REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Altens Lorry Park Development Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Altens Lorry Park Development Limited |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Altens Lorry Park Development Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 Rubislaw Terrace |
Aberdeen |
AB10 1XE |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve | 13 |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Altens Lorry Park Development Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Financial Instruments at valued at fair value at the year end. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over 12 months. The directors, therefore, have made an informed judgement, at the time of approving these financial statements, that there is a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
31.3.24 | 31.3.23 |
£ | £ |
F A Investment Cost/valuation | 460 | 15,710 |
F A Investment Additions | - | 194,000 |
FA Investment Disposal | - | (209,250 | ) |
460 | 460 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | 1,857,618 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | INVESTMENT PROPERTY - continued |
The Lorry Park was revalued as per valuations carried out by Jones Lang LaSalle IP in May 2023. The director believes that these values remain accurate at 31st March 2024. The lory park is reported at open market value, which is described by the valuers as the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction, after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion. Open market value is considered to equate to fair value. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2017 | 2,725,488 |
Valuation in 2018 | 600,000 |
Valuation in 2019 | 125,355 |
Valuation in 2020 | (258,736 | ) |
Valuation in 2021 | 665,000 |
Valuation in 2024 | 1,857,618 |
Cost | 3,885,275 |
9,600,000 |
The property has been used as security on a loan taken out by Altens Development Company Limited, the owner of Altens Lorry Park Development Limited. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other Debtor | 26,250 | 49,728 |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation |
Social security and other taxes |
VAT | 79,783 | - |
Other creditors |
Directors' current accounts | 96,188 | 158,630 |
Accruals and deferred income |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
Amount owed to related parties |
10. | FINANCIAL INSTRUMENTS |
The fair value of the CFD's at 31st March 2024 was £460.24. |
11. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 1,441,957 | 985,198 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances |
Balance at 31 March 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Share Capital | 1 | 80 | 80 |
13. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | 3,175,200 |
Profit for the year |
Revaluation in year | (1,857,618 | ) | 1,857,619 | 1 |
At 31 March 2024 | ( |
) | 4,966,916 |
14. | RELATED PARTY DISCLOSURES |
Altens Lorry Park Development Limited (Registered number: SC178598) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | RELATED PARTY DISCLOSURES - continued |
During the current and previous year, |