2022-06-022023-06-012023-06-01false12593753ALLAREBA PROPERTIES 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ALLAREBA PROPERTIES LIMITED

Registered Number
12593753
(England and Wales)

Unaudited Financial Statements for the Year ended
1 June 2023

ALLAREBA PROPERTIES LIMITED
Company Information
for the year from 2 June 2022 to 1 June 2023

Director

ALLAREBA, Francis

Company Secretary

BUTRIMAS, Nia Louise

Registered Address

27 Old Gloucester Street
London
WC1N 3AX

Registered Number

12593753 (England and Wales)
ALLAREBA PROPERTIES LIMITED
Balance Sheet as at
1 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property3211,144-
211,144-
Current assets
Cash at bank and on hand1,001-
1,001-
Creditors amounts falling due within one year4(83,509)-
Net current assets (liabilities)(82,508)-
Total assets less current liabilities128,636-
Creditors amounts falling due after one year5(142,125)-
Net assets(13,489)-
Capital and reserves
Called up share capital1,001-
Profit and loss account(14,490)-
Shareholders' funds(13,489)-
The financial statements were approved and authorised for issue by the Director on 9 April 2024, and are signed on its behalf by:
ALLAREBA, Francis
Director
Registered Company No. 12593753
ALLAREBA PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 1 June 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
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).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Finance costs
Finance costs charged to profit or loss include interest expense on borrowings. This encompasses interest on bridging loans, calculated using the effective interest method as prescribed by FRS 102 Section 11 'Basic Financial Instruments'. The aim is to reflect the true cost of financing incurred in obtaining bridging loans.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant, and equipment used in the company's principal activity for the production and supply of goods or for administrative purposes are stated in the balance sheet under the historic cost model. Depreciation is calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life. However, depreciation is not applied to investment property in accordance with FRS 102 Section 1A.
Investment property
The investment properties are accounted for under FRS 102, Section 16 Investment Property. At each balance sheet date, they are remeasured to fair value, with fair value gains and losses reported in profit or loss. As at the reporting date, the investment properties are valued using the comparable sales approach, which involves thorough market research. This approach utilizes data from recent sales of similar properties in comparable locations and conditions, ensuring a reliable estimate of the properties' fair value. The valuation process adheres to the principles outlined in FRS 102 Section 1A. The investment properties are valued based on their open market value on a freehold basis.
2.Average number of employees

20232022
Average number of employees during the year00
3.Investment property

£
Additions211,144
At 01 June 23211,144
4.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts82,806-
Accrued liabilities and deferred income703-
Total83,509-
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts142,125-
Total142,125-
6.Secured creditors
During the financial year, the company acquired two investment properties: 15 Bethel Street and 64 Ivy Leigh. These acquisitions were financed through bridging loans from Together Commercial Finance Ltd. Key Details are as follows: Principal Amount: At the purchase date, the outstanding balance for 15 Bethel Street was £73,401, and for 64 Ivy Leigh was £65,652. Security: The loans are secured against the respective investment properties, which were valued at £211,000 collectively at the balance sheet date. The fair value of the investment properties is determined based on the comparable sales approach, as outlined in the Investment Properties accounting note. Risks and Uncertainties: The company manages its liquidity risk and interest rate risk in relation to the bridging loans from Together Commercial Finance Ltd, ensuring that cash flows are sufficient to meet the scheduled interest and principal repayments. The company is in compliance with all loan covenants as of the reporting date. There are further details on financing through director's deposits available in Note (Creditors: Amounts due within one year).