2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,950,000 8,950,000 8,950,000 1,500,000 1,500,000 xbrli:pure xbrli:shares iso4217:GBP 07467430 2023-06-01 2024-05-31 07467430 2024-05-31 07467430 2023-05-31 07467430 2022-06-01 2023-05-31 07467430 2023-05-31 07467430 2022-05-31 07467430 bus:Director1 2023-06-01 2024-05-31 07467430 core:WithinOneYear 2024-05-31 07467430 core:WithinOneYear 2023-05-31 07467430 core:AfterOneYear 2023-05-31 07467430 core:ShareCapital 2024-05-31 07467430 core:ShareCapital 2023-05-31 07467430 core:CapitalRedemptionReserve 2024-05-31 07467430 core:CapitalRedemptionReserve 2023-05-31 07467430 core:RetainedEarningsAccumulatedLosses 2024-05-31 07467430 core:RetainedEarningsAccumulatedLosses 2023-05-31 07467430 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 07467430 core:Non-currentFinancialInstruments 2023-05-31 07467430 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-05-31 07467430 core:LandBuildings 2024-05-31 07467430 core:LandBuildings 2023-05-31 07467430 bus:SmallEntities 2023-06-01 2024-05-31 07467430 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07467430 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07467430 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07467430 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 07467430
Alexir Investments Limited
Filleted Unaudited Financial Statements
31 May 2024
Alexir Investments Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Investment property
5
8,950,000
8,950,000
Investments
6
1,500,000
------------
-------------
8,950,000
10,450,000
Current assets
Debtors
7
24,376
Cash at bank and in hand
72,939
74,250
--------
--------
72,939
98,626
Creditors: amounts falling due within one year
8
( 99,547)
( 472,143)
--------
---------
Net current liabilities
( 26,608)
( 373,517)
------------
-------------
Total assets less current liabilities
8,923,392
10,076,483
Creditors: amounts falling due after more than one year
9
( 1,293,328)
Provisions
Taxation including deferred tax
( 1,355,604)
( 1,355,604)
------------
-------------
Net assets
7,567,788
7,427,551
------------
-------------
Capital and reserves
Called up share capital
84
84
Capital redemption reserve
10
10
10
Profit and loss account
10
7,567,694
7,427,457
------------
------------
Shareholders funds
7,567,788
7,427,551
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Alexir Investments Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr R Davison
Director
Company registration number: 07467430
Alexir Investments Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Godalming Business Centre, Woolsack Way, Godalming, Surrey, GU7 1XW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the total amount receivable by the company in the ordinary course of business from the rental of property. Rental income is accrued on a time basis, by reference to the agreements entered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are recognised at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investment property
Investment property
£
Cost
At 1 June 2023 and 31 May 2024
8,950,000
------------
Depreciation
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
8,950,000
------------
At 31 May 2023
8,950,000
------------
The cost or valuation at 31 May 2023 is represented by:
£
Valuation at 2023 5,915,022
Cost 3,034,978
------------
8,950,000
------------
The Investment properties were professionally valued in June 2023 and revalued accordingly. The historical cost of the investment properties, included above at a valuation of £8,950,000, was £3,034,978 (2023: £3,034,978). In the opinion of the Directors the value of the properties has not changed materially.
6. Investments
Other loans
£
Cost
At 1 June 2023
1,500,000
Disposals
( 1,500,000)
------------
At 31 May 2024
------------
Impairment
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
------------
At 31 May 2023
1,500,000
------------
In FY 31 May 2020, the company made a loan of £1,500,000 to Alexir Packaging Limited. The terms of the loan are, interest payable at 2.2% over base and capital repayments to be agreed between the parties. The loan was repaid in full in the year ended 31 May 2024. No capital repayments were made during the year ended 31 May 2023.
7. Debtors
2024
2023
£
£
Trade debtors
24,376
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
198,733
Corporation tax
78,397
60,992
Social security and other taxes
18,083
12,756
Other creditors
3,067
199,662
--------
---------
99,547
472,143
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,293,328
----
------------
10. Reserves
Distrib-utable reserve Revaluation reserve Deferred Tax Total P&L reserve
£ £ £ £
Opening balance 1 June 2022 2,608,185 3,064,033 (630,605) 5,041,613
Movements 259,854 2,850,989 (724,999) 2,385,844
------------ ------------ ------------ ------------
Closing balance 31 May 2023 2,868,039 5,915,022 (1,355,604) 7,427,457
------------ ------------ ------------ ------------
Opening balance 1 June 2023 2,868,039 5,915,022 (1,355,604) 7,427,457
Movements 140,237 140,237
------------ ------------ ------------ ------------
Closing Balance 31 May 2024 3,008,276 5,915,022 (1,355,604) 7,567,694
------------ ------------ ------------ ------------
The total amount of distributable reserves as at 31 May 2024 was £3,008,276 (2023: £2,868,039). The revaluation reserve, which under FRS102 1A has been combined with the profit and loss reserve, is part of non-distributable reserves. The deferred tax provision, which has been recognised under FRS 102 1A, is also part of non-distributable reserves.
11. Secured debts
The following secured debts are include within creditors
2024 2023
£ £
Bank loans 1,492,061
---- ------------
There is one bank loan agreement secured over the two freehold properties with an interest rate of 2.2% above the bank base rate. The term of this loan is for 4 years with a 10 year repayment profile. The loan was repaid in full in the FY 31 May 2024. Unlimited multilateral company guarantees have been given to the company bankers, by the company, and Alexir Packaging Limited to secure all liabilities of each other with the bank.