Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31false2024-01-01falseacquire, develop andhold investment property with a view to generating long-term rental and capital appreciation.00falsefalse 08814868 2024-01-01 2024-12-31 08814868 2023-01-01 2023-12-31 08814868 2024-12-31 08814868 2023-12-31 08814868 c:Director1 2024-01-01 2024-12-31 08814868 c:Director2 2024-01-01 2024-12-31 08814868 c:RegisteredOffice 2024-01-01 2024-12-31 08814868 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 08814868 d:FreeholdInvestmentProperty 2024-12-31 08814868 d:FreeholdInvestmentProperty 2023-12-31 08814868 d:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 08814868 d:CurrentFinancialInstruments 2024-12-31 08814868 d:CurrentFinancialInstruments 2023-12-31 08814868 d:Non-currentFinancialInstruments 2024-12-31 08814868 d:Non-currentFinancialInstruments 2023-12-31 08814868 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08814868 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08814868 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 08814868 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08814868 d:ShareCapital 2024-12-31 08814868 d:ShareCapital 2023-12-31 08814868 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08814868 d:RetainedEarningsAccumulatedLosses 2024-12-31 08814868 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08814868 d:RetainedEarningsAccumulatedLosses 2023-12-31 08814868 d:RetainedEarningsAccumulatedLosses 2023-01-01 08814868 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 08814868 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 08814868 d:RetirementBenefitObligationsDeferredTax 2024-12-31 08814868 d:RetirementBenefitObligationsDeferredTax 2023-12-31 08814868 c:OrdinaryShareClass1 2024-01-01 2024-12-31 08814868 c:OrdinaryShareClass1 2024-12-31 08814868 c:OrdinaryShareClass1 2023-12-31 08814868 c:FRS102 2024-01-01 2024-12-31 08814868 c:Audited 2024-01-01 2024-12-31 08814868 c:FullAccounts 2024-01-01 2024-12-31 08814868 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08814868 d:WithinOneYear 2024-12-31 08814868 d:WithinOneYear 2023-12-31 08814868 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08814868









AELTON RESIDENTIAL LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
AELTON RESIDENTIAL LIMITED
 
 
COMPANY INFORMATION


Directors
Nicholas James Fallows 
Sean Timothy Benson 




Registered number
08814868



Registered office
26 St James's Square

London

SW1Y4JH




Independent auditor
S&W Partners Audit Limited
Chartered Accountants & Statutory Auditor

45 Gresham Street

London

EC2V 7BG





 
AELTON RESIDENTIAL LIMITED
 

CONTENTS



Page
Directors' Report
 
 
1 - 2
Independent Auditor's Report
 
 
3 - 6
Statement of Income and Retained Earnings
 
 
7
Balance Sheet
 
 
8
Notes to the Financial Statements
 
 
9 - 15


 
AELTON RESIDENTIAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Nicholas James Fallows 
Sean Timothy Benson 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, S&W Partners Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
AELTON RESIDENTIAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.
 





................................................
Nicholas James Fallows
Director

Date: 26 April 2025

Page 2

 
AELTON RESIDENTIAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AELTON RESIDENTIAL LIMITED
 

Opinion


We have audited the financial statements of Aelton Residential Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
AELTON RESIDENTIAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AELTON RESIDENTIAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Directors' Report and Financial Statements other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Directors' Report and Financial StatementsOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
AELTON RESIDENTIAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AELTON RESIDENTIAL LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management in respect of their understanding of the relevant laws and regulations. We obtained an understanding of the entity’s policies and procedures in relation to compliance with relevant laws and regulations. We also drew on our existing understanding of the Company’s industry and regulation.
We understand that the Company complies with the framework through:
Updating operating procedures and internal controls as legal and regulatory requirements change.
The directors’ close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.
 
