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Registered number: 07232571









Allenby Square Limited









Directors' Report and Financial Statements

For the Year Ended 31 December 2024

 
Allenby Square Limited
 
 
Company Information


Directors
I Armstrong 
J Moulding 




Registered number
07232571



Registered office
3rd Floor 1 Ashley Road

Altrincham

Cheshire

WA14 2DT




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
Allenby Square Limited
 

Contents



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 22


 
Allenby Square 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 101 ‘Reduced Disclosure Framework’. 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 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:

I Armstrong 
J Moulding 

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, the company entered into commercially sensitive discussions with a related party tenant regarding a potential dilapidations settlement relating to two investment properties. The lease remains in place until 30 September 2025. As at the reporting date, no obligation had been agreed and the tenant remained in occupation. No asset has been recognised, and no further information is provided due to the sensitive nature of the negotiation.
The company has also entered into discussions with its lender regarding the refinancing of a bank loan which is due for repayment in September 2025. The directors expect these negotiations to be concluded in advance of the repayment date.

Page 1

 
Allenby Square Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2024

Auditors

The auditorsHurst Accountants 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.

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



I Armstrong
Director

Date: 23 July 2025

Page 2

 
Allenby Square Limited
 
 
 
Independent Auditors' Report to the Members of Allenby Square Limited
 

Opinion


We have audited the financial statements of Allenby Square Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 101 ‘Reduced Disclosure Framework’ (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 loss 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 Auditors' 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 3

 
Allenby Square Limited
 
 
 
Independent Auditors' Report to the Members of Allenby Square Limited (continued)


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

 
Allenby Square Limited
 
 
 
Independent Auditors' Report to the Members of Allenby Square Limited (continued)


Auditors' 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 Auditors' 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets. 
The outcome of enquiries of local management and parent company management, including whether management was
aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any
actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
        - Identifying, evaluating, and complying with laws and regulations
        - Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statement and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.
 
Audit response to risks identified
 
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 5

 
Allenby Square Limited
 
 
 
Independent Auditors' Report to the Members of Allenby Square Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 Auditors' Report.


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 Auditors' 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.



Helen Besant-Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

24 July 2025
Page 6

 
Allenby Square Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 December 2024

2024
2023
Note
£
£

Turnover
 4 
589,238
613,227

Gross profit
  
589,238
613,227

Administrative expenses
  
(176,630)
(206,490)

Exceptional administrative expenses
 9 
(2,748,000)
(550,000)

Operating loss
  
(2,335,392)
(143,263)

Interest receivable and similar income
  
55
-

Interest payable and similar expenses
 7 
(454,078)
(449,818)

Loss before tax
  
(2,789,415)
(593,081)

Tax on loss
 8 
(495)
49,131

Loss for the financial year
  
(2,789,910)
(543,950)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
Allenby Square Limited
Registered number: 07232571

Statement of Financial Position
As at 31 December 2024

2024
2023
Note
£
£

  

Fixed assets
  

Investment property
 10 
3,788,040
6,155,862

Current assets
  

Debtors: amounts falling due within one year
 11 
694,653
6,206,030

Cash at bank and in hand
 12 
47
22,340

  
694,700
6,228,370

Creditors: amounts falling due within one year
 13 
(4,824,116)
(9,935,698)

Net current liabilities
  
 
 
(4,129,416)
 
 
(3,707,328)

Total assets less current liabilities
  
(341,376)
2,448,534

Net (liabilities)/assets
  
(341,376)
2,448,534


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
 18 
(341,377)
2,448,533

  
(341,376)
2,448,534


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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


I Armstrong
Director

Date: 23 July 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
Allenby Square Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
1
2,448,533
2,448,534


Comprehensive income for the year

Loss for the year
-
(2,789,910)
(2,789,910)
Total comprehensive income for the year
-
(2,789,910)
(2,789,910)


At 31 December 2024
1
(341,377)
(341,376)



Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
2,992,483
2,992,484


Comprehensive income for the year

Loss for the year
-
(543,950)
(543,950)
Total comprehensive income for the year
-
(543,950)
(543,950)


At 31 December 2023
1
2,448,533
2,448,534


The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.


