ALINA HOLDINGS PLC
Alina Holdings PLC (ALNA)
Alina Holdings PLC
Alina Holdings PLC (Reuters: ALNA.L, Bloomberg: ALNA:LN) (“Alina”, “ALNA” or the “Company”)
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 The Company today announces its audited results for the year ended 31 December 2023. The information set out below is extracted from the Company's Report and Accounts for the year ended 31 December 2023, which will be published today on the Company's website www.alina-holdings.com. A copy has also been submitted to the National Storage Mechanism where it will be available for inspection. Cross-references in the extracted information below refer to pages and sections in the Company's Report and Accounts for the year ended 31 December 2023. REPORT FOR THE YEAR TO 31 DECEMBER 2023
AlinaHoldingsPLC(“Alina”orthe“Company”)isacompanyregisteredontheMainMarketoftheLondonStock Exchange. The group financial statements consolidate those of the Company and its subsidiaries (together referred to as the“Group”).
CHAIRMAN’SSTATEMENTWritingone’sownreportcardisalwaysatimeforself-reflection,particularlywhentheconclusionis“couldhave donebetter”. In2023we…readI…definitelycouldhavedonebetter.FollowingtheQ3correction,theNASDAQ100(NDX)staged aremarkablerecoveryand,from27Octoberto29December,surged27.6%.DrivenbytheMagnificent7,which contributed nearly half of the broader market’s 2023 performance,and its poster child Nvidia (NVDA),which rose 239%,the NDX registered a 54.9% for the year when many,including ourselves,had anticipated a recession due tohigherinterestratesandstickyinflation.Theironyisnotlostonusaswehavesincebeenprovenrightandthe anticipatedFedPivothasnotyethappened,asinflationhasprovenstickierthatmosthadpredicted. Alina’s portfolio of assets is a mixture of Operating,financial (including cash) assets,and a limited number of hedgepositions.Clearlyhedgingdoesn’talwayswork,andonoccasionitbackfiresandincreasesrisk.In2023, our hedging activities were a small drag on our results but,as with any insurance policy,there is always a price for protection.Iampleasedtoreportthatsincetheendoftheyear,ourlargestshortpositioninTesla(TSLA)generated arealisedgainof$731k(£587Kat£/$1.2437)orareturnonaveragecapitalemployed(ROACE)of258%.TheTSLA shortpositionwasclosedouton23April2024,themorningbeforeTSLAreportedQ1earnings. PropertyAssetsBrislington,Bristol:Currently underperforming our expectations due to tenant problems,partially caused by scaffoldingerectedforworkontheLandlord’sadjacentbuildingthatarecurrentlymoribund. CastleCourt,Hastings:FormerArgosunithasnowbeenrefurbishedandasbestosremoved.Claimforexpenditure pluscostswillnowbesubmittedtoSainsbury’s,thenewowner’sofArgosperthe‘fullrepairinglease’thatthey haveignored. Former Italian Way (restaurant) unit has now been recovered from illegal tenant that had taken occupation without evenbotheringtoapplyforalease.Refurbishmentwillbeundertakenandapplicationtoexpandtheunitwillbe soughtfromHastingsCouncil,theFreeholdowner. Shaw,Suffolk:Small unit,intheprocess ofbeing sold. OutlookSadly, I do not believe that Geo-political risk is properly reflected in current US share prices. Therefore, the likelihood of the correction we anticipated last year,but which turned into an enormous AI infused rally,still exists. Whilstwewillalwaysbesubstantiallyskewedtothelongside,wewillcontinuetotryandprotectdownsiderisk.
Duncan SoukupChairman AlinaHoldingsplc 29 April 2024
FINANCIAL REVIEW
The financial statements contained in this report have been prepared in accordance with UK Adopted International AccountingStandards. ResultTheGrouprecordedanIFRSlossfortheyearto31December2023of£1,123,000,or4.95p/shr(2022:loss £136,000,or0.60p/shr).ThemajorityofthelosseswereassociatedwiththedeclineinvalueoftheCompany’s HEIQinvestment,andlossesonhedges,partiallyoffsetbytheincreaseinvalue(onamarktomarketbasis)of DolphinCapitalAdvisors(DCI). OperatingincomeisstillsubstantiallybelowGrouptargetduetocontinuedvacancyoftheformerArgosunitin theCompany’sHastingsproperty.Furthercloudingthepicturewastheongoingproblemthatweencountered inHastingswithanillegaloccupantwhohadtakenoccupancyillegally.Theoffendingpartyhadthetemerityto blameusfornotextendingthemalease,notwithstandingthefactthattheyhadmovedinwithouteverapplying foralease.Wearepleasedtoreportthattheyhavesincedeparted. RefurbishmentoftheformerArgosunitisnowcomplete,andwewillnowseektoreletboththeArgosunit,andonce extended,the end restaurant unit at prevailing rates,whilst also commencing the refurbishment and conversion of thefirstfloorfromofficetoresidential.Unfortunately,buildingcostsarecurrentlyinLala-land,suchthatfinding abuildertoworkatareasonablepriceissomewhatakintofindinganeedleinahaystack. KeyPerformanceIndicators(“KPI’s”)ThroughoutthereportingperiodtheGrouphadnoborrowingsandheldcashreservesat31December2023of £1.117million(31December2022:£1.721million).TheKPI’srelatingtoInterestCover,LoantoValueandGearing, showninpreviousreports,arethereforenolongerapplicable.TheNetAssetValueperShareat31December2023 was21.9p(31December2022:26.9p). PropertyOperatingExpensesProperty operating expenses for the year to 31 December 2023 were £298,000 (2022: £300,000). This was predominantlycausedbythepropertyratesincreasesandthevacancyofalargerfloorspaceinHastings.There wasareleaseofbaddebtprovisioninthecomparableperiodwhichincreasesthevariance. AdministrativeExpensesAdministrativeexpenseswere £743,000during theyear to31 December2023 (2022:£604,000). NetAssetValue (“NAV”)TheNAVat31December2023was£4.97millionor21.9ppershare,basedon22.7millionsharesinissue,excluding thoseheldintreasury(31December2022:£6.10million,26.9ppershare,basedon22.7millionsharesinissues). At 31 December 2023 the Group held £1.117 million of cash (31 December 2022:£1.721 million).At 31 December 2023theGrouphadnobankingdebt(31December2022:£nil). At31December2023,investmentpropertieswereheldatanassessedfairvalueof£2,371,000(2022:£2,504,000). The fair value has been assessed with reference to a third party valuation performed in 2020. The Board’s assessmentofthecarryingvalueremainsunchanged,pendingfindingnewtenantsforvacantunits. OneresidentialpropertyinStaffordisconsideredtobeheldforsaleat31December2023,valuedintheCompany’s accounts at that date at its anticipated sale price. The 2020 external valuation was undertaken in accordance with the Royal Institute of Chartered Surveyors Appraisal andValuation Standards on the basis of market value..Market value is defined as the estimated amount forwhichapropertyshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingsellerinan arm’slengthtransaction,afterpropermarketingwhereinthepartieshadeachactedknowledgeably,prudently and without compulsion.
FinancingThe Group had no borrowings during the year and the Group’s operations were financed from its property income. DuringthereportingperiodtheGroupheldsomeofitscashinforeigncurrencies.Theseholdingsgenerateda small unrealised loss at the end of the period,principally from the reduction in USD value against GBP across the period.TheriskassociatedwithforeigncurrencyholdingsisdescribedinNote16tothefinancialstatements. DividendIn line with the Group’s current dividend distribution policy no dividend will be paid in respect of the reporting period.ThedirectorswillcontinuetoreviewthedividendpolicyinlinewithprogresswiththeGroup’sinvestment strategy. RiskManagement&OperationalControlsThe directors recognize that commercial activities invariably involve an element of risk.A number of the risks towhichthebusinessisexposed,suchastheconditionoftheUKdomesticeconomyandsentimentintheUK property market,are beyond the Company’s influence.However,such risk areas are monitored and appropriate mitigating action, such as reviewing the substance and timing of the Company’s operational plans, is taken whereverpracticableinresponsetosignificantchanges.ThedirectorsconsidertheriskareastheCompanyis exposedtointhelightofprevailingeconomicconditionsandtheriskareassetoutinthissectionaresubjectto review. In relation to asset management,the Company’s approach to risk reflects the Company’s granular business model and position in the market and involves the expertise of its directors, management and third-party advisers. Operationalprogressandkeyinvestmentanddisposaldecisionsareconsideredinregularmanagementteam meetingsaswellasbeingsubjecttoinformalpeerreview. Higher level risks and financial exposures are subject to constant monitoring.Major investment and disposal decisionsaresubjecttoreviewbythedirectorsinaccordancewithaprotocolsetbytheBoard. The Board’sapproachinthisareaisfurther explainedintheGovernancesection,under Risk&InternalControl. PrincipalRisksandUncertainties
OperationalControlsDuringtheyear,thedirectorscontinuedtorecognizethattheCompany’sabilitytooperatesuccessfullyislargely dependentonthemaintenanceofitsstraightforwardapproachtodoingbusinessanditsreputationforintegrity. AllthosewhoactontheCompany’sbehalfarerequiredtobehaveandtransactbusinessinaccordancewiththe highestprofessionalstandards.Aswellascompliancewithallrelevantregulatoryrequirements,thisextendsto customercareandexternalcomplaintguidelines.TheCompanyhasadoptedaCode,PolicyandProceduresunder the Market Abuse Regulation.The majority of the operations were contracted to Eddisons Property Management. Eddisons have looked after the property management for previous years and include the provision of all applicable complianceprocedures. ThedirectorsweresatisfiedthatthegovernanceproceduresadoptedbyEddisons in relation to its clients were appropriate and protected the Company’s interests. The Company’s corporate governance regime is underpinned by a whistle-blowing procedure,enabling perceived irregularities to be notified tomembersoftheBoard,principallytheseniorindependentnon-executivedirector. TheBoardhasoverallresponsibilityfortheCompany’sinternalcontrolsystemsandformonitoringitseffectiveness. TheBoard’sapproachisdesignedtomanageratherthaneliminatetheriskoffailuretoachievebusinessobjectives and can only provide reasonable assurance against material misstatements or loss. The directors have not considered it appropriate to establish a separate internal audit function,having regard to the Company’s size.The Board’sapproachtointernalcontrolscoversallcompanieswithintheGroupandtherearenoassociateorjoint venture entities which it does not cover. TheprincipalfoundationsoftheCompany’sinternalcontrolframeworkduringthereportingperiodwere:
The Board reviews the effectiveness of the Company’s risk management systems against the principal risks facing thebusinessandtheirassociatedmitigatingfactors,takingaccountofthefindingsandrecommendationsofthe auditorsat the Company’s half-year and year-end.Following its review of the auditors’findings during the reporting period,the Board considers that the Company’s approach remains effective and appropriate for a business of the Company’ssizeandcomplexity. KeyContractsThere are currently no contracts which require third party approval for any change to the nature,constitution, managementorownershipofthebusiness.Theappointmentagreementsofdirectorsdonotcontainanyprovisions specifically relating to a change of control. CharitableandPoliticalDonationsDuring the reporting period the Group made £650 donations for charitable purposes and no donations for political purposes (2022:nil). Section172CompaniesAct2006TheDirectorsacknowledgetheirdutyunders.172oftheCompaniesAct2006andconsiderthattheyhave,both individuallyandtogether,actedinthewaythat,ingoodfaith,wouldbemostlikelytopromotethesuccessofthe Company for the benefit of its members as a whole.In doing so,they have had regard (amongst other matters) to:
ThisFinancialReviewwasapprovedbythedirectorson26April2024.
