0
30/06/2023
2023-06-30
false
false
false
false
true
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
No description of principal activities is disclosed
2022-07-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
07981273
2022-07-01
2023-06-30
07981273
2023-06-30
07981273
2022-06-30
07981273
2021-07-01
2022-06-30
07981273
2022-06-30
07981273
2021-06-30
07981273
core:PlantMachinery
2022-07-01
2023-06-30
07981273
bus:RegisteredOffice
2022-07-01
2023-06-30
07981273
bus:OrdinaryShareClass1
2022-07-01
2023-06-30
07981273
bus:LeadAgentIfApplicable
2022-07-01
2023-06-30
07981273
bus:Director1
2022-07-01
2023-06-30
07981273
bus:Director2
2022-07-01
2023-06-30
07981273
core:WithinOneYear
2023-06-30
07981273
core:WithinOneYear
2022-06-30
07981273
core:PlantMachinery
2022-06-30
07981273
core:PlantMachinery
2023-06-30
07981273
core:RetainedEarningsAccumulatedLosses
2021-07-01
2022-06-30
07981273
core:RetainedEarningsAccumulatedLosses
2022-07-01
2023-06-30
07981273
core:UKTax
2022-07-01
2023-06-30
07981273
core:UKTax
2021-07-01
2022-06-30
07981273
bus:AllOrdinaryShares
2022-07-01
2023-06-30
07981273
core:ShareCapital
2023-06-30
07981273
core:ShareCapital
2022-06-30
07981273
core:RetainedEarningsAccumulatedLosses
2023-06-30
07981273
core:RetainedEarningsAccumulatedLosses
2022-06-30
07981273
core:ShareCapital
2021-06-30
07981273
core:RetainedEarningsAccumulatedLosses
2021-06-30
07981273
bus:OrdinaryShareClass1
core:ShareCapital
2023-06-30
07981273
bus:OrdinaryShareClass1
core:ShareCapital
2022-06-30
07981273
core:PlantMachinery
2022-06-30
07981273
bus:FRS102
2022-07-01
2023-06-30
07981273
bus:Audited
2022-07-01
2023-06-30
07981273
bus:FullAccounts
2022-07-01
2023-06-30
07981273
bus:LargeMedium-sizedCompaniesRegimeForAccounts
2022-07-01
2023-06-30
07981273
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
Company registration number:
07981273
ALFA COMMODITIES LIMITED
Financial statements
30 June 2023
Pearlman Rose
Chartered Accountants & Statutory Auditors
39-40 Skylines Village
Limeharbour
London E14 9TS
ALFA COMMODITIES LIMITED
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
ALFA COMMODITIES LIMITED
Directors and other information
|
|
|
|
Directors |
Mr P R Allan |
|
|
Mr R A E Mann |
|
|
|
|
|
|
|
Company number |
07981273 |
|
|
|
|
|
|
|
Registered office |
Fourth Floor |
|
|
42 Trinity Square |
|
|
London |
|
|
EC3N 4TH |
|
|
|
|
|
|
|
Auditor |
Pearlman Rose |
|
|
Chartered Accountants & Statutory Auditors |
|
|
39-40 Skylines Village |
|
|
Limeharbour, Docklands |
|
|
London |
|
|
E14 9TS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Natwest Bank Plc |
|
|
City of London Office |
|
|
PO Box 12258 |
|
|
1 Princes Street, London |
|
|
EC2R 8BP |
|
|
|
ALFA COMMODITIES LIMITED
Strategic report
Year ended 30 June 2023
The Directors present their report for Alfa Commodities Limited (the 'Company') for the year ended 30 June 2023. This report is specific to the Company and not the wider Ashley Group.
Principal activities
The principal activity of the Company during the year continued to be that of the purchase and sale of commodities from international suppliers to international customers respectively. There have been no significant changes in the Company's principal activities during the period and the Directors are not aware at the date of this report, of any likely changes in the Company's activities in the forthcoming year.
Results and performance
The Statement of Comprehensive Income for the period is set out on page 10. The Company's total comprehensive income for the year £1,336,301 (2022: £2,700,132 [10 months]) has been transferred to reserves. The total Shareholders Funds have increased during the year from £4,398,176 to £5,584,477.
The Company's asset management activity is done through its investment arm ACL Holding Ltd, and with selected strategic partners. And significantly the Company diversified its commercial activities through performing commercial management for vessels owned by third parties as well as by Group-owned vessels.
Future developments
As part of the Ashley Group, the Company is well positioned to take advantage of future opportunities in a highly competitive and cost-efficient market. Where possible the Company has responded with innovation and reorganisation to drive down costs and find better, more efficient solutions. A focused strategy has been effective in strengthening market position and changing the industry dynamics.
