Registration number:
Alpha Property Portfolio Limited
for the Year Ended 31 December 2023
Alpha Property Portfolio Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alpha Property Portfolio Limited
Company Information
Director |
Mr Jeremy Leach |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Alpha Property Portfolio Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Alpha Property Portfolio Limited for the year ended 31 December 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Alpha Property Portfolio Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Alpha Property Portfolio Limited and state those matters that we have agreed to state to the Board of Directors of Alpha Property Portfolio Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alpha Property Portfolio Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Alpha Property Portfolio Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Alpha Property Portfolio Limited. You consider that Alpha Property Portfolio Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Alpha Property Portfolio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
South Pallant
Chichester
West Sussex
PO19 1SY
Alpha Property Portfolio Limited
(Registration number: 10100963)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Share premium reserve |
1,824,656 |
1,824,656 |
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Retained earnings |
607,801 |
741,149 |
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Shareholders' funds |
2,432,557 |
2,565,905 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Alpha Property Portfolio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental income derived from the company's investment property portfolio. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
Alpha Property Portfolio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investment property
Investment properties are made up of peroperties held to earn rentals and/or for capital appreciation. These were initially accounted for using the historic cost basis. The total value of the 2 properties as at 31 December 2023 amounted to £639,504 (2022: 5 properties with a value of £1,128,504).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2023 |
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At 1 January |
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Disposals |
( |
Fair value adjustments |
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At 31 December |
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Alpha Property Portfolio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
The fair value of investment properties is calculated by applying the independent BNP Paribas Real Estate valuation of the properties and the average of Halifax and Nationwide House Price Index.
Debtors |
Current |
2023 |
2022 |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Bank borrowings
The loans are secured by way of a debenture over the 2 remaining properties held in the business. |
Alpha Property Portfolio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Transactions with the director |
2023 |
At 1 January 2023 |
Other payments made to company by director |
At 31 December 2023 |
Mr Jeremy Leach |
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Balance owed (to)/from director |
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(301) |
( |
2022 |
At 1 January 2022 |
Other payments made to company by director |
At 31 December 2022 |
Mr Jeremy Leach |
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Balance owed (to)/from director |
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(7,801) |
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Alpha Property Portfolio Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Summary of transactions with other related parties
Jeremy Leach additionally holds 100% of the share capital of Taurus Administration Limited. The amount due from Taurus Administration Limited as at the balance sheet date was £41,648 (2022: £37,637).
Jeremy Leach additionally holds 100% of the share capital of Managing Partners Services Limited. The amount due from Managing Partners Services Limited as at the balance sheet date was £1,672,788 (2022: £861,028).
Jeremy Leach additionally holds 100% of the share capital of Augury Holdings Limited. The amount due from Augury Holdings Limited as at the balance sheet date was £430 (2022: £130).
Jeremy Leach additionally holds 100% of the share capital of Equity International Services Limited. The amount owed to Equity International Services Limited as at the balance sheet date was £4,330 (2022: £14,330).
Jeremy Leach additionally controls Alpha Property Fund (registered in the Cayman Islands). The amount due from Alpha Property Fund at the balance sheet date was £25,000 (2022: £95,074).
Jeremy Leach additionally controls Managing Partners Limited (registered in the Cayman Islands). The amount due from Managing Partners Limited at the balance sheet date was £248,734 (2022: £153,847).
Jeremy Leach additionally controls Managing Partners Investment Management Limited (registered in the Cayman Islands). The amount due from Managing Partners Investment Management Limited at the balance sheet date was £15,530 (2022: £16,035).
Jeremy Leach additionally controls High Protection Fund (registered in the Cayman Islands). The amount due from High Protection Fund at the balance sheet date was £0 (2022: £229,164).