REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED (REGISTERED NUMBER: 10492986) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
83 Cambridge Street |
London |
SW1V 4PS |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED (REGISTERED NUMBER: 10492986) |
BALANCE SHEET |
30TH NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED (REGISTERED NUMBER: 10492986) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Alassaf Brothers Portfolio Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The company has obtained undertakings from its directors that they will continue to support the company for at least 12 months from the date of approval of the Financial Statements and meet all third party liabilities as they become due. Given this understanding, the directors consider it appropriate to adopt the going concern basis in preparing the financial statements. |
Financial instruments |
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED (REGISTERED NUMBER: 10492986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Fixed asset investments are carried at fair value. Revaluation gains/losses and realised gains/losses are recognised in the Profit and Loss Account. Deferred tax is provided on the gains or losses at the rate expected to apply when the investments are sold. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1st December 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
Cost or valuation at 30th November 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2022 | (403,267 | ) |
Valuation in 2023 | (22,068 | ) |
Cost | 565,033 |
139,698 |
The investments are traded on a recognised stock exchange and are stated at market value. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Deferred tax asset | 106,454 | 100,817 |
Prepayments |
ALASSAF BROTHERS PORTFOLIO MANAGEMENT |
LIMITED (REGISTERED NUMBER: 10492986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Social security and other taxes |
Pension | - | 157 |
Directors' current accounts | 2,425,861 | 2,425,916 |
Accrued expenses |
7. | RELATED PARTY DISCLOSURES |
Included in other creditors is £1,212,578 (2022 - £1,212,633) due to Nasser Alassaf and £1,213,283 (2022 - £1,213,283) due to Mohammed Alassaf in respect of their directors' current account balances as at 30 November 2023 |
The loans are interest free and repayable on demand. |