part of inventory until the goods are completed or the project reaches a stage where revenue can be recognized.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Basic financial assets
Basic financial assets, which including trade and other debtors, cash and bank balances and amounts / loans owed by group undertakings, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts / loans owed to group undertakings 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.

Basic 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. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharge, cancelled or expires.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the director is 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 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.

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Construction services 20,317,437 23,299,749
20,317,437 23,299,749

An analysis of turnover by geographical market is given below:

Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
United Kingdom 20,317,437 23,299,749
20,317,437 23,299,749

5. EMPLOYEES AND DIRECTORS
Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Wages and salaries 864,151 902,316
Social security costs 94,088 114,349
Other pension costs 10,380 12,587
968,619 1,029,252

The average number of employees during the year was as follows:
Period
1.4.22
Year Ended to
28.2.24 28.2.23

LF Solutions Limited 12 10
LF Infrastructure Limited 1 2
13 12

The average number of employees by undertakings that were proportionately consolidated during the year was 13 (2023 - 12 ) .

Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Director's remuneration 95,255 95,255

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Hire of plant and machinery 8,676 9,281
Other operating leases 64,730 39,744
Depreciation - owned assets 62,900 73,623
Depreciation - assets on hire purchase contracts 10,844 -
Profit on disposal of fixed assets - (95,627 )
Auditors' remuneration 13,500 11,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Bank interest payable 91,489 76,827
Interest on other loans - 17,246
Interest on overdue tax 12,904 5,219
Hire purchase 10,621 2,180
Other interest payable 3,793 3,544
118,807 105,016

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Current tax:
UK corporation tax 28,782 62,868

Deferred tax (16,662 ) 24,673
Tax on (loss)/profit 12,120 87,541

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
(Loss)/profit before tax (5,900 ) 142,332
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(1,475

)

27,043

Effects of:
Expenses not deductible for tax purposes 15,446 16,335
Capital allowances in excess of depreciation - (4,796 )
Depreciation in excess of capital allowances 16,652 -
Utilisation of tax losses - 24,285
Deferred tax (16,662 ) 24,674
Tax adjustments (1,841 ) -
Total tax charge 12,120 87,541

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
Period
1.4.22
Year Ended to
28.2.24 28.2.23
£    £   
Ordinary shares of 1 each
Interim 89,896 35,000

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 394,743 647,040 195,150 72,589 1,309,522
Additions - - - 4,351 4,351
At 28 February 2024 394,743 647,040 195,150 76,940 1,313,873
DEPRECIATION
At 1 March 2023 - 443,992 81,258 49,823 575,073
Charge for year - 40,666 22,778 10,300 73,744
At 28 February 2024 - 484,658 104,036 60,123 648,817
NET BOOK VALUE
At 28 February 2024 394,743 162,382 91,114 16,817 665,056
At 28 February 2023 394,743 203,048 113,892 22,766 734,449

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2023
and 28 February 2024 54,218
DEPRECIATION
Charge for year 10,844
At 28 February 2024 10,844
NET BOOK VALUE
At 28 February 2024 43,374
At 28 February 2023 54,218

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 March 2023
and 28 February 2024 360,383
NET BOOK VALUE
At 28 February 2024 360,383
At 28 February 2023 360,383
Company
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 28 February 2024 2
NET BOOK VALUE
At 28 February 2024 2
At 28 February 2023 2

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

LF Solutions Limited
Registered office: 6 Water End Barns New Water End, Eversholt, Bedfordshire, MK17 9EA
Nature of business: Development of building projects
%
Class of shares: holding
ordinary 100.00
28.2.24 28.3.24
£    £   
Aggregate capital and reserves 2,218,155 2,101,944
Profit for the year 206,107 182,610

LF Infastructure Limited
Registered office: 6 Water End Barns New Water End, Eversholt, Bedfordshire, United Kingdom, MK17 9EA
Nature of business: Construction of utility projects for electricity
%
Class of shares: holding
ordinary 100.00
28.2.24 28.2.23
£    £   
Aggregate capital and reserves 974,625 1,193,403
Loss for the year (218,777 ) (124,954 )


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 March 2023
and 28 February 2024 350,000
NET BOOK VALUE
At 28 February 2024 350,000
At 28 February 2023 350,000

Company
Total
£   
FAIR VALUE
At 1 March 2023
and 28 February 2024 350,000
NET BOOK VALUE
At 28 February 2024 350,000
At 28 February 2023 350,000

Included in fair value of investment property is freehold land of £ 350,000 (2023 - £ 350,000 ) which is not depreciated.

Fair value of investment property was assessed by the director.

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

14. STOCKS

Group
2024 2023
£    £   
Stocks 201,070 420,870

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,548,532 1,690,341 - -
Amounts owed by group undertakings - - 6,000 5,500
Amounts recoverable on contract 3,855,066 2,285,492 - -
Other debtors 1,100,217 856,094 - -
Directors' current accounts 45,074 - - -
VAT 294,767 442,019 - -
Prepayments 165,291 172,597 - -
7,008,947 5,446,543 6,000 5,500

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,019,241 332,056 - -
Other loans (see note 18) - 30,800 - -
Hire purchase contracts (see note 19) 18,073 18,073 - -
Trade creditors 2,920,305 2,363,461 2,310 2,310
Amounts owed to group undertakings - - 375,377 372,227
Tax 283,981 246,479 - -
Social security and other taxes 374 62,520 - -
Other creditors 413,545 379,891 8,477 8,477
Directors' current accounts - 2,206 2,206 2,206
Accrued expenses 146,241 2,099 5,350 2,100
4,801,760 3,437,585 393,720 387,320

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 18) 606,066 684,831
Hire purchase contracts (see note 19) 8,209 28,080
614,275 712,911

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,019,241 332,056
Other loans - 30,800
1,019,241 362,856
Amounts falling due between one and two years:
Bank loans - 1-2 years 533,302 75,772
Amounts falling due between two and five years:
Bank loans - 2-5 years 72,764 609,059

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,073 18,073
Between one and five years 8,209 28,080
26,282 46,153

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 47,772 47,772
Between one and five years 115,449 163,221
163,221 210,993

The operating lease relates to a property.

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,625,307 1,016,887

The bank loans are secured by way of a negative pledge, fixed and floating charge over all the property or undertakings of the company.

AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 81,202 81,202
Deferred tax (16,662 ) -
64,540 81,202

Group
Deferred
tax
£   
Balance at 1 March 2023 81,202
Utilised during year (16,662 )
Balance at 28 February 2024 64,540

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
102 Ordinary 1 102 102

23. RESERVES

Group
Retained
earnings
£   

At 1 March 2023 3,263,631
Deficit for the year (18,020 )
Dividends (89,896 )
At 28 February 2024 3,155,715

Company
Retained
earnings
£   

At 1 March 2023 (31,713 )
Profit for the year 84,546
Dividends (89,896 )
At 28 February 2024 (37,063 )


AOI HOLDINGS LTD (REGISTERED NUMBER: 11874270)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Included in debtors, due within one year, is an amount totalling £199,050 (2023: £175,326) due from connected companies under common control and £45,074 (2023: £2,206) due from the director of the company.

Included in creditors, due within one year, is an amount of £145,816 (2023: £145,629) owed to a company
connected by common shareholder.

These loans are provided interest free and repayable on demand.

During the year £153,100 (2023: £3,322) was charged as management fees to companies connected by common shareholder.

25. POST BALANCE SHEET EVENTS

There are no post balance sheet events.

26. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Mr. F. Kane.