Alfieco Limited Accounts






Alfieco Limited

	Company No. 08319259
		Information for Filing with The Registrar
		30 September 2024

The Director presents his report and the accounts for the year ended 30 September 2024.

Principal activities
The principal activity of the company during the year under review was the specialist provision, management and servicing of trading units, promoting the business of multiple small enterprises focussed on art and antiques.




Director

The Director who served at any time during the year was as follows:

S.B. Gray









































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

S.B. Gray
Director
30 September 2024

at	30 September 2024
Company No.		08319259	Notes	2024	2023
				£	£
Fixed assets
	Intangible assets		4	2,548	1,750
	Tangible assets		5	10,240,958	10,189,650


				10,243,506	10,191,400
Current assets

	Debtors		6	1,826,071	1,941,457

	Cash at bank and in hand			1,187,352	934,230
				3,013,423	2,875,687
Creditors: Amount falling due within one year			7	(12,193,295)	(12,215,806)
Net current liabilities				(9,179,872)	(9,340,119)
Total assets less current liabilities				1,063,634	851,281

Provisions for liabilities
	Deferred taxation			(35,000)	(35,000)

Net assets				1,028,634	816,281

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		9	1,028,633	816,280

Total equity				1,028,634	816,281



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 September 2024 and signed on its behalf by:
S.B. Gray
Director
30 September 2024

for the year ended 30 September 2024

General information

Alfieco Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 08319259

Its registered office is:

Zellig Reception

Gibb Street

Birmingham

B9 4AT

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Basis of preparation

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

Going Concern

These financial statements have been prepared on a going concern basis.

Departure from FRS 102

The cost of freehold land and buildings is required to be depreciated over its useful life. The director has decided that, having regard to the nature of the building and its location in a prime site, its residual value is expected to be no lower than its carrying amount. Consequently, it has not been depreciated in these accounts.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Asset class

Amortisation method and rate

Intangible fixed assets

33.33% straight line

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Asset class

Depreciation method and rate

Freehold buildings

% not depreciated

Leasehold land and buildings

15% reducing balance

Plant and machinery

33.33% reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2024	2023
			Number	Number
		The average monthly number of employees (including directors) during the year was:	7	6

4	Intangible fixed assets
			Other	Total
			£	£
		Cost
		At 1 October 2023	28,883	28,883
		Additions	1,888	1,888

		At 30 September 2024	30,771	30,771
		Amortisation and impairment
		At 1 October 2023	27,133	27,133
		Charge for the year	1,090	1,090


		At 30 September 2024	28,223	28,223
		Net book values
		At 30 September 2024	2,548	2,548
		At 30 September 2023	1,750	1,750

5	Tangible fixed assets
			Land and buildings	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 October 2023	10,062,980	427,299	10,490,279
		Additions	12,750	59,850	72,600



		At 30 September 2024	10,075,730	487,149	10,562,879
		Depreciation
		At 1 October 2023	-	300,629	300,629
		Charge for the year	-	21,292	21,292



		At 30 September 2024	-	321,921	321,921
		Net book values
		At 30 September 2024	10,075,730	165,228	10,240,958
		At 30 September 2023	10,062,980	126,670	10,189,650

6	Debtors
			2024	2023
			£	£
		Trade debtors	92,080	81,363
		Amounts owed by group undertakings	-	281,003




		Other debtors	1,693,781	1,556,003
		Prepayments and accrued income	40,210	23,088
			1,826,071	1,941,457

7	Creditors:
		amounts falling due within one year
			2024	2023
			£	£

		Bank loans and overdrafts	2,831	3,549


		Trade creditors	16,164	30,211
		Amounts owed to group undertakings	11,868,394	11,891,872
		Taxes and social security	88,801	68,000
		Loans from directors	131,901	90,236
		Other creditors	79,654	73,923
		Accruals and deferred income	5,550	58,015
			12,193,295	12,215,806

Share Capital

Amounts called up and fully paid £1 (2023 £1)

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Post balance sheet events

At the balance sheet date, the company was party to a corporate reconstruction, which broadly involved its parent company, Mormor Limited, implementing a section 110 Insolvency Act 1986 arrangement. The appropriate advance tax clearances were obtained from HMRC. The ultimate beneficial owner of the company, Mr S B Gray, remained the same after the section 110 Insolvency Act 1986 arrangement was executed.

Related party disclosures

Transactions with related parties

The company extended the following loan to a company under the control of the director, Mr S B Gray. It is interest free and repayable on demand

Ardco Limited £1,554,941 (2023 - £1,554,941)

The company had a loan advanced by its parent, Mormor Limited, and has also lent money to another wholly owned subsidiary of the group, Antique Hypermarket Limited. These loans are interest free and repayable on demand.

Mormor Limited £11,807,300 (2023 - £9,377,300)

Antique Hypermarket Limited £77,706 (2023 - (£2,233,569))

Parent Company

The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:

Mormor Limited

The parent's registered office address is:

Unit UG03 Zellig

Gibb Street

Birmingham

B9 4AT

Advances and credits to directors

2024

At 1 October 2023

(90,236)

Advanced in the period

(41,665)

At 30 September 2024

(131,901)