Company registration number 00439759 (England and Wales)
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
BALANCE SHEET
AS AT 24 MARCH 2024
24 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
35,944,486
31,739,524
Current assets
Debtors
5
150,345
777,881
Cash at bank and in hand
6
3,110,177
5,859,389
3,260,522
6,637,270
Creditors: amounts falling due within one year
7
(686,633)
(664,895)
Net current assets
2,573,889
5,972,375
Total assets less current liabilities
38,518,375
37,711,899
Provisions for liabilities
8
(5,159,024)
(5,159,024)
Net assets
33,359,351
32,552,875
Capital and reserves
Called up share capital
9
14,500
14,500
Share premium account
11,495
11,495
Capital redemption reserve
92,321
92,321
Other reserves
20,972,816
20,972,816
Profit and loss reserves
12,268,219
11,461,743
Total equity
33,359,351
32,552,875
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
F P G Aldrich-Blake
Director
Company registration number 00439759 (England and Wales)
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 24 MARCH 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 26 March 2022
14,500
11,495
92,321
20,404,316
11,324,809
31,847,441
Period ended 24 March 2023:
Profit and total comprehensive income
-
-
-
-
1,140,434
1,140,434
Dividends
-
-
-
-
(435,000)
(435,000)
Transfers
-
-
-
568,500
(568,500)
-
Balance at 24 March 2023
14,500
11,495
92,321
20,972,816
11,461,743
32,552,875
Period ended 24 March 2024:
Profit and total comprehensive income
-
-
-
-
1,255,976
1,255,976
Dividends
-
-
-
-
(449,500)
(449,500)
Balance at 24 March 2024
14,500
11,495
92,321
20,972,816
12,268,219
33,359,351
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
- 3 -
1
Accounting policies
Company information
Aldrich-Blake & Fanshawe Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highbourne House, 13/15 Marylebone High Street, London, W1U 4NS.
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 at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company had cash resources of £true3,110,177 at the year end and the directors have prepared projected cash flow information for the period ending 12 months from the date of approval of these financial statements. The directors believe that the company will be able to maintain positive cash flows for the foreseeable future. As a result the going concern basis of accounting has been adopted.
1.3
Reporting period
In the prior reporting period the company's year end was shortened by one day from 25 March to 24 March. This was done to streamline and give a more accurate reflection of the underlying financial position of the company given 25 March is a rent quarter day. This means that the comparative amounts presented in the financial statements and the related notes are not entirely comparable.
1.4
Turnover
Turnover comprises property rents receivable, exclusive of Value Added Tax. Rental income is recognised, net of tenant lease incentives granted, on a straight line basis over the lease term.
1.5
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 profit and loss account.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other debtors 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 creditors, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the enacted or substantively enacted 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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
Estimation is required in determining the fair value of investment properties held by the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties as disclosed in note 6.
Bad and doubtful debts
Provisions are made of those debts considered by the directors to be doubtful. The debts considered to be irrevocably bad are written off. The carrying value of the company's debtors net of any bad and doubtful debt provision is disclosed in note 7.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Investment property
2024
£
Fair value
At 25 March 2023
31,739,524
Additions
4,204,962
At 24 March 2024
35,944,486
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 24 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
9,812,646
5,607,684
Accumulated depreciation
-
-
Carrying amount
9,812,646
5,607,684
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,983
18,043
Other debtors
125,362
759,838
150,345
777,881
6
Designated client bank accounts
As at the balance sheet date, £74,803 (2023: £70,106) of cash at bank and in hand was held in designated client bank accounts.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
75,549
129,122
Corporation tax
200,343
248,569
Other taxation and social security
4,904
3,168
Other creditors
405,837
284,036
686,633
664,895
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
5,159,024
5,159,024
ALDRICH-BLAKE & FANSHAWE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 7 -
9
Called up share capital
2024
2023
£
£
Issued and fully paid
72,500 Ordinary A shares of 10p each
7,250
7,250
72,500 Ordinary B shares of 10p each
7,250
7,250
14,500
14,500
The ordinary A shares have preferential full voting (3 votes per A share, 1 vote per B share), preferential dividend and preferential capital distribution rights. The ordinary B shares have full voting, dividend and capital distribution rights.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Matthew Burge
Statutory Auditor:
Beavis Morgan Audit Limited
Date of audit report:
7 November 2024
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Investment property redevelopment costs
1,895,576
-