REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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ALPHA CHARLIE LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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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 2022 |
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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 2022 |
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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 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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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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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Retained earnings | 12 |
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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 2022 |
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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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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. 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 issues within the retail environment and the projected return on any future investment. As such the directors have decided to take a pause on the operations of the business in order to review strategy and assess the future of the business. The business will continue to operate to facilitate its current royalty agreements and other opportunities that may arise. The business has sufficient working capital to ensure all its current liabilities will be met as they fall due. Under the terms of an intercreditor deed, amounts payable to related parties will only be paid when the company has sufficient funds to do so. |
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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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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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Government grants |
Grants relate to amounts received under the Government's Coronavirus Job Retention Scheme and the Coronavirus Bounce Back Loan scheme. Grants are accounted for on an accruals basis and recognised in the Statement of Comprehensive Income as other income. |
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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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ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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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. |
ALPHA CHARLIE LTD (REGISTERED NUMBER: 09750118) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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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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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 April 2021 |
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Disposals | ( |
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At 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Eliminated on disposal | ( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
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COST |
At 1 April 2021 |
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Additions |
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Disposals | ( |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Eliminated on disposal | ( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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6. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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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 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
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 |
2022 | 2021 |
£ | £ |
Bank loans |
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Other creditors |
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As at 31 March 2022, the balance due on debenture loans included within other creditors due after more than one year, included the principal of £45,000 (2021: £45,000) and accrued interest of £34,708 (2021: £29,204). 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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In the prior year, the company obtained a £50,000 Bounce Back Loan as part of the Covid-19 government support to businesses during the pandemic. Interest is payable on the loan at 2.5% per annum over 6 years. The interest payable for the first 12 months is paid by the Government. The loan is due to be repaid in 60 monthly instalments commencing 12 months from drawdown date. The loan is secured by a Government backed guarantee. |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2022 | 2021 |
£ | £ |
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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 | 5 |
750,000 | D Ordinary | £0.00001 | 8 | 8 |
8,415,035 | E Ordinary | £0.00001 | 84 | 66 |
307 | 289 |
Shares were issued for cash at a premium during the year as follows: |
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1,761,351 E Ordinary shares valued at £0.00001 per share for £780,000 |
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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 2022 |
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12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2021 |
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357,404 |
Deficit for the year | ( |
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New share issue | - | 779,982 | 779,982 |
At 31 March 2022 |
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(300,920 | ) |
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13. | 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 £10,080 (2021: £13,014). At the year end date, £4,263 (2021: £2,946) was owed by the company to the fund. |
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14. | RELATED PARTY DISCLOSURES |
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A Chung |
Director |
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Included in creditors falling due within one year, is an amount due to A Chung of £30,000 (2021: £nil). |
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15. | ULTIMATE CONTROLLING PARTY |
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The company has no controlling party. |