Company Registration No. SC753235 (Scotland)
Almagema Ltd
Unaudited financial statements
for the period ended 31 March 2024
Pages for filing with the registrar
Almagema Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Almagema Ltd
Statement of financial position
As at 31 March 2024
1
2024
Notes
£
£
Fixed assets
Investment property
3
145,000
Investments
4
877,937
1,022,937
Current assets
Debtors
5
1,424
Cash at bank and in hand
12,919
14,343
Creditors: amounts falling due within one year
6
(7,456)
Net current assets
6,887
Total assets less current liabilities
1,029,824
Provisions for liabilities
(97,578)
Net assets
932,246
Capital and reserves
Called up share capital
105
Profit and loss reserves
7
932,141
Total equity
932,246
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Almagema Ltd
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Charles MacDonald
Director
Company Registration No. SC753235
Almagema Ltd
Notes to the financial statements
For the period ended 31 March 2024
3
1
Accounting policies
Company information
Almagema Ltd is a private company limited by shares incorporated in Scotland. The registered office is Tote House, Skeabost Bridge, Isle of Skye, IV51 9PQ.
1.1
Reporting period
The company was incorporated on 15 December 2022 therefore these accounts have been prepared for a 15 month period from date of incorporation to 31 March 2024.
1.2
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Investment property
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
Almagema Ltd
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
4
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 debtors, 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 creditors, 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 creditors 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 creditors 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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Almagema Ltd
Notes to the financial statements (continued)
For the period ended 31 March 2024
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Investment property
2024
£
Fair value
At 15 December 2022
Additions
13,602
Revaluations
131,398
At 31 March 2024
145,000
Investment property comprises a residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 15 September 2021 by Torrance Partnership Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe the valuation to be appropriate as at 31 March 2024.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
£
Cost
13,602
Accumulated depreciation
(272)
Carrying amount
13,330
4
Fixed asset investments
2024
£
Other investments other than loans
877,937
Almagema Ltd
Notes to the financial statements (continued)
For the period ended 31 March 2024
4
Fixed asset investments (continued)
6
Movements in fixed asset investments
Investments
£
Cost or valuation
At 15 December 2022
-
Additions
499,630
Valuation changes
378,307
At 31 March 2024
877,937
Carrying amount
At 31 March 2024
877,937
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
1,424
6
Creditors: amounts falling due within one year
2024
£
Corporation tax
3,556
Other creditors
3,900
7,456
7
Profit and loss reserves
2024
£
At the beginning of the period
Profit for the period
932,141
At the end of the period
932,141
Almagema Ltd
Notes to the financial statements (continued)
For the period ended 31 March 2024
7
Profit and loss reserves (continued)
7
Included within profit and loss reserves are non-distributable profits, as set out below:
2024
£
Non-distributable profits included above
At the beginning of the period
-
Non distributable profits in the period
116,558
At the end of the period
116,558
Distributable profits
815,583