Alterity Investments Limited 02184258 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property and share investment. Digita Accounts Production Advanced 6.30.9574.0 true true 02184258 2023-04-01 2024-03-31 02184258 2024-03-31 02184258 bus:OrdinaryShareClass1 2024-03-31 02184258 core:CurrentFinancialInstruments 2024-03-31 02184258 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02184258 core:Non-currentFinancialInstruments 2024-03-31 02184258 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02184258 core:FurnitureFittingsToolsEquipment 2024-03-31 02184258 core:MotorVehicles 2024-03-31 02184258 core:OtherPropertyPlantEquipment 2024-03-31 02184258 bus:SmallEntities 2023-04-01 2024-03-31 02184258 bus:Audited 2023-04-01 2024-03-31 02184258 bus:FilletedAccounts 2023-04-01 2024-03-31 02184258 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02184258 bus:RegisteredOffice 2023-04-01 2024-03-31 02184258 bus:Director2 2023-04-01 2024-03-31 02184258 bus:Director5 2023-04-01 2024-03-31 02184258 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02184258 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02184258 core:ComputerEquipment 2023-04-01 2024-03-31 02184258 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02184258 core:MotorVehicles 2023-04-01 2024-03-31 02184258 core:OfficeEquipment 2023-04-01 2024-03-31 02184258 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02184258 6 2023-04-01 2024-03-31 02184258 countries:England 2023-04-01 2024-03-31 02184258 2023-03-31 02184258 core:FurnitureFittingsToolsEquipment 2023-03-31 02184258 core:MotorVehicles 2023-03-31 02184258 core:OtherPropertyPlantEquipment 2023-03-31 02184258 2022-04-01 2023-03-31 02184258 2023-03-31 02184258 bus:OrdinaryShareClass1 2023-03-31 02184258 core:CurrentFinancialInstruments 2023-03-31 02184258 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02184258 core:Non-currentFinancialInstruments 2023-03-31 02184258 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02184258 core:FurnitureFittingsToolsEquipment 2023-03-31 02184258 core:MotorVehicles 2023-03-31 02184258 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02184258

Alterity Investments Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Alterity Investments Limited

(Registration number: 02184258)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

81,976,046

70,068,082

Tangible assets

5

63,651

78,713

Investments

6

12,975,663

620,409

 

95,015,360

70,767,204

Current assets

 

Investment property

4

184,000

-

Debtors

7

1,212,993

7,846,481

Cash at bank and in hand

 

2,671,039

10,860,012

 

4,068,032

18,706,493

Creditors: Amounts falling due within one year

8

(3,089,913)

(2,679,464)

Net current assets

 

978,119

16,027,029

Total assets less current liabilities

 

95,993,479

86,794,233

Creditors: Amounts falling due after more than one year

8

(4,375,000)

-

Net assets

 

91,618,479

86,794,233

Capital and reserves

 

Called up share capital

10

100

100

Share premium reserve

99,900

99,900

Retained earnings

91,518,479

86,694,233

Shareholders' funds

 

91,618,479

86,794,233

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 June 2024 and signed on its behalf by:
 

............................................
Mr EA Lonergan
Director

............................................
Mr AJ Carleton
Director

 
     
 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is: 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

These financial statements were authorised for issue by the Board on 20 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The accounts are prepared on the historical cost basis of accounting, modified by the revaluation of investment properties. The functional and presentation currency is sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 June 2024 was Peter Stevenson, who signed for and on behalf of Stevenson and Wilson.

Rental and other operating income

Rental and other operating income represents total invoiced amounts for the accounting period net of value added tax.

Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.

Government grants

Revenue grants are credited to the profit and loss account in the period in which the related expenditure is incurred.

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Expenditure on charitable donations

Expenditure on charitable donations is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Investment properties

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Tangible fixed assets are depreciated at rates calculated to reduce them to residual value at the end of their expected normal lives on a straight line basis as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% per year

Motor vehicles

25% per year

Computer equipment

25% per year

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension scheme

The Company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund and contributions are charged to the profit and loss account in the period to which they relate.