DuncanSoukup,Chairman29April 2024
CORPORATERESPONSIBILITYSTATEMENT
Duringtheyearwecontinuedtofocusonthethreeprincipalcontributorstothesuccessofourbusiness:
The directors remain conscious that the Group’s ability to operate effectively rests on our reputation for fairness and a straightforward and honest approach to conducting business. We therefore strive to transact business in accordance with the highest professional standards and all those who act on our behalf are expected to do the same.Besides complying with all relevant legislation and professional guidelines,this includes customer care and externalcomplaintprocedures. Wehaveagainconsideredwhetheritisappropriatetoreportonrelevanthumanrightsissues.Inthecontextof our business and the reduced size of our investment portfolio,we do not believe that the provision of detailed information in this area would provide any meaningful enhancement to the understanding of the performance of our business.However,we are confident that our approach to doing business does not contravene any human rights principles or applicable legislation. Our approach to corporate responsibility matters is underpinned by a whistle-blowing procedure, enabling perceivedirregularitiestobenotifiedtodirectors,principallytheindependentnon-executivedirectors. DIVERSITYTheGrouphasaformaldiversityandequalopportunitiespolicyinplaceandiscommittedtoacultureofequal opportunitiesforallregardlessofage,raceorgender.TheBoardcurrentlycomprisesthreemaledirectors. HEALTH,SAFETYANDWELFAREThedirectors were responsible for ensuring that the Group discharged its obligations for health,safety and welfare duringthereportingperiod,includingmattersdelegatedtotheGroup’smanagingagentsandothercontractors. No material health,safety and welfare incidents were notified during the period.Our property managers and contractors continued to be required to ensure that property management, maintenance and construction activitiesconformtoallrelevantregulations,withdueconsiderationbeinggiventothewelfareofoccupantsand neighbours. ANTI-CORRUPTIONANDANTI-BRIBERYThe Company has in place an Anti-Bribery and Anti-Corruption Policy which the directors consider fulfils UK GovernmentguidelinesforcompliancewithUKBriberyAct2010. GOVERNANCE
REGULATORYCOMPLIANCEThe Company is subject to, and seeks to comply with, the Financial Conduct Authority’s (“FCA”) Listing Rules (“Listing Rules”), the Market Abuse Regulation and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.The Company is also subject to the UK City Code onTakeovers and Mergers. In the prior period the Company adopted the Corporate Governance Code of the Quoted Companies Alliance (the “QCACode”).ThedirectorsconsiderthattheQCACodeprovidesacorporategovernanceframeworkproportionate tothe risks inherent to the size and complexity of the Company’s operations.The directors apply the QCA Code in the ways set out below. BOARDLEVELRESPONSIBILITYThe Company’s directors are ultimately responsible for the effective stewardship of the business, with the Chairman holding specific responsibility for corporate governance and effective leadership of the Board. In discharging this obligation,the Chairman regularly consults the Company’s Independent Non-Executive Directors (whoarequalifiedbybackgroundandexperiencetoassistinthissphere),aswellastheCompany’slegaladvisers and the Company Secretary. CONFLICTSOFINTERESTTheCompany’sArticlesofAssociationprovideaframeworkfordirectorstoreportactualorpotentialsituational conflicts,enablingtheBoardtogivesuchsituationalconflictsappropriateandearlyconsideration.Alldirectors areawareoftheimportanceofconsultingtheCompanySecretaryregardingpossiblesituationalconflicts. BOARD LEADERSHIPTheCompanyisledbyitsBoard,which isresponsiblefordeterminingthestrategyofthebusinessanditseffective stewardship.All major strategic and investment decisions are taken by the Board as a whole,which monitors theresourcesavailabletotheCompany,toensurethattheyaresufficienttoenableitsgoalstobeachieved.The BoardmeetsregularlytoreviewtheCompany’soperationsandprogresswithitsstrategy.Thedirectorsarein regularliaisonoutsideformalmeetings.Riskmanagementandcontrolsarereviewedinthelightofadvicefrom theexternalauditors,whohaveaccesstoallthedirectors. TheBoardcomprisesanexecutiveChairmanandtwoindependentnon-executivedirectors,assetoutbelow.
Duncan SoukupExecutiveChairman,aged69 Duncan Soukup is the founder and Executive Chairman of Thalassa Holdings Ltd (“Thalassa”), a company listed ontheLondonStockExchange,andhasover35yearsofinvestmentexperience.PriortoestablishingThalassa,Mr Soukup worked in investment banking for 10 years,including as managing director in charge of the non-US equity businessof Bear Sterns.Thereafter,he established the AIM-listed investment management business Acquisitor plc. AstheexecutivechairmanwithabeneficialinterestintheCompany’sshares,MrSoukupisnotconsideredtobe independent.
MartynPorter(AppointedMay2022)Non-ExecutiveDirector,aged53 Martynhasover25years’experienceininternationalbankingandfinancialserviceswiththeHSBCGroup.He has held senior leadership positions in the UK,Malta,the Philippines,Hong Kong,Vietnam,Luxembourg and latterlyMonaco,whereheservedasChiefExecutiveOfficeroftheHSBCPrivateBankandAssetManagement companies.As a board director and regulated officer of HSBC companies in Ireland,Luxembourg and Monaco,Mr. Porter has significant knowledge and understanding of corporate governance and regulatory compliance.He also hasahighlysuccessfultrackrecordintheleadershipofbusinessesundergoingcomplexstrategicchangeand transformation.Duringhiscareer,Mr.Porterhasbuiltawideanddiversenetworkofbusinessrelationships,as well as demonstrating strong values and business ethics.
Tim Donell (AppointedFebruary 2022)Non-ExecutiveDirector,aged42 A certified chartered accountant,Tim has over 15 years’experience in finance,accounting and management roles within growth companies across travel,e-commerce and web technology and has a demonstrated track record of developingandimprovingfinancialprocessestodrivebusinessperformance.
DIVISIONOFRESPONSIBILITIESTheresponsibilitiesofeachdirectoraresetoutclearlyinthedirector’sletterofappointment,whichisavailable for inspection by members of the Company at its registered office during normal office hours.All directors ensure thattheyprovidesufficienttimetofulfiltheirobligations.Alldirectorshaveaccesstotheadviceandservicesof theCompanySecretaryandtoindependentlegaladviceattheCompany’sexpense. DuringthereportingperiodthedirectorsmonitoredtheCompany’soperationalprogressandtheactivitiesofthe executivemanagement.TheChairmanisresponsibleforensuringthatdueconsiderationisgiventokeyitems ofbusinessbothatformalmeetingsofthedirectorsandliaisonoutsidethese.Theindependentnon-executive directors provide a separate communication channel for shareholders and other interested parties and has a remit under the Company’s“whistle-blowing”arrangements. Nomination,Auditand Remuneration Committees were in place throughout the reporting period,with responsibility for specific areas within the Company’s overall corporate governance structure.During the reporting period there wasnorequirementforeitheroftheRemunerationCommitteeortheNominationCommitteetomeet. TheBoardmetandhelddiscussionsthroughouttheyear.Thefrequencyofthemeetingsfluctuatedasrequired.The meetingsconsistedofdiscussiontoagreestrategyandthehandlingoftheassets.Themajorityofthemeetings wereonaninformalandoperationalbasiswiththeconclusionsappropriatelydocumented. Asidefromthemeetingsdescribedaboveeachdirector’sattendancerecordatBoardandCommitteemeetings during the reporting period is set out in the table below:
Under the Company’s Articles one-third of the directors are subject to retirement at each Annual General Meeting. Additionally, the Articles require that director appointments made by the Board directors are ratified at the subsequentGeneralMeetingoftheCompany.