Going forward, the Group aims to continue growing in the UK and internationally. This will be achieved organically meeting clinical needs with existing products, through product development, and through acquisitions. With a dedicated team in place, we have confidence we will adapt to these rapid changes in the marketplace.
The period of global uncertainty looks set to continue, however with our continued investment and innovation, we remain confident in our ability to respond effectively to these challenges and maintain our robust operational and financial performance.
Directors' statutory responsibilities
The Directors are aware of the duties and responsibilities placed upon them by the Companies Acts and therefore they carry out their duties in a way that they consider would be most likely to promote the success of the Company for the benefit of its members, and in doing so have regard to a range of matters when making decisions for the short and long term.
They adhere to the overall group policies laid out by the members and to those relating specifically to the Company. Their main responsibilities are:-
1. Setting the values used to guide the affairs of the Company. This includes the Company's commitment to achieving its health and safety goals and the Company's adherence to the highest ethical standards in all its operations worldwide.
2. Integrating environmental improvement into business plans and strategies and seeking to plant sustainability into the Company's business processes.
3. Overseeing the Company's compliance with its statutory and regulatory obligations and ensuring that systems and processes are in place to enable these obligations to be met.
4. Setting the strategy and targets of the Company.
5. Overseeing the Company's compliance with financial reporting and disclosure obligations.
6. Overseeing the risk management of the Company.
7. Ensuring the effective corporate governance of the Company.
Responsibilities during the period
During the period, the Directors set out a plan for their tasks for the ensuing year, which includes a review of strategy, objectives and their implementation, and the review and monitoring of the Company's financial performance.
It is the duty of the accounts function to provide the Directors with appropriate, precise, and timely information on the operations and financial performance of the Company.
Risk management and internal control
The Directors acknowledge their responsibility for the Company's system of internal control and for reviewing its effectiveness. The Company's system of internal control is designed to manage any potential operational or financial risks.
The Company adopts internal controls appropriate to its business activities and geographical spread and has in place clearly defined lines of responsibility and limits of delegated authority. Comprehensive procedures provide for the appraisal, approval, control, and review of capital expenditure.
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to several risks. The Company is subject to management processes applicable to the entire Group. The Group's risk management programme seeks to limit the adverse effects of these factors on the financial performance of group companies. Information on how the risks specific to the Company arise are set out below, as are the objectives, policies and processes for their management and the methods used to measure each risk. The key business risks and uncertainties affecting the Company include:Geographic riskThe Company operates in several countries worldwide, each with specific political, economic and social characteristics which can give rise to various risks and uncertainties that can, on occasion, adversely impact project execution and financial performance, including but not limited to:- Economic instability- Legal, fiscal and regulatory uncertainty and change;- Export controls- Civil or political unrest; including war; and- Regime changeCountry or regional risk are identified and evaluated before and during Company operations in such markets. Appropriate risk responses are developed and implemented to mitigate the likelihood and impact of identifiedrisks. The Company adopts a protective and rigorous approach to assessing and mitigating these risks.Cash flow and liquidity riskThe Company's working capital position is affected by the timing of contract cash flows where the timing of receipts from customers may not necessarily match the timing of payments made to suppliers. The availability of short-term and long-term financing may be required to meet obligations as they fall due.
The Company is part of the Group's centralised financing arrangements which, through committed banking facilities, seeks to meet the working capital requirements of all group companies and finance the acquisition or construction of new assets. The Group actively maintains a mixture of long-term and short-term committed facilities that are designed to ensure the Group has sufficient available funds for operations and planned expansions. The Group has access to committed external facilities and other sources of external finance which can be made available to the Company as required. The Company has access to these sources of funding through a working capital facility provided by a fellow group company.
In the opinion of the Directors the Company is well placed to successfully manage the principal risks and uncertainties.
This report was approved by the board of directors on .............................. and signed on behalf of the board by:
Mr P R Allan
Director
ALFA COMMODITIES LIMITED
Directors report
Year ended 30 June 2023
The directors present their report and the financial statements of the company for the year ended 30 June 2023.
Directors
The directors who served the company during the year were as follows:
|
Mr P R Allan |
Mr R A E Mann |
|
Dividends
Particulars of recommended dividends are detailed in note 8 to the financial statements.
