Company Registration No. SC045014 (Scotland)
Alberta Estates Limited
unaudited financial statements
for the year ended 31 December 2021
Pages for filing with Registrar
Alberta Estates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Alberta Estates Limited
Balance sheet
as at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
246
246
Investments
4
160,500
145,680
160,746
145,926
Current assets
Debtors
5
215
Cash at bank and in hand
22,421
27,296
22,636
27,296
Creditors: amounts falling due within one year
6
(718)
(1,940)
Net current assets
21,918
25,356
Total assets less current liabilities
182,664
171,282
Provisions for liabilities
(27,655)
(24,839)
Net assets
155,009
146,443
Capital and reserves
Called up share capital
1,750
1,750
Other reserves
117,896
105,892
Profit and loss reserves
35,363
38,801
Total equity
155,009
146,443
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Alberta Estates Limited
Balance sheet (continued)
as at 31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2022 and are signed on its behalf by:
Ian Wright
Director
Company Registration No. SC045014
Alberta Estates Limited
Notes to the financial statements
for the year ended 31 December 2021
- 3 -
1
Accounting policies
Company information
Alberta Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is The Vision Building, 20 Greenmarket, Dundee, DD1 4QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Mineral rights are stated at cost price.
Listed investments are stated at fair value. Gains and losses on realisation of investments are dealt with through the profit and loss account.
Investment income is included within the profit and loss account in the period in which it is receivable.
Mineral rights
no depreciation
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
Alberta Estates Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
1
Accounting policies (continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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 current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Alberta Estates Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
1
Accounting policies (continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Mineral rights
£
Cost
At 1 January 2021 and 31 December 2021
246
Depreciation and impairment
At 1 January 2021 and 31 December 2021
Carrying amount
At 31 December 2021
246
At 31 December 2020
246
Alberta Estates Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
- 6 -
4
Fixed asset investments
2021
2020
£
£
Other investments other than loans
160,500
145,680
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2021
145,680
Valuation changes
14,820
At 31 December 2021
160,500
Carrying amount
At 31 December 2021
160,500
At 31 December 2020
145,680
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
215
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
718
1,940
7
Revaluation reserve
2021
2020
£
£
At the beginning and end of the year
-
Non-distributable reserves represent the revaluation of investments less associated deferred tax liabilities and are not distributable to shareholders.