Arrangements are made to provide new directors with an induction programme into the Company’s activities.Non- executivedirectorsalsomeetwithmanagementonaninformalbasis.Arrangementsaremadefordirectorsto inspect investment properties. RISK&INTERNALCONTROLInaddressingitsresponsibilitiesinthisarea,theBoardpaysparticularattentionto:
TheCompany’sapproachtoriskmanagementissetoutonpages9and 10. DIRECTORS’REMUNERATIONPOLICYANDREMUNERATIONIMPLEMENTATIONREPORTTherewasnorequirementfortheRemunerationCommitteetomeetduringthereportingperiod.TheCompany hadnoemployeedirectorsduringtheyearandnoshare-relatedincentiveschemeswereinoperation.Although itisnotcurrentlyrequired,theremunerationpolicyforemployeedirectorsrecognizedbelowwasapprovedby shareholdersattheannualgeneralmeetingheldinMarch2020:
In applying the remuneration policy,the Board will use its discretion to provide a tailored mix of benefits that encourages individuals to maximise their efforts in the best interests of shareholders. In particular, the remunerationpolicywouldbesubjecttoanyspecialconsiderationsthatmayariseinrelationtotheexecutionof anyrevisedinvestmentpolicyapprovedbytheCompany’sshareholders. NON-EXECUTIVEPAYTheCompany’spolicyhasbeentoprovideremunerationtoitsnon-executivedirectorscommensuratewiththe needtoattractandretainindividualswithlevelsofskillandexperienceappropriatetotheCompany’sneeds.No non-executivedirectorshaveparticipatedinanybonusorshare-basedarrangementsoftheCompany. DIRECTORS’REMUNERATIONThebelowtablehighlightedtotaldirectors’remunerationintheperiod.
Theaggregatedirectors’remunerationduringthereportingperiodwas£176,716(2022:£142,391).OfMartyn Porter’s2023remuneration,£7,032relatedto2022andwasunder-accruedat2022year-end. DIRECTORS’SERVICECONTRACTS
DIRECTORS’INTERESTSINTHECOMPANY’SSHARES(AUDITED) Theinterestsduringthereportingperiodofthedirectorswhoheldofficeduringthereportingperiodintheissued sharecapitaloftheCompanyasatthedateofthisreportaresetoutbelow:
Inadditiontothedirectinterestshownabove,DuncanSoukuphasanindirectinterestin4,618,001and1,734 OrdinarySharesarisingfromhisinterestsinentitiesofThalassaDiscretionaryTrust,andThalassaHoldingsLtd. DIRECTORS’INDEMNITIESANDINSURANCECOVERTo theextent permittedby law,the Companyindemnifies itsdirectors andofficers againstclaims arisingfrom their acts and omissions related to their office.The Company also maintains an insurance policy in respect of claims against directors. AUDITCOMMITTEEREPORT
The Audit Committee, consisted of the independent non-executive directors. The key functions of the audit committeeareformonitoringthequalityofinternalcontrolsandensuringthatthefinancialperformanceofthe Group is properly measured and reported on and for reviewing reports from the Company’s auditors relating to the Company’s accounting and internal controls,in all cases having due regard to the interests of Shareholders.The Committee has formal terms of reference. The financial statements attached to this report have been prepared on the Going Concern basis.In deciding that theGoingConcernbasisisappropriate,thedirectorsreviewedprojectionsoffutureactivityoverthe12months followingthedateofthisreport.TheDirectorsconcludedthattherewerenoidentifiablematerialuncertainties, andpresentcashreservesweresufficienttomeetallliabilitiesastheyfalldue,uptoandbeyondthatdate. TheCommitteeconsideredthefollowingitems:
The Committee considered the independence of external auditors,seeking to ensure that any non-audit services provided, by external auditors do not impair the auditors’ objectivity or independence. The Company’s auditors, RPG Crouch Chapman,did not supply any non-audit services to the Company during the period. Having assessed the performance,objectivity and independence of the auditors,as well as the audit process and approach taken,the Committee recommended the re-appointment RPG Crouch Chapman at the Company’s annual general meeting in 2024.
Duncan SoukupChairman29April2024
The directors of Alina Holdings Plc (“the Company”) present their report and the audited financial statements oftheCompanytogetherwithitssubsidiariesandassociatedundertakings(“theGroup”)fortheyearended31 December2023. Thefollowingdirectorsheldofficeduringthereportingperiod: DuncanSoukup(appointed4October2019) TimDonell(appointed7February 2022) MartynPorter(appointed20May2022) TheDirectors’Reportalsoincludestheinformationsetoutonpages5to22,togetherwiththedescriptionofthe Company’sinvestmentpolicyandbusinessmodeldescribedonpage5. GROUPRESULTAND DIVIDENDThe loss for the Group attributable to shareholders for the period was £1,123,000 (2022: loss £136,000). In accordancewiththeinvestmentpolicy,nodividendhasbeenorwillbedistributedinrespectofthefinancialyear. Thedirectorscontinuetokeepthedividenddistributionpolicyunderreview. POSTBALANCESHEETEVENTS
GOINGCONCERNBASISThe financial statements attached to this report have been prepared on the Going Concern basis.In deciding that theGoingConcernbasisisappropriate,thedirectorsreviewedprojectionsoffutureactivityoverthe12months followingthedateofthisreport.TheDirectorsconcludedthattherewerenoidentifiablematerialuncertainties, andpresentcashreservesweresufficienttomeetallliabilitiesastheyfalldue,uptoandbeyondthatdate. SHARECAPITALDetailsoftheCompany’sissuedsharecapitalaresetoutinnote17tothefinancialstatements.AlloftheCompany’s issuedsharesarelistedontheLondonStockExchange.TheCompany’ssharecapitalcomprisesoneclassof OrdinarySharesof1peach.Allissuedsharesarefullypaidupandrankequallyandtherearenorestrictionson thetransferofsharesorthesizeofholdings.Thedirectorsarenotawareofanyagreementsbetweenshareholders in relation to the Company’s shares. SUBSTANTIALINTERESTSAsat24April2023,thelastpracticablereportingdatebeforetheproductionofthisdocument,theCompany’s share register showed the following major interests (of 3% or more,excluding shares held in treasury) in its issued sharecapital:
* IncludedwithinVidacosNomineesLimitedaresharesof5,418,857ownedbyCDSoukupand4,618,001heldbyThalassa DiscretionaryTrust. **TheCompanyhasalsobeennotifiedthat6,391,223(28.16%)sharesarebeneficiallyownedbyPeterGyllenhammarAB. INVESTORRELATIONSSubject to regulatory constraints,the directors are keen to engage with the Company’s shareholders,placing considerable emphasis on effective communications with the Company’s investors.Directors are happy to comply withshareholderrequestsformeetingsassoonaspracticable,subjecttoregulatoryconstraints.TheBoardis provided with feedback on such meetings,as well as regular commentary from investors and the Company’s bankersandadvisers.TheBoardprovidesreportsandotherannouncementsviatheregulatorynewsservicein accordance with regulatory requirements.Regulatory announcements and key publications can also be accessed viatheCompany’swebsite.TheCompany’sAnnualGeneralMeetingprovidesafurtherforumforinvestorsto discuss the Company’s progress.The Company complies with relevant regulatory requirements in relation to conveningthe meeting,its conduct and the announcement of voting on resolutions.The Annual Report and Notice oftheAnnualGeneralMeetingaremadeavailabletoshareholdersatleast21workingdayspriortothemeeting and are available on the Company’s website.The results of resolutions considered at the Annual General Meeting areannouncedtotheStockExchangeandarealsopublishedonthewebsiteandlodgedwiththeNationalStorage Mechanism.Investors may elect to receive communications from the Company in electronic form and be advised byemailthatcommunicationsmaybeaccessedviatheCompany’swebsite. WHISTLEBLOWINGPOLICYTheGrouphasinplaceawhistleblowingpolicywhichsetsouttheformalprocessbywhichanemployeeofthe GroupmayinconfidenceraiseconcernsaboutpossibleimproprietiesintheGroup’saffairs,includingfinancial reporting. ESGThe Group has not complied with the recommendations of theTaskforce for Climate-related Financial Disclosures (“TCFD”)inthecurrentyear,asrequiredbyLR14.3.27RissuedbytheFinancialConductAuthority.TheBoard recognises the importance of climate-related matters and, as a relatively small development stage property business,intends to develop a plan to adopt theTCFD recommendations in full over the next few years.With reference to the four pillars of the TCFD recommendations,matters of governance,risk assessment,and strategy arecoveredinthisreport,andthefurtherdevelopmentofmetricsandtargetsisunderconsideration. Wehavealwaysbelievedthatourlocalassetmodelisbyitsnaturesupportiveofreducingthecarbonimpactof retail shopping.Our past development activity has been aimed at returning to profitable use redundant space thatwouldotherwiseremainvacant,potentiallyrelievingdevelopmentpressureongreenfieldsiteselsewhere. Anydevelopmentactivityundertakeniscarriedoutinaccordancewithapplicableenergyandresourcesaving standards, noise impact reduction requirements, and, where relevant, the need to preserve the character of buildings,includinglistedproperties.Ourcontractorsarerequiredtodisposeofwasteinaccordancewithbest practice.Wecontinuetotakeactiontoupgradetheenergyperformanceofourlettingunitswhereverrequired. Itisourpolicytoseektodealconstructivelywithallstakeholdersinrelationtoanycommunityissuesthatarisein relationtoourproperties.Ourpolicyistoprefertouselocaladvisers,agentsandcontractorswheneverappropriate to do so. It is our intention to review our response to environmental, social and governance factors in line with the development of our investment policy to ensure that our policies are appropriate to the revised strategy and operationalprofile.Thisreviewwilltakeaccountofrelatedissues,suchasmodernslavery.