Events after the end of the reporting period
Particulars of events after the reporting period are detailed in note 19 to the financial statements.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors 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 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 judgments and accounting estimates that are reasonable and prudent; and
-
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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
01 March 2024
and signed on behalf of the board by:
Mr P R Allan
Director
ALFA COMMODITIES LIMITED
Independent auditor's report to the members of
ALFA COMMODITIES LIMITED
Year ended 30 June 2023
Opinion
We have audited the financial statements of ALFA COMMODITIES LIMITED (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - enquiry of management about the Group’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance; - examining supporting documents for all material balances, transactions and disclosures; - review of the board meeting minutes; - enquiry of management and review and inspection of relevant correspondence; - evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions; - analytical procedures to identify any unusual or unexpected relationships; - testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and - review of accounting estimates for biases. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mohammad Jilani
(Senior Statutory Auditor)
For and on behalf of
Pearlman Rose
Chartered Accountants & Statutory Auditors
39-40 Skylines Village
Limeharbour, Docklands
London
E14 9TS
04 March 2024
ALFA COMMODITIES LIMITED
Statement of comprehensive income
Year ended 30 June 2023
|
|
|
|
Year |
|
Period |
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
30/06/23 |
|
30/06/22 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
148,848,299 |
|
148,223,707 |
|
|
Cost of sales |
|
|
|
(
147,082,233) |
|
(
144,851,604) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
1,766,066 |
|
3,372,103 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
83,699) |
|
(
36,924) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
5 |
|
1,682,367 |
|
3,335,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit before taxation |
|
|
|
1,682,367 |
|
3,335,179 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
6 |
|
(
346,066) |
|
(
635,047) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
1,336,301 |
|
2,700,132 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
ALFA COMMODITIES LIMITED
Statement of financial position
30 June 2023
|
|
|
30/06/23 |
|
|
|
30/06/22 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
9 |
34,554 |
|
|
|
40,652 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
34,554 |
|
|
|
40,652 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
10 |
45,429,339 |
|
|
|
29,129,850 |
|
|
Cash at bank and in hand |
|
|
3,996,351 |
|
|
|
30,604,681 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
49,425,690 |
|
|
|
59,734,531 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
11 |
(
43,875,767) |
|
|
|
(
55,377,007) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
5,549,923 |
|
|
|
4,357,524 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
5,584,477 |
|
|
|
4,398,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
5,584,477 |
|
|
|
4,398,176 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
12 |
|
|
10,000 |
|
|
|
10,000 |
Profit and loss account |
|
13 |
|
|
5,574,477 |
|
|
|
4,388,176 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
5,584,477 |
|
|
|
4,398,176 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
01 March 2024
, and are signed on behalf of the board by:
Mr P R Allan
Director
Company registration number:
07981273
ALFA COMMODITIES LIMITED
Statement of changes in equity
Year ended 30 June 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 September 2021 |
|
10,000 |
|
1,688,044 |
1,698,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
2,700,132 |
2,700,132 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
2,700,132 |
2,700,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 30 June 2022 and 1 July 2022 |
|
10,000 |
|
4,388,176 |
4,398,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
1,336,301 |
1,336,301 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
1,336,301 |
1,336,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
150,000) |
(
150,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
150,000) |
(
150,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 30 June 2023 |
|
10,000 |
|
5,574,477 |
5,584,477 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALFA COMMODITIES LIMITED
Statement of cash flows
Year ended 30 June 2023
|
|
Year |
|
Period |
|
|
|
ended |
|
ended |
|
|
|
30/06/23 |
|
30/06/22 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
1,336,301 |
|
2,700,132 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
6,098 |
|
7,174 |
|
Tax on profit |
|
346,066 |
|
635,047 |
|
Accrued expenses/(income) |
|
3,200 |
|
- |
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Trade and other debtors |
|
(
16,299,489) |
|
(
22,881,480) |
|
Trade and other creditors |
|
(
18,319,278) |
|
49,449,661 |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
(
32,927,102) |
|
29,910,534 |
|
|
|
|
|
|
|
Tax paid |
|
(
634,978) |
|
(
28,179) |
|
|
|
_______ |
|
_______ |
|
Net cash (used in)/from operating activities |
|
(
33,562,080) |
|
29,882,355 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from loans from group undertakings |
|
7,103,750 |
|
- |
|
Equity dividends paid |
|
(
150,000) |
|
- |
|
|
|
_______ |
|
_______ |
|
Net cash from financing activities |
|
6,953,750 |
|
- |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
26,608,330) |
|
29,882,355 |
|
Cash and cash equivalents at beginning of year |
|
30,604,681 |
|
722,326 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
|
3,996,351 |
|
30,604,681 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
ALFA COMMODITIES LIMITED
Notes to the financial statements
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Fourth Floor, 42 Trinity Square, London, EC3N 4TH.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
15 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Turnover
Turnover arises from:
|
|
|
Year |
Period |
|
|
|
ended |
ended |
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Sale of goods |
|
148,848,299 |
148,223,707 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
Year |
Period |
|
|
|
|
ended |
ended |
|
|
|
|
30/06/23 |
30/06/22 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
6,098 |
7,174 |
|
Fees payable for the audit of the financial statements |
|
|
9,000 |
7,500 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Tax on profit
Major components of tax expense
|
|
|
Year |
Period |
|
|
|
ended |
ended |
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
346,066 |
635,047 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
346,066 |
635,047 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The financial year of the company straddles fiscal years 2022/23 and 2023/24. The tax has therefore been calculated for 9 months at 19% and 3 months at 25% of the taxable profits respectively.