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct business and where failure to comply could result in material penalties. The only specific laws and regulations which are significant in the context of the Company is that they must abide by the Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
To gain evidence about compliance with the significant laws and regulations above we reviewed board meeting minutes, made enquires of the directors and obtained written management representations.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. The key areas identified as part of the discussion were the accuracy (valuation) of investment properties and the risk of manipulation of the financial statements through manual journal entries. These areas were communicated to the other members of the engagement team who were not present at the discussion.
The procedures carried out to gain evidence in the above areas included;
Testing of a sample of manual journal entries, selected through applying specific risk assessments applied based on the Company's processes and controls surrounding manual journals; and
Testing of the accuracy (valuation) of investment properties, through review of the significant assumptions and judgements adopted by management in determining fair value.
 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 5

 
AELTON RESIDENTIAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AELTON RESIDENTIAL LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Daniel Quilter (Senior Statutory Auditor)
  
for and on behalf of
S&W Partners Audit Limited
 
Chartered Accountants
Statutory Auditor
  
45 Gresham Street
London
EC2V 7BG

26 April 2025
Page 6

 
AELTON RESIDENTIAL LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
  
383,299
362,745

Gross profit
  
383,299
362,745

Administrative expenses
  
(110,604)
(137,513)

Gain from changes in fair value of investment property
  
339,962
(95,000)

Operating profit
  
612,657
130,232

Interest payable and similar expenses
  
(277,707)
(591,804)

Profit/(loss) before tax
  
334,950
(461,572)

Tax on profit/(loss)
  
(73,185)
210,794

Profit/(loss) after tax
  
261,765
(250,778)

  

Retained earnings at the beginning of the year
  
(216,568)
34,210

Profit/(loss) for the year
  
261,765
(250,778)

Retained earnings at the end of the year
  
45,197
(216,568)
There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 9 to 15 form part of these financial statements.

Page 7

 
AELTON RESIDENTIAL LIMITED
REGISTERED NUMBER: 08814868

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
14,485,000
13,990,000

Current assets
  

Debtors: amounts falling due within one year
 5 
41,618
213,581

Cash at bank and in hand
  
103,749
122,248

  
145,367
335,829

Creditors: amounts falling due within one year
 6 
(6,781,470)
(6,946,599)

Net current liabilities
  
 
 
(6,636,103)
 
 
(6,610,770)

Total assets less current liabilities
  
7,848,897
7,379,230

Creditors: amounts falling due after more than one year
 7 
(7,730,415)
(7,595,698)

Provisions for liabilities
  

Deferred tax
 8 
(73,185)
-

  
 
 
(73,185)
 
 
-

Net assets/(liabilities)
  
45,297
(216,468)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
45,197
(216,568)

  
45,297
(216,468)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Nicholas James Fallows
Director

Date: 26 April 2025

The notes on pages 9 to 15 form part of these financial statements.

Page 8

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Aelton Residential Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 08814868). The registered office address is 26 St. James's Square, London, England, SW1Y 4JH. The principal activity of the Company is to acquire, develop and hold investment property with a view to generating long-term rental and capital appreciation.
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company has a net assets position as at 31 December 2024 of £45,297 (2023 - £216,468 net Liability position) but a net current liabilities position of £6,636,103 (2023 - £6,610,770). Net current liabilities includes a loan amount payable to the Company's parent of £6,530,773 which at the balance sheet date, was due for repayment on 30 June 2025 but subsequent to year end was extended and is now due for repayment on 30 June 2026.
There is also a loan due to an external bank of £7,935,000 which is due for repayment on 31 March 2026 and is therefore due for repayment within 12 months of the date of approval of these financial statements. However the Directors are in the process of discussing with the parent company regarding a draw down or further funds from their £16,000,000 interest free loan facility of which £9,469,227 remained undrawn at year end.  It is anticipated that this will be agreed in the coming months and the funds would then be used to repay the bank finance, which is likely to be repaid early as a result.  If there was not sufficient funding in the existing facility, the company would look to agree an extension to the facility.  If an agreement could not be reached with the parent company, the Company would need to seek alternative sources of finance in order to be able to meet the repayment due however the directors consider this situation is not probable and that the parent company funding will be obtained in due course.
Notwithstanding the loan arrangement described above, the Company has sufficient cash resources (totalling £103,749 at 31 December 2024) and contractually guaranteed rental income to meet its operational cash requirements and liabilities as they fall due for the foreseeable future.
On this basis, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the signing of the financial statements. Accordingly the going concern basis has been adopted in preparing the financial statements and related notes.