EMISSIONSANDENERGYCONSUMPTIONREPORTINGThedirectorsbelievethattheCompany’soutsourcedbusinessmodel,whichfocussesontheemploymentofagents, advisers and contractors who are local to our property assets,is inherently environmentally friendly.However,the collection of consumption data from such businesses is not practicable.It is also not possible for our national agents and advisers to separately identify such data in relation to the proportion of their work devoted to the Company’sactivities,particularlygiventheincreaseinstaffworkingfromhomeduringtheCOVID-19lockdown. ItisnotpossibletomeasuretheenergyconsumedbytheCompany’stenants(noristhisconsumptionwithinthe Company’scontrol).Theconsumptionofwater,wasteoutputandgreenhousegasesotherthanCO2withinthe Company’s control is negligible. For previous reporting periods the Company has supplied environmental reporting information focused on energy consumed by the Company and its wholly owned subsidiaries through the activities of its office base,shared facilitiesprovidedbytheCompanywithinitspropertyportfolioandactivitieswithinvacantpropertieswithinthe Company’scontrol. In relation to Scope 1 Carbon Emissions (consumption of gas and fuel), since the termination of the Company’s third-party investment advisory agreement and the relocation of its registered office it has not been possible to separately identify the energy consumed on the Company’s activities.An element of the Company’s administration activityiscarriedoutatitsregisteredoffice.However,this isademinimiselementoftheoverallactivityandenergy consumptionatthatsite.OtheractivityisundertakenbytheCompany’sdirectorsandmanagementworking at home. In both cases, it has not been possible to separately identify the energy consumed on the Company’s activities at those locations. In previous years, data has been supplied relating to fuel consumed on journeys on Company activities. As the Company does not operate company cars, all such journeys are made in employees’ private vehicles or on public transport.The reduction in the Company’s property portfolio has significantly reduced the requirement for such journeys,which were then further restricted during the reporting period by the COVID-19 lockdown regime.Accordingly,the directors do not consider that any meaningful Scope 1 data can be supplied. Similar limitations apply to Scope 2 data, which in previous reports comprised an estimate of consumptionfor vacant property units for which the Company is responsible.The number of these and the related energy consumption has been de minimis throughout the reporting period. Similarly, it has not been practicable to measure Scope 3 emissions. TheCompany’sdirectusageandemissionsofwaterisalsominimal.Althoughasmallelementofutilitysupply chargeswithinvacantpremisesrelatetowaterandtogas,thislargelyrelatestostandingchargesandconsumption isnegligible. In relation to The Companies (Directors’ Report) and LLP Partnerships (Energy and Carbon Report) Regulations 2018,the Company consumes less than 40,000 kWh of energy per annum and therefore qualifies as a low energy userandthereforedoesnotcomewithinthescopeofthoseregulations. STATEMENTOFDISCLOSURETOAUDITORSThe directors who were in office at the date of the approval of the financial statements have confirmed that,as far astheyareaware,thereisnorelevantauditinformationofwhichtheauditorsareunaware.Eachofthedirectors has confirmed that they have taken all necessary steps that they ought to have taken as directors in order to make themselvesawareofanyrelevantauditinformationandtoestablishthatthishasbeencommunicatedwiththe auditors. Thisreportwasapprovedbythedirectorson26April2024
Alasdair Johnston CompanySecretary STATEMENTOFDIRECTORS’RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group and parent Company financial statements for each financial year.UnderthatlawtheyarerequiredtopreparetheGroupfinancialstatementsinaccordancewithUKAdopted International Accounting Standards and applicable law and have elected to prepare the parent Company financial statementsinaccordancewithUKaccountingstandards,includingFRS102TheFinancialReportingStandard applicable in the UK. Undercompanylawthedirectorsmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthatthey giveatrueandfairviewofthestateofaffairsoftheGroupandparentCompanyandoftheirprofitorlossforthat period.InpreparingeachoftheGroupandparentCompanyfinancialstatements,thedirectorsarerequiredto:
Thedirectorsareresponsibleforkeepingadequateaccountingrecordsthataresufficienttoshowandexplain theparentCompany’stransactionsanddisclosewithreasonableaccuracyatanytimethefinancialpositionof the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006.Theyareresponsibleforsuchinternalcontrolastheydetermineisnecessarytoenablethepreparationof financialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror,andhavegeneral responsibilityfortakingsuchstepsasarereasonablyopentothemtosafeguardtheassetsoftheGroupandto prevent and detect fraud and other irregularities. Underapplicable law and regulations,the directors are also responsible for preparing a Strategic Report,Directors’ Report, Directors’ Remuneration Report and Corporate Responsibility Statement that complies with that law and thoseregulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE ANNUAL FINANCIAL REPORTWeconfirmthattothebestofourknowledge:
We consider the annual report and accounts,taken as a whole,is fair,balanced and understandable and provides the information necessary for shareholders to assess the group’s position and performance,business model and strategy. Theforegoingreportswereapprovedbythedirectorson26April2024
Duncan Soukup Chairman INDEPENDENT AUDITORS’ REPORT TO THE MEMBERSOFALINAHOLDINGSPLC
OPINIONWehaveauditedthefinancialstatementsofAlinaHoldingsPlc(the‘Company’)anditssubsidiaries(the‘Group’) for the year ended 31 December 2023 which comprise the Consolidated Statement of Income,Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of CashFlows,ConsolidatedStatementofChangesinEquity,CompanyBalanceSheet,andnotestothefinancial statements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathas been applied in their preparation is applicable law and International Financial Reporting Standards as adopted in theUnitedKingdom(IFRS)fortheGroupandUKaccountingstandards,includingFRS102TheFinancialReporting StandardapplicableintheUK(UKGAAP). Inouropinion,thefinancialstatements:
BASISFOROPINIONWeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.Our responsibilities under those standards are further described in the Auditor’s responsibilities for the auditofthefinancialstatementssectionofourreport.Weareindependentofthegroupinaccordancewiththeethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standardasappliedtolistedentities,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewith theserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovide a basis for our opinion. CONCLUSIONSRELATINGTOGOINGCONCERNIn 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. OurevaluationoftheDirectors’assessmentoftheentity’sabilitytocontinuetoadoptthegoingconcernbasis ofaccountingincludedreviewoftheexpectedcashflowsforaperiodof18monthsfromthebalancesheetdate compared with the liquid assets held by the Group. 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 or the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are recognized for issue. Ourresponsibilitiesandtheresponsibilitiesofthedirectorswithrespecttogoingconcernaredescribedinthe relevant sections of this report.
OURAPPROACHTOTHEAUDITInplanningouraudit,wedeterminedmaterialityandassessedtherisksofmaterialmisstatementinthefinancial statements.Inparticular,welookedatwherethedirectorsmadesubjectivejudgements,forexampleinrespect of significant accounting estimates.As in all of our audits,we also addressed the risk of management override of internal controls,including evaluating whether there was evidence of bias by the directors that represented a riskof material misstatement due to fraud. Wetailoredthescopeofouraudittoensurethatweperformedsufficientworktobeabletoissueanopinionon thefinancialstatementsasawhole,takingintoaccountthestructureofthegroupandtheparentcompany,the accountingprocessesandcontrols,andtheindustryinwhichtheyoperate. We performedtheauditsoftheCompany anditssubsidiaries. KEYAUDITMATTERSKeyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinouraudit of the financial statements of the current period and include the most significant assessed risks of material misstatementweidentified(whetherornotduetofraud),includingthosewhichhadthegreatesteffecton:the overallauditstrategy;theallocationofresourcesintheaudit;anddirectingtheeffortsoftheengagementteam. The matter identified was addressed in the context of our audit of the financial statements as a whole,and in formingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.
