Company No:
Contents
Note | 31.05.2024 | |
£ | ||
Fixed assets | ||
Investment property | 3 |
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Investments | 4 |
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1,265,350 | ||
Current assets | ||
Cash at bank and in hand |
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8,000 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (45,250) | |
Total assets less current liabilities | 1,220,100 | |
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Alderman Engineering Holdings Limited (registered number:
Karen Louise Friendship
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Alderman Engineering Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bell Close Newnham Industrial Estate, Plympton, Plymouth, PL7 4JH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Period from 20.11.2023 to 31.05.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including the director |
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Investment property | |
£ | |
Valuation | |
As at 20 November 2023 |
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Additions | 1,265,250 |
As at 31 May 2024 |
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During the period, the investment property was acquired by the company in exchange for the issue of 1,215,000 £1 preference shares.
Valuation
The fair value has been determined by the director, on an open market value for existing use basis.
Investments in subsidiaries
31.05.2024 | |
£ | |
Cost | |
At 20 November 2023 | 0 |
Additions |
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At 31 May 2024 |
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Carrying value at 31 May 2024 |
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During the period, the company acquired 100% of the share capital in Alderman Tooling Limited, by way of a share for share exchange.
31.05.2024 | |
£ | |
Accruals |
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Other creditors |
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31.05.2024 | |
£ | |
Other creditors |
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31.05.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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100 | |
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1,215,100 |
During the period, the 1,215,000 £1 Redeemable Preference were issued by the company in exchange for the investment property held in the accounts. The Preference shares are redeemable at the holders option, and carry the right to the 3% annual preferential dividend. The company cannot avoid the outflow of cash and on this basis the Preference shares have been classified as debt.
During the period, an investment property was acquired from the family member of a Director, in exchange for the issue of 1,215,000 £1 Preference Shares. The investment property is used by the subsidiary as its trading premises, and a rental agreement was put in place during the period.
Formal dividend waivers have been drawn up in respect of the dividends due on the preference shares issued during the period and as such no dividends have been accrued.
As a parent company of wholly owned subsidiary undertakings, the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.