Bill Allen (Cheltenham) Limited 00524499 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of motor dealers and letting of real estate. Digita Accounts Production Advanced 6.30.9574.0 true false false 00524499 2023-01-01 2023-12-31 00524499 2023-12-31 00524499 core:CurrentFinancialInstruments 2023-12-31 00524499 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00524499 core:Non-currentFinancialInstruments 2023-12-31 00524499 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00524499 core:FurnitureFittingsToolsEquipment 2023-12-31 00524499 core:MotorVehicles 2023-12-31 00524499 1 2023-12-31 00524499 bus:SmallEntities 2023-01-01 2023-12-31 00524499 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00524499 bus:FullAccounts 2023-01-01 2023-12-31 00524499 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00524499 bus:RegisteredOffice 2023-01-01 2023-12-31 00524499 bus:Director3 2023-01-01 2023-12-31 00524499 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00524499 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00524499 core:MotorVehicles 2023-01-01 2023-12-31 00524499 core:PlantMachinery 2023-01-01 2023-12-31 00524499 core:OtherRelatedParties 2023-01-01 2023-12-31 00524499 core:Subsidiary1 2023-01-01 2023-12-31 00524499 core:Subsidiary2 2023-01-01 2023-12-31 00524499 1 2023-01-01 2023-12-31 00524499 countries:EnglandWales 2023-01-01 2023-12-31 00524499 2022-12-31 00524499 core:FurnitureFittingsToolsEquipment 2022-12-31 00524499 core:MotorVehicles 2022-12-31 00524499 2022-01-01 2022-12-31 00524499 2022-12-31 00524499 core:CurrentFinancialInstruments 2022-12-31 00524499 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00524499 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-12-31 00524499 core:Non-currentFinancialInstruments 2022-12-31 00524499 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 00524499 core:FurnitureFittingsToolsEquipment 2022-12-31 00524499 core:MotorVehicles 2022-12-31 00524499 core:RestatedAmount 2022-12-31 00524499 1 2022-12-31 00524499 core:Subsidiary1 2022-01-01 2022-12-31 00524499 core:Subsidiary2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 00524499

Prepared for the registrar

Bill Allen (Cheltenham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Bill Allen (Cheltenham) Limited

(Registration number: 00524499)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

-

52,360

Investment property

5

1,550,000

1,550,000

Investments

6

307,755

307,755

 

1,857,755

1,910,115

Current assets

 

Stocks

7

-

4,000

Debtors

8

2,487,929

2,349,422

Cash at bank and in hand

 

2,150,285

1,682,509

 

4,638,214

4,035,931

Creditors: Amounts falling due within one year

9

(948,122)

(164,547)

Net current assets

 

3,690,092

3,871,384

Total assets less current liabilities

 

5,547,847

5,781,499

Creditors: Amounts falling due after more than one year

9

(17,216)

(26,667)

Deferred tax liabilities

 

(79,562)

-

Net assets

 

5,451,069

5,754,832

Capital and reserves

 

Called up share capital

155,439

155,439

Capital redemption reserve

303

303

Revaluation reserve

1,111,535

1,191,097

Profit and loss account

4,183,792

4,407,993

Shareholders' funds

 

5,451,069

5,754,832

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

 

Bill Allen (Cheltenham) Limited

(Registration number: 00524499)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 25 September 2024
 


A M Rodrigues
Director

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Coln Gardens
Andoversford
Cheltenham
GL54 4NB

 

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and returns.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax only. 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 corporation 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% of written down value per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 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.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

30,532

143,252

173,784

Disposals

(30,532)

(32,510)

(63,042)

At 31 December 2023

-

110,742

110,742

Depreciation

At 1 January 2023

14,120

107,304

121,424

Charge for the year

3,030

26,194

29,224

Eliminated on disposal

(17,150)

(22,756)

(39,906)

At 31 December 2023

-

110,742

110,742

Carrying amount

At 31 December 2023

-

-

-

At 31 December 2022

16,412

35,948

52,360

 

5

Investment properties

£

At 1 January 2023 and 31 December 2023

1,550,000

The directors have assessed the value of the investment properties and consider that the current valuation is appropriate. The investment property has a historic cost of £358,902 (2022 - £358,902).

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

307,430

307,430

Investments in associates

325

325

307,755

307,755

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Yukantakitwithya Inc

Ordinary

50%

50%

         

SCI DeRochefort

Ordinary

99.5%

99.5%

         

Subsidiary undertakings

Yukantakitwithya Inc

The principal activity of Yukantakitwithya Inc is property investment.

SCI DeRochefort

The principal activity of SCI DeRochefort is property investment.

 

7

Stocks

2023
 £

2022
 £

Stock for resale

-

4,000

 

8

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

11

149,277

149,277

Other debtors

 

2,338,652

2,200,145

 

2,487,929

2,349,422

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

9

Creditors

Note

2023
 £

(As restated)
2022
 £

Due within one year

 

Loans and borrowings

10

10,000

22,825

Trade creditors

 

6,240

-

Social security and other taxes

 

208,719

2,520

Other creditors

 

712,288

127,572

Accrued expenses

 

10,875

11,630

 

948,122

164,547

Due after one year

 

Loans and borrowings

10

17,216

26,667

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

-

12,825

10,000

22,825

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,216

26,667

Bank borrowings

The bank borrowing is a bounce bank loan and is denominated in GB£ with a nominal interest rate of 2.5%, and the final instalment is due on 31 August 2026. The carrying amount at year end is £26,667 (2022 - £36,667).

 

Bill Allen (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

11

Related party transactions

Summary of transactions with other related parties

At 31 December 2023, the company was owed £960,862 (2022: £956,793) by County Garage (Cheltenham) Limited, a company in which W S Allen is a shareholding director.

At 31 December 2023, the company was owed £1,187,742 (2022: £1,167,570) from Yukantakitwithya Inc, a company that is 50% owned by Bill Allen (Cheltenham) Limited.

At 31 December 2023, the company was owed £149,277 (2022: £149,277) from SCI DeRochefort, a company that is 99.95% owned by Bill Allen (Cheltenham) Limited.

At 31 December 2023, the company owed £644,083 (2022: £5,917 owed from) to the WSA Pension Fund, a fund for which the main beneficiary is W S Allen.

At 31 December 2023, the company owed £59,174 (2022: £nil) to the directors in the form of a directors loan account. The loan is unsecured, interest-free and repayable on demand.