Consolidation

Under section 399 of The Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

Opening balance

70,068,082

Additions during the year

18,068,607

Disposals during the year

(4,622,890)

Net loss on revaluation of investment properties (still held)

(3,583,822)

Reversal of previous movements in value for investment properties sold during the year

2,230,069

Valuation at 31 March 2024

82,160,046


The Company's intention is to sell two of their investment properties post year end. The directors consider it more appropriate to include these properties within current assets. The balance sheet presentation has therefore been shown as follows:

2024
 £

2023
 £

Fixed assets

81,976,046

70,068,082

Current assets

184,000

-

82,160,046

70,068,082


The directors, who hold RICS qualifications, revalued the majority of the Company's investment properties to their fair market value at the reporting date. The remaining properties were revalued by independent external valuers.
Two recently acquired properties, which are currently being re-developed, are held at cost. The directors will perform a fair value review upon completion of the development and subsequent letting.

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2023

82,239

38,200

36,545

156,984

Additions

-

-

1,079

1,079

At 31 March 2024

82,239

38,200

37,624

158,063

Depreciation

At 1 April 2023

39,255

15,150

23,866

78,271

Charge for the year

683

9,550

5,908

16,141

At 31 March 2024

39,938

24,700

29,774

94,412

Carrying amount

At 31 March 2024

42,301

13,500

7,850

63,651

At 31 March 2023

42,984

23,050

12,679

78,713

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiary companies - cost

620,408

620,408

Investments in shares in public companies - market value

12,355,255

1

12,975,663

620,409

The Company is the 100% parent of the following subsidiaries:
 

Company name

Country of incorporation

Accounting year end

Business activity

Alterity Developments Limited

England

31st March

Property development

Dimon Investments Limited

N. Ireland

31st March

Share investment

The Company’s investment in shares in the UK and worldwide markets have been included in the balance sheet at market value, based on external professional valuations, as follows:

2024
£

Opening balance

1

Additions during the year

2,879,442

Market value of shares transferred from subsidiary

10,890,325

Disposals during the year

(2,583,868)

Movement in cash funds

180,102

Net gain on revaluation of shares (still held)

989,253

Valuation at 31 March 2024

12,355,255

Due to the availability of capital losses, no deferred tax provision has been made in respect of the unrealised revaluation gains.

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

51,114

3,325

Amounts owed by related parties

586,129

7,294,383

Prepayments

601

9,768

Other debtors

575,149

539,005

 

1,212,993

7,846,481

Details of non-current trade and other debtors

£Nil (2023 -£6,675,859) of amounts due from group undertakings is classified as non current.

£379,461 (2023 -£321,190) of other debtors is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

9

500,000

-

Trade creditors

 

672,174

61,353

Taxation and social security

 

11,113

272,208

Accruals and deferred income

 

1,410,784

1,915,057

Other creditors

 

495,842

430,846

 

3,089,913

2,679,464

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

4,375,000

-

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

500,000

-

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,375,000

-

The bank loan is secured by a fixed charge over two of the Company's investment properties.

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Related party transactions

The amounts due from group companies as at the balance sheet are disclosed in note 7 .

During the year the following transactions occurred between the company and its subsidiary companies:

2024
 £

2023
 £

Provision against group inter-company debt

69,057

-

Dividends received from subsidiary companies

(3,750,000)

-

Share portfolio transferred from subsidiary company

10,890,325

-

 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Profit and loss account reserves

2024
 £

2023
 £

Distributable reserve

89,787,798

86,694,233

Non-distributable reserve

1,730,681

-

91,518,479

86,694,233

13

Parent and ultimate parent undertaking

The Company’s ultimate controlling party is Mr. E.A. Lonergan.