Allowcopy Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 03553579 (England and Wales)
Allowcopy Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Allowcopy Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
2
3,125,000
3,200,000
Current assets
Debtors
3
13,807
12,070
Cash at bank and in hand
47,894
15,283
61,701
27,353
Creditors: amounts falling due within one year
4
(414,120)
(418,023)
Net current liabilities
(352,419)
(390,670)
Total assets less current liabilities
2,772,581
2,809,330
Provisions for liabilities
5
(640,468)
(659,218)
Net assets
2,132,113
2,150,112
Capital and reserves
Called up share capital
6
2
2
Revaluation reserve
1,921,403
1,977,653
Profit and loss reserves
210,708
172,457
Total equity
2,132,113
2,150,112
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Allowcopy Limited
Balance Sheet (Continued)
As at 30 April 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
W Beatty
Director
Company Registration No. 03553579
Allowcopy Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information
Allowcopy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.true
1.3
Turnover
Turnover is rental income from the investment property and is shown at the fair value of the consideration received.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Allowcopy Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Investment property
2024
£
Fair value
At 1 May 2023
3,200,000
Revaluations
(75,000)
At 30 April 2024
3,125,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
563,129
563,129
Carrying amount
563,129
563,129
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Tenants' deposits held by third parties
9,922
8,801
Prepayments and accrued income
3,885
3,269
13,807
12,070
Allowcopy Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
4
Creditors: amounts falling due within one year
2024
2023
£
£
Tenants' deposits held
9,922
8,801
W Beatty creditor
374,604
400,834
L Beatty creditor
22,325
2,305
Accruals
7,269
6,083
414,120
418,023
5
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
640,468
659,218
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Fair value reserve
The fair value reserve represents the unrealised fair value increases and decreases on the investment property. It also includes the deferred tax in relation to the fair value increased and decreases on the investment property.
Allowcopy Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
8
Related party transactions
The investment property shown in the accounts represent a 50% ownership of that property. L Beatty, a director of the company, owns the remaining 50% of that same investment property and as such is entitled to 50% of the income from that property and bears 50% of any expenses incurred in connection with the running of that property.
As at 30 April 2024, the company owed £374,604 (2023: £400,843) to W Beatty and £22,325 (2023: £2,305) to L Beatty, both are directors of the company.