OURAPPLICATIONOFMATERIALITYWe apply the concept of materiality both in planning and performing our audit,and in evaluating the effect of misstatements. We consider materiality to be the magnitude by which misstatements, including omissions, could influencetheeconomicdecisionsofreasonableusersthataretakenonthebasisofthefinancialstatements. In order to reduce to an appropriately low level the probability that any misstatements exceed materiality,we use a lower materiality level,performance materiality,to determine the extent of testing needed.Importantly, misstatementsbelowtheselevelswillnotnecessarilybeevaluatedasimmaterialaswealsotakeaccountofthe natureofidentifiedmisstatements,andtheparticularcircumstancesoftheiroccurrence,whenevaluatingtheir effect on the financial statements as a whole. We consider gross assets to be the most significant determinant of the Group’s financial performance used by the usersofthefinancialstatements.Wehavebasedmaterialityon1.5%ofgrossassetsforeachoftheoperating components.Overall materiality for the Group was therefore set at £0.1m.For each component,the materiality set was lower than the overall group materiality. We agreed with the Audit Committee that we would report on all differences in excess of 5% of materiality relating tothe Group financial statements.We also report to the Audit Committee on financial statement disclosure matters identifiedwhenassessingtheoverallconsistencyandpresentationoftheconsolidatedfinancialstatements. OTHERINFORMATIONThe directors are responsible for the other information.The other information comprises the information includedin the annual report,other than the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and,except to the extent otherwise explicitly stated inourreport,wedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthe financial statements,our responsibility is to read the other information and,in doing so,consider whether the otherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheaudit orotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparentmaterial misstatements,we are required to determine whether there is a material misstatement in the financial statements oramaterialmisstatementoftheotherinformation.If,basedontheworkwehaveperformed,weconcludethat thereisamaterialmisstatementofthisotherInformation,wearerequiredtoreportthatfact.Wehavenothingto report in this regard. OPINIONSONOTHERMATTERSPRESCRIBEDBY THECOMPANIESACT2006Inouropinion,basedontheworkundertakeninthecourseoftheaudit:
MATTERSONWHICHWEAREREQUIREDTOREPORTBY EXCEPTIONInthelightoftheknowledgeandunderstandingofthegroupandtheparentcompanyanditsenvironmentobtainedin thecourseoftheaudit,wehavenotidentifiedmaterialmisstatementsinthestrategicreportorthedirectors’report. WehavenothingtoreportinrespectofthefollowingmattersinrelationtowhichtheCompaniesAct2006requires us to report to you if,in our opinion:
RESPONSIBILITIESOFDIRECTORSAs explained more fully in the directors’responsibilities statement set out on page 25 the directors are responsible forthepreparationofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor suchinternalcontrolasthedirectorsdetermineisnecessarytoenablethepreparationoffinancialstatements 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 companyortoceaseoperations,orhavenorealisticalternativebuttodoso. Thosechargedwith governanceare responsiblefor overseeingthe Company’sfinancialreporting process. AUDITOR’SRESPONSIBILITIESFORTHEAUDITOFTHEFINANCIALSTATEMENTSOur objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement,whether due to fraud or error,and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance,but does not guarantee that an audit conducted in accordance withISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudor errorandareconsideredmaterialif,individuallyorinaggregate,theycouldreasonablybeexpectedtoinfluence theeconomicdecisionsofuserstakenonthebasisofthefinancialstatements. Irregularities, includingfraud, areinstancesofnon-compliancewithlawsandregulations. Wedesignprocedures 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 detailedbelow:
Because of the inherent limitations of an audit,there is a risk that we will not detect all irregularities,including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflectedin the financial statements,as we will be less likely to become aware of instances of non-compliance.The riskisalsogreaterregardingirregularitiesoccurringduetofraudratherthanerror,asfraudinvolvesintentional concealment,forgery,collusion,omission or misrepresentation.
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. OTHERMATTERSTHATWEAREREQUIREDTOADDRESSWewereappointedon12April2023andthisisthesecond yearofourengagementasauditorsfortheGroup. WeconfirmthatweareindependentoftheGroupandhavenotprovidedanyprohibitednon-auditservices,as definedbytheEthicalStandardissuedbytheFinancialReportingCouncil. OurauditreportisconsistentwithouradditionalreporttotheAuditCommitteeexplainingtheresultsofouraudit. USEOFOURREPORTThisreportismadesolelytothecompany’smembers,asabody,inaccordancewithChapter3ofPart16ofthe CompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecompany’smembers thosematters we are required to state to them in an auditor’s 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,asabody,forourauditwork,forthisreport,orfortheopinionswehaveformed.
PaulRandalFCA(SeniorStatutoryAuditor)
Forandonbehalfof RPGCrouchChapmanLLP CharteredAccountants RegisteredAuditor 40GracechurchStreet London EC3V0BT 29April 2024 CONSOLIDATEDSTATEMENTOFINCOMEFORTHEYEARENDED31DECEMBER2023
Thenotesonpages33to49formanintegralpartofthisconsolidatedinterimfinancialinformation.
Thenotesonpages33to49formanintegralpartofthisconsolidatedinterimfinancialinformation.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Thenotesonpages33to49formanintegralpartofthisconsolidatedinterimfinancialinformation. Thesefinancialstatementswereapprovedbytheboardon29April2024. Signed on behalf of theboard by:
Duncan Soukup CONSOLIDATEDSTATEMENTOFCASHFLOWSFORTHEYEARENDED31DECEMBER2023
Prioryearcomparativeshavebeenreclassifiedtoconformtothecurrentyearpresentation.
Thenotesonpages33to49formanintegralpartofthisconsolidatedinterimfinancialinformation.
CONSOLIDATED STATEMENT OF CHANGESINEQUITY FORTHEYEARENDED31DECEMBER2023
Thenotesonpages33to49formanintegralpartofthisconsolidatedinterimfinancialinformation. NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS
1 GENERALINFORMATIONAlinaHoldingsPLC(“Alina”orthe“Company”)isacompanyregisteredontheMainMarketoftheLondonStock Exchange.It is incorporated,domiciled and registered in England.The Company’s registered number is 05304743 andtheaddressofitsregisteredofficeisEastleighCourt,Bishopstrow,Warminster,BA129HW 2 SIGNIFICANTACCOUNTINGPOLICIESTheGrouppreparesitsaccountsinaccordancewithapplicableUKAdoptedInternationalAccountingStandards. The group financial statements consolidate those of the Company and its subsidiaries (together referred to as the “Group”).TheparentcompanyfinancialstatementspresentinformationabouttheCompanyasaseparateentity and not about its group. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these group financial statements. Judgementsmadebythedirectors,intheapplicationoftheseaccountingpoliciesthathavesignificanteffecton the financial statements and estimates with a significant risk of material adjustment in the next year are discussed laterinthisnoteundertheheading“UseofEstimatesandJudgements”. The financial statements are prepared in pounds sterling.They have been prepared under the historical cost conventionexceptforthefollowingassetswhicharemeasuredonthebasisoffairvalue:investmentproperties, investment properties held for sale and available for sale financial assets. 2.1 SEGMENTALREPORTINGIFRS 8 requires operating segments to be identified on the basis of internal reports that are regularly reported to the chief operating decision maker to allocate resources to the segments and to assess their performance. SincethestrategyreviewinJuly2013theGrouphasidentifiedoneoperationandonereportingsegment,being rentalincomeintheUK,whichisreportedtotheBoardofdirectorsonaquarterlybasis.TheBoardofdirectorsis consideredtobethechiefoperatingdecisionmaker. 2.2 BASISOFPREPARATIONThe consolidated financial statements include the financial statements of the Company and all its subsidiary undertakingsupto31December2023.SubsidiariesareentitiescontrolledbytheGroup.TheGroupcontrolsan entity when it is exposed to,or has rights to,variable returns from its involvement with the entity and has the ability toaffectthosereturnsthroughitspowerovertheentity.Inassessingcontrol,theGrouptakesintoconsideration potential voting rights.The acquisition date is the date on which control is transferred to the acquirer.The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.The financial statements of subsidiaries are prepared using consistentaccountingpolicies.Inter-companytransactionsandbalancesareeliminatedinfullonconsolidation. 2.3 GOINGCONCERNThe financial information has been prepared on the going concern basis as management consider that the Group has sufficient cash to fund its current commitments for the foreseeable future.
2.4 INVESTMENTPROPERTIESInvestmentpropertiesarethosepropertiesownedbytheGroupthatareheldtoearnrentalincomeorforcapital appreciationorbothandarenotoccupiedbytheCompanyoranyofitssubsidiaries. During2023theCompanysoldapropertyfor£727knetoffees(bookvalue£800k).SincetheBalanceSheetdate, one property in Stafford has been sold. AfullexternalvaluationoftheGroup’spropertyportfoliowasperformedin2020inaccordancewiththetheRoyal InstituteofCharteredSurveyorsAppraisalandValuationStandardsonthebasisofmarketvalue.Fortheyear ended 31 December 2023 the fair value has been assessed with reference to a third party valuation performed in 2020.The Board’s assessment of the carrying value remains unchanged,pending finding new tenants for vacant units. The Company’s objective is still to liquidate the current portfolio of property assets,which currently show a Gross InitialYieldof15%,butasandwhenasalecanachieveasensiblereturntoshareholders. The Directors obtained pricing and yields of similar transactions made within the accounting period and compared themtotheGrossInitialYieldstatedabove.Inallcasesthetransactionsthatweremeasuredcameinatalower value than that currently being achieved.As stated,although the data is below theYield being achieved it was felt prudent to leave the valuations as they stand. InvestmentpropertiesaretreatedasacquiredatthepointtheGroupassumesthesignificantrisksandreturnsof ownership.Subsequentexpenditureischargedtotheasset’scarryingvalueonlywhenitisprobablethatfuture economic benefits associated with the expenditure will flow to the Group and the cost of each item can be reliably measured.AllotherrepairsandmaintenancecostsarechargedtotheIncomeStatementduringtheperiodin which they are incurred. Rentalincomefrominvestmentpropertiesisaccountedforasdescribedbelow. 2.5 INVESTMENTPROPERTIESHELDFORSALEInvestment properties held for sale are included in the Balance Sheet at their fair value less estimated sales costs. In determining whether assets no longer meet the investment criteria of the Group,consideration has been givento the conditions required under IFRS 5. An investment property is classified as an asset as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Theassetmustbeavailableforimmediatesaleinitspresentconditionsubjectonlytotermsthatareusualand customaryforsalesofsuchassetsanditssalemustbehighlyprobableasattheyearend. 2.6 HEADLEASESWhereapropertyisheldunderaheadleaseandisclassifiedasaninvestmentproperty,itisinitiallyrecognized as an asset based on the sum of the premium paid on acquisition and if the remaining life of the lease at the date of acquisition is considered to be material,the net present value of the minimum ground rent payments.The corresponding rent liability to the leaseholder was included in the Balance Sheet as a finance obligation in current and non-current liabilities. ThepaymentofheadrentshasbeenexpensedthroughtheIncomeStatement. 2.7 TRADEANDOTHERRECEIVABLESTradeandotherreceivablesareinitiallyrecognizedatfairvalueandsubsequentlyheldatamortisedcostless impairment.Impairment is made where it is established that there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivable.The impairment is recorded in the IncomeStatement.
