ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

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Registered number: 01399323

A & H Europe Ltd

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2022

A & H Europe Ltd

Registered number: 01399323

Balance Sheet

As at 31 December 2022

		2022		2021
Note		£		£


Current assets
Stocks		-		1,355
Debtors: amounts falling due within one year	4	343,574		335,679
Cash at bank and in hand		19,484		15,104
		363,058		352,138
Creditors: amounts falling due within one year	5	(48,091)		(19,310)
Net current assets			314,967		332,828
Total assets less current liabilities			314,967		332,828

Net assets			314,967		332,828

Capital and reserves
Called up share capital	6	10,000	10,000
Capital redemption reserve		49	49
Profit and loss account		304,918	322,779
		314,967	332,828

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J C Kerr

Company secretary and director

Date: 28 September 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1

A & H Europe Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2022

1.	General information

The company is a private company limited by share capital incorporated in England. The registration number and the address of its registered office, which is also its principal place of business, are listed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date the company has net current assets of £314,967 after reporting a loss of £17,861, but included as part of net current assets is a total amount due from fellow group companies of £321,550. The directors have received confirmation over the accuracy of the total group balance due to the company but have not been able to obtain sufficient information from the fellow group companies on their ability to repay the amounts due. The directors have also received assurances from A&H Mfg Co LLC that it will continue to support the company to enable it to continue trading and to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, but they have not been provided with information to support these assurances. Notwithstanding these matters, the directors are of the opinion that the financial statements should be prepared on a going concern basis but acknowledge that, in the absence of the supporting information, a material uncertainty exists in respect of the preparation of the financial statements on a going concern basis. If the going concern assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts and to provide for any further liabilities which might arise.

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A & H Europe Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2022

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from commissions on sales and debt collection and management charges are recognised in the period the services are provided.

2.4

Leases

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the lease term.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

A & H Europe Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2022

2.Accounting policies (continued)

2.8

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.9

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2.10

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

2.11

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

2.12

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a seperate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held seperately from the company in independently administered funds.

Page 4

A & H Europe Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2022

2.Accounting policies (continued)

2.13

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 5).

Debtors

					2022	2021
					£	£


Trade debtors	35	2
Amounts owed by group undertakings	321,550	314,680
Other debtors	21,989	20,997
	343,574	335,679

5.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	975	242
Corporation tax	148	148
Other taxation and social security	10,703	10,902
Other creditors	36,265	8,018
	48,091	19,310

6.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

10,000 (2021 - 10,000) Ordinary shares of £1.00 each	10,000	10,000

Page 5

A & H Europe Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2022

7.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,261 (2021 - £15,142). Contributions totalling £5,001 (2021 - £2,116) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	19,665	16,832
Later than 1 year and not later than 5 years	73,082	5,414
	92,747	22,246

9.	Related party transactions
	Directors' remuneration During the year directors' remuneration (including benefits in kind and money purchase pension scheme contributions) totalled £112,123 (2021 - £98,808). The company has taken advantage of the exemption in Section 1A of FRS 102 from disclosing transactions with other wholly owned members of the group.

10.	Parent undertaking

The company's immediate parent is A & H Worldwide LLC, incorporated in United States.
A & H Worldwide LLC's registered office and principal place of business is 1 Carding Lane, Johnston, RI 02919. Its financial statements are not publicly available.
At the year end the ultimate controlling party was Anthony Calandrelli.

11.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was qualified.

The qualification in the audit report was as follows:

Included in amounts owed by group undertakings, in debtors, is an amount of £229,335 due from the Company's immediate parent company and an amount of £92,215 due from a fellow group company. We have received confirmations from these counterparties of the accuracy of these debtor balances but we have been unable to obtain sufficient appropriate audit evidence regarding the recoverability of these debts in full.

The audit report was signed on 28 September 2023 by Graham Hunt BA FCA (Senior Statutory Auditor) on behalf of Kreston Reeves LLP.

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