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Registered number: 14127496
AL002 Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of AL002 Limited for the year ended 31 May 2024
To assist you to fulfil your duties under the Companies Act 2006,we have prepared for your approval the accounts of AL002 Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of AL002 Limited , as a body, in accordance with the terms of our engagement letter dated 21 July 2023. Our work has been undertaken solely to prepare for your approval the accounts of AL002 Limited and state those matters that we have agreed to state to the directors of AL002 Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AL002 Limited and its directors as a body for our work or for this report.
It is your duty to ensure that AL002 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of AL002 Limited . You consider that AL002 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of AL002 Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
15th November 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Page 1
Page 2
Balance Sheet
Registered number: 14127496
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 2,000,000
- 2,000,000
CURRENT ASSETS
Debtors 5 - 61,785
Cash at bank and in hand - 38
- 61,823
Creditors: Amounts Falling Due Within One Year 6 (3,660 ) (435,320 )
NET CURRENT ASSETS (LIABILITIES) (3,660 ) (373,497 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,660 ) 1,626,503
Creditors: Amounts Falling Due After More Than One Year 7 - (1,685,499 )
NET LIABILITIES (3,660 ) (58,996 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve - 204,849
Profit and Loss Account (3,760 ) (263,945 )
SHAREHOLDERS' FUNDS (3,660) (58,996)
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Page 3
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Sacks
Director
15th November 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
AL002 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14127496 . The registered office is Holly Tree Cottage, Clay Lane, Hale, Altrincham, WA15 7TS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
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4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 June 2023 2,000,000
Disposals (2,000,000 )
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 2,000,000
5. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Amounts owed by participating interests - 50,420
Other debtors - 11,365
- 61,785
6. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Amounts owed to participating interests - 336,174
Other creditors 3,660 99,146
3,660 435,320
7. Creditors: Amounts Falling Due After More Than One Year
31 May 2024 31 May 2023
£ £
Mortgage- PMJ Loan - 1,685,499
There is a fixed and floating charge, and a negative pledge registered at Companies House over all assets and undertakings of the company.
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 (11,365 ) (11,365)
Reversals 11,365 11,365
9. Share Capital
31 May 2024 31 May 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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Page 6
10. Related Party Transactions
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.
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