2.8 CASHANDCASHEQUIVALENTSCashandcashequivalentscomprisecashbalancesanddepositsheldoncall.Cashequivalentsareshort-term, highly liquid investments with original maturities of three months or less. 2.9 FINANCIALASSETSFinancialassetsareimpairedwhenthereisobjectiveevidencethatthecashflowsfromthefinancialassetare reduced. 2.10 FINANCIALINSTRUMENTSFinancialassetsandfinancialliabilitiesareinitiallyclassifiedasmeasuredatamortisedcost,fairvaluethrough other comprehensive income,or fair value through profit and loss when the Company becomes a party to the contractualprovisionsoftheinstrument.Financialassetsarerecognizedwhenthecontractualrightstothecash flows expire,or the Company no longer retains the significant risks or rewards of ownership of the financial asset. Financialliabilitiesarerecognizedwhentheobligationisdischarged,cancelledorexpires. FinancialassetsareclassifieddependentontheCompany’sbusinessmodelformanagingthefinancialandthe cashflowcharacteristicsoftheasset.Financialliabilitiesareclassifiedandmeasuredatamortisedcostexcept for trading liabilities, or where designated at original recognition to achieve more relevant presentation. The Company classifies its financial assets and liabilities into the following categories: FinancialassetsatamortisedcostTheCompany’sfinancialassetsatamortisedcostcomprisetradeandotherreceivables.Theserepresentdebt instrumentswithfixedordeterminablepaymentsthatrepresentprincipalorinterestandwheretheintentionis toholdtocollectthesecontractualcashflows.Theyareinitiallyrecognizedatfairvalue,includedincurrentand non-currentassets,dependingonthenatureofthetransaction,andaresubsequentlymeasuredatamortised cost using the effective interest method less any provision for impairment. ImpairmentoftradeandotherreceivablesIn accordance with IFRS 9 an expected loss provisioning model is used to calculate an impairment provision.We haveimplementedtheIFRS9simplifiedapproachtomeasuringexpectedcreditlossesarisingfromtradeand otherreceivables,beingalifetimeexpectedcreditloss.Thisiscalculatedbasedonanevaluationofourhistoric experienceplusanadjustmentbasedonourjudgementofwhetherthishistoricexperienceislikelyreflectiveof ourviewofthefutureatthebalancesheetdate.Inthepreviousyeartheincurredlossmodelisusedtocalculate the impairment provision. FinancialliabilitiesatamortisedcostFinancialliabilitiesatamortisedcostcompriseloanliabilities,includingconvertibleloannoteliabilityelements, andtrade and other payables.They are classified as current and non- current liabilities depending on the nature of the transaction,are subsequently measured at amortised cost using the effective interest method.All convertible loan notes are held at amortised cost and no election has been made to hold them as fair value through profit and loss.
FinancialassetsatfairvaluethroughprofitandlossFinancialassetsatfairvaluearerecognizedandmeasuredatfairvalueusingthemostrecentavailablemarket pricewithgainsandlossesrecognizedimmediatelyintheprofitandloss. The fair value measurement of the Company’s financial and non-financial assets and liabilities recognize market observable inputs and data as far as possible.Inputs used in determining fair value measurements are recognized into different levels based on how observable the inputs used in the valuation technique are (the ‘fair value hierarchy’). Level1–Quotedpricesinactivemarkets Level 2 – Observable direct or indirect inputs other than Level 1 inputs Level3–Inputsthatarenotbasedonobservablemarketdata 2.11 TRADEANDOTHERPAYABLESTradeandotherpayablesareinitiallyrecognizedatfairvalueandsubsequentlyheldatamortisedcost. 2.12 ORDINARYSHARECAPITALExternalcostsdirectlyattributabletotheissueofnewsharesareshowninequityasadeductionfromtheproceeds. Shares which have been repurchased are classified as treasury shares and shown in retained earnings.They are recognized at the trade date for the amount of consideration paid,together with directly attributable costs.This is presented as a deduction from total equity.Shares held by the Employee Benefit Trust are treated as being those oftheGroupuntilsuchtimeastheyaredistributedtoemployees,whentheyareexpensedintheprofitandloss account. Thenominalvalueofsharescancelledhasbeentakentoacapitalredemptionreserve. 2.13 RENTALINCOMERentalincomefrominvestmentpropertiesleasedoutunderoperatingleasesisrecognizedintheIncomeStatement onastraight-linebasisoverthetermofthelease.When theGroupprovidesleaseincentivestoitstenantsthecost ofincentivesarerecognizedovertheleaseterm,onastraight-linebasis,asareductiontoincome. 2.14 TAXATIONCorporation tax on the profit or loss for the year comprises current and deferred tax.Corporation tax is recognized intheIncomeStatementexcepttotheextentthatitrelatestoitemsrecognizeddirectlyinequity,inwhichcaseit is recognized in equity. Currenttaxistheexpectedtaxpayableonthetaxableincomefortheyear,usingtaxratesenactedorsubstantively enactedatthebalancesheetdateandanyadjustmenttotaxpayableinrespectofpreviousyears.Deferredtax isprovidedusingthebalancesheetliabilitymethod.Provisionismadefortemporarydifferencesbetweenthe carrying amounts of assets and liabilities in the financial statements for financial reporting purposes and the amountsusedfortaxationpurposes.Deferredincometaxiscalculatedaftertakingaccountofanyindexation allowancesandcapitallossesonanundiscountedbasis.Theamountofdeferredtaxprovidedisbasedonthe expected manner of recognized or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantially enacted at the balance sheet date.Deferred tax assets are recognized only to the extent that it is probable that future profits will be available against which the asset can be recognized.Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be recognized. Deferredtaxassetsandliabilitiesareonlyoffsetifthereisalegallyenforceablerightofset-off.
2.15 PENSIONSTheCompanyhascontributiononlypensionarrangementsinoperationforcertainemployees. 2.16 USEOFESTIMATESANDJUDGEMENTSTobeabletoprepareaccountsaccordingtogenerallyacceptedaccountingprinciples,managementmustmake estimatesandassumptionsthataffecttheassetandliabilityitemsandrevenueandexpenseamountsrecorded inthefinancialstatements.Theseestimatesarebasedonhistoricalexperienceandvariousotherassumptions thatmanagementandtheBoardofdirectorsbelievearereasonableunderthecircumstances.Theresultsofthese considerations form the basis for making judgements about the carrying value of assets and liabilities that are not readily available from other sources. TheareasrequiringtheuseofestimatesandjudgementsthatmaysignificantlyimpacttheGroup’searningsand financial position include the estimation of the fair value of investment properties. ThevaluationbasisoftheGroup’sinvestmentpropertiesissetoutabove. 2.17 ADOPTIONOFNEWANDREVISEDSTANDARDSStandardsissuedbutnotyeteffective: There were a number of standards and interpretations which were in issue during the current period but were not effectiveat that date and have not been adopted for these Financial Statements.The Directors have assessed the full impact of these accounting changes on the Company.To the extent that they may be applicable,the Directors have concluded that none of these pronouncements will cause material adjustments to the Group’s Financial Statements.They may result in consequential changes to the accounting policies and other note disclosures.The newstandardswillnotbeearlyadoptedbytheGroupandwillbeincorporatedinthepreparationoftheGroup Financial Statements from the effective dates noted below. Thenewstandards include: IFRS 17 Insurancecontracts1 IAS1 PresentationoffinancialstatementsandIFRSPracticeStatement21 IAS8 Accountingpolicies,changesinaccountingestimatesanderrors1 IAS12 IncomeTaxes 1 IFRS 16 Leases2 IAS1 Presentation of financial statements (Amendment – Classification of Liabilities as Current or Non-Current)2 IAS1 Presentationoffinancialstatements(Amendment–Non-currentLiabilitieswithCovenants)2 IAS21 LackofExchangeability3
1Effectiveforannualperiodsbeginningonorafter1January2023 2Effectiveforannualperiodsbeginningonorafter1January2024 3Effectiveforannualperiodsbeginningonorafter1January2025
3 OPERATINGSEGMENTSAsdescribedinnote2.1,theGroup’sreportablesegmentsunderIFRS8are:
ThedisclosuresbysegmentrequiredbyIFRS8areasfollows: Yearended31December2023 Yearended31December2022
Theremainingoverheadsandassetsarenotdirectlyattributabletoeitheroftheoperatingsegments. 4 PROPERTYOPERATINGEXPENSES
*Withinthetaxandauditfigureare£33k(2022:£30k)accruedforauditorsremuneration. **Duringtheperiodremunerationconsistedofcontractorswithinwhich£177krelatedtodirectors’remuneration(2022:£153k).From theendoftheyearended31December2023,therewerenoemployees.
