Registration number:
Report of the Directors and
for the Period from 1 November 2023 to 31 January 2025
for
Alwin Limited
Alwin Limited
Contents
Company Information |
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Accountant's Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alwin Limited
Company Information
Directors |
A G Rowlingson D A Rowlingson A D Bateman W D Rowlingson C D Rowlingson |
Company secretary |
Mrs C L Rowlingson |
Registered office |
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Accountant |
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Chartered Certified Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Alwin Limited
for the Period Ended 31 January 2025
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Alwin Limited for the period ended 31 January 2025 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given me.
As a practising member firm of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Alwin Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the accounts of Alwin Limited and state those matters that I have agreed to state to the Board of Directors of Alwin Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Alwin Limited and its Board of Directors as a body for my work or for this report.
It is your duty to ensure that Alwin Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Alwin Limited. You consider that Alwin Limited is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the accounts of Alwin Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
82 Stourbridge Road
Halesowen
West Midlands
B63 3UP
Alwin Limited
(Registration number: 02982315)
Balance Sheet as at 31 January 2025
Note |
2025 |
2023 |
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Fixed assets |
|||
Tangible assets |
|
|
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Other financial assets |
100 |
100 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
350,300 |
350,300 |
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Revaluation reserve |
642,191 |
642,191 |
|
Retained earnings |
(9,261) |
146,855 |
|
Shareholders' funds |
983,230 |
1,139,346 |
For the financial period ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Alwin Limited
(Registration number: 02982315)
Balance Sheet as at 31 January 2025
Approved and authorised by the
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Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest Pound.
At the balance sheet date the company had net current liabilities of £1,373,915 (2023 - £799,512). The directors have expressed their willingness to support the company as necessary as shown elsewhere in the notes to the financial statements.The directors have also taken other steps as required, including a loan from a director, to both return to profitability and improve cash flows, and remain confident of the business's future. With such actions in place the directors remain confident that the business is a going concern. The accounts and financial statements have therefore been prepared on a going concern basis.
Disclosure of long or short period
Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
Revenue recognition
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current or deferred taxation assets and liabilities are not discounted.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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 is is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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 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.
No depreciation is provided on freehold land and buildings as in the opinion of the directors given the nature of the property and its actual usage it is not expected to depreciate in value. Any future changes in value will reflect the current industrial property market rather than an actual usage cost during an accounting period. In the opinion of the directors the residual value of the freehold property is not materially different from the carrying amount of the asset.
Asset class |
Depreciation method and rate |
Plant and machinery |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
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 goods sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture or completion.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the amount charged on the borrowing in the period and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
The company helps to manage its cashflow by utilising debt invoice factoring. Proceeds received under the agreement are recognised as a creditor which is secured on the debts financed, these debts continue to be recognised as an asset until they are collected.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial
statements in the reporting period in which the dividends are declared.
Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
Hire purchase and leasing
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
Tangible assets |
Freehold property |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
( |
At 31 January 2025 |
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Depreciation |
||||
At 1 November 2023 |
- |
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Charge for the period |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 January 2025 |
- |
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Carrying amount |
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At 31 January 2025 |
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At 31 October 2023 |
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Revaluation
The fair value of the company's Freehold Property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Other financial assets (current and non-current) |
Other Investment |
Total |
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Fixed Asset Investment |
||
Cost or valuation |
||
At 1 November 2023 |
100 |
100 |
At 31 January 2025 |
100 |
100 |
Carrying amount |
||
At 31 January 2025 |
|
100 |
At 31 October 2023 |
|
100 |
Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
The company's investments at the balance sheet date in the share capital on companies include the following:
Alwin Alloys Limited
Registered Office: England & Wales
Nature of business: Dormant
Class of Shares: Ordinary
Holding: 100%
Aggregate Capital and reserves: 2025 £120 (2023 - £120)
Group accounts are not required as it is a small sized group.
Shares in the subsidiary companies that were acquired on 1 November 1997 were via a share for share exchange.Two of the three subsidiaries have since been removed from the Companies Register (in 2002). These financial statements present financial information about the company, Alwin Limited only, they do not include financial information concerning the remaining subsidiary company which is 100% owned by Alwin Limited and who exercise full voting rights.
At the balance sheet date. the directors consider the value of the investment in the subsidiary company to be similar to the original cost, however this company is in the process of being struck off at Companies House.
Stocks |
2025 |
2023 |
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Other inventories |
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Debtors |
Current |
2025 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
Creditors |
Creditors: amounts falling due within one year
Note |
2025 |
2023 |
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Due within one year |
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Bank overdrafts and borrowings |
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trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include obligations under hire purchase contracts, which are secured under the normal arrangements, of £1,102,177 (2023 - £651,336). Of this the amount due within one year is £360,950 (2023 £259,684) and amounts due after more than one year are £741,227 (2023 £391,652).
The company's bank borrowings are secured by a fixed and floating charge on all assets and undertakings of the company.
Included within creditors, other borrowings (see note 10), are amounts received in respect of debt invoice factoring. These amounts are secured on the debts financed and a first fixed charge over the company freehold property.
Creditors: amounts falling due after more than one year
Note |
2025 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
|
|
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Loans and borrowings |
2025 |
2023 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
2025 |
2023 |
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Current loans and borrowings |
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Hire purchase contracts |
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Other borrowings - Invoice factoring |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
During the period the parent undertaking Alwin Industrial Holdings Limited has formally waived the requirement for the company to repay the outstanding intercompany loan. Consequently there is a non trading loan relationsship gain recognised in these accounts of the amount of loan waived.
At the balance sheet date one of the directors had loaned the company £340,158 (2023 - £186,027). The director has formally agreed not to request repayment of this loan until cash flow permits.
The company rents property from the pension scheme of one of the directors. The total paid in the period to 31 January 2025 amounts to £48,750 (year to 31 October 2023 - £39,000) which is considered to be an open market rate.
Alwin Limited
Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 31 January 2025
13 Ultimate controlling party
The company is a wholly owned subsidiary of Alwin Industrial Holdings Limited (incorporated in England and Wales and which operates from the same address) and is controlled by A G Rowlingson, D A Rowlingson, W D Rowlingson and C D Rowlingson by virtue of their ownership of the parent company.
The directors who are also shareholders in the parent company are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.