Company registration number 02439466 (England and Wales)
ALPHA TECHNOLOGIES EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ALPHA TECHNOLOGIES EUROPE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
ALPHA TECHNOLOGIES EUROPE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
628,308
32,584
Investment properties
5
818,508
1,528,493
1,446,816
1,561,077
Current assets
Trade and other receivables
6
11,344,512
13,424,673
Cash and cash equivalents
1,682,275
949,241
13,026,787
14,373,914
Current liabilities
7
(1,633,340)
(2,364,806)
Net current assets
11,393,447
12,009,108
Total assets less current liabilities
12,840,263
13,570,185
Non-current liabilities
8
(8,629,059)
(9,144,586)
Provisions for liabilities
9
-
0
(6,856)
Net assets
4,211,204
4,418,743
Equity
Called up share capital
11
654,997
654,997
Revaluation reserve
10
-
0
27,424
Capital reserve
2,781,882
2,781,882
Accumulated profits/(losses)
774,325
954,440
Total equity
4,211,204
4,418,743

The directors of the company have elected not to include a copy of the income statement within the financial statements in accordance with section 444 (5A).true

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 2 September 2024 and are signed on its behalf by:
K.J. Tubridy
Director
Company Registration No. 02439466
ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Alpha Technologies Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29-30 Fitzroy Square, London, W1T 6LQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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.

1.2
Going concern

The directors are considering the futuretrue plans and activities of the company. The company has investment properties and is receiving rental income whilst the future direction of the company is determined.

 

The directors consider that there is sufficient working capital to support the company and allow it to meet any liabilities as they fall due. The directors consider it appropriate, therefore, that the accounts are prepared on the going concern basis.

1.3
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings Leasehold
Straight line over the remaining life of the lease.
Fixtures, fittings & equipment
25%  Straight line
Motor vehicles
25%  Straight line

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

No areas of key judgement have been applied to the financial statements.

 

The key assumptions concerning the future and key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

- Estimation of the useful economic life of buildings, plant and machinery, equipment, and vehicles.

- The market value of properties.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 6).

2023
2022
Number
Number
Total
5
6
ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
-
0
206,000
206,000
Additions
291,571
98,050
389,621
Disposals
-
0
(33,492)
(33,492)
Transfers
224,985
-
0
224,985
At 31 December 2023
516,556
270,558
787,114
Depreciation and impairment
At 1 January 2023
-
0
173,416
173,416
Depreciation charged in the year
-
0
18,882
18,882
Eliminated in respect of disposals
-
0
(33,492)
(33,492)
At 31 December 2023
-
0
158,806
158,806
Carrying amount
At 31 December 2023
516,556
111,752
628,308
At 31 December 2022
-
0
32,584
32,584
5
Investment property
2023
£
Fair value
At 1 January 2023
1,528,493
Transfers
(224,985)
Disposals
(485,000)
At 31 December 2023
818,508

The transfer of property relates to items allocated to investment property but which related to refurbishment works on a leasehold property. As a result, they have been transferred to leasehold improvements.

 

The directors consider the fair value of the properties to be their cost values.

ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
11,015
605
Corporation tax recoverable
34,883
34,883
Other receivables
3,016,003
4,918,120
3,061,901
4,953,608
2023
2022
Amounts falling due after more than one year:
£
£
Other receivables
8,282,611
8,471,065
Total debtors
11,344,512
13,424,673
7
Current liabilities
2023
2022
£
£
Trade payables
-
0
2,716
Corporation tax
805,261
786,953
Other taxation and social security
6,441
6,144
Other payables
821,638
1,568,993
1,633,340
2,364,806

See related party transactions note for the terms of the loan agreements.

8
Non-current liabilities
2023
2022
£
£
Other payables
8,629,059
9,144,586

See related party transactions note for the terms of the loan agreements.

ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
-
6,856
2023
Movements in the year:
£
Liability at 1 January 2023
6,856
Credit to profit or loss
(6,856)
Liability at 31 December 2023
-
10
Revaluation reserve
2023
2022
£
£
At beginning of year
27,424
-
Revaluation surplus arising in the year
-
0
27,424
Disposal of investment property
(27,424)
-
At end of year
-
0
27,424
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
654,997 Ordinary shares of £1 each
654,997
654,997
Issued and fully paid
654,997 Ordinary shares of £1 each
654,997
654,997
ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments in respect of rent for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
24,000
24,000
Between two and five years
96,000
-
0
In over five years
4,000
-
0
Total
124,000
24,000
13
Financial commitments, guarantees and contingent liabilities

An indemnity has been given by the company's bankers on behalf of the company in favour of H M Revenue and Customs amounting to £10,000.

 

There are fixed and floating charges over all property and assets secured by the company's bankers.

14
Related party transactions

At the balance sheet date, £1,177 (2022: £116,577) was owed by the directors to the company. This amount was repaid within 9 months of the balance sheet date.

 

Included in other payables is a short term loan of £154,500 (2022: £303,007) due to Global Finance Corp, a related party, resident in the Bahamas. Interest is accrued at a rate of 3% per annum and the loan is payable within one year.

 

Included in long-term creditors is an amount of £8,629,059 (2022: £9,144,586) due to Advanced Aviation Limited, a related party, resident in the Bahamas. Interest is accrued at a rate of 1% per annum and the balance is unsecured and payable in 10 years time. Included in short term creditors is a balance of £641,354 (2022: £1,230,813) due to Advanced Aviation Limited. The amount is repayable on demand.

 

Included in current debtors is £345,179 (2022: £696,363) and included in non-current debtors is £8,282,611 (2022: £8,471,065) due to Alpha Aviation Inc, a related party, resident in Canada. Interest is accrued at a rate of 4% per annum. The loan is unsecured and is repayable in equal monthly instalments over a 10 year period from the balance sheet date.

 

Included in short term debtors is a balance of £2,587,242 (2022: £4,094,334) due from Alpha Aviation Inc. The amount is repayable on demand.

15
Parent company

The immediate parent company is Communication Power Systems Ltd, a company incorporated in Barbados. The ultimate controlling party is Mrs R Delancy by virtue of her being the ultimate controlling party of Communication Power Systems Ltd.

ALPHA TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Martin Bailey.
The auditor was Goodman Jones LLP.
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