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REGISTERED NUMBER: 02394611 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ALTOVALE LIMITED

ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ALTOVALE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A L J Ashby-Bogoni
G Denton
P E Lucas
G P Smith





SECRETARY: L J Miller





REGISTERED OFFICE: Kingfisher House
17 Albury Close
Loverock Road
Reading
RG30 1BD





REGISTERED NUMBER: 02394611 (England and Wales)





AUDITORS: Haines Watts, Statutory Auditor
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 2,275,860 2,277,310

CURRENT ASSETS
Debtors 5 33,880 60,775
Cash at bank 220,016 159,289
253,896 220,064
CREDITORS
Amounts falling due within one year 6 248,148 289,062
NET CURRENT ASSETS/(LIABILITIES) 5,748 (68,998 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,281,608

2,208,312

PROVISIONS FOR LIABILITIES 725 1,087
NET ASSETS 2,280,883 2,207,225

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 207,191 207,191
Retained earnings 2,073,592 1,999,934
2,280,883 2,207,225

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 Comprehensive Income has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




G P Smith - Director



A L J Ashby-Bogoni - Director


ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Altovale Limited, a company limited by shares, is incorporated in the UK. Its primary trading activities which are the development, ownership and management of industrial estates, derive from its address in Reading, Berkshire.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Going Concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current market conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue
Revenue is recognised to the extent that is is probable that the economic benefits will flow to the Company and the revenue can be easily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of properties
Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the properties sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction, and;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

- Fixtures & fittings - 4 years

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income

Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk change in value.

Financial instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable with one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at a market rate, the financial asset or liability measured, initially, at the the present value of the future cash-flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

For financial assets measured at amoritised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial assets has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an appropriate of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt
using the effective interest method so that the amount charged is at a constant rate on the carrying
amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which
they are incurred.

Taxation
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3. EMPLOYEES AND DIRECTORS

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

ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
Property fittings Totals
£ £ £
COST
At 1 January 2023
and 31 December 2023 2,272,960 85,693 2,358,653
DEPRECIATION
At 1 January 2023 - 81,343 81,343
Charge for year - 1,450 1,450
At 31 December 2023 - 82,793 82,793
NET BOOK VALUE
At 31 December 2023 2,272,960 2,900 2,275,860
At 31 December 2022 2,272,960 4,350 2,277,310

Leasehold properties are investment properties and have been included in the balance sheet at a open market valuation made by the Directors on 31 December 2023.

The historic cost of the investment properties is £2,065,769 (2022 - £2,065,769)

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 29,382 56,331
Other debtors 4,498 4,444
33,880 60,775

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts - 75,000
Trade creditors 11,215 9,467
Amounts owed to group undertakings 38,345 4,294
Taxation and social security 57,117 61,771
Other creditors 141,471 138,530
248,148 289,062

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Newbold FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Statutory Auditor

ALTOVALE LIMITED (REGISTERED NUMBER: 02394611)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. RELATED PARTY DISCLOSURES

During the year, the Company purchased services for estate management and collections of rents amounting to £49,680 (2022 - £47,937) from Country Estates Limited, a company controlled by G P Smith and G J Denton.

During the year, the Company purchased management services amounting to £26,085 (2022 - £NIL) from PAM Technical Services Limited, a company controlled by P A Pennicott, G P Smith and GJ Denton.

At 31 December 2023, £7,043 (2022 - £4,294) was due to Country Estates Limited and £31,302 (2022 - £NIL) was owed to PAM Technical Services Limited in respect of the above transactions.

All of the above transactions were at arms length and under normal commercial terms.

9. ULTIMATE CONTROLLING PARTY

The Company is controlled by Country Estates Limited and Drimount Limited by virtue of their equal shareholdings.