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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 |
|
Alexir Investments Limited |
|
Statement of Financial Position |
|
31 May 2024
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:
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.