Silverfin false 30/11/2021 30/11/2021 01/12/2020 J T S Adam 07/05/1987 W D R Adam 16/05/2001 R J Cooney 07/05/1987 R J Cooney 12 August 2022 The principal activity of the Company during the financial year was that of the letting of property. 02129124 2021-11-30 02129124 bus:Director1 2021-11-30 02129124 bus:Director2 2021-11-30 02129124 bus:Director3 2021-11-30 02129124 2020-11-30 02129124 core:CurrentFinancialInstruments 2021-11-30 02129124 core:CurrentFinancialInstruments 2020-11-30 02129124 core:Non-currentFinancialInstruments 2021-11-30 02129124 core:Non-currentFinancialInstruments 2020-11-30 02129124 core:ShareCapital 2021-11-30 02129124 core:ShareCapital 2020-11-30 02129124 core:FurtherSpecificReserve1ComponentTotalEquity 2021-11-30 02129124 core:FurtherSpecificReserve1ComponentTotalEquity 2020-11-30 02129124 core:RetainedEarningsAccumulatedLosses 2021-11-30 02129124 core:RetainedEarningsAccumulatedLosses 2020-11-30 02129124 core:CurrentFinancialInstruments core:Secured 2021-11-30 02129124 core:MoreThanFiveYears 2021-11-30 02129124 core:MoreThanFiveYears 2020-11-30 02129124 2020-12-01 2021-11-30 02129124 bus:FullAccounts 2020-12-01 2021-11-30 02129124 bus:SmallEntities 2020-12-01 2021-11-30 02129124 bus:AuditExemptWithAccountantsReport 2020-12-01 2021-11-30 02129124 bus:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 02129124 bus:Director1 2020-12-01 2021-11-30 02129124 bus:Director2 2020-12-01 2021-11-30 02129124 bus:Director3 2020-12-01 2021-11-30 02129124 bus:CompanySecretary1 2020-12-01 2021-11-30 02129124 2019-12-01 2020-11-30 02129124 core:CurrentFinancialInstruments 2020-12-01 2021-11-30 iso4217:GBP xbrli:pure

Company No: 02129124 (England and Wales)

ALMA DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2021
Pages for filing with the registrar

ALMA DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2021

Contents

ALMA DEVELOPMENTS LTD

BALANCE SHEET

As at 30 November 2021
ALMA DEVELOPMENTS LTD

BALANCE SHEET (continued)

As at 30 November 2021
Note 2021 2020
£ £
Fixed assets
Investment property 3 650,000 600,000
650,000 600,000
Current assets
Debtors 4 16 16
Cash at bank and in hand 6,203 3,517
6,219 3,533
Creditors
Amounts falling due within one year 5 ( 36,291) ( 28,086)
Net current liabilities (30,072) (24,553)
Total assets less current liabilities 619,928 575,447
Creditors
Amounts falling due after more than one year 6 ( 162,018) ( 175,153)
Provisions for liabilities ( 66,858) ( 54,358)
Net assets 391,052 345,936
Capital and reserves
Called-up share capital 3 3
Fair value reserve 331,586 261,086
Profit and loss account 59,463 84,847
Total shareholders' funds 391,052 345,936

For the financial year ending 30 November 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Alma Developments Ltd (registered number: 02129124) were approved and authorised for issue by the Director on 12 August 2022. They were signed on its behalf by:

J T S Adam
Director
ALMA DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2021
ALMA DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Alma Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the rental of investment property in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 December 2020 600,000
Fair value movement 50,000
As at 30 November 2021 650,000

Valuation

The value of the investment property was assessed by the directors at 30 November 2021 as being equivalent to fair value. The basis of the valuation was open market value.

This class of asset has a current value of £650,000 (2020 - £600,000) and a carrying amount at historic cost of £251,556 (2020 - £251,556). The depreciation on this historical cost is £nil (2020 - £nil).

Deferred tax is accounted for on amounts credited and debited to the fair value reserve as detailed in the tax accounting policy.

There has been no valuation of investment property by an independent valuer.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2021 2020
£ £
Historic cost 251,556 251,556

4. Debtors

2021 2020
£ £
Other debtors 16 16

5. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans (secured) 12,043 5,451
Other creditors 22,462 21,335
Corporation tax 1,786 1,300
36,291 28,086

Current bank loans include £12,043 (2020 - £5,451) on which security has been given by the company in the form of a guarantee provided by the directors.

6. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans (secured) 162,018 175,153

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2021 2020
£ £
Bank loans (secured) 113,847 133,095