Bill Allen (Cheltenham) Limited 00524499 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is that of motor dealers and letting of real estate. Digita Accounts Production Advanced 6.30.9574.0 true false false 00524499 2022-01-01 2022-12-31 00524499 2022-12-31 00524499 bus:OrdinaryShareClass1 2022-12-31 00524499 core:CurrentFinancialInstruments 2022-12-31 00524499 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00524499 core:Non-currentFinancialInstruments 2022-12-31 00524499 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 00524499 core:FurnitureFittingsToolsEquipment 2022-12-31 00524499 core:MotorVehicles 2022-12-31 00524499 1 2022-12-31 00524499 bus:SmallEntities 2022-01-01 2022-12-31 00524499 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 00524499 bus:FullAccounts 2022-01-01 2022-12-31 00524499 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 00524499 bus:RegisteredOffice 2022-01-01 2022-12-31 00524499 bus:Director1 2022-01-01 2022-12-31 00524499 bus:Director3 2022-01-01 2022-12-31 00524499 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 00524499 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 00524499 bus:Agent1 2022-01-01 2022-12-31 00524499 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 00524499 core:MotorVehicles 2022-01-01 2022-12-31 00524499 core:PlantMachinery 2022-01-01 2022-12-31 00524499 core:OtherRelatedParties 2022-01-01 2022-12-31 00524499 core:Subsidiary1 2022-01-01 2022-12-31 00524499 core:Subsidiary2 2022-01-01 2022-12-31 00524499 1 2022-01-01 2022-12-31 00524499 countries:EnglandWales 2022-01-01 2022-12-31 00524499 2021-12-31 00524499 core:FurnitureFittingsToolsEquipment 2021-12-31 00524499 core:MotorVehicles 2021-12-31 00524499 2021-01-01 2021-12-31 00524499 2021-12-31 00524499 bus:OrdinaryShareClass1 2021-12-31 00524499 core:CurrentFinancialInstruments 2021-12-31 00524499 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 00524499 core:Non-currentFinancialInstruments 2021-12-31 00524499 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 00524499 core:FurnitureFittingsToolsEquipment 2021-12-31 00524499 core:MotorVehicles 2021-12-31 00524499 1 2021-12-31 00524499 core:Subsidiary1 2021-01-01 2021-12-31 00524499 core:Subsidiary2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00524499

Prepared for the registrar

Bill Allen (Cheltenham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Bill Allen (Cheltenham) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Bill Allen (Cheltenham) Limited

Company Information

Directors

W S Allen

A M Rodrigues

Registered office

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Solicitors

Harrison Clark Rickerbys Limited
Ellenborough House
Wellington Street
Cheltenham
GL50 1YD

Bankers

Lloyds TSB Plc
Montpellier
Cheltenham
GL50 1SH

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Bill Allen (Cheltenham) Limited

(Registration number: 00524499)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

52,360

83,883

Investment property

5

1,550,000

3,244,761

Investments

6

307,755

307,755

 

1,910,115

3,636,399

Current assets

 

Stocks

7

4,000

14,837

Debtors

8

2,349,422

2,281,836

Cash at bank and in hand

 

1,682,509

328,906

 

4,035,931

2,625,579

Creditors: Amounts falling due within one year

9

(160,547)

(245,282)

Net current assets

 

3,875,384

2,380,297

Total assets less current liabilities

 

5,785,499

6,016,696

Creditors: Amounts falling due after more than one year

9

(26,667)

(49,493)

Deferred tax liabilities

 

-

(33,879)

Net assets

 

5,758,832

5,933,324

Capital and reserves

 

Called up share capital

155,742

155,742

Revaluation reserve

1,191,097

1,047,088

Profit and loss account

4,411,993

4,730,494

Shareholders' funds

 

5,758,832

5,933,324

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

W S Allen

Director

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and returns.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% of written down value per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

30,532

136,752

167,284

Additions

-

6,500

6,500

At 31 December 2022

30,532

143,252

173,784

Depreciation

At 1 January 2022

11,910

71,491

83,401

Charge for the year

2,210

35,813

38,023

At 31 December 2022

14,120

107,304

121,424

Carrying amount

At 31 December 2022

16,412

35,948

52,360

At 31 December 2021

18,622

65,261

83,883

 

5

Investment properties

£

At 1 January 2022

3,244,761

Disposals

(1,694,761)

At 31 December 2022

1,550,000

The directors have assessed the value of the investment properties and consider that the current valuation is appropriate.

 

6

Investments

2022
£

2021
£

Investments in subsidiaries

307,430

307,430

Investments in associates

325

325

307,755

307,755

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2022

2021

Yukantakitwithya Inc

Ordinary

50%

50%

         

SCI DeRochefort

Ordinary

99.5%

99.5%

         
 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Subsidiary undertakings

Yukantakitwithya Inc

The principal activity of Yukantakitwithya Inc is property investment.

SCI DeRochefort

The principal activity of SCI DeRochefort is property investment.

 

7

Stocks

2022
 £

2021
 £

Stock for resale

4,000

14,837

 

8

Debtors

Note

2022
 £

2021
 £

Amounts owed by related parties

12

149,277

149,277

Other debtors

 

2,200,145

2,132,559

 

2,349,422

2,281,836

 

9

Creditors

Note

2022
 £

2021
 £

Due within one year

 

Loans and borrowings

10

22,825

42,418

Social security and other taxes

 

2,520

11,586

Other creditors

 

123,572

128,572

Accrued expenses

 

11,630

62,706

 

160,547

245,282

Due after one year

 

Loans and borrowings

10

26,667

49,493

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

10

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

12,825

32,418

22,825

42,418

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

26,667

36,667

HP and finance lease liabilities

-

12,826

26,667

49,493

Bank borrowings

The bank borrowng is a bounce bank loan and is denominated in GB£ with a nominal interest rate of 2.5%, and the final instalment is due on 31 August 2022. The carrying amount at year end is £36,667 (2021 - £46,667).

 

11

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

155,742

155,742

155,742

155,742

         
 

12

Related party transactions

Summary of transactions with other related parties

At 31 December 2022, the company was owed £956,793 (2021: £956,793) by County Garage (Cheltenham) Limited, a company in which W S Allen is a shareholding director.

At 31 December 2022, the company was owed £1,167,570 (2021: £1,135,088) from Yukantakitwithya Inc, a company that is 50% owned by Bill Allen (Cheltenham) Limited.

At 31 December 2022, the company was owed £149,277 (2021: £149,277) from SCI DeRochefort, a company that is 99.95% owned by Bill Allen (Cheltenham) Limited.

At 31 December 2022,the company was owed £5,917 (2021: £7,501) by the WSA Pension Fund, a fund for which the main beneficiary is W S Allen.