REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2023 |
for |
Alltmore Properties Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2023 |
for |
Alltmore Properties Limited |
Alltmore Properties Limited (Registered number: 13394352) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Alltmore Properties Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Redwood |
19 Culduthel Road |
Inverness |
IV2 4AA |
Alltmore Properties Limited (Registered number: 13394352) |
Abridged Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
Alltmore Properties Limited (Registered number: 13394352) |
Abridged Balance Sheet - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Alltmore Properties Limited (Registered number: 13394352) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Alltmore Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 financial instruments at fair value. The principal accounting policies adopted are set out below. |
Going concern |
Although the balance sheet is in deficit at both 31st October 2023 and 2022, the director considers it appropriate to prepare these accounts on the going concern basis. The director and management of the company have prepared cash flow forecasts extending to July 2026 which show that the company will be able to meet its commitments as they fall due, either by way of funds generated by trading activities or from loans provided by the parent company. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Alltmore Properties Limited (Registered number: 13394352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Currency |
The financial statements are prepared in sterling, which if the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 November 2022 |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Alltmore Properties Limited (Registered number: 13394352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Disposals | ( |
) |
Impairments | (1,410,000 | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Investment properties are accounted for in accordance with Financial Reporting Standard 102. No depreciation is provided in respect of such properties. |
Investment properties were valued on 2 August 2023 by Colliers International property consultants at market value. The director considers this to be an accurate valuation at 31 October 2023. If the investments had not been revalued they would have been carried in the balance sheet at its historic cost of £21,215,000 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
Hire purchase contracts | - | 1,939 |
The bank loan is secured by a bond and floating charge over the whole assets of the company and a fixed charge over the assignation of the rents of the assets. The facility is repayable in full by 15 July 2026. |
Hire purchase and finance leases are secured over the assets to which they relate. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Alltmore Properties Limited (Registered number: 13394352) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | RELATED PARTY DISCLOSURES |
The disclosures as given in the financial statements are as follows: |
At 31 October 2023, Alltmore Asset Management Limited, a company owned by director K R Mackay, was owed by the company £733,472 (2022 - £180,998). During the period, the company received income of £2,649,169 (2022 - £2,577,529), made net transfers of £2,038,161 (2022 - £2,138,713) and purchases of £58,534 (2022 - £ 136,909) with Alltmore Asset Management Limited. |
At 31 October 2023, Alltmore Limited, a company owned by director K R Mackay, was owed by the company £39,536 (2022 - £35,037). During the period, the company received income of £9,495 (2022 - £5,189), made net transfers of £1,146 (2022 - £31,924) and made purchases of £3,849 (2022 - £1,025) with Alltmore Limited. |
At 31 October 2023, Mackay Properties Limited, a company in which K R Mackay is a director, owed the company £1,897,617 (2022 - £218,348). During the period, the company received income of £2,776 (2022 - £82,480), made net transfers of £1,186,607 (2022 - £334,933) and made purchases of £507,675 (2022 - £612,779) with Mackay Properties Limited. |
At 31 October 2023, Mackay Investments Limited, a company in which K R MacKay is a director was owed £139,204 (2022 - £54,790). During the period, the company made purchases of £84,414 (2022 - Nil) with Mackay Investments Limited. |
At 31 October 2023, the company owed Alltmore Property LLP in which K R Mackay is a director of equity members £8,034,932 (2022 - £8,034,932). During the period, the company received £Nil (2022 - £Nil) and made payments of £Nil (2022 - £Nil) to Alltmore Property LLP. |
Ultimate Parent Company |
The ultimate parent company is Bells Road Holdings Limited. |
Ultimate Controlling Party |
The company is considered to be under the control of director K R Mackay and Mrs I M Mackay, who own 100% of the ultimate parent company Bells Road Holdings Limited. |