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COMPANY REGISTRATION NUMBER: 02910548
Angletop Limited
Filleted Unaudited Financial Statements
31 December 2023
Angletop Limited
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Angletop Limited
Officers and Professional Advisers
The board of directors
Mr C Cole
Miss C Cole
Registered office
Store-It-Wales,
Ashford House, Abergelly Road
Fforestfach Industrial Estate
Swansea
SA5 4DY
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Angletop Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
6,005,155
6,041,116
Investments
6
100
------------
------------
6,005,255
6,041,116
CURRENT ASSETS
Debtors
7
332,658
483,826
Cash at bank and in hand
73,518
86,530
---------
---------
406,176
570,356
CREDITORS: amounts falling due within one year
8
1,905,674
772,367
------------
---------
NET CURRENT LIABILITIES
1,499,498
202,011
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,505,757
5,839,105
CREDITORS: amounts falling due after more than one year
9
207,791
1,113,380
PROVISIONS
827,066
788,693
------------
------------
NET ASSETS
3,470,900
3,937,032
------------
------------
CAPITAL AND RESERVES
Called up share capital
10
1,000
1,000
Profit and loss account
3,469,900
3,936,032
------------
------------
SHAREHOLDERS FUNDS
3,470,900
3,937,032
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Angletop Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Corenna Cole
Corenna Cole
Director
Company registration number: 02910548
Angletop Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
Angletop Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are renting of property portfolio and storage services.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value movement included in profit/loss for the year are as follows:
For properties for which recent valuations have been obtained, there is no reason to believe these have altered.
For the remaining properties, discussions with the director have established that the values in the accounts are deemed reasonable based on his knowledge of current market conditions of similar properties in the area.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loan and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land - 0%
Freehold Property - 2% per annum of cost
Investment Property - 0%
Plant & Machinery - 25% per annum of cost
Fixtures & Fittings - 25% per annum of cost
Motor Vehicles - 25% per annum of cost
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rent receivable Turnover is recognised upon commencement of rental periods. Rendering of storage services Turnover from storage services is recognised upon commencement of the storage periods.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
5,731,913
869,845
179,422
32,108
6,813,288
Additions
221,080
25,195
1,044
247,319
Disposals
( 16,143)
( 6,114)
( 22,257)
------------
------------
---------
--------
------------
At 31 December 2023
5,715,770
1,090,925
198,503
33,152
7,038,350
------------
------------
---------
--------
------------
Depreciation
At 1 January 2023
325,161
267,376
147,598
32,037
772,172
Charge for the year
43,246
204,472
19,154
265
267,137
Disposals
( 6,114)
( 6,114)
------------
------------
---------
--------
------------
At 31 December 2023
368,407
471,848
160,638
32,302
1,033,195
------------
------------
---------
--------
------------
Carrying amount
At 31 December 2023
5,347,363
619,077
37,865
850
6,005,155
------------
------------
---------
--------
------------
At 31 December 2022
5,406,752
602,469
31,824
71
6,041,116
------------
------------
---------
--------
------------
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 January 2023
Additions
100
----
At 31 December 2023
100
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
100
----
At 31 December 2022
----
The company owns more than 20% of the issued share capital of the following companies:
Shares
Nature of Country of held/Class
Name Business Registration Percentage
Store All Holding 100 £1.00
Wales Ltd Company Wales Ordinary Shares
(100%)
7. DEBTORS
2023
2022
£
£
Trade debtors
306,591
273,006
Other debtors
26,067
210,820
---------
---------
332,658
483,826
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,015,676
169,156
Trade creditors
48,828
46,568
Corporation tax
33,709
49,846
Social security and other taxes
37,314
28,815
Other creditors
770,147
477,982
------------
---------
1,905,674
772,367
------------
---------
The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company together with specific charges over various properties owned by the company. The aggregate amount of secured liabilities is £1,015,676 (2022 - £169,156).
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
207,791
1,113,380
---------
------------
The bank loans and overdrafts are secured.
The aggregate amount of secured liabilities is £207,791 (2022 - £1,113,380).
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A/ I/ J/ K - 50 Shares shares of £ 1 each
200
200
200
200
Ordinary B/ C - 75 Shares shares of £ 1 each
150
150
150
150
Ordinary D - 250 Shares shares of £ 1 each
250
250
250
250
Ordinary E/ F/ G/ H - 100 Shares shares of £ 1 each
400
400
400
400
------
------
------
------
1,000
1,000
1,000
1,000
------
------
------
------
11. RELATED PARTY TRANSACTIONS
During the year the company entered into transactions with other related parties as follows:
2023 2022
£ £
Loans owing (to)/ from other related people & trusts (336,721) (421,662)
--------- ---------
Loans owing (to)/ from shareholders (266,791) 115,715
--------- ---------
Amounts owing (to)/ from group undertakings (100)
---- ----
No interest has been charged on any of the outstanding amounts.
12. OPERATING LEASES
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £925,848 (2022: £934,947).