Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2023
Alpha Stanway Finance Limited
(Registration number: 08121078)
Balance Sheet as at 31 December 2023
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2023 |
2022 |
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Fixed assets |
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Investments |
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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 liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2,112,005 |
2,112,005 |
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Profit and loss account |
(18,675,107) |
(15,101,919) |
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Shareholders' deficit |
(16,563,102) |
(12,989,914) |
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.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Alpha Stanway Finance 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 and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
A provision has been included in these accounts in relation to the expected irrecoverable element of the loan notes which are held by the company, and form part of the balance in Other Debtors. This has been calculated as being the net liabilities of JMKA Investments 1LP, the entity which issued these loan notes to the company. The carrying amount of the provision is £8,943,311 (2022 -£7,131,992).
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Alpha Stanway Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Financial instruments
Classification
Recognition and measurement
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Alpha Stanway Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Subsidiaries |
£ |
Cost |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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The Stables
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The Stables
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The STables
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2 Wesley Gardens
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The Stables
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Alpha Stanway Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Subsidiary undertakings |
Alpha (Rugby) Limited The principal activity of Alpha (Rugby) Limited is |
Avenbury (Dudley) Limited The principal activity of Avenbury (Dudley) Limited is |
Pembrokeshire Living Limited The principal activity of Pembrokeshire Living Limited is |
Bowerbird Homes Ltd The principal activity of Bowerbird Homes Ltd is |
Alpha (Avenbury) Ltd The principal activity of Alpha (Avenbury) Ltd is |
Debtors |
Note |
2023 |
2022 |
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Amounts owed by related parties |
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Other debtors |
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Alpha Stanway Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
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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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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
216,743 |
79,809 |
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Dividends payable |
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Loans and borrowings |
Note |
2023 |
2022 |
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Current loans and borrowings |
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Redeemable preference shares |
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Other borrowings |
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Alpha Stanway Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Summary of transactions with all subsidiaries
The following companies are 100% subsidiaries of the company. At 31 December 2023, the company was owed the following amounts:
Alpha (Rugby) Limited - £282,103 (2022: £1,557,103)
Avenbury (Dudley) Limited - £3,561,645 (2022: £3,993,645)
Pembrokshire Living Limited - £653,329 (2022: £881,329)
No interest was charged on these balances and there are no fixed repayment terms.
Summary of transactions with other related parties
At 31 December 2023, the company owed £489,028 (2022: £3,842,028) to JMKA Investments 1LP, a partnership under common control. No interest was charged on this balance and there are no fixed repayment terms.
The following entities are under common control. At 31 December 2023, the company was owed the following amounts:
Warwick Homes Limited - £3 (2022: £1,255,482)
Alpha (Stonecross) Limited - £390,226 (2022: £332,226)
St Martins Gate Lowesmoor Limited - £287,508 (2022: £128,838)
Baker Finance Limited - £15,940 (2022: £13,940)
Avenbury Ventures LLP - £nil (2022: £62,320)
Avenbury Stratford LLP - £nil (2022: £5,900)
Worcester Developments Limited - £120,000 (2022: £82,000)
Alpha Stanway Management Limited - £27,800 (2022: £5,000)
Maypole Investments Limited - £1,000 (2022: £1,000)
No interest was charged on these balances and there are no fixed repayment terms.
At 31 December 2023, the following intercompany balances owed to the company were waived:
Avenbury Ventures LLP - £42,320
Avenbury Stratford LLP - £7,490
Alpha (Avenbury) Limited - £1,200
At 31 December 2023, the director waived the brought forward preference share dividends. There were therefore no preference share dividends accrued within creditors (2022: £15,561,777).
Included in other debtors is £18,655,000 of fixed rate unsecured subordinated loan notes issued by JMKA Investments 1LP, a partnership under common control. The loan notes carry interest at 5.5% per annum. A provision of £7,898,977 has been created against these loan notes, in relation to the expected irrecoverable element.
Parent and ultimate parent undertaking |
The ultimate controlling party is J Knight-Adams, by virtue of his 100% shareholding in the company.
Alpha Stanway Finance Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Non adjusting events after the financial period |
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