REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ALGEBRA PROPERTY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ALGEBRA PROPERTY LIMITED |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ALGEBRA PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
50 Seymour Street |
London |
W1H 7JG |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
BALANCE SHEET - continued |
30 JUNE 2023 |
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 |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Algebra Property Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
Deferred taxation |
Deferred taxation is provided using the liability method on all timing differences to the extent that they are expected to reverse in the future without being replaced, calculated at the rate at which it is anticipated the timing differences will reverse. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Freehold and leasehold property investments were revalued by A Moss, Chartered Surveyor, a director of the company, on the basis of fair value on 30th June 2023. |
The cost of the the freehold and leasehold property investments amounted to £6,046,554 as at 30 June 2023. |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Tax repayable | 57,180 | 57,180 |
Deposits held | 133,759 | 100,056 |
Directors' current accounts | 286,920 | 174,888 |
VAT |
Prepayments and accrued income |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to participating interests | 77,385 | 77,385 |
Corporation tax |
VAT | 14,487 | - |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan are secured on the freehold and leasehold investment properties of the company, the loan is charged at UK base rate plus margin of 2.40% and repayable within 2 years commencing December 2022. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 710,000 | 710,000 |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Balance at 30 June 2023 |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 7,417,441 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2023 | 7,515,791 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors Mr A Moss and Mr S G Moss have repaid £115,000 on 26 February 2024. |
ALGEBRA PROPERTY LIMITED (REGISTERED NUMBER: 02534415) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
13. | RELATED PARTY DISCLOSURES |
Creditors include an amount owing to Thoroughstar Limited of £77,385 (2022: £77,385), a company in which the directors A Moss and S G Moss have an interest. |
During the year rents amounting to £200,000 (2022: £200,000) was paid to ASG Properties, a business in which the directors A Moss and G Moss have a material interest. |
£286,920 was due from ASG Properties, a business in which the directors A Moss and G Moss have a material interest. |
Debtors include an amount of £89,350 (2022: £89,250) owed by Algebra (Newco) Limited, the holding company of Algebra Property Limited. |
No interest was charged or received on these outstanding balances during the year. |
During the year, a dividend of £44,650 was paid by the company to Algebra (Newco) Ltd . |
Algebra (Newco) Limited is the parent company and controlling party of Algebra Property Limited. |