Aldis Of Barking Limited
Unaudited Financial Statements
For the year ended 31 October 2023
Pages for Filing with Registrar
Company Registration No. 00407004 (England and Wales)
Aldis of Barking Limited
Aldis Of Barking Limited
Company Information
Directors
L. I. Aldis
L. F. Aldis
D. A. Benton
Company number
00407004
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Aldis of Barking Limited
Aldis Of Barking Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Aldis of Barking Limited
Aldis Of Barking Limited
Balance Sheet
As at 31 October 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,009
3,231
Investment properties
4
6,051,367
6,000,000
Investments
5
1
1
6,054,377
6,003,232
Current assets
Debtors
7
798,752
2,200
Cash at bank and in hand
142,247
810,276
940,999
812,476
Creditors: amounts falling due within one year
8
(374,844)
(446,572)
Net current assets
566,155
365,904
Total assets less current liabilities
6,620,532
6,369,136
Creditors: amounts falling due after more than one year
9
(334,286)
(334,286)
Provisions for liabilities
10
(379,868)
(331,805)
Net assets
5,906,378
5,703,045
Capital and reserves
Called up share capital
12
8,000
8,000
Revaluation reserve
849,590
897,653
Profit and loss reserves
5,048,788
4,797,392
Total equity
5,906,378
5,703,045

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

Aldis of Barking Limited
Aldis Of Barking Limited
Balance Sheet (Continued)
As at 31 October 2023
Page 2

For the financial 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.

The directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
L. F. Aldis
Director
Company Registration No. 00407004
Aldis of Barking Limited
Aldis Of Barking Limited
Statement of Changes in Equity
For the year ended 31 October 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2021
8,000
945,966
4,845,888
5,799,854
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
588,732
588,732
Dividends
-
-
(685,541)
(685,541)
Transfers
-
(48,313)
48,313
-
Balance at 31 October 2022
8,000
897,653
4,797,392
5,703,045
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
203,333
203,333
Transfers
-
(48,063)
48,063
-
Balance at 31 October 2023
8,000
849,590
5,048,788
5,906,378
Aldis Of Barking Limited
Notes to the Financial Statements
For the year ended 31 October 2023
Page 4
1
Accounting policies
Company information

Aldis of Barking Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Exemptions for qualifying entities under FRS 102

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

Thetrue company has sufficient cash reserves and net assets. Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents rental income on properties held as investments properties.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
Page 5
1.7
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.

1.10
Rental income
Rental income is accrued on a straight line basis over the rental period up to the next rental review
1.11
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 6
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022: 3).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
5,741
Additions
982
Disposals
(2,349)
At 31 October 2023
4,374
Depreciation and impairment
At 1 November 2022
2,510
Depreciation charged in the year
531
Eliminated in respect of disposals
(1,676)
At 31 October 2023
1,365
Carrying amount
At 31 October 2023
3,009
At 31 October 2022
3,231
4
Investment property
2023
£
Fair value
At 1 November 2022
6,000,000
Additions
51,367
At 31 October 2023
6,051,367

Investment properties include a hotel leased to Travelodge Hotels Limited and land.

 

The investment properties were valued in 2022 by J. J. Wakeling and Co Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not believe the market value to be materially different at the year end.

 

The historic cost of the investment properties at the year end is £4,821,909 (2022: £4,770,542). If the land and buildings were sold at their open market value then the directors estimate that there would be no tax liability.

Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 7
5
Fixed asset investments
2023
2022
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2022 & 31 October 2023
1
Carrying amount
At 31 October 2023
1
At 31 October 2022
1
6
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Frostdrive Limited
England and Wales
Property investment
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Frostdrive Limited
17,929
1
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 8
7
Debtors
2023
2022
£
£
Trade debtors
4,032
-
0
Amounts due from group undertakings
778,731
-
0
Other debtors
15,989
2,200
798,752
2,200
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,185
465
Amounts due to group undertakings
4,367
112,826
Corporation tax
53,758
-
0
Other taxation and social security
-
0
17,927
Other creditors
315,534
315,354
374,844
446,572
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
334,286
334,286

Other creditors includes £585,000 (2022: £585,000) representing a loan note that incurs no interest. Part payment of this loan is due within one year, amounting to £250,714 (2022: £250,714) and is included in current liabilities.

10
Provisions for liabilities
2023
2022
Note
£
£
Deferred tax liabilities
11
379,868
331,805
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 9
11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
379,868
331,805
2023
Movements in the year:
£
Liability at 1 November 2022
331,805
Charge to profit or loss
48,063
Liability at 31 October 2023
379,868

The deferred tax liability set out above is expected to reverse in the future and relates to accelerated capital allowances.

12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,000
8,000
8,000
8,000
13
Related party transactions

The company has taken advantage of the exemption available for "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.

 

The shareholder, L.I. Aldis, has a one-seventh interest, repayable in 2046, in a loan note disclosed in creditors falling due after more than one year, totalling £334,286 (2022: £334,286) and family interests hold the balance. The current proportion of the loan note totalling £250,714 (2022: £250,714) all relates to family interests.

14
Parent company

At the balance sheet date, the company is wholly owned by Alresford Investments Limited, a company incorporated in Guernsey.

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