REGISTERED NUMBER: 13211699 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ALTWOOD GROUP LTD |
REGISTERED NUMBER: 13211699 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ALTWOOD GROUP LTD |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 7 |
ALTWOOD GROUP LTD |
COMPANY INFORMATION |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Rubicon House |
Unit 5 |
Second Way |
Wembley |
Middlesex |
HA9 0YJ |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of property letting and bed and breakfast accommodation. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
CONSOLIDATED |
INCOME STATEMENT |
for the Year Ended 30 June 2023 |
Period |
20.2.21 |
Year Ended | to |
30.6.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER | 11,299,122 | 11,522,380 |
Cost of sales | 9,136,762 | 10,065,279 |
GROSS PROFIT | 2,162,360 | 1,457,101 |
Administrative expenses | 2,064,260 | 1,680,054 |
OPERATING PROFIT/(LOSS) | 4 | 98,100 | (222,953 | ) |
Interest payable and similar expenses | 30,339 | 88,759 |
PROFIT/(LOSS) BEFORE TAXATION | 67,761 | (311,712 | ) |
Tax on profit/(loss) | 5 | 13,529 | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 54,232 | (311,712 | ) |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
CONSOLIDATED BALANCE SHEET |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 | 3,678,469 | 3,697,791 |
Investments | 8 | 300 | 300 |
3,678,769 | 3,698,091 |
CURRENT ASSETS |
Stocks | 9 | 57,270 | 23,168 |
Debtors | 10 | 1,300,340 | 1,319,266 |
Cash at bank and in hand | 9,227 | 16,048 |
1,366,837 | 1,358,482 |
CREDITORS |
Amounts falling due within one year | 11 | 1,387,984 | 1,256,387 |
NET CURRENT (LIABILITIES)/ASSETS | (21,147 | ) | 102,095 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,657,622 |
3,800,186 |
CREDITORS |
Amounts falling due after more than one year |
12 |
2,331,150 |
2,427,946 |
NET ASSETS | 1,326,472 | 1,372,240 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 300 | 300 |
Retained earnings | 14 | 1,326,172 | 1,371,940 |
SHAREHOLDERS' FUNDS | 1,326,472 | 1,372,240 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
CONSOLIDATED BALANCE SHEET - continued |
30 June 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by: |
G S Dhesi - Director | Mrs A K Dhesi - Director |
Dr S S Dhesi - Director | K S Dhesi - Director |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
COMPANY BALANCE SHEET |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Altwood Group LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Consolidation financial statements present the results of the Company and its own subsidiaries ("the Group") as if they from a single entity. Intercompany transactions and balances between group companies and therefore eliminated in full. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported. 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. |
The directors do not consider there to be any judgements or estimation uncertainty which materially impact these financial statements. |
Turnover |
Turnover 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 |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The Group only enters into basic financial instruments transactions that result in 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 |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
The average number of employees by undertakings that were proportionately consolidated during the year was 32 (2022 - 27 ) . |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
Period |
20.2.21 |
Year Ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Depreciation - owned assets | 72,440 | 56,577 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
20.2.21 |
Year Ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax | 13,529 | - |
Tax on profit/(loss) | 13,529 | - |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
7. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2022 | 3,740,220 | 301,237 | 95,177 |
Additions | - | 53,118 | - |
At 30 June 2023 | 3,740,220 | 354,355 | 95,177 |
DEPRECIATION |
At 1 July 2022 | 220,304 | 193,422 | 37,617 |
Charge for year | 18,000 | 42,440 | - |
At 30 June 2023 | 238,304 | 235,862 | 37,617 |
NET BOOK VALUE |
At 30 June 2023 | 3,501,916 | 118,493 | 57,560 |
At 30 June 2022 | 3,519,916 | 107,815 | 57,560 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 | 64,647 | 9,369 | 4,210,650 |
Additions | - | - | 53,118 |
At 30 June 2023 | 64,647 | 9,369 | 4,263,768 |
DEPRECIATION |
At 1 July 2022 | 52,147 | 9,369 | 512,859 |
Charge for year | 12,000 | - | 72,440 |
At 30 June 2023 | 64,147 | 9,369 | 585,299 |
NET BOOK VALUE |
At 30 June 2023 | 500 | - | 3,678,469 |
At 30 June 2022 | 12,500 | - | 3,697,791 |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
8. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 | 300 |
NET BOOK VALUE |
At 30 June 2023 | 300 |
At 30 June 2022 | 300 |
Company |
Other |
investments |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
9. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 57,270 | 23,168 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 1,137,835 | 1,283,709 |
Other debtors | 158,045 | 17,633 |
Prepayments | 4,460 | 17,924 |
1,300,340 | 1,319,266 |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts | 104,832 | 57,954 |
Trade creditors | 79,421 | 122,084 |
Tax | 13,460 | (468 | ) |
Social security and other taxes | 28,512 | 24,576 |
VAT | 84,040 | 72,107 |
Other creditors | 1,021,264 | 946,732 |
Pension funds | - | 2,648 |
Directors' current accounts | 37,077 | 7,159 |
Accrued expenses | 19,378 | 23,595 |
1,387,984 | 1,256,387 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Other loans - 2-5 years | 95,542 | 123,420 |
Financing | 815,613 | 847,529 |
Mortgage | 1,344,855 | 1,344,855 |
Hire Purchase | 75,140 | 112,142 |
2,331,150 | 2,427,946 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
14. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2022 | 1,371,940 |
Profit for the year | 54,232 |
Dividends | (100,000 | ) |
At 30 June 2023 | 1,326,172 |
ALTWOOD GROUP LTD (REGISTERED NUMBER: 13211699) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
16. | ULTIMATE CONTROLLING PARTY |
The company's immediate and ultimate parent company is Altwood Group Limited. The directors consider to be no ultimate controlling party. |