 
2.3

Rental income

Rental income is recognised on a straight-line basis over the period of the rental agreement.

Page 9

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Investment property

Investment properties are held to earn rentals and for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. All of the Company's property interests are held under operating leases to earn rentals and for capital appreciation purposes and are therefore accounted for as investment properties using the fair value model. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. 
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

Page 10

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 11

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
13,990,000


Additions at cost
155,038


Surplus on revaluation
339,962



At 31 December 2024
14,485,000

The fair value of the Company's investment property at 31 December 2024 was determined based on a valuation of the property carried out with an effective date of 31 December 2024 by a RICS certified independent valuation agent not connected with the Company.
The valuation was prepared in accordance with the RICS valuation - Global Standards, which incorporate the International Valuation Standards (IVS) and the RICS UK Valuation Standards (RICS Red Book) edition current at the valuation date.
The assumptions on which the valuations have been based include, but are not limited to, matters such as the tenure and tenancy details for the property, the structural condition of the property and comparative market transactions.





5.


Debtors

2024
2023
£
£


Trade debtors
33,585
-

Amounts owed by group undertakings
-
11,184

Prepayments and accrued income
8,033
7,976

Deferred taxation (note 8)
-
194,421

41,618
213,581


Page 12

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (note 7)
192,913
580,016

Trade creditors
1,192
-

Amounts owed to group undertakings
6,530,773
6,280,773

Accruals and deferred income
56,592
85,810

6,781,470
6,946,599


The Company has an interest free loan facility of £16,000,000 which has been provided by its immediate parent entity Hanover Development Limited. As at 31 December 2024, £6,530,773 (2023 - £6,280,773) was drawn from the facility. On 22 January 2025, the loan facility was extended to be repayable on 30 June 2026, or an alternative date as agreed by the borrower and lender.
Should the Company have insufficient liquidity to meet any repayment falling due under this loan, the Company has the right to request a cure period of up to 9 months, or such other period as agreed between the Company and the lender, to allow the Company to procure a sale of investment properties held by the Company. The proceeds of such sale, after repayment of any other monies legally due for repayment by the Company, can be used to repay this loan.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,730,415
7,595,698


On 1 April 2021, the Company entered into a bank loan facility of £8,400,000, of which £7,935,000 was drawn as at 31 December 2024 (and no amounts are available to be re-drawn under the facility). The loan facility attracts interest of 2% plus the Bank of England base rate, is secured on investment property of the Company and is repayable in full on 31 March 2026.

Page 13

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Deferred taxation




2024


£






At beginning of year
194,421


Charged to profit or loss
(267,606)



At end of year
(73,185)

The deferred tax balance is made up as follows:

2024
2023
£
£


Tax losses carried forward
-
194,421

FV gain on investment property
(73,185)
-

(73,185)
194,421

Comprising:

Asset - due within one year
-
194,421

Liability
(73,185)
-

(73,185)
194,421



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

Shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll each member shall have one vote per share held. Each share ranks equally for any dividends declared and for any distribution made on a winding up.


Page 14

 
AELTON RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Commitments under operating leases

At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
240,365
227,876

The lease arrangements are for fixed rental income and are for a period of one year, with no option to renew or extend the existing arrangement. The leases impose no significant restrictions or conditions on either the landlord or the tenant.


11.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
The Company considers its Key Management Personnel to be the directors. The directors received no remuneration from the Company during the year (2023 - £Nil).


12.


Controlling party

The immediate parent undertaking is Hanover Development Limited, a company registered in Guernsey. The parent's registered office is St Julian’s Court, St Julian’s Avenue, St Peter Port, GY1 4NA, Guernsey. The parent company does not prepare consolidated financial statements and the single entity accounts it does prepare are not available to the public. 
The directors do not consider there to be an ultimate controlling party.

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