Registration number:
Alterity Investments Limited
for the Year Ended 31 March 2023
Alterity Investments Limited
(Registration number: 02184258)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Investment properties |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Investment property |
- |
7,554,754 |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Share premium reserve |
99,900 |
99,900 |
|
Profit and loss account |
86,694,233 |
87,193,379 |
|
Shareholders' funds |
86,794,233 |
87,293,379 |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
............................................ |
............................................ |
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
The accounts are prepared on the historical cost basis of accounting, modified by the revaluation of investment properties.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Rental and other operating income
Rental and other operating income represents total invoiced amounts for the accounting period net of value added tax.
Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.
Government grants
Revenue grants are credited to the profit and loss account in the period in which the related expenditure is incurred.
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Expenditure on charitable donations
Investment properties
Tangible assets
Tangible assets are stated in the balance sheet 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.
Depreciation
Tangible fixed assets are depreciated at rates calculated to reduce them to residual value at the end of their expected normal lives on a straight line basis as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% per year |
Motor vehicles |
25% per year |
Computer equipment |
25% per year |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
The current income 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 accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
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.
Pension scheme
The Company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund and contributions are charged to the profit and loss account in the period to which they relate.
Consolidation
Under section 399 of The Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Investment properties |
2023 |
|
Opening balance |
|
Additions during the year |
|
Disposals during the year |
( |
Net loss on revaluation of investment properties (still held) |
( |
Reversal of previous movements in value for investment properties sold during the year |
( |
Valuation at 31 March 2023 |
|
At 31st March 2022, as a result of the disposal of one of the Company's investment properties post year end, the directors considered it more appropriate to include this property within current assets. The balance sheet presentation is therefore as follows:
2023 |
2022 |
|
Fixed assets |
70,068,082 |
73,160,195 |
Current assets |
- |
7,554,754 |
70,068,082 |
80,714,949 |
The majority of the Company's investment properties were revalued to their fair market value by the directors at the reporting date. Three properties within the portfolio are still held at cost. The directors consider the fair market value of all three properties to be their cost.
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
|
Cost or valuation |
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At 1 April 2022 |
|
|
|
|
Additions |
- |
- |
|
|
At 31 March 2023 |
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|
|
|
Depreciation |
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At 1 April 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2023 |
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|
|
|
Carrying amount |
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At 31 March 2023 |
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|
|
|
At 31 March 2022 |
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|
|
|
Investments |
2023 |
2022 |
|
Investments in subsidiary companies - cost |
|
|
Investments in shares in public company - market value |
|
|
|
|
The Company is the 100% parent of the following subsidiaries:
Company name |
Country of incorporation |
Accounting year end |
Business activity |
Alterity Developments Limited |
England |
31st March |
Property development |
Dimon Investments Limited |
N. Ireland |
31st March |
Share investment |
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts owed by related parties |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Details of non-current trade and other debtors
£6,675,859 (2022: £5,593,791) of amounts due from group undertakings is classified as non current.
£321,190 (2022: £939,502) of other debtors is classified as non current.
Non-current balance due from subsidiary company is payable on demand with one year and one day's notice.
Creditors |
2023 |
2022 |
|
Trade creditors |
|
|
Other creditors including taxation and social security |
|
|
Accruals and deferred income |
1,915,057 |
1,708,393 |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Alterity Investments Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
The amounts due from group companies as at the balance sheet are disclosed in note
7
.
During the year the following transactions occurred between the company and one of its subsidiary companies:
2023 |
2022 |
|
Provision against inter-company debt |
- |
15,039 |
Parent and ultimate parent undertaking |
The Company’s ultimate controlling party is Mr. E.A. Lonergan.
Profit and loss account reserves |
2023 |
2022 |
|
Distributable reserve |
86,694,233 |
87,193,379 |