Company registration number 12074823 (England and Wales)
Almondbury Properties Limited
Unaudited financial statements
For the period ended 31 March 2024
Almondbury Properties Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Almondbury Properties Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Investment property
4
310,000
272,000
Current assets
Debtors
5
119
Cash at bank and in hand
33,407
23,192
33,526
23,192
Creditors: amounts falling due within one year
6
(288,823)
(289,422)
Net current liabilities
(255,297)
(266,230)
Total assets less current liabilities
54,703
5,770
Provisions for liabilities
(4,200)
Net assets
50,503
5,770
Capital and reserves
Called up share capital
7
20
20
Fair value reserve
8
17,720
(16,080)
Retained earnings
32,763
21,830
Total equity
50,503
5,770
Almondbury Properties Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
For the financial period 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
A R Gerrard
Director
Company registration number 12074823 (England and Wales)
Almondbury Properties Limited
Notes to the financial statements
For the period ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Almondbury Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Gledhow Lane, Oakwood, Leeds, Yorkshire, England, LS8 1SD.
1.1
Reporting period
The financial statements cover a nine month period, as the reporting date was shortened from 30 June to 31 March for ease of administration. Therefore, the current period amounts presented in the financial statements and notes are not directly comparable with the prior period.
1.2
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 as modified by the revaluation of certain assets.
1.3
Turnover
Rents receivable under operating leases are included within turnover on a straight-line basis over the lease term.
Rent is generated from the investment properties.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
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.
Basic financial assets
Basic financial assets, which include 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.
Almondbury Properties Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
1.6
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.
1.7
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 income statement 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.
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.
Almondbury Properties Limited
Notes to the financial statements (continued)
For the period ended 31 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 property
Investment property is included on the balance sheet at fair value. The fair value is arrived at on the basis of valuations carried out by the directors.
3
Employees
The average number of persons employed by the company during the year was Nil (2023 - Nil).
4
Investment property
2024
£
Fair value
At 1 July 2023
272,000
Revaluations
38,000
At 31 March 2024
310,000
The company's investment property is included in the balance sheet at fair value. Fair value is based on assessments made by the directors using market information.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
119
Almondbury Properties Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,565
3,236
Other creditors
286,258
286,186
288,823
289,422
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
10
10
10
10
Ordinary B of £1 each
10
10
10
10
20
20
20
20
8
Fair value reserve
2024
2023
£
£
At the beginning of the period
(16,080)
(16,080)
Non distributable profits in the period
33,800
-
At the end of the period
17,720
(16,080)
The fair value reserve movement in the year is net of deferred tax of £4,200.
9
Related party transactions
Amounts due to the directors at the period end are £284,980 (2023 - £284,980)