REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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ALAMI INTERNATIONAL LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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FOR |
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ALAMI INTERNATIONAL LIMITED |
ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ALAMI INTERNATIONAL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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Habib Bank AG Zurich |
ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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BALANCE SHEET |
30TH SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Fair value reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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BALANCE SHEET - continued |
30TH SEPTEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Alami International Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The bank loan is secured by a fixed charge on the company's properties, plant and machinery, stocks, goodwill |
and other intellectual properties, and by a floating charge on all other assets.Going |
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Going concern |
The financial statements show net current liabilities of £353,014 at the year-end. The accounts have been |
prepared on a going concern basis assuming continued support from the directors and shareholders. |
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COVID-19 has severely impacted many economies around the globe. Businesses are being forced to cease or |
limit operations for short and long periods of time. Measures taken to contain the spread of the virus, including |
travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant |
disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have experienced |
great volatility and a significant weakening. The property market was effectively frozen during the period. |
Governments and central banks have responded with monetary and fiscal interventions to stabilise economic |
conditions |
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The Company has determined that these events are non-adjusting subsequent events. Accordingly, these financial |
statements have not been adjusted to reflect their possible impact. The duration and impact of the COVID-19 |
pandemic remains unclear at this time. Therefore it is not possible to accurately estimate the duration and |
severity of these consequences, as well as their impact on the financial position and results of the Company the |
short or long term. |
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In response to the guidelines issued by the UK government, the company significantly scaled back its operations. |
The company furloughed a number of employees in response to the significant reduction in demand amidst the |
pandemic and our bank have given us the required support during this challenging time. |
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Taking into account the support of our bank, directors, shareholders and other factors, the Directors have taken a |
view that the Company will have sufficient financial resources to weather the impact of COVID-19 and continue |
as a going concern. |
ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents value of goods sold, excluding value added tax and net of any discounts. |
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Turnover for sale of goods is recognised when the significant risks and rewards of ownership of the goods have |
been transferred to the buyer and when there is no continuing involvement with goods. |
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Where customers are arranging for the collection of the goods, turnover is recognised when the goods are handed |
over to the delivery carriers. For other sales transactions, turnover is recognised when the goods are physically |
handed over to the customer. |
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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. |
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Website costs |
Website costs is amortised over a period of three years on a straight line basis. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Freehold buildings are not depreciated as the directors consider that this policy is necessary in order that the |
financial statements may give a true and fair view. |
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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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st October 2018 |
and 30th September 2019 |
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AMORTISATION |
At 1st October 2018 |
and 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st October 2018 |
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Additions |
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At 30th September 2019 |
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DEPRECIATION |
At 1st October 2018 |
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Charge for year |
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At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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Freehold land and building comprise an asset under construction. |
ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1st October 2018 |
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Revaluations | 1,432,962 |
At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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Fair value at 30th September 2019 is represented by: |
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Valuation in 2010 | 2,274,908 |
Valuation in 2019 | 1,432,962 |
Cost | 3,682,130 |
7,390,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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2019 | 2018 |
£ | £ |
Cost | 3,786,482 | 3,786,482 |
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One of the investment properties was valued on an open market value basis on 7th September 2018 by R D |
Barrett (MRICS and RICS Registered Valuer) and F Longhurst (MRICS and RICS Registered Valuer) of |
Colliers International Valuation UK LLP, London. |
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In the opinion of the directors, the market values of the investment properties as at 30th September 2019 are |
unchanged at the revalued amounts as shown above. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Banks loans payable after more |
than 5 years by instalments | 2,429,000 | 2,187,000 |
2,429,000 | 2,187,000 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Bank facilities are secured by a fixed and floating charge over all of the company's assets. Directors' loans are |
also subordinated in favour of the bank. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary Shares | £1 | 1,667,305 | 1,667,305 |
ALAMI INTERNATIONAL LIMITED (REGISTERED NUMBER: 01149214) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st October 2018 |
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Transfer | 1,056,962 |
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At 30th September 2019 |
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13. | CAPITAL COMMITMENTS |
2019 | 2018 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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14. | RELATED PARTY DISCLOSURES |
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Vora Finance Corporation Limited |
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Common directors and shareholders |
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(i) The company had received unsecured loans in the previous years from Vora Finance Corporation Limited |
("VFPL"), a company in which all the Directors have a material interest - both as shareholders and directors. |
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(ii) The company paid interest of £1,140 (2018: £1,140) on the loans. At year-end, the balance payable to |
VFPL was £131,253 (2018: £127,060). |
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The Directors of the company |
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The company owed the directors an amount of £602,273 (2018: £385,585). These loans are interest-free and |
unsecured and subordinated in favour of a bank and other creditors of the company. |
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Close Family Members of the Directors |
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The Company owed an amount of £919,156 (2018: £386,984) to the directors close family members. |
These loans are interest-free and unsecured. |
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15. | ULTIMATE CONTROLLING PARTY |
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The company was controlled throughout the current and previous period by its directors and members of their |
close family, by virtue of the fact that between them they own all of the company's ordinary issued share capital. |