Albemarle Bennick Ltd |
Registered number: |
12716634 |
Balance Sheet |
as at 31 July 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
600,000 |
|
|
- |
|
Current assets |
Debtors |
4 |
|
400 |
|
|
100 |
Cash at bank and in hand |
|
|
14,929 |
|
|
- |
|
|
|
15,329 |
|
|
100 |
|
Creditors: amounts falling due within one year |
5 |
|
(539,887) |
|
|
- |
|
Net current (liabilities)/assets |
|
|
|
(524,558) |
|
|
100 |
|
Total assets less current liabilities |
|
|
|
75,442 |
|
|
100 |
|
|
Provisions for liabilities |
|
|
|
(22,632) |
|
|
- |
|
|
Net assets |
|
|
|
52,810 |
|
|
100 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
400 |
|
|
100 |
Non distributable reserve |
6 |
|
|
67,896 |
|
|
- |
Profit and loss account |
|
|
|
(15,486) |
|
|
- |
|
Shareholders' funds |
|
|
|
52,810 |
|
|
100 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
The financial statements were approved and authorised for issue by the board on: |
|
|
Peter Petrou |
Director |
Signed on behalf of the board on 9 February 2024 |
|
Albemarle Bennick Ltd |
Notes to the financial statements |
for the year ended 31 July 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
Albemarle Bennick Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements. The trading address is the same. The financial statements are presented in sterling which is the functional currency of the company and are not rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the net value of rent received as per rental agreement. |
|
|
Investment properties |
|
Investment properties are stated at their open market valuations which according to the directors reflect the fair value at the reporting date. Changes to the fair value of the property at each reporting date are recognised in the profit and loss account. No depreciation is provided in respect of freehold properties which are classified as investment properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held to earn rentals or for capital appreciation and the directors consider that to depreciate them would not give a true and fair view. In the opinion of directors' the adoption of this policy has no material impact on result of the year. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
Additions |
509,472 |
|
Surplus on revaluation |
90,528 |
|
At 31 July 2023 |
600,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 July 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
600,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
509,472 |
|
509,472 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
509,472 |
|
509,472 |
|
The investment property was valued by the directors of the company and the amount shown reflects the fair market value at the balance sheet date. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
400 |
|
100 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other creditors |
539,887 |
|
- |
|
|
|
|
|
|
|
|
|
|
6 |
Non distributable reserves |
2023 |
|
2022 |
£ |
£ |
|
|
Gain on revaluation of land and buildings |
90,528 |
|
- |
|
Deferred taxation arising on the revaluation of land and buildings |
(22,632) |
|
- |
|
|
At 31 July 2023 |
67,896 |
|
- |
|
|
|
|
|
|
|
|
|
|
7 |
Controlling party |
|
|
There is no ultimate controlling party. |
|
|
8 |
Other information |
|
|
Albemarle Bennick Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
2nd Floor |
|
10-12 Bourlet Close |
|
London |
|
W1W 7BR |
|
United Kingdom |