Alwayse Holdings Limited - Limited company accounts 22.3

REGISTERED NUMBER: 06677022 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

ALWAYSE HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Z M Lawton

P J Lawton

L Pinnick

REGISTERED OFFICE:

6 Miller Street

Aston

Birmingham

B6 4NF

REGISTERED NUMBER:

06677022 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

The directors present their strategic report of the company and the group for the year ended 31 March 2022.

REVIEW OF BUSINESS

Turnover has increased by 36.3% in the year ended 31 March 2022. Gross margin has increased to 62.00% (2021: 58.76%).

PRINCIPAL RISKS AND UNCERTAINTIES

A major risk for the Group, as with any business, is the loss of existing customers to competitors and failure to win new customer accounts. The Company manages this risk of customer attrition by being proactive in providing added value services, being reactive to customer concerns, handling all customer queries in a proficient manner and by maintaining strong relationships. The potential failure to win new business is mitigated by investing in our products to address market and technology trends, along with developing a strong marketing and sales function.

FOREIGN CURRENCY RISK

The Company is exposed in its trading operations to the risk of changes in foreign currency exchange rates. As the Company both buys and sells goods and services within Europe and the rest of the world, the overall risk is not significant.

CREDIT RISK

The Company's principal financial assets are bank balances, cash and trade debtors which represent the Company's maximum exposure to credit risk in relation to financial assets.

The Company's credit risk is primarily attributable to its trade debtors. The Company is fortunate that a large percentage of its turnover is derived from low risk enterprises. Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the Company's management based on prior experience and their assessment of the current economic environment.

LIQUIDITY RISK

The Company's policy has been to ensure continuity of funding through acquiring an element of the Company's fixed assets, where appropriate, under finance leases and arranging funding for investments and operations via medium to long term loans.

RESEARCH AND DEVELOPMENT

During the year, the company continued to be involved in the development and design of its own ball transfer units.

FUTURE DEVELOPMENTS

The directors are reasonably confident that there will be a continuing improvement in future sales. There are ongoing efforts to reduce operating costs and thus ensure their continued survival in challenging global conditions.

ON BEHALF OF THE BOARD:

P J Lawton - Director

21 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2022.

DIVIDENDS

No interim dividends were paid during the year ended 31 March 2022.

The directors recommend final dividends per share as follows:

Ordinary 1 shares

799,939

A Ordinary 1 shares

280,035

B Ordinary 1 shares

279,919

The total distribution of dividends for the year ended 31 March 2022 will be £ 1,359,893 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

Z M Lawton

P J Lawton

L Pinnick

POLITICAL DONATIONS AND EXPENDITURE

During the period there were no donations made to political parties. All donations made in the year were to charitable entities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P J Lawton - Director

21 December 2022

Opinion

We have audited the financial statements of Alwayse Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 March 2022 and of the group's 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 qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

23 December 2022

TURNOVER

5,576,267

4,090,836

Cost of sales

2,118,760

1,687,138

GROSS PROFIT

3,457,507

2,403,698

Administrative expenses

1,621,309

1,485,414

1,836,198

918,284

Other operating income

2,141

288,413

OPERATING PROFIT

4

1,838,339

1,206,697

Interest receivable and similar income

-

4,380

PROFIT BEFORE TAXATION

1,838,339

1,211,077

Tax on profit

5

311,221

170,763

PROFIT FOR THE FINANCIAL YEAR

1,527,118

1,040,314

Profit attributable to:

Owners of the parent

1,527,118

1,040,314

PROFIT FOR THE YEAR

1,527,118

1,040,314

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,527,118

1,040,314

Total comprehensive income attributable to:

Owners of the parent

1,527,118

1,040,314

FIXED ASSETS

Tangible assets

8

2,382,922

2,254,711

Investments

9

-

-

2,382,922

2,254,711

CURRENT ASSETS

Stocks

10

822,301

809,550

Debtors

11

1,293,698

1,058,613

Cash at bank and in hand

2,909,872

2,709,666

5,025,871

4,577,829

CREDITORS

Amounts falling due within one year

12

1,027,276

685,800

NET CURRENT ASSETS

3,998,595

3,892,029

TOTAL ASSETS LESS CURRENT LIABILITIES

6,381,517

6,146,740

PROVISIONS FOR LIABILITIES

14

136,132

68,580

NET ASSETS

6,245,385

6,078,160

CAPITAL AND RESERVES

Called up share capital

15

160,100

160,100

Retained earnings

16

6,085,285

5,918,060

SHAREHOLDERS' FUNDS

6,245,385

6,078,160

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

P J Lawton - Director

FIXED ASSETS

Tangible assets

8

1,801,934

1,843,840

Investments

9

160,100

160,100

1,962,034

2,003,940

CURRENT ASSETS

Debtors

11

-

50,600

Cash at bank

42,328

35,443

42,328

86,043

CREDITORS

Amounts falling due within one year

12

125,351

44,541

NET CURRENT (LIABILITIES)/ASSETS

(83,023

)

