Company registration number 14266768 (England and Wales)
ALDEK LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ALDEK LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
ALDEK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company continued to be that of sale of timber and building materials.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr F C Blumsom
Mr R B Blumsom
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr F C Blumsom
Director
28 April 2025
ALDEK LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALDEK LTD FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aldek Ltd for the year ended 31 August 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Aldek Ltd, as a body, in accordance with the terms of our engagement letter dated 3 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Aldek Ltd and state those matters that we have agreed to state to the board of directors of Aldek Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aldek Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Aldek Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aldek Ltd. You consider that Aldek Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aldek Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bryden Johnson Limited
28 April 2025
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ALDEK LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Year
Period
ended
ended
31 August
31 August
2024
2023
£
£
Turnover
715,204
1,125,548
Cost of sales
(538,648)
(981,380)
Gross profit
176,556
144,168
Administrative expenses
(136,939)
(101,138)
Operating profit
39,617
43,030
Interest payable and similar expenses
(2,447)
Profit before taxation
37,170
43,030
Tax on profit
(2,626)
(8,811)
Profit for the financial year
34,544
34,219
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ALDEK LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,996
Current assets
Stocks
125,616
75,616
Debtors
4
183,499
219,823
Cash at bank and in hand
76,897
109,948
386,012
405,387
Creditors: amounts falling due within one year
5
(403,023)
(396,068)
Net current (liabilities)/assets
(17,011)
9,319
Total assets less current liabilities
22,985
9,319
Creditors: amounts falling due after more than one year
6
(19,122)
Net assets
3,863
9,319
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
3,763
9,219
Total equity
3,863
9,319
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr F C Blumsom
Director
Company registration number 14266768 (England and Wales)
ALDEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
1
Accounting policies
Company information
Aldek Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1-4, Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets it's day to day working capital requirements through the ongoing support of an associated company under the common control of the directors.true
On this basis, the directors are satisfied that the company has adequate resources and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ALDEK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
ALDEK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
Additions
47,995
At 31 August 2024
47,995
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
7,999
At 31 August 2024
7,999
Carrying amount
At 31 August 2024
39,996
At 31 August 2023
ALDEK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
120,786
218,110
Other debtors
62,713
1,713
183,499
219,823
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
173,132
243,179
Corporation tax
11,437
8,811
Other taxation and social security
5,051
11,232
Other creditors
213,403
132,846
403,023
396,068
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
19,122
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
51
51
51
51
Ordinary B shares of £1 each
49
49
49
49
100
100
100
100
8
Related party transactions
Included in other creditors is £201,704 (2023: £129,104) owed to C. Blumsom Limited, a related company.
Included in other debtors is £48,955 owed by a director of the company (2023: credit balance of £1,380). This loan is interest free and will be repaid within nine months of the year end.