| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2024 |
| for |
| Alkana Corporation Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2024 |
| for |
| Alkana Corporation Limited |
| Alkana Corporation Limited (Registered number: 09427318) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Alkana Corporation Limited |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 21 Gold Tops |
| Newport |
| South Wales |
| NP20 4PG |
| Alkana Corporation Limited (Registered number: 09427318) |
| Balance Sheet |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| Investment property | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| Alkana Corporation Limited (Registered number: 09427318) |
| Balance Sheet - continued |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings | 14 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Alkana Corporation Limited is a private company, limited by shares and is incorporated in England and Wales. The company's registered number is 09427318, the address of its registered office is 21 Gold Tops, Newport, South Wales, NP20 4PG. |
| The nature of the company's operations and principal activities are poultry farming, dairy farming and property rental. |
| These financial statements are the company's separate financial statements, covering the year to 31 May 2024 and are presented in Sterling (£), the company's functional currency, rounded to the nearest pound. |
| The accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. |
| 2. | STATEMENT OF COMPLIANCE |
| The individual financial statements of Alkana Corporation Limited have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the funding provided by the directors' connected companies shown within creditors. The directors have confirmed the connected companies will provide sufficient funding to enable the company to continue trading for at least one year from the date of the approval of these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Investment property |
| 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 are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Non derivative financial instruments |
| Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, trade and other creditors and interest free loans. |
| Debtors and creditors with no stated interest rate are receivable or payable within one year and are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. |
| Cash and cash equivalents comprise cash at bank and in hand. |
| Loans and borrowings and concessionary loans are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Loans and borrowings receivable within one year are not discounted. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 June 2023 |
| and 31 May 2024 |
| AMORTISATION |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Cost or valuation at 31 May 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2018 | 3,387,527 | - | 3,387,527 |
| Cost | 1,653,257 | 2,321,431 | 3,974,688 |
| 5,040,784 | 2,321,431 | 7,362,215 |
| 7. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 June 2023 |
| Revaluations | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 7. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 31 May 2024 is represented by: |
| Other |
| investments |
| £ |
| Valuation in 2017 | 27,533 |
| Valuation in 2018 | 10,334 |
| Valuation in 2019 | 1,235 |
| Valuation in 2020 | 12,172 |
| Valuation in 2021 | 22,961 |
| Valuation in 2022 | (33,663 | ) |
| Valuation in 2023 | (3,381 | ) |
| Valuation in 2024 | (10,702 | ) |
| 26,489 |
| 8. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Fair value at 31 May 2024 is represented by: |
| £ |
| Valuation in 2017 | 1,880,776 |
| Cost | 935,010 |
| 2,815,786 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 41,478 | 112,860 |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans |
| The bank loan is secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. |
| The bank loan is repayable in May 2030 and is being charged at an interest rate of 4.09%. |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary | £1 | 200 | 200 |
| Redeemable Preference | £1 | 600,000 | 600,000 |
| 600,200 | 600,200 |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 13. | CALLED UP SHARE CAPITAL - continued |
| The Redeemable Preference shares shall entitle the holder to a preferential dividend at the option of the company and if paid shall be paid on the amounts for the time being paid up or credited as paid thereon. The said dividend, if paid, shall rank for payment in priority to the payment of a dividend on any other shares of the company and shall be payable annually on a date to be specified by the directors in a general meeting. The preference shares shall not confer the right to additional participation in the profits of the company. |
| Subject to the provisions of the Act, the Redeemable Preference shares shall be redeemed at par in part or in whole at the option of the company, after 5 years from the date of issue of the said shares. |
| The holders of the Redeemable Preference shares shall not be entitled to receive notice of meetings of or to attend or vote at general meetings of the company. |
| In a winding up of the assets of the company (including uncalled share capital at the commencement of the winding up) remaining after paying and discharging the debts and liabilities of the company and the costs of the winding up shall be applied in the following order of priority: |
| (i) in repayment of the capital paid up or credited as paid up on the Redeemable Preference shares (including any premium) |
| (ii) in payment to the holders of Redeemable Preference shares of all arrears of dividend on such shares up to the commencement of the winding up |
| (iii) in repayment of the capital paid up or credited as paid up on the Ordinary shares and the residue (if any) shall be divided among the holders of the Ordinary shares in proportion to the nominal amount paid up or credited as paid up on such shares. |
| 14. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2023 |
| Deficit for the year | ( |
) |
| At 31 May 2024 |
| Included in reserves is an amount of £5,268,301 which is non distributable. |
| Alkana Corporation Limited (Registered number: 09427318) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 15. | RELATED PARTY DISCLOSURES |
| At the year end, included in creditors is the sum of £1,569 (2023:£2,481) and included in debtors is the sum of £1,756 (2023:£1,756) owed to and by key management personnel respectively. |
| During the year, transactions were entered into with entities under the common control of key management personnel as follows: |
| Expenditure includes costs of £120,244 (2023:£32,563). |
| Sales includes £32,125 (2023:£31,560). |
| At the year end, included in debtors is £111,709 (2023: £230,682), included in creditors is the sum of £2,089,387 ((2023:£1,365,297) owed by and to entities under the common control of key management personnel. There is no fixed repayment date on these loans and no interest has been charged. |