Aldis Of Barking Limited
Unaudited Financial Statements
For the year ended 31 October 2024
Pages for Filing with Registrar
Company Registration No. 00407004 (England and Wales)
Aldis of Barking Limited
Aldis Of Barking Limited
Company Information
Directors
L. I. Aldis
L. F. Aldis
D. A. Benton
Company number
00407004
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Aldis of Barking Limited
Aldis Of Barking Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Aldis of Barking Limited
Aldis Of Barking Limited
Balance Sheet
As at 31 October 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,982
3,009
Investment properties
4
7,380,000
6,051,367
Investments
5
1
1
7,382,983
6,054,377
Current assets
Debtors
7
492,718
798,752
Cash at bank and in hand
134,928
142,247
627,646
940,999
Creditors: amounts falling due within one year
8
(160,963)
(374,844)
Net current assets
466,683
566,155
Total assets less current liabilities
7,849,666
6,620,532
Creditors: amounts falling due after more than one year
9
(334,286)
Provisions for liabilities
10
(608,070)
(379,868)
Net assets
7,241,596
5,906,378
Capital and reserves
Called up share capital
12
8,000
8,000
Revaluation reserve
1,935,092
849,590
Profit and loss reserves
5,298,504
5,048,788
Total equity
7,241,596
5,906,378
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
Aldis of Barking Limited
Aldis Of Barking Limited
Balance Sheet (Continued)
As at 31 October 2024
Page 2
For the financial year ended 31 October 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.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
L. F. Aldis
Director
Company Registration No. 00407004
Aldis of Barking Limited
Aldis Of Barking Limited
Statement of Changes in Equity
For the year ended 31 October 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
8,000
897,653
4,797,392
5,703,045
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
203,333
203,333
Transfer deferred tax movement on investment property held at valuation to revaluation reserve
-
(48,063)
48,063
-
Balance at 31 October 2023
8,000
849,590
5,048,788
5,906,378
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
1,335,218
1,335,218
Transfer revaluation gain on investment property held at valuation to revaluation reserve
-
1,313,704
(1,313,704)
-
Transfer deferred tax movement on investment property held at valuation to revaluation reserve
-
(228,202)
228,202
-
Balance at 31 October 2024
8,000
1,935,092
5,298,504
7,241,596
Aldis Of Barking Limited
Notes to the Financial Statements
For the year ended 31 October 2024
Page 4
1
Accounting policies
Company information
Aldis of Barking Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Exemptions for qualifying entities under FRS 102
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.
1.3
Going concern
Thetrue company has sufficient cash reserves and net assets. Therefore, 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 and for a period of at least 12 months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents rental income on properties held as investments properties.
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, fittings & equipment
15% reducing balance
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.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
Page 5
1.7
Fixed asset 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.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.
1.10
Rental income
Rental income is accrued on a straight line basis over the rental period up to the next rental review
1.11
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.
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2024
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2023: 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
4,374
Additions
499
At 31 October 2024
4,873
Depreciation and impairment
At 1 November 2023
1,365
Depreciation charged in the year
526
At 31 October 2024
1,891
Carrying amount
At 31 October 2024
2,982
At 31 October 2023
3,009
4
Investment property
2024
£
Fair value
At 1 November 2023
6,051,367
Additions
14,929
Revaluations
1,313,704
At 31 October 2024
7,380,000
Investment properties include a hotel leased to Travelodge Hotels Limited and adjacent land. The directors are of the opinion the value of this property is reflective of open market value at the balance sheet date.
The historic cost of the investment properties at the year end is £4,836,838 (2023: £4,821,909). If the land and buildings were sold at their open market value then the directors estimate that there would be a tax liability arising of £608,070 (2023: £379,868).
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2024
Page 7
5
Fixed asset investments
2024
2023
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2023 & 31 October 2024
1
Carrying amount
At 31 October 2024
1
At 31 October 2023
1
6
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Frostdrive Limited
England and Wales
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Frostdrive Limited
1
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2024
Page 8
7
Debtors
2024
2023
£
£
Trade debtors
4,032
Amounts due from group undertakings
490,518
778,731
Other debtors
2,200
15,989
492,718
798,752
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,546
1,185
Amounts due to group undertakings
4,367
Corporation tax
80,141
53,758
Other taxation and social security
13,261
Other creditors
62,015
315,534
160,963
374,844
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
334,286
Other creditors included a loan note which was repaid during the year. The balance at the year end is £nil (2023: £585,000, split long term: £334,286 and short term: £250,714). The loan note did not incur any interest.
10
Provisions for liabilities
2024
2023
Note
£
£
Deferred tax liabilities
11
608,070
379,868
Aldis Of Barking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2024
Page 9
11
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:
£
£
Capital allowances
469,044
379,868
Investment property
139,026
-
608,070
379,868
2024
Movements in the year:
£
Liability at 1 November 2023
379,868
Charge to profit or loss
228,202
Liability at 31 October 2024
608,070
The deferred tax liability set out above will reverse in the future in the event the investment property is sold.
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,000
8,000
8,000
8,000
13
Related party transactions
The company has taken advantage of the exemption available for "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
The shareholder, L.I. Aldis, had a one-seventh interest, which was repayable in 2046. The loan note was repaid during the year and related to family interests. The amounts are disclosed in creditors falling due after more than one year, totalling £nil (2023: £334,286). The current proportion of the loan note totalling £nil (2023: £250,714).
14
Parent company
At the balance sheet date, the company is wholly owned by Alresford Investments Limited, a company incorporated in Guernsey.
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