Registration number:
ALFL Limited
for the Year Ended 31 December 2023
ALFL Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
ALFL Limited
Company Information
Directors |
M A Murphy G R Murphy |
Company secretary |
M A Murphy |
Registered office |
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Accountants |
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ALFL Limited
(Registration number: 532948)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Non-current assets |
|||
Other financial assets |
14,883,488 |
18,018,750 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Equity |
|||
Called up share capital |
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:
• |
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• |
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
ALFL Limited
(Registration number: 532948)
Balance Sheet as at 31 December 2023 (continued)
.........................................
Director
ALFL Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
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.
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Property, plant and equipment |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Carrying amount |
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At 31 December 2023 |
- |
- |
ALFL Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
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 |
ALFL Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Debtors |
2023 |
2022 |
|
Accrued income |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Other creditors |
|
|
|
Accruals |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2023 |
|
|
|
Transition to FRS 102 |
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 |
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
38 |
|
38 |
|
|
38 |
|
38 |
|
|
25 |
|
25 |
|
|
450 |
|
450 |
ALFL Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
10 |
Share capital and reserves (continued) |
|
|
450 |
|
450 |
|
|
|
|
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.