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Company No: 06286056 (England and Wales)

ALTON FAMILY INVESTMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

ALTON FAMILY INVESTMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

ALTON FAMILY INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
ALTON FAMILY INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,348,846 1,348,846
Investments 4 173,351 176,098
1,522,197 1,524,944
Current assets
Debtors 5 3,726 8,490
Cash at bank and in hand 87,621 52,008
91,347 60,498
Creditors: amounts falling due within one year 6 ( 1,632,469) ( 1,642,037)
Net current liabilities (1,541,122) (1,581,539)
Total assets less current liabilities (18,925) (56,595)
Net liabilities ( 18,925) ( 56,595)
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account ( 19,125 ) ( 56,795 )
Total shareholders' deficit ( 18,925) ( 56,595)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ALTON FAMILY INVESTMENTS LTD (registered number: 06286056) were approved and authorised for issue by the Director on 01 March 2024. They were signed on its behalf by:

D J Alton
Director
ALTON FAMILY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
ALTON FAMILY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ALTON FAMILY INVESTMENTS LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 - 3 College Yard, Worcester, WR1 2LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £18,925. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2022 1,348,846
As at 30 June 2023 1,348,846

Valuation

The investments properties were valued on an open market basis on 30 June 2023 by the directors of the company.

4. Fixed asset investments

Loans Total
£ £
Carrying value before impairment
At 01 July 2022 176,098 176,098
Change in value of loans receivable ( 2,747) ( 2,747)
At 30 June 2023 173,351 173,351
Provisions for impairment
At 01 July 2022 0 0
At 30 June 2023 0 0
Carrying value at 30 June 2023 173,351 173,351
Carrying value at 30 June 2022 176,098 176,098

5. Debtors

2023 2022
£ £
Trade debtors 2,415 0
Other debtors 1,311 8,490
3,726 8,490

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,532 0
Amounts owed to directors 1,618,506 1,627,710
Accruals 3,389 2,601
Taxation and social security 8,836 11,726
Other creditors 206 0
1,632,469 1,642,037

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

8. Related party transactions

Transactions with the entity's directors

At the balance sheet the the director has made loans to the company totalling £1,618,506 (2022: £1,627,710). This loan is interest free and repayable on demand.