|
|
|
Year |
Period |
|
|
|
ended |
ended |
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
1,682,367 |
3,335,179 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
319,650 |
633,684 |
|
Effect of capital allowances and depreciation |
|
1,312 |
1,363 |
|
Effect of different UK tax rates on some earnings |
|
25,104 |
- |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
346,066 |
635,047 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
|
|
|
Year |
Period |
|
|
|
ended |
ended |
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Profit for the year attributable to the owners of the company |
|
1,336,301 |
2,700,132 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
|
|
|
Year |
Period |
|
|
|
ended |
ended |
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Earnings/(loss) used in calculation of basic earnings/(loss) per share |
|
1,336,301 |
2,700,132 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Dividends
Equity dividends
|
|
|
Year |
Period |
|
|
|
ended |
ended |
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior period) |
|
150,000 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Tangible assets
|
|
Plant and machinery |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 July 2022 and 30 June 2023 |
66,195 |
66,195 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 July 2022 |
25,543 |
25,543 |
|
|
|
|
|
|
Charge for the year |
6,098 |
6,098 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 June 2023 |
31,641 |
31,641 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 June 2023 |
34,554 |
34,554 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 June 2022 |
40,652 |
40,652 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.
Debtors
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Trade debtors |
|
204,617 |
4,159,062 |
|
Amounts owed by group undertakings |
|
39,040,800 |
15,004,309 |
|
Prepayments and accrued income |
|
2,271,628 |
9,962,850 |
|
Other debtors |
|
3,912,294 |
3,629 |
|
|
|
_______ |
_______ |
|
|
|
45,429,339 |
29,129,850 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due within one year
|
|
|
30/06/23 |
30/06/22 |
|
|
|
£ |
£ |
|
Trade creditors |
|
36,355,809 |
54,674,787 |
|
Amounts owed to group undertakings |
|
7,103,750 |
- |
|
Accruals and deferred income |
|
18,500 |
15,300 |
|
Corporation tax |
|
346,135 |
635,047 |
|
Other creditors |
|
51,573 |
51,873 |
|
|
|
_______ |
_______ |
|
|
|
43,875,767 |
55,377,007 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
|
|
30/06/23 |
|
|
|
30/06/22 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
14.
Analysis of changes in net debt
|
|
At 1 July 2022 |
Cash flows |
At 30 June 2023 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
30,604,681 |
(26,608,330) |
3,996,351 |
|
|
|
|
Debt due within one year |
- |
(7,103,750) |
(7,103,750) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
30,604,681 |
(
33,712,080) |
(
3,107,399) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
15.
Charge on assets
The bank has a fixed and floating charge over all the assets of the company to secure the bank loan in other group companies. This loan was repaid in full in August 2023 and the bank has been requested to remove this charge.
16.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Balance owed by/(owed to) |
|
|
|
|
|
Year |
Period |
|
|
|
|
ended |
ended |
|
|
|
|
30/06/23 |
30/06/22 |
|
|
|
|
£ |
£ |
|
|
|
Ashley Chartering Limited |
13,507,352 |
1,817,547 |
|
|
|
Ashley Global Shipping Limited |
25,533,448 |
13,186,762 |
|
|
|
Ashley Agro Limited |
(
6,953,750) |
- |
|
|
|
Murano Global Limited |
3,912,294 |
- |
|
|
|
Ashley Group Holdings Limited |
(
150,000) |
- |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
The amount owed by Murano Global Limited is included in Other Debtors.
17.
Controlling party
The ultimate controlling party as at the balance sheet date was Mr C A Mann (also see note 18).
18.
Ultimate parent undertaking
The company's parent is Ashley Group Holdings Limited.
19.
Events after the end of the reporting period
On 31 August 2023 the existing shareholder disposed of 51% of his shareholding in Ashley Group Holdings Limited to Ashley Group Holdings Employee Ownership Trustee Limited under the provisions governing the Employee Ownership Trust scheme. All relevant clearances required under the pertinent Taxes Acts were obtained from HMRC prior to the transaction.