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Registration number: 10028745

All Property Management Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 31 March 2024

 

All Property Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

All Property Management Ltd

Company Information


 

Directors

Mr M. Rothwell

Mr D.J. Rothwell

Mr T.G. Kernachan


 


 

Registered office

12 Heatons Court
Leeds
LS1 4LJ



 

Accountants

Farrar Smith
Chartered Accountants
Unit 11, Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH

 

All Property Management Ltd

(Registration number: 10028745)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

6,947

 

9,262

Investment property

5

 

20,463,419

 

19,800,000

Other financial assets

6

 

19,500

 

19,500

   

20,489,866

 

19,828,762

Current assets

   

 

Debtors

7

528,051

 

804,760

 

Cash at bank and in hand

 

86,393

 

200,874

 

 

614,444

 

1,005,634

 

Creditors: Amounts falling due within one year

8

(8,769,312)

 

(912,487)

 

Net current (liabilities)/assets

   

(8,154,868)

 

93,147

Total assets less current liabilities

   

12,334,998

 

19,921,909

Creditors: Amounts falling due after more than one year

8

 

-

 

(7,988,850)

Provisions for liabilities

 

(1,243,799)

 

(1,332,828)

Net assets

   

11,091,199

 

10,600,231

Capital and reserves

   

 

Called up share capital

5,118,668

 

5,118,668

 

Profit and loss account

5,972,531

 

5,481,563

 

Total equity

   

11,091,199

 

10,600,231

 

All Property Management Ltd

(Registration number: 10028745)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr M. Rothwell
Director

.........................................
Mr T.G. Kernachan
Director

 
     
 

All Property Management Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Heatons Court
Leeds
LS1 4LJ
United Kingdom

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Revenue recognition

Turnover comprises the fair value of rental income from leased properties. The income is recognised as it falls due, in accordance with the lease to which it relates.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

All Property Management Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Investment property

Investment property is carried at fair value derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 6).

 

All Property Management Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

12,350

26,751

39,101

At 31 March 2024

12,350

26,751

39,101

Depreciation

At 1 April 2023

8,930

20,909

29,839

Charge for the year

855

1,460

2,315

At 31 March 2024

9,785

22,369

32,154

Carrying amount

At 31 March 2024

2,565

4,382

6,947

At 31 March 2023

3,420

5,842

9,262

5

Investment properties

2024
£

At 1 April

19,800,000

Additions

663,419

At 31 March

20,463,419


Investment property was last valued on 20 February 2023 by Eddisons Taylors on an open market basis. In the opinion of the directors there has been no material change to investment property value at 31 March 2024.

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

19,500

19,500

 

All Property Management Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

7

Debtors

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

204,292

124,203

Prepayments

26,513

20,130

Other debtors

297,246

660,427

 

528,051

804,760

The company is related to 168 Briggate Ltd, APN Hotel Group Limited and Thirty-Six Leeds Limited by virtue of the common shareholding of Mr M. Rothwell and Mr T.G. Kernachan.

Other debtors include a loan to 168 Briggate Ltd of £158,019 (2023 £181,188). The loan is interest free and repayable on demand by the company.

Other debtors include a loan to APN Hotel Group Limited of £114,227 (2023 £13,459). The loan is interest free and repayable on demand by the company.

Other debtors include a loan to Thirty-Six Leeds Limited of £25,000 (2023 £265,781). The loan is interest free and repayable on demand by the company.

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

7,998,850

40,000

Trade creditors

77,364

35,563

Taxation and social security

19,672

122,235

Other creditors

673,426

714,689

8,769,312

912,487

The company is related to APN Holdings Ltd by virtue of the common shareholding of Mr M. Rothwell and Mr T.G. Kernachan.

Other creditors include a loan from APN Holdings Ltd in the amount of £430,508 (2023 £501,676). The loan is unsecured and repayable on demand by the company.

 

All Property Management Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

-

7,988,850


Creditors include bank loans which are secured of £7,998,850 (2023 £8,028,850). Bank loans are secured by a fixed and floating charge over the assets of the company, together with personal guarantees given by Mr M. Rothwell and Mr T.G. Kernachan, directors of the company for £500,000.

9

Reserves

Profit and loss reserve represents all current and prior period retained profits and losses. £4,079,988 of the Profit and loss reserve at 31 March 2024 (2023 - £3,991,538) is non-distributable. The non-distributable element of the Profit and loss reserve relates to investment property revaluation gains, net of related deferred taxation.