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REGISTERED NUMBER: 02980308 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ALTENMARK LIMITED

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ALTENMARK LIMITED

COMPANY INFORMATION
for the Year Ended 31 MARCH 2023







DIRECTORS: Mr G Blakesley
Mr S Torn-Hibler





SECRETARIES: Mr G Blakesley
Mr S Torn-Hibler





REGISTERED OFFICE: 260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





REGISTERED NUMBER: 02980308 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 381 508
Investments 5 3,972,921 4,044,139
Investment property 6 11,817,500 10,479,795
15,790,802 14,524,442

CURRENT ASSETS
Debtors 7 61,348 27,402
Cash at bank 772,199 1,000,507
833,547 1,027,909
CREDITORS
Amounts falling due within one year 8 620,279 546,275
NET CURRENT ASSETS 213,268 481,634
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,004,070

15,006,076

CREDITORS
Amounts falling due after more than one year 9 (894,602 ) (904,887 )

PROVISIONS FOR LIABILITIES (1,463,677 ) (858,231 )
NET ASSETS 13,645,791 13,242,958

CAPITAL AND RESERVES
Called up share capital 2 2
Other reserves 8,815,759 8,154,718
Retained earnings 4,830,030 5,088,238
SHAREHOLDERS' FUNDS 13,645,791 13,242,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:




Mr G Blakesley - Director



Mr S Torn-Hibler - Director


ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

Altenmark Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Altenmark Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rental income receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fixed asset investments
The company's fixed asset investments are revalued annually by the directors, based on the net asset value of the investment company at the year end.

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 6,760
DEPRECIATION
At 1 April 2022 6,252
Charge for year 127
At 31 March 2023 6,379
NET BOOK VALUE
At 31 March 2023 381
At 31 March 2022 508

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2022 4,044,139
Revaluations (71,218 )
At 31 March 2023 3,972,921
NET BOOK VALUE
At 31 March 2023 3,972,921
At 31 March 2022 4,044,139

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2023 3,972,921

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

5. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,691,537 1,691,537

Fixed asset investments were valued on an open market basis on 31 March 2023 by the directors .

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 10,479,795
Revaluations 1,337,705
At 31 March 2023 11,817,500
NET BOOK VALUE
At 31 March 2023 11,817,500
At 31 March 2022 10,479,795

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 11,817,500

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,819,448 3,819,448

Investment property was valued on an open market basis on 31 March 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 43,585 17,499
Amounts owed by joint ventures 12,518 6,844
Prepayments 5,245 3,059
61,348 27,402

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,293 9,772
Amounts owed to group undertakings 296,549 201,568
Taxation and social security 217,706 197,773
Other creditors 95,731 137,162
620,279 546,275

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 894,602 904,887

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 904,895 914,659

The bank loans are secured by charges over the investment properties held by the company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr G Blakesley
Balance outstanding at start of year - -
Amounts advanced - 225,000
Amounts repaid - (225,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr S Torn-Hibler
Balance outstanding at start of year - -
Amounts advanced - 225,000
Amounts repaid - (225,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest has been charged on the loans at the official rate of interest.

ALTENMARK LIMITED (REGISTERED NUMBER: 02980308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

12. CONTROLLING PARTY

The company is owned by Mr G Blakesley and Mr S Torn-Hibler, each of whom own 50% of the equity capital of the company.