41,502

TOTAL ASSETS LESS CURRENT LIABILITIES

1,879,011

2,045,442

CAPITAL AND RESERVES

Called up share capital

15

160,100

160,100

Retained earnings

16

1,718,911

1,885,342

SHAREHOLDERS' FUNDS

1,879,011

2,045,442

Company's profit for the financial year

1,193,462

808,725

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2022 and were signed on its behalf by:

P J Lawton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2020

160,100

5,677,946

5,838,046

Changes in equity

Dividends

-

(800,200

)

(800,200

)

Total comprehensive income

-

1,040,314

1,040,314

Balance at 31 March 2021

160,100

5,918,060

6,078,160

Changes in equity

Dividends

-

(1,359,893

)

(1,359,893

)

Total comprehensive income

-

1,527,118

1,527,118

Balance at 31 March 2022

160,100

6,085,285

6,245,385

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2020

160,100

1,876,817

2,036,917

Changes in equity

Dividends

-

(800,200

)

(800,200

)

Total comprehensive income

-

808,725

808,725

Balance at 31 March 2021

160,100

1,885,342

2,045,442

Changes in equity

Dividends

-

(1,359,893

)

(1,359,893

)

Total comprehensive income

-

1,193,462

1,193,462

Balance at 31 March 2022

160,100

1,718,911

1,879,011

Cash flows from operating activities

Cash generated from operations

1

1,976,689

1,185,566

Tax paid

(177,680

)

(6,023

)

Net cash from operating activities

1,799,009

1,179,543

Cash flows from investing activities

Purchase of tangible fixed assets

(242,882

)

(7,898

)

Sale of tangible fixed assets

7,000

-

Interest received

-

4,380

Net cash from investing activities

(235,882

)

(3,518

)

Cash flows from financing activities

Amount introduced by directors

(1,049

)

-

Amount withdrawn by directors

(1,979

)

-

Equity dividends paid

(1,359,893

)

(800,200

)

Net cash from financing activities

(1,362,921

)

(800,200

)

Increase in cash and cash equivalents

200,206

375,825

Cash and cash equivalents at beginning of year

2

2,709,666

2,333,841

Cash and cash equivalents at end of year

2

2,909,872

2,709,666

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2022

2021

£

£

Profit before taxation

1,838,339

1,211,077

Depreciation charges

113,871

95,525

Profit on disposal of fixed assets

(6,201

)

-

Finance income

-

(4,380

)

1,946,009

1,302,222

(Increase)/decrease in stocks

(12,751

)

91,045

Increase in trade and other debtors

(232,056

)

(375,824

)

Increase in trade and other creditors

275,487

168,123

Cash generated from operations

1,976,689

1,185,566

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2022

31.3.22

1.4.21

£

£

Cash and cash equivalents

2,909,872

2,709,666

Year ended 31 March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

2,709,666

2,342,146

Bank overdrafts

-

(8,305

)

2,709,666

2,333,841

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.21

Cash flow

At 31.3.22

£

£

£

Net cash

Cash at bank and in hand

2,709,666

200,206

2,909,872

2,709,666

200,206

2,909,872

Total

2,709,666

200,206

2,909,872

1.	STATUTORY INFORMATION

Alwayse Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

2% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme income which is included within other operating income.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

1,490,605

1,458,366

Social security costs

146,938

144,651

Other pension costs

83,232

144,158

1,720,775

1,747,175

The average number of employees during the year was as follows:

2022

2021

Production

20

27

Administration

18

15

Directors

4

4

42

46

The average number of employees by undertakings that were proportionately consolidated during the year was 42 (2021 - 46 ) .

2022

2021

£

£

Directors' remuneration

333,123

220,001

Directors' pension contributions to money purchase schemes

52,687

64,850

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2022

2021

£

£

Emoluments etc

26,208

120,000

Pension contributions to money purchase schemes

9,600

37,350

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022

2021

£

£

Depreciation - owned assets

113,871

95,524

Profit on disposal of fixed assets

(6,201

)

-

Auditors' remuneration

20,661

26,890

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

243,670

177,680

Deferred tax

67,551

(6,917

)

Tax on profit

311,221

170,763