Silverfin false false 31/01/2024 01/02/2023 31/01/2024 T R A Allan 30/11/1992 G G Allan 30/11/1992 R A Allan 30/11/1992 D Silverstein 01/06/2004 09 September 2024 The principal activity of the Company during the financial year was that of real estate management. 02034899 2024-01-31 02034899 bus:Director1 2024-01-31 02034899 bus:Director2 2024-01-31 02034899 bus:Director3 2024-01-31 02034899 bus:Director4 2024-01-31 02034899 2023-01-31 02034899 core:CurrentFinancialInstruments 2024-01-31 02034899 core:CurrentFinancialInstruments 2023-01-31 02034899 core:Non-currentFinancialInstruments 2024-01-31 02034899 core:Non-currentFinancialInstruments 2023-01-31 02034899 core:ShareCapital 2024-01-31 02034899 core:ShareCapital 2023-01-31 02034899 core:RetainedEarningsAccumulatedLosses 2024-01-31 02034899 core:RetainedEarningsAccumulatedLosses 2023-01-31 02034899 core:OtherPropertyPlantEquipment 2023-01-31 02034899 core:OtherPropertyPlantEquipment 2024-01-31 02034899 core:CostValuation 2023-01-31 02034899 core:CostValuation 2024-01-31 02034899 core:ProvisionsForImpairmentInvestments 2023-01-31 02034899 core:ProvisionsForImpairmentInvestments 2024-01-31 02034899 bus:OrdinaryShareClass1 2024-01-31 02034899 2023-02-01 2024-01-31 02034899 bus:FilletedAccounts 2023-02-01 2024-01-31 02034899 bus:SmallEntities 2023-02-01 2024-01-31 02034899 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02034899 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02034899 bus:Director1 2023-02-01 2024-01-31 02034899 bus:Director2 2023-02-01 2024-01-31 02034899 bus:Director3 2023-02-01 2024-01-31 02034899 bus:Director4 2023-02-01 2024-01-31 02034899 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 02034899 2022-02-01 2023-01-31 02034899 core:OtherPropertyPlantEquipment 1 2023-02-01 2024-01-31 02034899 1 2023-02-01 2024-01-31 02034899 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 02034899 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 02034899 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02034899 (England and Wales)

ALLAN PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

ALLAN PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ALLAN PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
ALLAN PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 35,216 46,955
Investments 4 445,001 445,001
480,217 491,956
Current assets
Stocks 5 23,081,614 21,956,759
Debtors
- due within one year 6 8,129,536 7,843,434
- due after more than one year 6 950,515 895,394
Cash at bank and in hand 2,471,468 4,034,412
34,633,133 34,729,999
Creditors: amounts falling due within one year 7 ( 11,760,178) ( 11,833,849)
Net current assets 22,872,955 22,896,150
Total assets less current liabilities 23,353,172 23,388,106
Creditors: amounts falling due after more than one year 8 ( 18,150,388) ( 18,198,815)
Net assets 5,202,784 5,189,291
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 5,201,784 5,188,291
Total shareholders' funds 5,202,784 5,189,291

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

Directors' responsibilities:

The financial statements of Allan Properties Limited (registered number: 02034899) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T R A Allan
Director

09 September 2024

ALLAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ALLAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Allan Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 99 Heath Street, London, NW3 6SS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates and comprises revenue recognised from the sale of residential properties.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Other operating income comprises management fees and rental income and is recognised at the fair value of the consideration received or receivable for rents and management services provided in the normal course of business.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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

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

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated based on the original cost of purchase of individual properties. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 12 12

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 135,363 135,363
At 31 January 2024 135,363 135,363
Accumulated depreciation
At 01 February 2023 88,408 88,408
Charge for the financial year 11,739 11,739
Adjustments 0 0
At 31 January 2024 100,147 100,147
Net book value
At 31 January 2024 35,216 35,216
At 31 January 2023 46,955 46,955

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 630,503 630,503
At 31 January 2024 630,503 630,503
Provisions for impairment
At 01 February 2023 185,502 185,502
At 31 January 2024 185,502 185,502
Carrying value at 31 January 2024 445,001 445,001
Carrying value at 31 January 2023 445,001 445,001

5. Stocks

2024 2023
£ £
Finished goods 23,081,614 21,956,759

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 62,751 60,240
Amounts owed by group undertakings 5,821,568 5,541,547
Other debtors 2,245,217 2,241,647
8,129,536 7,843,434
Debtors: amounts falling due after more than one year
Amounts owed by associates 950,515 895,394

7. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to group undertakings 0 100
Taxation and social security 11,636 ( 33,504)
Other creditors 11,748,542 11,867,253
11,760,178 11,833,849

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 18,150,388 18,198,815

The bank loans are secured against certain assets owned by the company. Additionally, some of the bank loans are secured by personal guarantees provided by the directors' over assets they hold.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 0.01 each 1,000 1,000

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 36,173 105,390

11. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed by a company with significant influence over Allan Properties Limited 2,869,547 2,790,227

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by companies in which Allan Properties Limited holds significant interest 985,607 935,351
Amounts owed to a company in which Allan Properties Limited holds significant interest 0 0
Amounts owed by a wholly-owned subsidiary of the company 2,952,021 2,751,320
Amounts owed to a wholly-owned subsidiary of the company 0 100
Interest receivable from a company in which Allan Properties Limited holds significant interest 53,876 54,578
Dividends received from a company in which Allan Properties Limited holds significant interest 0 395,482
Interest payable to a company in which Allan Properties Limited holds significant interest 0 19,471
Rent payable to a wholly-owned subsidiary of the company 14,400 14,400

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to the entity's directors 9,946,983 10,366,319
Interest payable on the balance on loans due to directors 391,927 551,413
Recharged insurance received from the entity's directors 0 2,112

Other related party transactions

2024 2023
£ £
Amounts owed to a company with common directors' and shareholders 50,060 50,060
Amounts owed to trusts with a common beneficiary 950,779 813,916
Management fees receivable from companies with common directors' and shareholders 2,500 0
Interest payable by trusts with a common beneficiary 0 516

12. Ultimate controlling party

The company is controlled by T R A Allan by virtue of his ownership of more than 75% of issued share capital.