Alterity Investments Limited 02184258 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 02184258 2022-04-01 2023-03-31 02184258 2023-03-31 02184258 bus:OrdinaryShareClass1 2023-03-31 02184258 core:CurrentFinancialInstruments 2023-03-31 02184258 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02184258 core:FurnitureFittingsToolsEquipment 2023-03-31 02184258 core:MotorVehicles 2023-03-31 02184258 core:OtherPropertyPlantEquipment 2023-03-31 02184258 bus:SmallEntities 2022-04-01 2023-03-31 02184258 bus:Audited 2022-04-01 2023-03-31 02184258 bus:FullAccounts 2022-04-01 2023-03-31 02184258 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02184258 bus:RegisteredOffice 2022-04-01 2023-03-31 02184258 bus:Director2 2022-04-01 2023-03-31 02184258 bus:Director5 2022-04-01 2023-03-31 02184258 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02184258 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02184258 core:ComputerEquipment 2022-04-01 2023-03-31 02184258 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 02184258 core:MotorVehicles 2022-04-01 2023-03-31 02184258 core:OfficeEquipment 2022-04-01 2023-03-31 02184258 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 02184258 6 2022-04-01 2023-03-31 02184258 countries:England 2022-04-01 2023-03-31 02184258 2022-03-31 02184258 core:FurnitureFittingsToolsEquipment 2022-03-31 02184258 core:MotorVehicles 2022-03-31 02184258 core:OtherPropertyPlantEquipment 2022-03-31 02184258 2021-04-01 2022-03-31 02184258 2022-03-31 02184258 bus:OrdinaryShareClass1 2022-03-31 02184258 core:CurrentFinancialInstruments 2022-03-31 02184258 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 02184258 core:FurnitureFittingsToolsEquipment 2022-03-31 02184258 core:MotorVehicles 2022-03-31 02184258 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02184258

Alterity Investments Limited

Filleted Financial Statements

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

 

Investment properties

4

70,068,082

73,160,195

Tangible assets

5

78,713

93,543

Investments

6

620,409

620,409

 

70,767,204

73,874,147

Current assets

 

Investment property

4

-

7,554,754

Debtors

7

7,846,481

8,672,339

Cash at bank and in hand

 

10,860,012

21,498

 

18,706,493

16,248,591

Creditors: Amounts falling due within one year

8

(2,679,464)

(2,829,359)

Net current assets

 

16,027,029

13,419,232

Net assets

 

86,794,233

87,293,379

Capital and reserves

 

Called up share capital

9

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 Board on 26 June 2023 and signed on its behalf by:
 

............................................
Mr EA Lonergan
Director

............................................
Mr AJ Carleton
Director

 
     
 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is: 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

These financial statements were authorised for issue by the Board on 26 June 2023.

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

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 June 2023 was Peter Stevenson, who signed for and on behalf of Stevenson and Wilson.

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

Expenditure on charitable donations is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Investment properties

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Investment properties

2023
£

Opening balance

80,714,949

Additions during the year

3,738,231

Disposals during the year

(10,694,122)

Net loss on revaluation of investment properties (still held)

(3,360,652)

Reversal of previous movements in value for investment properties sold during the year

(330,324)

Valuation at 31 March 2023

70,068,082


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

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

82,239

38,200

34,461

154,900

Additions

-

-

2,084

2,084

At 31 March 2023

82,239

38,200

36,545

156,984

Depreciation

At 1 April 2022

38,572

5,600

17,185

61,357

Charge for the year

683

9,550

6,681

16,914

At 31 March 2023

39,255

15,150

23,866

78,271

Carrying amount

At 31 March 2023

42,984

23,050

12,679

78,713

At 31 March 2022

43,667

32,600

17,276

93,543

6

Investments

2023
£

2022
£

Investments in subsidiary companies - cost

620,408

620,408

Investments in shares in public company - market value

1

1

620,409

620,409

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

7

Debtors

2023
£

2022
£

Trade debtors

3,325

6,408

Amounts owed by related parties

7,294,383

7,482,490

Prepayments

9,768

275

Other debtors

539,005

1,183,166

 

7,846,481

8,672,339

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.

8

Creditors

2023
£

2022
£

Trade creditors

61,353

71,238

Other creditors including taxation and social security

703,054

1,049,728

Accruals and deferred income

1,915,057

1,708,393

2,679,464

2,829,359

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

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

11

Parent and ultimate parent undertaking

The Company’s ultimate controlling party is Mr. E.A. Lonergan.

12

Profit and loss account reserves

2023
 £

2022
 £

Distributable reserve

86,694,233

87,193,379