General information

Allenby Square Limited is a private company limited by shares incorporated in England and Wales, company number 7232571. The address of the registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.
The principal activity of the Company is that of a property investment company.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Starfish & Coffee Group Limited as at 31 December 2024 and these financial statements may be obtained from 3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.

Page 10

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have reviewed the current and projected financial position of the Company, making reasonable assumptions about trading performance. On the basis of the review, although the Company made a loss before tax of £2,789k in the period and had net liabilities of £341k at the year end, the Directors have reasonable expectation that the Company has adequate resources to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Of the loss, £2,748k was an exceptional impairment charge in relation to two investment properties that the directors expect to partially recover through dilapidation negotiations.
The company has also entered into discussions with its lender regarding the refinancing of a bank loan which is due for repayment in September 2025. The directors expect these negotiations to be concluded in advance of the repayment date.
In addition, the Company benefits from the financial support of its ultimate parent undertaking, which has confirmed its intention to provide such support as is necessary to enable the Company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue represents income from property rental and is accounted for on an accruals basis. Amounts are invoiced in advance.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis representative of the time patter over which the lessor's benefit from the leased asset is diminished.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Borrowing costs

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

Page 11

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

  
2.8

Investment property

Investment Property, which is property held to earn rentals for capital appreciation is recognised on the statement of financial position using the cost model and is stated at cost less accumulated depreciation and any accumulated impairment losses. Investment property includes the interior fixtures and fittings.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. 
Depreciation is provided on the following basis:
Freehold property  2%  Straight line

 
2.9

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 reporting 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 reporting 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 reporting date.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 12

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

 
2.11

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

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.

 
2.13

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 13

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

2.Accounting policies (continued)

  
2.15

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
All recognised financial assets are measured at amortised cost.
Impairment of financial assets
The Company always recognises lifetime expected credit losses ("ECL") for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at amortised cost. The Company has no financial liabilities at fair value through profit and loss and has no derivatives designated as hedging instruments.

  
2.16

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.
The company’s ordinary shares are classified as equity instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date. The nature of estimation means that the actual outcomes could differ from those estimates. The items in the financial statements where these judgements and estimates have been made include:
Investment Property
Management exercises judgement in estimating the useful life of investment property and its interior fixtures and fittings. Management estimates the useful life of investment property to be 50 years and for interior fixtures and fittings to be 5 years. Depreciation is recognised on a straight line basis and the charge recognised in the profit or loss account for the period is £132k (2023: £146k)

Page 14

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rental income
570,436
578,973

Recharges
18,802
34,254

589,238
613,227


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
3,465
3,465

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2

Directors are not remunerated by Allenby Square Limited.


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
454,078
449,818

Page 15

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(49,207)


-
(49,207)


Total current tax
-
(49,207)

Deferred tax


Origination and reversal of timing differences
495
691

Adjustments in respect of previous periods
-
(615)

Total deferred tax
495
76


Tax on loss
495
(49,131)
Page 16

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -23.52%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(2,789,415)
(593,081)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.52%)
(697,354)
(139,493)

Effects of:


Depreciation in excess of capital allowances
32,748
33,887

Expenses not deductible for tax purposes
687,000
129,360

Adjustments to tax charge in respect of prior periods
-
(49,823)

Group relief
(21,899)
(23,104)

Remeasurement of deferred tax for changes in tax rates
-
42

Total tax charge for the year
495
(49,131)


9.


Exceptional items

2024
2023
£
£


Investment property impairment
2,748,000
550,000

During the year, the directors reviewed the value of the investment property and determined that it should be impaired by £2,748k (2023: £550k).

Page 17

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

10.


