Company registration number 00691668 (England and Wales)
ALDER SECURITIES LIMITED
Unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
ALDER SECURITIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ALDER SECURITIES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
377
502
Investment properties
4
5,206,000
5,735,000
5,206,377
5,735,502
Current assets
Trade and other receivables
5
65,571
40,505
Cash and cash equivalents
442,427
510,304
507,998
550,809
Current liabilities
6
(88,307)
(84,265)
Net current assets
419,691
466,544
Total assets less current liabilities
5,626,068
6,202,046
Non-current liabilities
7
(1,622,335)
(1,625,785)
Provisions for liabilities
8
(872,094)
(1,015,211)
Net assets
3,131,639
3,561,050
Equity
Called up share capital
9
10,000
10,000
Other reserves
3,671,884
4,066,631
Retained earnings
(550,245)
(515,581)
Total equity
3,131,639
3,561,050
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 October 2024
D Krzysiak
Director
Company Registration No. 00691668
ALDER SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Alder Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue represents rental income and management fees receivable.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation or less any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office equipment
25% reducing balance per annum
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
ALDER SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Taxation
The tax expense represents deferred tax.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants which are compensation for losses, or where there are no future associated costs, are recognised in income in the period they become receivable and government grants which relate to compensation for expenses are recognised in the periods in which the expenses are recognised..
ALDER SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
2,766
Depreciation and impairment
At 1 April 2023
2,264
Depreciation charged in the year
125
At 31 March 2024
2,389
Carrying amount
At 31 March 2024
377
At 31 March 2023
502
4
Investment property
2024
£
Fair value
At 1 April 2023
5,735,000
Additions
8,864
Revaluations
(537,864)
At 31 March 2024
5,206,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
65,571
40,505
ALDER SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 5 -
6
Current liabilities
2024
2023
£
£
Bank loans
10,035
9,788
Trade payables
20,194
21,097
Taxation and social security
507
364
Other payables
57,571
53,016
88,307
84,265
7
Non-current liabilities
2024
2023
£
£
Bank loans
1,622,335
1,625,785
The long-term bank loans includes £1,603,277 (2023 - £1,596,693) which is secured by a charge over one of the investment properties.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
1,603,277
1,596,693
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
872,094
1,015,211
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
10
Financial commitments, guarantees and contingent liabilities
At the reporting end date the company had non-cancellable financial commitments totalling £77,565 (2023 - £98,565).
ALDER SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 6 -
11
Directors' transactions
At the start of the year the director owed the company £13,648, which was repaid during the year. During the year the company advanced the director £35,480 (2023 - £13,468). At the end of the year the director owed the company £35,480 (2023 - £13,468). The company received £988 (2023 - £571) of loan interest and the interest rate on the loan was 2.25% (2023 - 2%). The advance is unsecured and repayable on demand.