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Registration number: 02502205

Alisons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Alisons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Alisons Limited

Company Information

Director

M Javed

Company secretary

O N Javed

Registered office

2-6 Lumley Road
Skegness
Lincolnshire
PE25 3NG

 

Alisons Limited

(Registration number: 02502205)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

658,413

681,360

Investment property

5

1,291,200

1,291,200

 

1,949,613

1,972,560

Current assets

 

Stocks

6

469,105

305,365

Debtors

7

140,761

42,540

Cash at bank and in hand

 

27,740

95,474

 

637,606

443,379

Creditors: Amounts falling due within one year

8

(742,745)

(528,887)

Net current liabilities

 

(105,139)

(85,508)

Total assets less current liabilities

 

1,844,474

1,887,052

Creditors: Amounts falling due after more than one year

8

(225,325)

(344,482)

Provisions for liabilities

(363)

(637)

Net assets

 

1,618,786

1,541,933

Capital and reserves

 

Called up share capital

9

1,800

1,800

Capital redemption reserve

1,200

1,200

Revaluation reserve

102,419

126,443

Retained earnings

1,513,367

1,412,490

Shareholders' funds

 

1,618,786

1,541,933

 

Alisons Limited

(Registration number: 02502205)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 28 November 2023
 

.........................................
M Javed
Director

 

Alisons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a incorporated in England & Wales and the company registration number is 02502205.

The address of its registered office is:
2-6 Lumley Road
Skegness
Lincolnshire
PE25 3NG
United Kingdom

These financial statements were authorised for issue by the director on 28 November 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

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

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

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

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 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 income 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 income 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.

 

Alisons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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

Freehold property

2% straight line

Improvements to leasehold property

Straight line over 15 years

Improvements to freehold property

20% straight line

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 the revaluation reserve.

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

 

Alisons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 18 (2022 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

1,243,175

245,476

1,488,651

At 28 February 2023

1,243,175

245,476

1,488,651

Depreciation

At 1 March 2022

567,434

239,857

807,291

Charge for the year

21,097

1,850

22,947

At 28 February 2023

588,531

241,707

830,238

Carrying amount

At 28 February 2023

654,644

3,769

658,413

At 28 February 2022

675,741

5,619

681,360

Included within the net book value of land and buildings above is £654,644 (2022 - £675,741) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

 

Alisons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investment properties

2023
£

At 1 March

1,291,200

At 28 February

1,291,200

The director has deemed that the fair value of the investment properties remains at the value brought forward.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

469,105

305,365

7

Debtors

Current

2023
£

2022
£

Trade debtors

9,593

18,495

Prepayments

64,889

13,532

Other debtors

66,279

10,513

 

140,761

42,540

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

121,484

85,000

Trade creditors

 

482,753

242,753

Taxation and social security

 

7,971

28,323

Other creditors

 

122,661

159,555

Accruals and deferred income

 

7,876

13,256

 

742,745

528,887

Due after one year

 

Loans and borrowings

11

225,325

344,482


 

Creditors include bank loans and overdrafts which are secured of £121,484 (2022 - £85,000).

 

Alisons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

225,325

344,482

Creditors include bank loans and overdrafts which are secured of £225,325 (2022 - £344,482).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,800

1,800

1,800

1,800

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(24,024)

(24,024)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(29,660)

(29,660)

 

Alisons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

225,325

344,482

2023
£

2022
£

Current loans and borrowings

Bank borrowings

85,000

85,000

Bank overdrafts

36,484

-

Other borrowings

-

12,711

121,484

97,711

12

Related party transactions

Transactions with the Director

2023

At 1 March 2022
£

Advances to Director
£

Repayments by Director
£

At 28 February 2023
£

M Javed

Interest free director's loan account

12,711

(62,966)

3,485

(46,770)

         
       

 

2022

At 1 March 2021
£

Advances to Director
£

Repayments by Director
£

At 28 February 2022
£

M Javed

Interest free director's loan account

23,435

(25,815)

15,091

12,711