7 NETFINANCING(LOSS)/INCOME
FollowingtheCompany’sadoptionofitsnewinvestmentpolicyinSeptember2020,theGroupisconsideredbyHM Customs&RevenuetohaveexitedtheREITtaxregimewitheffectfrom1October2018and,fromthatdate,isfully subject to corporation tax. However,theBoardbelievesthattheGroup’sactivitiessincethenandtheavailabilityoftaxlossesmeansthat theCompany’sactivitiesareunlikelytohavegeneratedanymaterialcorporationtaxliabilityforperiodssince1 October2018.Accordingly,noprovisionforcorporationtaxhasbeenmadeintheseaccounts.Thedeferredtax asset not recognised relating to these losses can be carried forward indefinitely.It is not anticipated that sufficient profitsfromtheresidualbusinesswillbegeneratedintheforeseeablefuturetoutilisethelossescarriedforward andthereforenodeferredtaxassethasbeenrecognisedintheseaccounts.
9 EARNINGSPERSHAREThecalculationofbasicearningspersharewasbasedontheprofitattributabletoordinaryshareholdersanda weightedaveragenumberofordinarysharesoutstanding.
Areconciliationoftheportfoliovaluationat31December2023tothetotalvalueforinvestmentpropertiesgiven intheConsolidatedBalanceSheetisasfollows:
Thebasisfordeterminingfairvalueisdescribedinnote2.4. 11 AVAILABLEFORSALEFINANCIAL ASSETSTheGroupclassifiesthefollowingfinancialassetsatfairvaluethroughprofitorloss(FVPL):- Year Year ended ended 31December 31December 2023 2022 £000 £000 Availableforsaleinvestments
*Theseassetsareformedofequityinstrumentsheldonquotedmarketsglobally,theycomprisebothlongandshortpositionsasper the disclosures in the Strategic Report. **Theseholdingscompriseforeigncurrencybalancesheldforshortperiodsfromthesaleandpurchaseoffinancialassetsthroughthe broker
AFSinvestmentshavebeenvaluedincorporatingLevel1inputsinaccordancewithIFRS7.Theyareacombination of cash and securities held with the listed broker. Financialinstrumentsrequireclassificationoffairvalueasdeterminedbyreferencetothesourceofinputsused toderivethefairvalue.Thisclassificationusesthefollowingthree-levelhierarchy:
12 TRADEANDOTHERRECEIVABLES
Intheabovetable,interestrepresentsthedifferencebetweenthecarryingamountandthecontractualliability/ cashflow.Allleasesexpireinmorethanfiveyears. 16 FINANCIALINSTRUMENTSANDRISKMANAGEMENTTheBoardofdirectorshasoverallresponsibilityfortheestablishmentandoversightoftheGroup’sriskmanagement framework. As described in the Corporate Governance report,this responsibility has been assigned to the executive directors with support and feedback from the Audit Committee.The Audit Committee oversees how management monitors compliance with the Group’s risk management policies and procedures and reviews the adequacy of the risk managementframeworkinrelationtotherisksfacedbytheGroup. The Group has identified exposure to the following financial risks from its use of financial instruments:capital management risk,market risk,credit risk and liquidity risk. CapitalManagementRiskThe Group’s capital consists of cash and equity attributable to the shareholders.The Board do not consider thereis any material capital management risk exposure. MarketRiskMarket risk is the risk that changes in market conditions,such as interest rates,foreign exchange rates and equity prices,willaffecttheGroup’sprofitorlossandcashflows. Equityriskismitigatedusingacombinationoflongandshortpositionstoensurethatfluctuationsinthemarket are hedged against.
SensitivityAnalysisIFRS7 requires an illustration of the impact on the Group’s financial performance of changes in interest rates.The followingsensitivityanalysishasbeenpreparedinaccordancewiththeGroup’sexistingaccountingpoliciesand considerstheimpactontheIncomeStatementandonequityofanincreaseof100basispoints(1%)ininterest rates.Any consequential tax impact is excluded. Actual results in the future may differ materially from these assumptions and,as such,these tables should not be consideredasaprojectionoflikelyfuturegainsandlosses.
FairvaluemeasurementsrecognisedinthestatementoffinancialpositionInvestment properties and Investment properties held for sale are measured subsequent to initial recognition at fair value and have been group as Level 3 (2022:level 3) based on the degree to which fair value is observable.
Investmentpropertieshavebeenvaluedusingtheinvestmentmethodwhichinvolvesapplyingayieldtorental incomestreams. Inputsincludeequivalentyield,tenancyinformation,andleasingassumptions.Valuationreportsarebasedon bothinformationprovidedbytheCompanye.g.tenancyinformationincludingcurrentrents,whicharederived from the Company’s financial and property management systems and are subject to the Company’s overall control environment,andassumptionsappliedbythevaluerse.g.ERVs,andyields.Theseassumptionsarebasedon market observation and the valuers’professional judgement. An increase/decrease in equivalent yields will decrease/increase valuations,and an increase or decrease in rental valueswill increase or decrease valuations.Other inputs include ERVs,and likely void and rent-free periods.There areinterrelationships between these inputs as they are determined by market conditions.The valuation movement in a period depends on the balance of those inputs. Belowisasensitivityanalysisoftheimpactofa1%increaseordecreaseinequivalentyieldsonincomeandequity. Actualresultsmaydiffermateriallyfromtheseassumptionsand,assuch,thesetablesshouldnotbeconsidered as a projection of likely future gains and losses.
Belowisasensitivityanalysisoftheimpactofa1%increaseordecreaseinforeignexchangeratesonincome andequity.Actualresultsmaydiffermateriallyfromtheseassumptionsand,assuch,thesetablesshouldnotbe consideredasaprojectionoflikelyfuturegainsandlosses.
CreditRiskCreditriskistheriskoffinanciallosstotheGroupifatenant,bankorcounterpartytoafinancialinstrumentfails to meet its contractual obligations and arises principally from the Group’s receivables from tenants,cash and cashequivalentsheldbytheGroup’sbankersandderivativefinancialinstrumentsenteredintowiththeGroup’s bankers. TradeandOtherReceivablesThe Group’s exposure to credit risk is influenced mainly by the individual characteristics of each tenant.At 31 December2023theGrouphadover30lettingunitsinthreeproperties.Thereisnosignificantconcentrationof credit risk due to the large number of small balances owed by a wide range of tenants who operate across all retail sectors.There is no concentration of credit risk in any one geographic area of the UK.The level of arrears is monitoredmonthlybytheGrouponatenantbytenantbasis. Cash,CashEquivalentsandDerivativeFinancialInstrumentsThebankingservicesusedbytheGrouparesplitbetweenamajorUKbankandaSwissprivatebankingcorporation for deposit purposes. LiquidityRiskLiquidityrisk is the risk that the Group will not be able to meet its financial obligations as they fall due.The Group’s approachtomanagingliquidityriskistoensure,asfaraspossible,thatitwillalwayshaveadequateresourcesto meetitsliabilitieswhentheyfalldueforboththeoperationalneedsofthebusinessandtomeetplannedfuture investments.Thispositionisformallyreviewedonaquarterlybasisormorefrequentlyshouldeventsrequireit. TheGroup’sfinancialliabilitiesareclassifiedandareshownwiththeirfairvalueasfollows: 31December2023
Forallclassesoffinancialliabilities,thecarryingamountisareasonableapproximationoffairvalue. The maturity profiles of the Group’s financial liabilities are as follows: 31December2023
Contractualcashflowsincludetheundiscountedcommittedinterestcashflowsand,wheretheamountpayableis notfixed,theamountdisclosedisdeterminedbyreferencetotheconditionsexistingattheyearend
18 CAPITALCOMMITMENTSNocapitalexpenditurewasplannedatthebalancesheetdate. 19 RELATEDPARTYBALANCESANDTRANSACTIONSTransactionswithKeyManagementPersonnel TheonlytransactionswithkeymanagementpersonnelrelatetoremunerationwhichissetoutintheRemuneration Report. The key management personnel of the Group for the purposes of related party disclosures under IAS 24 comprise all executive and non-executive directors. AsattheyearendtheGroupowed£18,505(2022:£17,073)toThalassaHoldingsLimited(“Thalassa”),acompany undercommon directorship.During the year services amounting to £74,166.39 (2022:£91,490) were charges from Thalassa. ThebulkofthissumrelatedtoadministrationfeessettledbyThalassabutpayablebytheGroup.Theremained relatedtoaccountingandregisteredofficeservicessuppliedtotheGroupbyThalassaatcost. Thecompanywasaccrued£144,213(2022:£155,000),toFleurDeLysLtd,acompanyownedandcontrolledbythe ChairmanDuncanSoukup,forconsultancyandadministrationservices. Athenium Consultancy Ltd, a company in which the Group owns shares invoiced the group for financial and corporateadministrationservicestotaling£181,500fortheperiod(Dec2022:£165,000).
Duringtheyearto30September2019,theCompanyunderwentaCourtapprovedrestructureofcapitalandbuy backof shares.Under this action the issued 20p shares were converted to 1p;capital reserves were transferred to distributable reserves;59,808,456 shares were repurchased,and a new Capital Redemption Reserve of £0.598m wasestablished. InvestmentinOwnSharesAttheyear-end,9,164,017shareswereheldintreasury(December2022:9,164,017).
