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COMPANY REGISTRATION NUMBER: 11373438
Alandy Residential Investment Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Alandy Residential Investment Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Alandy Residential Investment Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,391,300
1,786,300
Current assets
Debtors
6
21,785
6,205
Cash at bank and in hand
4,787
17,068
--------
--------
26,572
23,273
Creditors: amounts falling due within one year
7
387,859
108,048
---------
---------
Net current liabilities
361,287
84,775
------------
------------
Total assets less current liabilities
2,030,013
1,701,525
Creditors: amounts falling due after more than one year
8
952,088
648,000
Provisions
264,814
184,663
------------
------------
Net assets
813,111
868,862
------------
------------
Capital and reserves
Called up share capital
1
1
Other reserves
728,933
787,248
Profit and loss account
84,177
81,613
---------
---------
Shareholders funds
813,111
868,862
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Alandy Residential Investment Properties Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr A K West
Director
Company registration number: 11373438
Alandy Residential Investment Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradstowe House, 35 Middle Wall, Whitstable, Kent, CT5 1BJ, United Kingdom
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost. The company considers its property, at 4-5 Market St, Newport, to be an investment property and is therefore carried at fair value in the Financial Statements. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3).
5. Tangible assets
Long leasehold property
£
Cost
At 1 April 2023
1,786,300
Additions
605,000
------------
At 31 March 2024
2,391,300
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
2,391,300
------------
At 31 March 2023
1,786,300
------------
Leasehold property represent investment property and are held at fair value. The investment property was valued by a third party, APC marketing, during the last financial year. The Directors believe the fair value was not materially different at the year end. The historic cost of the investment properties is £1,419,389.
6. Debtors
2024
2023
£
£
Trade debtors
4,075
3,746
Other debtors
17,710
2,459
--------
-------
21,785
6,205
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,944
5,906
Trade creditors
3,870
15
Amounts owed to group undertakings and undertakings in which the company has a participating interest
370,054
89,388
Corporation tax
602
4,351
Other creditors
7,389
8,388
---------
---------
387,859
108,048
---------
---------
Bank loans and overdrafts are secured by way of fixed and floating charge over all the company's property and undertakings.
Group loans are repayable on demand.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
952,088
648,000
---------
---------
Bank loans and overdrafts are secured by way of fixed and floating charge over all the company's property and undertakings.
9. Related party transactions
At the year end the company owed £370,054 (2023: £89,388) to group companies.
10. Controlling party
The company's parent undertaking is Alandy Investment Properties Limited , a company registered in England and Wales, whose registered office is at Bradstowe House, 35 Middle Wall, Whitstable, Kent, United Kingdom, CT5 1BJ .