Company registration number: 00491819
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
29 FEBRUARY 2024
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ALLEN GLANVILLE HOLDINGS LIMITED
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ALLEN GLANVILLE HOLDINGS LIMITED
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COMPANY INFORMATION
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ALLEN GLANVILLE HOLDINGS LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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ALLEN GLANVILLE HOLDINGS LIMITED
REGISTERED NUMBER:00491819
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STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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ALLEN GLANVILLE HOLDINGS LIMITED
REGISTERED NUMBER:00491819
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by by:
The notes on pages 3 to 8 form part of these financial statements.
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ALLEN GLANVILLE HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Allen Glanville Holdings Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Revenue comprises of rents receivable in connection with the Company's freehold investment properties. The revenue is recognised at fair value of the consideration receivable, in the period in which the rental takes place and when the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods listed below..
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment properties are included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
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ALLEN GLANVILLE HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The borrowing costs are recognised in the Statement of Comprehensive Income and are spread over the term of the loan.
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The average monthly number of employees, including directors, during the year was 5 (2023 -5).
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ALLEN GLANVILLE HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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ALLEN GLANVILLE HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Charge for the year on owned assets
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Freehold investment properties
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The 2022 valuations were based on by an independent surveyor valuation in January 2022, on an open market value for existing use basis. The directors consider the value to still be appropriate as at 29 February 2024.
The historical cost of the investment properties is £12,745,112.
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ALLEN GLANVILLE HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Prepayments and accrued income
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The debtors above include the following amounts falling due after more than one year:
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The bank loan is secured on the assets of the company.
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ALLEN GLANVILLE HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Creditors: amounts falling due after more than one year
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The bank loan is secured on the assets of the company.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Deferred tax on investment properties
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Accelerated capital allowances
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Revaluation reserve
Included within the profit and loss account is an undistributable amount of £3,821,867 (2023: £3,821,867) relating to the fair value movement of investment properties in the year after taking into account taxation.
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