Company Registration No. 04484079 (England and Wales)
Alveton Developments Limited
Annual report and financial statements
for the year ended 30 November 2024
Alveton Developments Limited
Company information
Directors
Alan Browne
William Browne
David Hodkinson
Secretary
David Hodkinson
Company number
04484079
Registered office
Blundellsands House
34-44 Mersey View
Waterloo
Liverpool
L22 6QB
Independent auditor
Saffery LLP
10 Wellington Place
Leeds
LS1 4AP
Bankers
Lloyds Bank plc
1st Floor
5 St. Pauls Square
Old Hall Square
Liverpool
L3 9SJ
Alveton Developments Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
Alveton Developments Limited
Strategic report
For the year ended 30 November 2024
1
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
The key performance indicator of the company is the ability to pay its capital and interest repayments as they fall due. These amounts are paid from loans from a fellow group company and from property income. The principal risks to the company are that the property income reduces or the fellow group company is unable to fund these amounts going forward. The directors continually monitor both these risks to ensure the company is able to fund its obligations.
The company continues to meet its environmental responsibilities.
It is company and group policy to be an equal opportunity employer. This means that all personnel have equality of opportunity in recruitment and during service regardless of gender, race, religion or disability. The company will select and train based upon each individual's ability and the company's requirement for particular skills.
Alan Browne
Director
28 August 2025
Alveton Developments Limited
Directors' report
For the year ended 30 November 2024
2
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The company owns premises and acts as landlord, including the premises rented to Survey Supplies Limited, and develops property.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Alan Browne
William Browne
David Hodkinson
Auditor
Saffery LLP have expressed their willingness to remain in office as auditors to the company.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Alan Browne
Director
28 August 2025
Alveton Developments Limited
Directors' responsibilities statement
For the year ended 30 November 2024
3
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Alveton Developments Limited
Independent auditor's report
To the members of Alveton Developments Limited
4
Opinion
We have audited the financial statements of Alveton Developments Limited (the 'company') for the year ended 30 November 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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 30 November 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.
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 UK, including the FRC’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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Alveton Developments Limited
Independent auditor's report (continued)
To the members of Alveton Developments Limited
5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have 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 strategic report or 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Alveton Developments Limited
Independent auditor's report (continued)
To the members of Alveton Developments Limited
6
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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.
Jonathan Davis
Senior Statutory Auditor
For and on behalf of Saffery LLP
28 August 2025
Statutory Auditors
10 Wellington Place
Leeds
LS1 4AP
Alveton Developments Limited
Income statement
For the year ended 30 November 2024
7
2024
2023
Notes
£
£
Turnover
142,426
118,918
Administrative expenses
(171,006)
(152,610)
Operating loss
3
(28,580)
(33,692)
Interest receivable and similar income
4
319
Interest payable and similar expenses
5
(39,055)
(40,255)
Fair value gains and losses on investment properties
10
(135,755)
Loss before taxation
(203,071)
(73,947)
Tax on loss
8
13,929
(14,808)
Loss for the financial year
(189,142)
(88,755)
The income statement has been prepared on the basis that all operations are continuing operations.
Alveton Developments Limited
Statement of comprehensive income
For the year ended 30 November 2024
8
2024
2023
£
£
Loss for the year
(189,142)
(88,755)
Other comprehensive income
-
-
Total comprehensive income for the year
(189,142)
(88,755)
Alveton Developments Limited
Statement of financial position
As at 30 November 2024
9
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,610,051
1,772,611
Investment property
10
2,395,000
995,000
4,005,051
2,767,611
Current assets
Stocks
11
5,509
-
Debtors
12
718,142
701,057
Cash at bank and in hand
1,739
52,254
725,390
753,311
Creditors: amounts falling due within one year
13
(3,996,113)
(2,559,964)
Net current liabilities
(3,270,723)
(1,806,653)
Total assets less current liabilities
734,328
960,958
Creditors: amounts falling due after more than one year
14
(834,284)
(868,731)
Provisions for liabilities
Deferred tax liability
16
3,041
-
(3,041)
Net (liabilities)/assets
(99,956)
89,186
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
(100,056)
89,086
Total equity
(99,956)
89,186
The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
Alan Browne
Director
Company Registration No. 04484079
Alveton Developments Limited
Statement of changes in equity
For the year ended 30 November 2024
10
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2022
100
177,841
177,941
Year ended 30 November 2023:
Loss and total comprehensive income
-
(88,755)
(88,755)
Balance at 30 November 2023
100
89,086
89,186
Year ended 30 November 2024:
Loss and total comprehensive income
-
(189,142)
(189,142)
Balance at 30 November 2024
100
(100,056)
(99,956)
Alveton Developments Limited
Notes to the financial statements
For the year ended 30 November 2024
11
1
Accounting policies
Company information
Alveton Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blundellsands House, 34-44 Mersey View, Waterloo, Liverpool, L22 6QB.
1.1
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.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Charbay Limited Group. These consolidated financial statements are available from its registered office, Unit B7, Riverview Business Park, Nangor Road, Dublin, Dublin 12.
1.2
Going concern
Atruet 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.
1.3
Turnover
Turnover represents rent receivable in the year which is recognised on an accruals basis.
1.4
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.
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
12
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:
Land and buildings Freehold
2% straight line
Plant and machinery
33% straight line
Fixtures, fittings & equipment
33% straight line
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
13
1.8
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.
1.9
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 statement of financial position 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, 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
14
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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
15
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.12
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.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
16
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Fair value of investment properties
The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation method is further described in Note 9 together with the valuation of the property at the reporting date.