Investment property





Freehold property

£



Cost


At 1 January 2024
7,174,871


Additions
512,670



At 31 December 2024

7,687,541



Depreciation


At 1 January 2024
1,019,009


Charge for the year on owned assets
132,492


Impairment charge
2,748,000



At 31 December 2024

3,899,501



Net book value



At 31 December 2024
3,788,040



At 31 December 2023
6,155,862

One investment property was acquired in the year and valued at 31 December 2024 at its open market value by the directors at a total value of £513k.
The other investment properties were valued at 21 February 2024, carried out by external independent qualified valuers, Lambert Smith Hampton Group Limited, with recent experience valuing investment property in the location held by the company. The valuations were undertaken in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual. The investment property were valued at £3,356k
 (2023: £6,161k). The directors do not expect a material change in the valuation to 31 December 2024. 
During the period £570k 
(2023: £579k) was recognised in the statement of comprehensive income in relation to rental income from the investment property (note 4). Direct operating expenses, including repairs and maintenance, arising from investment property that generated rental income amounted to £Nil (2023: £Nil). Direct operating expenses, including repairs and maintenance, arising from investment property that did not generate rental income during the year amounted to £Nil (2023: £Nil).
See note 15 for the undiscounted rent receivables for investment property under operating leases.

Page 18

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

11.


Debtors

2024
2023
£
£


Trade debtors
190,088
214,656

Amounts owed by group undertakings
429,075
5,949,052

Other debtors
46,091
-

Prepayments and accrued income
25,489
37,917

Deferred taxation
3,910
4,405

694,653
6,206,030


Included in prepayments is £4k (2023: £21k) which is repayable in greater than 1 year.
Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand. 


12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
47
22,340



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,566,379
4,630,772

Trade creditors
1,900
6,396

Amounts owed to group undertakings
9,937
5,001,783

Other taxation and social security
-
24,262

Accruals and deferred income
245,900
272,485

4,824,116
9,935,698


Bank loans are secured by fixed and floating charges against investment property.
Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand. 

Page 19

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

14.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,566,379
4,630,772


The bank loan attracts an interest rate of 4.75% over Bank of England base rate per annum.
The bank loan is due for repayment in September 2025.


15.

Leases

Company as a lessor

The Company has entered lease agreements as a lessor that are considered to be operating leases. 

Operating leases

The following table summarises the undiscounted lease payments receivable after the reporting date.

2024
2023
£
£

Not later than one year
378,867
564,434

Between one and two years
-
378,867

Total undiscounted lease payments receivable
378,867
943,301


16.


Deferred taxation




2024
2023


£

£






At beginning of year
4,405
4,481


Charged to profit or loss
(495)
(76)



At end of year
3,910
4,405

Page 20

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024
 
16.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,910
4,405


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 -1) Ordinary share of £1
1
1



18.


Reserves

Profit and loss account

Comprises the retained profits and losses for the period. 


19.


Contingent liabilities

The Company is party to a fixed charge over its assets to secure the liabilities of Aghoco 1442 Limited. As a result, the company may be held responsible for the liabilities of Aghoco 1442 Limited which at 31 December 2024 totalled £4,477k (2023: £4,538k).


20.


Related party transactions

The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.
The Company has taken advantage of the exemption under paragraph 8(j) of FRS 101 not to disclose transactions with key management personnel.
Allenby Square Limited received income of £589k 
(2023: £613k) from a company with a common director during the year. Amounts owed from these companies totalled £190k (2023: £194k)
The company is currently in discussions with a related party tenant (a company with common directors) regarding a potential settlement of dilapidations obligations. The tenant remains in occupation under the existing lease which runs until 30 September 2025.

Page 21

 
Allenby Square Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2024

21.


Post balance sheet events

Subsequent to the year end, the company entered into commercially sensitive discussions with a related party tenant regarding a potential dilapidations settlement relating to two investment properties. The lease remains in place until 30 September 2025. As at the reporting date, no obligation had been agreed and the tenant remained in occupation. No asset has been recognised, and no further information is provided due to the sensitive nature of the negotiation.
The company has also entered into discussions with its lender regarding the refinancing of a bank loan which is due for repayment in September 2025. The directors expect these negotiations to be concluded in advance of the repayment date.


22.


Controlling party

The company's ultimate parent is Starfish & Coffee Group Limited, a company registered in Guernsey, registered number 1-67166.
The ultimate controlling party is Mr M Moulding, who holds a controlling interest in Starfish & Coffee Group Limited.
The company's immediate parent company is Moulding Capital Limited, a company registered in Guernsey, registered number 1-51762.
The consolidated financial statements of Starfish & Coffee Group Limited as at 31 December 2024 are available on request from 3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.

 
Page 22