Company registration number 03085713 (England and Wales)
ALMOSA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ALMOSA LIMITED
COMPANY INFORMATION
Director
P C Burgess
Company number
03085713
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
ALMOSA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ALMOSA LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
5,725,500
5,725,500
Investments
4
375
375
5,725,875
5,725,875
Current assets
Stocks
40,650
-
Debtors
5
220,350
-
0
Cash at bank and in hand
275,377
504,698
536,377
504,698
Creditors: amounts falling due within one year
6
(271,576)
(267,164)
Net current assets
264,801
237,534
Total assets less current liabilities
5,990,676
5,963,409
Creditors: amounts falling due after more than one year
7
(693,793)
(751,377)
Provisions for liabilities
(874,719)
(648,846)
Net assets
4,422,164
4,563,186
Capital and reserves
Called up share capital
8
1,000
1,000
Non-distributable profits reserve
10
3,170,375
3,382,473
Distributable profit and loss reserves
9
1,250,789
1,179,713
Total equity
4,422,164
4,563,186

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ALMOSA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 March 2024
P C Burgess
Director
Company Registration No. 03085713
ALMOSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Almosa Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents property rental income.

 

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Section 17 'Property, Plant and Equipment' of FRS 102, requires the provision for depreciation on fixed assets, unless the long useful life and high residual value of assets make depreciation immaterial in aggregate. Investment properties are not depreciated as the director considers depreciation to be immaterial in aggregate, due to the high residual value and long useful life of the properties. This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director, this departure from the Companies Act 2006 is necessary for the financial statements to give a true and fair view.

The gain or loss arising on the sale of an investment property is determined as the difference between the sale proceeds less costs to sell and the carrying value of the investment property, and is credited or charged to profit and loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

ALMOSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

ALMOSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
5,725,500

Under FRS 102, investment property is required to be measured at its fair value (where this can be ascertained) with any change being recognised in profit and loss. The fair value of the investment property has been arrived at on the basis of a valuation carried out by P C Burgess, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

On an historical cost basis, investment properties would have been held at £1,671,385 (2022 - £1,671,385).

 

Under FRS 102, deferred tax liabilities have been recognised in respect of the unrealised profits on investment property.

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
375
375
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
220,350
-
0
ALMOSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
66,213
76,259
Trade creditors
11,484
10,176
Corporation tax
2,898
42,878
Other creditors
190,981
137,851
271,576
267,164

Bank loans are secured by a debenture and legal charges over the assets of the company together with a personal guarantee for £250,000 from P Burgess, the director and shareholder.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
693,793
751,377

Bank loans are secured by a debenture and legal charges over the assets of the company together with a personal guarantee for £250,000 from P C Burgess, the director and shareholder.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Reserves
2023
2022
£
£
At the beginning of the year
1,179,713
810,288
(Loss)/profit for the year
(141,022)
70,661
Current year profits transferred to non-distributable reserve
212,098
298,764
At the end of the year
1,250,789
1,179,713
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
3,382,473
3,681,237
Non distributable profits in the year
(212,098)
(298,764)
At the end of the year
3,170,375
3,382,473
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