Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11184641 2022-04-01 2023-03-31 11184641 2021-04-01 2022-03-31 11184641 2023-03-31 11184641 2022-03-31 11184641 c:Director1 2022-04-01 2023-03-31 11184641 d:MotorVehicles 2022-04-01 2023-03-31 11184641 d:FreeholdInvestmentProperty 2023-03-31 11184641 d:FreeholdInvestmentProperty 2022-03-31 11184641 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 11184641 d:CurrentFinancialInstruments 2023-03-31 11184641 d:CurrentFinancialInstruments 2022-03-31 11184641 d:Non-currentFinancialInstruments 2023-03-31 11184641 d:Non-currentFinancialInstruments 2022-03-31 11184641 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11184641 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11184641 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11184641 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11184641 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 11184641 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 11184641 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 11184641 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 11184641 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 11184641 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 11184641 d:ShareCapital 2023-03-31 11184641 d:ShareCapital 2022-03-31 11184641 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11184641 d:RetainedEarningsAccumulatedLosses 2023-03-31 11184641 d:RetainedEarningsAccumulatedLosses 2022-03-31 11184641 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11184641 c:OrdinaryShareClass1 2023-03-31 11184641 c:OrdinaryShareClass1 2022-03-31 11184641 c:FRS102 2022-04-01 2023-03-31 11184641 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11184641 c:FullAccounts 2022-04-01 2023-03-31 11184641 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11184641 2 2022-04-01 2023-03-31 11184641 d:OtherDeferredTax 2023-03-31 11184641 d:OtherDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11184641









ALTITUDE PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ALTITUDE PROPERTIES LIMITED
REGISTERED NUMBER: 11184641

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
424,000
407,127

  
424,000
407,127

Current assets
  

Debtors: amounts falling due within one year
 5 
664,506
285,856

Cash at bank and in hand
  
28,219
491,744

  
692,725
777,600

Creditors: amounts falling due within one year
 6 
(802,280)
(948,497)

Net current liabilities
  
 
 
(109,555)
 
 
(170,897)

Total assets less current liabilities
  
314,445
236,230

Creditors: amounts falling due after more than one year
 7 
(313,896)
(323,898)

Provisions for liabilities
  

Deferred tax
 9 
(3,206)
-

  
 
 
(3,206)
 
 
-

Net liabilities
  
(2,657)
(87,668)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
 11 
(2,658)
(87,669)

  
(2,657)
(87,668)


Page 1

 
ALTITUDE PROPERTIES LIMITED
REGISTERED NUMBER: 11184641
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.




L Khazai
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 11184641.  The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP. 
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash Flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a
cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has previously incurred losses and as a result has net liabilities at the balance sheet date.  The company is expected to make a profit going forwards, and one of the main creditors of the company is the director who intends to continue to support the company and therefore the accounts have been prepared on the going concern basis.

Page 3

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental of investment properties
Revenue from the rental of investment properties are recognised when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive consideration due for the period of rent;
- the period of rent can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Recharge of expenses
Revenue from the recharge of expenses are recognised when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive consideration due under the recharge contract;
- the period for the recharge can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt
Page 6

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
407,127


Surplus on revaluation
16,873



At 31 March 2023
424,000

During the current year tthe deferred tax calculated on the revaluation in the year of the properties was calculated accordingly at £3,206 (2022 - £Nil).

The 2023 valuations were made by the director, on an open market value for existing use basis.







5.


Debtors

2023
2022
£
£


Other debtors
664,506
285,856

664,506
285,856


Page 7

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Corporation tax
22,128
18,256

Other creditors
764,281
919,093

Accruals and deferred income
5,871
1,148

802,280
948,497



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
313,896
323,898

313,896
323,898


The following liabilities were secured:

2023
2022
£
£



Bank loans
292,230
292,230

292,230
292,230

Details of security provided:

Bank loans are secured by way of a fixed charge in favour of Charter Court Financial Services Limited over the freehold property known as 58 Wheats Avenue, Birmingham, B17 0RJ.
 
Page 8

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable other than by instalments
292,230
292,230

292,230
292,230

In May 2020 a Bounce Back Loan was obtained which is repayable over 6 years. The loan is interest and repayment free for the first 12 months, with the remainder repayable in instalments over the remaining 5 years and interest is charged at 2.5%.
IIn September 2021 a 25 year interest only loan was taken out at an interest rate of 3.34% per annum fixed for the first 5 years.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
11,667
21,667


11,667
21,667

Amounts falling due after more than 5 years

Bank loans
292,230
292,230

292,230
292,230

323,897
333,897


Page 9

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Deferred taxation




2023


£






Charged to profit or loss
(3,206)



At end of year
(3,206)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Revaluation of investment property
(3,206)
-

(3,206)
-


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Reserves

Profit and loss account

The profit and loss account represents accumulated trading reserves which are distributable along with revaluations of the investment property net of deferred tax which are non distributable.


12.


Transactions with directors

The company has guaranteed a loan on behalf of the director and the balance of the loan as at 31 March 2023 was £11,825 (2022 - £17,987)

Page 10

 
ALTITUDE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Related party transactions

During the year the company received a loan from the director of £1,000 (2022 - £491,493) and made repayments of £155,813 (2022 - £817). As at the 31 March 2023 amounts of £764,281 (2022 - £919,095) were due to the director.
Amounts of £435,206 (2022 - £285,856) are due from a company under common control of the director.
All loans are interest free and repayable on demand.

 
Page 11