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Registered Number: 11574119
England and Wales

 

 

 

ALLAZO INVESTMENTS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 990,930    990,930 
990,930    990,930 
Current assets      
Debtors   1,147 
Cash at bank and in hand 1,546    3,787 
1,546    4,934 
Creditors: amount falling due within one year (184,370)   (186,380)
Net current assets (182,824)   (181,446)
 
Total assets less current liabilities 808,106    809,484 
Creditors: amount falling due after more than one year (732,344)   (744,431)
Net assets 75,762    65,053 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 75,662    64,953 
Shareholders' funds 75,762    65,053 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 July 2024 and were signed on its behalf by:


-------------------------------
Jonathan Pugsley
Director
-------------------------------
Holly Fegan
Director
1
General Information
Allazo Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 11574119, registration address 2 Claridge Court, Lower Kings Road, Berkhamsted, Hertfordshire, HP4 2AF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A
"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard
applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial
statements have been prepared on the historical cost basis except for the modification to a fair
value basis for certain financial instruments as specified in the accounting policies below.

The company has taken advantage of the following disclosure exemptions with FRS 102 Section
1A:
  • The requirement to present a statement of cash flows and related notes
  • Financial instrument disclosures, including; categories of financial instruments, items of
    income, expenses, gains or losses relating to financial instruments, and exposure to and management of financial risks.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from property rental.  Rental income is recognised at the beginning of the period it becomes available for letting.  Charges for support services and management charges are recognised as they fall due under the contractual arrangements.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable or refundable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has legal right to set off against current tax liabilities and if they both relate to income tax levied by the same taxation authority on the same entity.
Investment properties
Investment properties are included in the statement of financial position at their open market value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.  The directors have confirmed that the carrying value of the investment property is appropriate in the statement of financial position.
Financial instrument
Non-basic financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in surplus or deficit. At the end of each accounting period, the instruments are revalued to fair value, with the movements posted to the income and expenditure report.
Capitalisation of borrowing costs
Total financial commitments in relation to the mortgage for the investment property totalled £744,208 (2022: £762,445) owing to Lloyds Bank PLC  at the end of the accounting period.  The secured business loan is for 25 years to be repaid in full at the end of the 2043 calendar year.  The interest rate on the loan is 2.15% over the Bank of England base rate payable at 1 month intervals.  The bank loan is secured by the investment property 2 Claridge Court, Lower Kings Road, HP4 2AF, the associated companies Allazo Ltd and Allazo Accounting Ltd and joint guarantees from Mr J Pugsley and Ms H Fegan totalling £100,000.
Significant Judgements and Estimates
  • Valuation of investment properties:  The Directors have used appropriate levels of research to ensure the carrying value of the property is at fair value in line with section 17 of FRS102. 
  • Going concern:  The Directors have reviewed the companys budgets and forecasts for beyond 12 months from the date of this report, its liquid resources, medium term plans and potential impact of the  Coronavirus pandemic. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing these financial statements.
  • Subsequent events: The Directors believe the Coronavirus outbreak is considered to be a non-adjusting post balance sheet event and no adjustment is made in the financial statements as a result.  Any short term affects of the outbreak are mitigated by the long term strategy of the directors. 
2.

Average number of employees


Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 November 2022 990,930    990,930 
Additions  
Disposals  
At 31 October 2023 990,930    990,930 
Depreciation
At 01 November 2022  
Charge for year  
On disposals  
At 31 October 2023  
Net book values
Closing balance as at 31 October 2023 990,930    990,930 
Opening balance as at 01 November 2022 990,930    990,930 

Investment properties consist of freehold property owned by the company.  The directors consider the current carrying amount to be the Fair Value using their skill, judgement and relevant research.  Accordingly there has been no revaluation of the property in the current year. 

4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

5.

Related Party

Included in other creditors is an amount of £150,760 (2022: £141,840) owed to Allazo Ltd by way of an interest free loan repayable on demand.  Allazo Ltd is a company that is owned by directors of the Allazo Investments Ltd.
6.

Secured Finance

The bank loans totalling £744,208 (2022: £762,445) owing at the year end are secured by way of first charge over the Investment property owned by the company.  In addition the company directors have provided joint personal guarantees totalling £100,000. 
7.

Ultimate controlling party

The company is under the control of its directors who hold the controlling shares. 
2