Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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650,000 | 600,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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6,219 | 3,533 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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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 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Alma Developments Ltd (registered number:
J T S Adam
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 December 2020 |
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Fair value movement | 50,000 |
As at 30 November 2021 |
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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 |
2021 | 2020 | ||
£ | £ | ||
Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Other creditors |
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Corporation tax |
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2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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