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Registration number: 11423356

Angel Rentals Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Angel Rentals Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Angel Rentals Limited

Company Information

Director

A J Ward

Registered office

Durham Workspace
Abbey Road
Pity Me
Durham
DH1 5JZ

Accountants

EHT Tax Accountants Limited
Chartered Accountants63 Harvey Avenue
Durham
DH1 5ZB

 

Angel Rentals Limited

(Registration number: 11423356)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

175,050

121,112

Investment property

24,177,162

19,253,362

Investments

5

4,826,141

3,691,446

 

29,178,353

23,065,920

Current assets

 

Debtors

6

3,576,626

2,118,362

Cash at bank and in hand

 

410,692

349,057

 

3,987,318

2,467,419

Prepayments and accrued income

 

-

16,030

Creditors: Amounts falling due within one year

(6,567,085)

(6,739,939)

Net current liabilities

 

(2,579,767)

(4,256,490)

Total assets less current liabilities

 

26,598,586

18,809,430

Creditors: Amounts falling due after more than one year

(18,297,540)

(10,757,282)

Provisions for liabilities

(260,231)

(260,231)

Accruals and deferred income

 

(279,955)

(167,105)

Net assets

 

7,760,860

7,624,812

Capital and reserves

 

Called up share capital

7

120

120

Share premium reserve

5,138,941

5,138,941

Retained earnings

2,621,799

2,485,751

Shareholders' funds

 

7,760,860

7,624,812

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Angel Rentals Limited

(Registration number: 11423356)
Abridged Balance Sheet as at 31 March 2024 (continued)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 February 2025
 

.........................................
A J Ward
Director

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Durham Workspace
Abbey Road
Pity Me
Durham
DH1 5JZ
England

These financial statements were authorised for issue by the director on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

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..

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable from rental income in the normal course of business, and is shown net of VAT and other sales related taxes. Rental income receivable under operating leases is accrued on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinary

20-50% straight line

Fixtures and Fittings

10-20% straight line

Motor Vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for rents received and rents receivable in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

115,037

7,715

53,214

175,966

Additions

31,101

6,695

56,350

94,146

At 31 March 2024

146,138

14,410

109,564

270,112

Depreciation

At 1 April 2023

36,818

7,512

10,524

54,854

Charge for the year

23,081

191

16,936

40,208

At 31 March 2024

59,899

7,703

27,460

95,062

Carrying amount

At 31 March 2024

86,239

6,707

82,104

175,050

At 31 March 2023

78,219

203

42,690

121,112

Investment properties

2024
£

At 1 April

19,253,362

Additions

4,923,800

At 31 March

24,177,162

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets (continued)

The investment property is carried at its fair value at the balance sheet date as determined by an independent professional surveyor. The valuation was carried out at 18 October 2019 by Knight Frank LLP in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institute of Chartered Surveyors. The director considered this to reflect the fair value at the reporting date.

5

Investments

Total
£

Cost or valuation

At 1 April 2023

3,691,446

Additions

1,134,695

At 31 March 2024

4,826,141

Provision

Carrying amount

At 31 March 2024

4,826,141

At 31 March 2023

3,691,446

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

The Printworks Limited

Durham Workspace, Abbey Road, Pity Me, DH1 5JZ

UK

Ordinary shares

100%

100%

Alitor Holdings Limited

Durham Workspace, Abbey Road, Pity Me, DH1 5JZ

UK

Ordinary shares

100%

100%

25 Market Place Limited

Durham Workspace, Abbey Road, Pity Me, DH1 5JZ

UK

Ordinary shares

100%

100%

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Durham Market Place Limited

Durham Workspace, Abbey Road, Pity Me, DH1 5JZ

UK

Ordinary shares

100%

100%

Mayford (Neville's Cross) Limited

Durham Workspace, Abbey Road, Pity Me, DH1 5JZ

UK

Ordinary shares

100%

100%

8 Saddler Street Limited

Durham Workspace, Abbey Road, Pity Me, DH1 5JZ

UK

Ordinary shares

100%

100%

Subsidiary undertakings

The Printworks Limited

The principal activity of The Printworks Limited is is that of a property investment company. The loss for the financial period was £772,691 and the aggregate amount of capital and reserves at the end of the period was £34,379.

Alitor Holdings Limited

The principal activity of Alitor Holdings Limited is is that of a property investment company. The profit for the financial period was £73,550 and the aggregate amount of capital and reserves at the end of the period was £1,629,080.

25 Market Place Limited

The principal activity of 25 Market Place Limited is is that of a property investment company. The profit for the financial period was £- and the aggregate amount of capital and reserves at the end of the period was £(98,346).

Durham Market Place Limited

The principal activity of Durham Market Place Limited is is that of a property investment company. The loss for the financial period was £25,829 and the aggregate amount of capital and reserves at the end of the period was £442,741.

Mayford (Neville's Cross) Limited

The principal activity of Mayford (Neville's Cross) Limited is is that of a property investment company. Its financial period end is 31 October. The profit for the financial period was £707 and the aggregate amount of capital and reserves at the end of the period was £(181).

8 Saddler Street Limited

The principal activity of 8 Saddler Street Limited is is that of a property investment company. Its financial period end is 31 January. The profit for the financial period was £17,127 and the aggregate amount of capital and reserves at the end of the period was £16,527.

 

Angel Rentals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

120

120

120

120