Company registration number 14952436 (England and Wales)
ALIGN PROPERTY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ALIGN PROPERTY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
ALIGN PROPERTY SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
167,698
Current assets
Debtors
4
2,865,237
Cash at bank and in hand
85,787
2,951,024
Creditors: amounts falling due within one year
5
(1,987,183)
Net current assets
963,841
Total assets less current liabilities
1,131,539
Creditors: amounts falling due after more than one year
6
(495,000)
Provisions for liabilities
(41,924)
Net assets excluding pension liability
594,615
Defined benefit pension liability
7
-
0
Net assets
594,615
Capital and reserves
Called up share capital
100
Profit and loss reserves
594,515
Total equity
594,615
ALIGN PROPERTY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

For the financial period ended 31 March 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 of its financial statements for the period in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
Ronnie Walton
Director
Company registration number 14952436 (England and Wales)
ALIGN PROPERTY SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 June 2023
-
0
-
0
-
Period ended 31 March 2024:
Profit
-
610,515
610,515
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(701,000)
(701,000)
Total comprehensive income
-
(90,485)
(90,485)
Issue of share capital
100
-
100
Transfer in of defined benefit pension scheme asset
-
685,000
685,000
Balance at 31 March 2024
100
594,515
594,615
ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Align Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is County Hall, Racecourse Lane, Northallerton, DL7 8AD.

1.1
Reporting period

The company was incorporated on 22 June 2023. The first period of accounts runs from that date to 31 March 2024. Trade commenced on 1 December 2023.

1.2
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
straight line over 4 years
Computers
straight line over 4 years
Motor vehicles
straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Three employees are members of a defined benefit pension scheme, the Local Government Pension Scheme.

The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. Any difference between the charge to the profit and loss account and the contributions paid to the scheme is shown as an asset or liability in the balance sheet. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the year as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost..

Re-measurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods. The defined net benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
118
ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 22 June 2023
-
0
Additions
174,106
At 31 March 2024
174,106
Depreciation and impairment
At 22 June 2023
-
0
Depreciation charged in the period
6,408
At 31 March 2024
6,408
Carrying amount
At 31 March 2024
167,698
4
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
168,891
Other debtors
2,696,346
2,865,237

Included within other debtors is £2,416,695 due from group entities and £6,262 due from local authorities.

5
Creditors: amounts falling due within one year
2024
£
Trade creditors
79,823
Amounts owed to group undertakings
1,513,474
Taxation and social security
114,316
Other creditors
279,570
1,987,183

Included within other creditors is £41,826 due to group entities and £Nil due to local authorities.

ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
6
Creditors: amounts falling due after more than one year
2024
£
Other creditors
495,000

Other creditors represents an unsecured loan from the parent entity.

The interest rate of the loan is 6% over base and the loan matures on 1 December 2026.

7
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
67,980

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

Three employees are members of a defined benefit pension scheme, the Local Government Pension Scheme, administered by North Yorkshire Council.

2024
Key assumptions
%
Discount rate
4.70
Expected rate of increase of pensions in payment
2.60
Expected rate of salary increases
3.85
Mortality assumptions
2024

Assumed life expectations on retirement at age 65:

Years
Retiring today
- Males
22.10
- Females
24.60
Retiring in 20 years
- Males
23.00
- Females
25.60
Amounts recognised in the profit and loss account
2024
Costs/(income):
£
Current service cost
6,000
Net interest on net defined benefit liability/(asset)
(11,000)
Total costs/(income)
(5,000)
ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
7
Retirement benefit schemes
(Continued)
- 10 -
Amounts recognised in other comprehensive income
2024
Costs/(income):
£
Actual return on scheme assets
(140,000)
Less: calculated interest element
25,000
Return on scheme assets excluding interest income
(115,000)
Actuarial changes related to obligations
73,000
Effect of changes in the amount of surplus that is not recoverable
743,000
Total costs
701,000

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
Liabilities/(assets):
£
Present value of defined benefit obligations
930,000
Fair value of plan assets
(1,673,000)
Surplus in scheme
(743,000)
Restriction on scheme assets
743,000
Total liability recognised
-

The net pension surplus for the company at 31 March 2024, assessed in accordance with FRS 102, is not recognised in the balance sheet as the company is unable to recover this surplus from the pension scheme.

2024
Movements in the present value of defined benefit obligations
£
Liabilities at 22 June 2023
-
Liabilities assumed in a business combination
838,000
Current service cost
6,000
Benefits paid
(3,000)
Contributions from scheme members
2,000
Actuarial gains and losses
73,000
Interest cost
14,000
At 31 March 2024
930,000

The defined benefit obligations arise from plans which are wholly or partly funded.

ALIGN PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
7
Retirement benefit schemes
(Continued)
- 11 -
2024
Movements in the fair value of plan assets
£
Fair value of assets at 22 June 2023
-
Assets assumed in a business combination
1,523,000
Interest income
25,000
Return on plan assets (excluding amounts included in net interest)
115,000
Benefits paid
(3,000)
Contributions by the employer
11,000
Contributions by scheme members
2,000
At 31 March 2024
1,673,000

The actual return on plan assets was £140,000 ( - £-).

2024
Fair value of plan assets
£
Equity instruments
802,000
Debt instruments
416,000
Property
94,000
Cash
72,000
Other
289,000
1,673,000
8
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Purchases
2024
£
Entities with control, joint control or significant influence over the company
1,630
9
Parent company

North Yorkshire Council, County Hall, Northallerton, North Yorkshire, DL7 8AD owned 100% of the shares in the company throughout the current year.

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