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Registration number: 532948

ALFL Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

ALFL Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

ALFL Limited

Company Information

Directors

M A Murphy

G R Murphy

Company secretary

M A Murphy

Registered office

Church Hill
Church Lane
Worplesdon
Guildford
Surrey
GU3 3RU

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

ALFL Limited

(Registration number: 532948)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Other financial assets

5

14,883,488

18,018,750

Current assets

 

Debtors

6

75

179

Cash at bank and in hand

 

346,176

71,194

 

346,251

71,373

Creditors: Amounts falling due within one year

7

(1,699,171)

(2,504,920)

Net current liabilities

 

(1,352,920)

(2,433,547)

Total assets less current liabilities

 

13,530,568

15,585,203

Provisions for liabilities

(1,721,035)

(2,504,975)

Net assets

 

11,809,533

13,080,228

Equity

 

Called up share capital

10

1,000

1,000

Revaluation reserve

5,166,991

7,518,438

Retained earnings

6,641,542

5,560,790

Shareholders' funds

 

11,809,533

13,080,228

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:

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 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements of ALFL Limited were approved and authorised for issue by the Board on 21 October 2024 and signed on its behalf by:
 

 

ALFL Limited

(Registration number: 532948)
Balance Sheet as at 31 December 2023 (continued)

.........................................

G R Murphy
Director

 

ALFL Limited

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

1

General information

ALFL Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

 

ALFL Limited

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

2

Accounting policies (continued)

Property, plant and equipment

Tangible assets is stated in the statement of financial position at cost or valuation, 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.

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

Office equipment

25% straight line

Investments

Investments held as fixed assets are stated at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and held at bank.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

ALFL Limited

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

2

Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,430

1,430

At 31 December 2023

1,430

1,430

Depreciation

At 1 January 2023

1,430

1,430

At 31 December 2023

1,430

1,430

Carrying amount

At 31 December 2023

-

-

 

ALFL Limited

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

5

Other financial assets

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

18,018,751

18,018,751

Fair value adjustments

(3,135,263)

(3,135,263)

At 31 December 2023

14,883,488

14,883,488

Carrying amount

At 31 December 2023

14,883,488

14,883,488

 

ALFL Limited

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

6

Debtors

2023
£

2022
£

Accrued income

75

179

75

179

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

1,544,125

-

Other creditors

 

152,400

2,502,400

Accruals

 

2,646

2,520

 

1,699,171

2,504,920

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

2,504,975

2,504,975

Increase (decrease) in existing provisions

(783,940)

(783,940)

At 31 December 2023

1,721,035

1,721,035

9

Transition to FRS 102

The company is a first time adopter of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council. The last financial statements prepared under FRS 105 " The Financial Reporting Standard applicable to the Micro-entities Regime were for the year ended 31 December 2022 and the date of transition to FRS 102 was therefore 1 January 2022. Adjustments on the transition to FRS102 related to the revaluation of fixed asset investments and the related deferred tax liability.

Balance Sheet at 1 January 2022
 

 

ALFL Limited

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

9

Transition to FRS 102 (continued)

As originally reported
£

Remeasurement
£

As restated
£

Non-current assets

Investments

2,487,194

11,337,356

13,824,550

Current assets

Debtors

17

-

17

Cash at bank and in hand

2,323,215

-

2,323,215

2,323,232

-

2,323,232

Creditors: Amounts falling due within one year

(4,800)

-

(4,800)

Net current assets

2,318,432

-

2,318,432

Total assets less current liabilities

4,805,626

11,337,356

16,142,982

Provisions for liabilities

-

(2,833,764)

(2,833,764)

Net assets

4,805,626

8,503,592

13,309,218

Equity

Called up share capital

1,000

-

1,000

Revaluation reserve

-

8,503,017

8,503,017

Retained earnings

4,804,626

575

4,805,201

Total equity

4,805,626

8,503,592

13,309,218

 

ALFL Limited

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

9

Transition to FRS 102 (continued)

Balance Sheet at 31 December 2022
 

As originally reported
£

Remeasurement
£

As restated
£

Non-current assets

Investments

7,994,167

10,024,583

18,018,750

Current assets

Debtors

179

-

179

Cash at bank and in hand

71,194

-

71,194

71,373

-

71,373

Creditors: Amounts falling due within one year

(2,504,920)

-

(2,504,920)

Net current liabilities

(2,433,547)

-

(2,433,547)

Total assets less current liabilities

5,560,620

10,024,583

15,585,203

Provisions for liabilities

-

(2,504,975)

(2,504,975)

Net assets

5,560,620

7,519,608

13,080,228

Equity

Called up share capital

1,000

-

1,000

Revaluation reserve

-

7,518,438

7,518,438

Retained earnings

5,559,620

1,170

5,560,790

Total equity

5,560,620

7,519,608

13,080,228

10

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

'A' Ordinary shares of £0.10 each

375

38

375

38

'B' Ordinary shares of £0.10 each

375

38

375

38

'C' Ordinary shares of £0.10 each

250

25

250

25

'E' Ordinary shares of £0.10 each

4,500

450

4,500

450

 

ALFL Limited

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

10

Share capital and reserves (continued)

'F' Ordinary shares of £0.10 each

4,500

450

4,500

450

 

10,000

1,000

10,000

1,000

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The revaluation reserve represents the cumulative effect of revaluations of investments which are revalued to fair value at each reporting date. This reserve forms part of the company's non-distributable reserves.