REGISTERED NUMBER: |
Alvercroft Limited |
Unaudited Financial Statements |
For The Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Alvercroft Limited |
Unaudited Financial Statements |
For The Year Ended 31 December 2023 |
Alvercroft Limited (Registered number: 00802389) |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Abridged Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Alvercroft Limited |
Company Information |
For The Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
BANKERS: |
2 Manor Court |
Manor Garth |
Eastfield |
Scarborough |
North Yorkshire |
YO11 3TU |
SOLICITORS: |
Eton House |
89 Station Parade |
Harrogate |
North Yorkshire |
HG1 1HF |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Alvercroft Limited |
The following reproduces the text of the report prepared for the director 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 Director 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 Alvercroft Limited for the year ended 31 December 2023 which comprise the Income Statement, Abridged 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Alvercroft Limited in accordance with the terms of our engagement letter dated 13 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Alvercroft Limited and state those matters that we have agreed to state to the director of Alvercroft Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alvercroft Limited and its director for our work or for this report. |
It is your duty to ensure that Alvercroft 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 Alvercroft Limited. You consider that Alvercroft 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 Alvercroft 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. |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
Alvercroft Limited (Registered number: 00802389) |
Abridged Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Alvercroft Limited (Registered number: 00802389) |
Abridged Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Alvercroft Limited (Registered number: 00802389) |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Alvercroft Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable on investment properties, excluding value added tax. |
Lease incentives are recognised evenly over the term of the lease. |
Tangible fixed assets |
Fixtures and fittings | - |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Alvercroft Limited (Registered number: 00802389) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 880,785 |
Cost | 5,790,677 |
6,671,462 |
If freehold investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 5,790,677 | 6,342,221 |
Freehold investment properties were valued on an open market basis on 31 December 2023 by J R Goodall . |
J R Goodall is a director of the company. |
Alvercroft Limited (Registered number: 00802389) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
6. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Bank Loan | 83,333 | 83,333 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank Loan | 14,167 | 24,167 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Other timing differences | 386,819 | 385,443 |
Accelerated capital allowances | (630 | ) | (630 | ) |
386,189 | 384,813 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Alvercroft Limited (Registered number: 00802389) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 3,767,313 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | ( |
) |
Realised gain/loss on sale of investment property |
5,301 |
(5,301 |
) |
- |
At 31 December 2023 | 3,337,189 |
11. | CONTINGENT LIABILITIES |
The company has entered into a legal mortgage in respect of its freehold investment properties, against bank facilities granted by the company's bankers to Dusrolbake Limited and Alvercroft Limited. The total loans and overdrawn balances of Dusrolbake Limited and Alvercroft Limited at 31 December 2023 was £2,308,332 (2022 - £2,375,000). The directors do not anticipate any claims being made under the guarantee. |
12. | RELATED PARTY DISCLOSURES |
The Goodall Group Limited |
2023 | 2022 |
£ | £ |
Amount due to related party | 1,826,239 | 3,383,848 |
Dusrolbake Limited |
2023 | 2022 |
£ | £ |
Amount due from related party | Nil | (146,746 | ) |
Ipcrest Properties Limited |
2023 | 2022 |
£ | £ |
Amount due from related party | (34,282 | ) | (35,282 | ) |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is The Goodall Group Limited. |
The ultimate controlling party is |
Mrs J M Goodall, J R Goodall and A W Ingham control the shares in The Goodall Group Limited in their capacity as trustees of the life interest settlement for the benefit of J R Goodall. |