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REGISTERED NUMBER: 01485799 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Allbright Properties Limited

Allbright Properties Limited (Registered number: 01485799)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 9

Allbright Properties Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs S J Tuvey
R J C Jones
A D McHugh





SECRETARY: Mrs S J Tuvey





REGISTERED OFFICE: The Old Farmhouse
Chapel Lane
Shotteswell
Banbury
OX17 1JB





REGISTERED NUMBER: 01485799 (England and Wales)





ACCOUNTANTS: Breckman and Company
Charterted Certified Accountants
and Statutory Auditors
49 South Molton Street
London
W1K 5LH

Allbright Properties Limited (Registered number: 01485799)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,955 6,608
Investments 5 194,975 194,975
Investment property 6 5,000,000 4,000,000
5,199,930 4,201,583

CURRENT ASSETS
Debtors 7 55,205 97,236
Prepayments and accrued income - 5,880
Cash at bank and in hand 497,869 180,390
553,074 283,506
CREDITORS
Amounts falling due within one year 8 200,502 1,456,558
NET CURRENT ASSETS/(LIABILITIES) 352,572 (1,173,052 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,552,502

3,028,531

CREDITORS
Amounts falling due after more than one
year

9

(1,928,392

)

(386,426

)

PROVISIONS FOR LIABILITIES (135,480 ) (64,967 )
NET ASSETS 3,488,630 2,577,138

CAPITAL AND RESERVES
Called up share capital 400,000 400,000
Revaluation reserve 12 2,960,837 2,035,657
Retained earnings 127,793 141,481
3,488,630 2,577,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Allbright Properties Limited (Registered number: 01485799)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





Mrs S J Tuvey - Director


Allbright Properties Limited (Registered number: 01485799)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Allbright Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 5% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
Defined contributions, or payments in lieu of contributions for directors over state retirement age, are agreed in advance for current directors. Contributions for future years are provided in full and charged to the profit and loss account in the year they are agreed. Deferred tax relating to the agreed pension contributions is offset against the agreed pension contribution provision and not included with other deferred tax liabilities.

Allbright Properties Limited (Registered number: 01485799)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tenant deposits
The company holds in trust for the benefit of its tenants, deposits which can be applied for the benefit of the company should the tenant default on financial obligations under the terms of the lease. The deposits are not included in the amounts shown in the balance sheet as cash in hand nor as creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 33,056
DEPRECIATION
At 1 January 2023 26,448
Charge for year 1,653
At 31 December 2023 28,101
NET BOOK VALUE
At 31 December 2023 4,955
At 31 December 2022 6,608

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 194,975
NET BOOK VALUE
At 31 December 2023 194,975
At 31 December 2022 194,975

The company owns 100% of the share capital of Allbright Electric Company Limited. The share capital comprises 20,000 £1 ordinary shares and 20,000 1% non-cumulative preference shares of £1 each.

Allbright Properties Limited (Registered number: 01485799)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 4,000,000
Revaluations 1,000,000
At 31 December 2023 5,000,000
NET BOOK VALUE
At 31 December 2023 5,000,000
At 31 December 2022 4,000,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2018 4,000,000
Valuation in 2023 1,000,000
5,000,000

The freehold land and buildings were valued at £5,000,000 in the professional valuation report carried out in August 2023 by Chris Roberts BA (Hons) MA MRICS for Fletcher King Chartered Surveyors, on an open market existing use basis and in accordance with RICS Valuation - Professional Standards.The historical cost is £2,042,482. Deferred tax arising on the revaluation is £74,820 and has been included in the tax charge for the year.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,368 51,252
Other debtors 51,837 45,984
55,205 97,236

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 10) 46,671 1,271,136
Trade creditors 14,775 6,052
Taxation and social security 16,669 18,459
Other creditors 122,387 160,911
200,502 1,456,558

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 10) 1,541,966 -
Amounts owed to group undertakings 195,426 195,426
Other creditors 191,000 191,000
1,928,392 386,426

Allbright Properties Limited (Registered number: 01485799)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Debentures more 5yr non-instal 191,000 191,000

The debenture bears interest at a fixed rate of 12% per annum and is repayable in part or in whole at any date or dates determined by the directors of the company.

10. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 46,671 1,271,136

Amounts falling due between one and two years:
Bank loans - 1-2 years 51,379 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,490,587 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Debentures more 5yr non-instal 191,000 191,000

The bank loan, secured on the properties, was renewed for a further five years in September 2023.

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank Loans 1,541,966 1,271,136

The loan is secured by a legal charge over the freehold investment properties.

12. RESERVES
Revaluation
reserve
£   
At 1 January 2023 2,035,657
Revaluation of investments 1,000,000
Deferred tax on revaluation of investments (74,820 )

At 31 December 2023 2,960,837

Allbright Properties Limited (Registered number: 01485799)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

Debentures outstanding of £191,000 at 31st December 2023 were owned by the Trustee of Mrs M Francis Will Trust who are shareholders in the company. Interest of £22,920 was paid to the debenture holders during the year.

Dividends of £40,000 were paid to the shareholders during the year.

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Allbright Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Allbright Properties Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Allbright Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Allbright Properties Limited and state those matters that we have agreed to state to the Board of Directors of Allbright Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Allbright Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Allbright Properties Limited. You consider that Allbright Properties 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 financial statements of Allbright Properties 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 financial statements.






Breckman and Company
Charterted Certified Accountants
and Statutory Auditors
49 South Molton Street
London
W1K 5LH


11 September 2024