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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: Dr S S Dhesi
K S Dhesi
Mrs A K Dhesi
G S Dhesi





REGISTERED OFFICE: 483 Green Lanes
London
N13 4BS





REGISTERED NUMBER: 13211699 (England and Wales)





ACCOUNTANTS: Braham Noble Denholm & Co.
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.

Dr S S Dhesi
K S Dhesi
Mrs A K Dhesi
G S Dhesi

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:





G S Dhesi - Director


28 November 2024

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

54,232

(311,712

)

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 8 300 300
300 300
TOTAL ASSETS LESS CURRENT
LIABILITIES

300

300

CAPITAL AND RESERVES
Called up share capital 13 300 300
SHAREHOLDERS' FUNDS 300 300

Company's profit for the financial year - -

The company is 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 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 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 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)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Altwood Group LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 300
NET BOOK VALUE
At 30 June 2023 300
At 30 June 2022 300


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: £    £   
300 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.