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COMPANY REGISTRATION NUMBER: 10347410
Alandy Investment Properties Limited
Filleted Unaudited Financial Statements
31 March 2024
Alandy Investment Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Alandy Investment Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,221,460
2,471,454
Investments
6
813,111
868,862
------------
------------
3,034,571
3,340,316
Current assets
Debtors
7
388,125
116,334
Cash at bank and in hand
97,287
83,181
---------
---------
485,412
199,515
Creditors: amounts falling due within one year
8
2,139,473
2,112,553
------------
------------
Net current liabilities
1,654,061
1,913,038
------------
------------
Total assets less current liabilities
1,380,510
1,427,278
Creditors: amounts falling due after more than one year
9
264,600
273,135
Provisions
Taxation including deferred tax
( 33,282)
( 10,674)
------------
------------
Net assets
1,149,192
1,164,817
------------
------------
Capital and reserves
Called up share capital
240
240
Share premium account
425,862
425,862
Non-distributable reserves
895,004
851,603
Profit and loss account
( 171,914)
( 112,888)
------------
------------
Shareholders funds
1,149,192
1,164,817
------------
------------
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 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: 10347410
Alandy 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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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 to be investment properties and are 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 total number of people employed by the company amounted to 3 (2023: 3).
5. Tangible assets
Land and buildings
£
Cost
At 1 April 2023
2,471,454
Additions
355,006
Disposals
( 605,000)
------------
At 31 March 2024
2,221,460
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
2,221,460
------------
At 31 March 2023
2,471,454
------------
Land and buildings 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 carrying amount reflects the fair value at the year end. The historic cost of the investment properties is £2,249,392.
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
868,862
Revaluations
( 55,751)
---------
At 31 March 2024
813,111
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
813,111
---------
At 31 March 2023
868,862
---------
The company owns 100% of the share capital of Alandy Residential Investment Properties Limited. The historic cost of investments was £1.
The financial assets are measured at fair value through profit or loss.
7. Debtors
2024
2023
£
£
Trade debtors
10,637
4,235
Amounts owed by group undertakings and undertakings in which the company has a participating interest
370,054
89,388
Other debtors
7,434
22,711
---------
---------
388,125
116,334
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,686
370,930
Trade creditors
3,545
1,994
Corporation tax
14,257
3,451
Other creditors
2,091,985
1,736,178
------------
------------
2,139,473
2,112,553
------------
------------
Bank loans and overdrafts are secured on the company assets by way of a fixed and floating charge over all the company's property and undertakings.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
109,925
273,135
Other creditors
154,675
---------
---------
264,600
273,135
---------
---------
Bank loans and overdrafts are secured on the company assets by way of a fixed and floating charge over all the company's property and undertakings.
10. Related party transactions
At the year end the company was owed £370,054 (2023: £89,388) from group companies. At the year end the company owed the Directors £1,033,319 (2023: £1,033,319). At the year end the company owed £997,888 (2023: £646,388) to a company related by common control.