3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange gains
(37,176)
(5,823)
Fees payable to the company's auditor for the audit of the company's financial statements
4,500
4,500
Depreciation of owned tangible fixed assets
2,051
1,473
4
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
319
5
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
39,055
40,255
6
Employees
The average monthly number of employees during 2023 and 2024 was 0.
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,529
Social security costs
52
-
5,581
7
Directors' remuneration
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
7
Directors' remuneration (continued)
17
No remuneration was paid to the directors during the year ended 30 November 2024 and 30 November 2023.
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
14,911
Adjustments in respect of prior periods
15,806
Total current tax
15,806
14,911
Deferred tax
Origination and reversal of timing differences
(29,735)
(103)
Total tax (credit)/charge
(13,929)
14,808
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(203,071)
(73,947)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
(50,768)
(17,008)
Tax effect of expenses that are not deductible in determining taxable profit
38,338
5,558
Adjustments in respect of prior years
15,806
14,911
Group relief
16,634
9,016
Permanent capital allowances in excess of depreciation
2,339
Change in deferred tax rate
(8)
Chargable gains/(losses)
(33,939)
Taxation (credit)/charge for the year
(13,929)
14,808
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
18
9
Tangible fixed assets
Land and buildings Freehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 December 2023
1,770,033
1,350
3,080
1,774,463
Additions
1,357,376
17,870
1,375,246
Transfers
727,109
(2,262,864)
(1,535,755)
At 30 November 2024
727,109
864,545
1,350
20,950
1,613,954
Depreciation and impairment
At 1 December 2023
483
1,369
1,852
Depreciation charged in the year
446
1,605
2,051
At 30 November 2024
929
2,974
3,903
Carrying amount
At 30 November 2024
727,109
864,545
421
17,976
1,610,051
At 30 November 2023
1,770,033
867
1,711
1,772,611
10
Investment property
2024
£
Fair value
At 1 December 2023
995,000
Transfers from assets under construction
1,535,755
Net gains or losses through fair value adjustments
(135,755)
At 30 November 2024
2,395,000
Investment property comprises land and buildings. One property was purchased in February 2016 for £995,000 which was equal to its market value at the date of purchase. This property is recognised at its purchase price at 30 November 2016 on the basis that the directors consider the purchase price of the building to accurately reflect its current market value.
During the year ended 30 November 2024, properties with an initial cost of £1,535,755 were transferred from assets under construction to investment property to reflect their intended use post completion. Upon transfer to investment property, an impairment adjustment of £135,755 was also made to reflect the current market value of these properties at £1,400,000.
11
Stocks
2024
2023
£
£
Goods for resale
5,509
-
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
19
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
680,420
680,420
Other debtors
3,443
14,077
Prepayments and accrued income
7,585
6,560
691,448
701,057
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
26,694
Total debtors
718,142
701,057
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
34,447
32,860
Trade creditors
11,069
37,732
Amounts owed to group undertakings
3,953,298
2,489,751
Corporation tax
2,127
(15,806)
Other taxation and social security
(20,479)
Other creditors
(1,000)
Accruals and deferred income
16,651
15,427
3,996,113
2,559,964
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
834,284
868,731
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
20
15
Loans and overdrafts
2024
2023
£
£
Bank loans
868,731
901,591
Payable within one year
34,447
32,860
Payable after one year
834,284
868,731
Bank borrowings are secured by a fixed and floating charge dated 14 June 2016 over all assets of the company in favour of Lloyds Bank Plc. The bank also has a negative pledge in place on all assets of the company.
On 7 June 2016 a loan was taken out with Lloyds Bank Plc at a value of £1,093,830 at a rate of 4.51% and is repayable in 120 consecutive monthly instalments.
16
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
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
3,041
(7,245)
-
Capital losses
-
-
33,939
-
-
3,041
26,694
-
2024
Movements in the year:
£
Liability at 1 December 2023
3,041
Credit to profit or loss
(29,735)
Asset at 30 November 2024
(26,694)
The deferred tax liability set out above relates to accelerated capital allowances that are expected to reverse over the life of the asset
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
17
Share capital (continued)
21
The company has one class of ordinary share which carry no right to fixed income.
18
Ultimate controlling party
The ultimate parent company is Charbay Limited, a company incorporated in the Republic of Ireland. The full consolidated accounts for the Charbay Limited Group can be obtained from; Unit B7, Riverview Business Park, Nangor road, Dublin, Dublin 12.
The company is controlled by A Browne, W Browne, H Browne and L Lynn by virtue of their holdings in the ultimate parent company.
19
Contingent asset
The company has a contingent asset, subject to litigation, in relation to damage incurred on a property previously held within investment property. At the time of signing the accounts, it is not possible to determine the exact quantum of this asset therefore no amount has been recognised within the financial statements.
Alveton Developments Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
22
20
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts owed to related parties
£
£
Group companies
3,953,298
2,489,751
3,953,298
2,489,751
The following amounts were outstanding at the reporting end date:
2024
Balance
Provision
Net
Amounts owed by related parties
£
£
£
Group companies
5,412,729
4,732,309
680,420
2023
Balance
Provision
Net
Amounts owed in previous period
£
£
£
Group companies
5,412,729
4,732,309
680,420
No guarantees have been given or received.
The company has taken advantage of the exemption from the requirement to disclose transactions between two or more members of a group, as the company is a parent of a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
As at the year end there is a balance owed to a company Director for the amount of £Nil (2023: £nil). In addition to this there was rental income received of £Nil (2023: £25,418) from the company Director, this was in relation the the investment property that was purchased in 2019 and sold in the prior year.
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