21 GROUPENTITIESAllthebelowcompaniesareincorporatedintheUnitedKingdom:-
Effective Shareholding
**Registeredoffice:EastleighCourt,Bishopstrow,Warminster,WiltshireBA129HW ***Registeredoffice:4AtlanticQuay,70YorkStreet,Glasgow,G28JX
SubsidiariesNOS4Ltd(Registerednumber:05707123),NOS5Ltd(Registerednumber:05707124)andNOS6Ltd (Registered number:06188983) are exempt from the requirements relating to the audit of accounts under section 479A of the Companies Act 2006 22 ASSOCIATEDENTITIESAtheniumConsultancyLtdinwhichtheGroupowns30%shareswasincorporatedon12October2021.Movement on interests in associates can be summarised as follows:
investigation,including the extent to which the relevant group company may be required to underwrite such costs as may arise and the extent to which the tenants or former tenants of the properties are liable to contribute to such costs under the terms of their tenancy agreements. 24 SUBSEQUENTEVENTS
25 CONTROLLINGPARTYANDCOPIESOFTHEFINANCIALSTATEMENTSAs at31December2023theCompanyhadnoultimatecontrollingparty. The consolidated financial statements of Alina Holdings PLC are available to the public and may be obtained from the Company’s website:www.alina-holdings.com.
The Company has taken advantage of Section 408 of the Companies Act 2006 and has not included its own profit andlossaccountinthesefinancialstatements.TheCompany’slossfortheperiodwas£0.48m(31December 2022:£0.06m). ThesefinancialstatementswereapprovedbytheBoardofdirectorson29April2024andweresignedonitsbehalf by:
CDSoukupDirector TheregisterednumberoftheCompanyis05304743. NOTESTOTHEFINANCIALSTATEMENTS
C1.ACCOUNTINGPOLICIESThesefinancialstatementswerepreparedinaccordancewithFinancialReportingStandard102TheFinancial ReportingStandard applicable in the UK (“FRS 102”) as issued in March 2018.The presentation currency of these financialstatementsissterling.Allamountsinthefinancialstatementshavebeenroundedtothenearest£1,000. The consolidated financial statements of Alina Holdings PLC are prepared in accordance with UK Adopted Accounting Standards (IFRS) and are available to the public. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
As the consolidated financial statements include the equivalent disclosures,the Company has also taken the exemptionsunderFRS102availableinrespectofthefollowingdisclosures:
TheCompanyproposestocontinuetoadoptthereduceddisclosureframeworkofFRS102initsnextfinancial statements. The accounting policies set out below have,unless otherwise stated,been applied consistently to all periods presented in these financial statements. There were no judgements made by the directors, in the application of these accounting policies that havesignificant effect on the financial statements,with a significant risk of material adjustment in the next year. MeasurementconventionThefinancialstatementsarepreparedonthehistoricalcostbasis. Classificationof financial instruments issuedby the CompanyInaccordancewithFRS102.22,financialinstrumentsissuedbytheCompanyaretreatedasequityonlytothe extent that they meet the following two conditions:
Totheextentthatthisdefinitionisnotmet,theproceedsofissueareclassifiedasafinancialliability. Wheretheinstrumentsoclassifiedtakesthelegalformofthecompany’sownshares,theamountspresentedin thesefinancialstatementsforcalledupsharecapitalandsharepremiumaccountexcludeamountsinrelationto thoseshares.
BasicfinancialinstrumentsTrade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition,they are measured at amortised cost,less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normalbusinessterms, thenitismeasuredatthepresentvalueoffuturepaymentsdiscountedatamarketrate ofinstrumentforasimilardebtinstrument. InvestmentsinsubsidiariesThese are separate financial statements of the company.Investments in subsidiaries are carried at cost less impairment. JudgementsandEstimatesIn testing for impairment, management assesses the recoverable amount of investments and inter-company debtorsbyreferencetothesubsidiaries’netassetsandtheirabilitytorecovertheseassets. ProvisionsAprovisionisrecognisedinthebalancesheetwhentheCompanyhasapresentlegalorconstructiveobligationas aresultofapastevent,thatcanbereliablymeasuredanditisprobablethatanoutflowofeconomicbenefitswill be required to settle the obligation.Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies withinitsgroup,thecompanytreatstheguaranteecontractasacontingentliabilityuntilsuchtimeasitbecomes probablethatthecompanywillberequiredtomakeapaymentundertheguarantee. InterestreceivableandInterestpayableInterestpayableandsimilarchargesincludeinterestpayable,financechargesonsharesclassifiedasliabilities andfinanceleasesrecognizedinprofitorlossusingtheeffectiveinterestmethod,unwindingofthediscounton provisions,andnetforeignexchangelossesthatarerecognizedintheprofitandlossaccount. TaxationTaxontheprofitorlossfortheyearcomprisescurrentanddeferredtax.Taxisrecognisedintheprofitandloss accountexcepttotheextentthatitrelatestoitemsrecogniseddirectlyinequityorothercomprehensiveincome, inwhichcaseitisrecogniseddirectlyinequityorothercomprehensiveincome. Currenttaxistheexpectedtaxpayableorreceivableonthetaxableincomeorlossfortheyear,usingtaxrates enacted or substantively enacted at the balance sheet date,and any adjustment to tax payable in respect of previousyears. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessmentsin periods different from those in which they are recognised in the financial statements.The following timing differences are not provided for:differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.Deferred tax is not recognised onpermanentdifferencesarisingbecausecertaintypesofincomeorexpensearenon-taxableoraredisallowablefor taxorbecausecertaintaxchargesorallowancesaregreaterorsmallerthanthecorrespondingincomeorexpense. Deferredtaxismeasuredatthetaxratethatisexpectedtoapplytothereversaloftherelateddifference,using taxratesenactedorsubstantivelyenactedatthebalancesheetdate.Deferredtaxbalancesarenotdiscounted. Unrelievedtaxlossesandotherdeferredtaxassetsarerecognisedonlytotheextentthatisitprobablethatthey willberecoveredagainstthereversalofdeferredtaxliabilitiesorotherfuturetaxableprofits.
An impairment review of the carrying value of the Company’s investments in its subsidiary undertakings has been performed.In carrying out this review,the directors had due regard to the nature of the property investments held, whichiscommensuratewiththefundingarrangementsinplace.Onthebasisofthisreviewwhichincludedareview oftheunderlyingassetsoftheindividualsubsidiariesthedirectorshavewrittendownthevalueofinvestmentsin subsidiary undertakings to their estimated realisable value. ThecompaniesinwhichtheCompany’sinterestsattheperiodendweremorethan20%areasfollows:
InvestmentinOwnSharesAt the year-end,9,164,017 shares were held in treasury (2022:9,164,017),and at the date of this report 9,164,017 were held in treasury. Statementof Changes in Equity for the 12 months ended 31 December 2023 Capital
C6.CONTROLLINGPARTYPleaserefertonote25intheGroupFinancialStatements GLOSSARY
EarningsPerShare(“EPS”)EPS is calculated as profit attributable to shareholders divided by the weighted average number of shares in issue in the year. EquivalentYieldEquivalentyieldisaweightedaverageoftheinitialyieldandreversionaryyieldandrepresentsthereturnaproperty willproduce based upon the timing of the income received.In accordance with usual practice,the equivalent yields (asdeterminedbytheGroup’sexternalvaluers)assumerentreceivedannuallyinarrearsandongrossvalues includingprospectivepurchasers’costs(includingstampduty,andagents’andlegalfees). HeadLeaseAheadleaseisaleaseunderwhichtheGroupholdsaninvestment property. InitialYieldInitialyieldistheannualisednetrentgeneratedbyapropertyexpressedasapercentageofthepropertyvaluation. Inaccordancewithusualpracticethepropertyvalueisgrosseduptoincludeprospectivepurchasers’costs. Like-for-likeMarketRentThisistheMarketRentfortheGroup’sinvestmentpropertiesattheendofthefinancialyearcomparedwiththe Market Rent for the same properties at the end of the prior year,i.e.excluding the Market Rent of those properties disposed of during the interim period. Like-for-likerentalincomeThisistherentalincomefortheGroup’sinvestmentpropertiesattheendofthefinancialyearcomparedwiththe rentalincomeforthesamepropertiesattheendoftheprioryear,i.e.excludingrentalincomeofthoseproperties disposed of during the interim period. MarketValueMarketvalueistheestimatedamountforwhichapropertyshouldexchangeonthedateofvaluationbetweena willingbuyerandwillingsellerinanarm’slengthtransactionafterpropermarketingwhereinthepartieshadeach acted knowledgeably,prudently and without compulsion. MarketRentMarketrentistheestimatedamountforwhichapropertyshouldleaseonthedateofvaluationbetweenawilling lessor and a willing lessee on appropriate lease terms,in an arm’s length transaction,after proper marketing whereinthepartieshadeachactedknowledgeably,prudentlyandwithoutcompulsion. NetAssetValue(“NAV”)pershareNAV per share is calculated as shareholders’funds divided by the number of shares in issue at the year-end excluding treasury shares. RealEstateInvestmentTrust(“REIT”)AREITisalistedpropertycompanywhichqualifiesforandhaselectedtojointheUKREITtaxregime,which exemptsqualifyingUKpropertyrentalincomeandgainsoninvestmentpropertydisposalsfromcorporationtax. The Group converted to REITstatus on 11 May 2007 and left the REITtax regime on 1 October 2018 ReversionaryYieldReversionaryyieldistheannualisednetrentthatwouldbegeneratedbyapropertyifitwerefullyletatmarket rent expressed as a percentage of the property valuation.In accordance with usual practice the property value is grosseduptoincludeprospectivepurchasers’costs.
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ISIN: | GB00B1VS7G47 |
| Category Code: | ACS |
| TIDM: | ALNA |
| LEI Code: | 213800SOAIB9JVCV4D57 |
| Sequence No.: | 318888 |
| EQS News ID: | 1893049 |
| End of Announcement | EQS News Service |
