REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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ALPHA CHARLIE LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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ALPHA CHARLIE LTD |
ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ALPHA CHARLIE LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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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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ACCOUNTANTS: |
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Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 | ( |
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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. |
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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 and authorised for issue by the Board of Directors and authorised for issue on
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ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Alpha Charlie Ltd is a
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Principal activity |
The principal activity of the company in the year under review was that of manufacture, wholesale and retail of luxury clothing and apparel. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Income is recognised at the date of dispatch when the risks and rewards of ownership pass 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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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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Going concern |
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. During the year, the directors prepared a three year plan for the business and the company's shareholders invested a further £1.7m in the company. Further funding has been raised in June 2020 to support working capital. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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In their assessment of going concern the directors have considered the current and developing impact on the business as a result of the COVID19 virus. This has had a significant impact on the business cash flow requirements which the investors have already supported with a fund raise in June 2020. The lasting impact of COVID-19 is not expected to have a material impact on the business post December 2020 but this is being monitored by the directors each month and they are aware that if the current situation worsens then the current cash flow position may change. |
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Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Cash and Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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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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ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 April 2019 |
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Additions |
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Reclassification/transfer |
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At 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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Reclassification/transfer |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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Reclassification/transfer |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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Reclassification/transfer |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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Included in other debtors are debtors subject to limited recourse financing of £Nil (2019: £73,532) in ordinary course of business. |
ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
as restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
as restated |
£ | £ |
Other creditors |
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As at 31 March 2020, the balance due on debenture loans included the principal of £45,000 (2019: £45,000) and accrued interest of £23,701 (2019: £18,316). The total balance is repayable in 6 years from the date of the agreement and secured by way of a first floating charge over all of the company's assets and undertakings. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
as restated |
£ | £ |
Within one year |
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Between one and five years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2020 | 2019 |
£ | £ |
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7,500,000 | A Ordinary | £0.00001 | 75 | 75 |
13,490,427 | B Ordinary | £0.00001 | 135 | 135 |
510,112 | C Ordinary | £0.00001 | 5 | - |
750,000 | D Ordinary | £0.00001 | 8 | 8 |
4,847,172 | E Ordinary | £0.00001 | 48 | 21 |
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271 | 239 |
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Shares were issued for cash at a premium during the year as follows: |
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510,112 C Ordinary shares valued at £0.00001 per share for £5 |
1,132,193 E Ordinary shares valued at £0.00001 per share for £800,008 |
1,592,148 E Ordinary shares valued at £0.00001 per share for £900,010 |
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A, B and E Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
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C Ordinary shares have attached to them dividend and capital distribution (including on winding up) rights. They have no voting rights and are non-redeemable. |
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D Ordinary shares have no voting rights. |
ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2019 | ( |
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1,464,413 |
Deficit for the year | ( |
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New share issue | - | 1,677,388 | 1,677,388 |
At 31 March 2020 | ( |
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872,468 |
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12. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charged represents contributions payable by the company during the year to the fund and amounted to £14,647 (2019: £11,301). At the year end date, £2,826 (2019: £4,675) was owed by the company to the fund. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company has no controlling party. |