ALFL Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

1	General information

ALFL Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

ALFL Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Property, plant and equipment

Tangible assets is stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

Investments

Investments held as fixed assets are stated at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and held at bank.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

ALFL Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4	Property, plant and equipment

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	1,430	1,430
At 31 December 2024	1,430	1,430
Depreciation
At 1 January 2024	1,430	1,430
At 31 December 2024	1,430	1,430
Carrying amount
At 31 December 2024	-	-

ALFL Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

5	Other financial assets

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
At 1 January 2024	14,883,488	14,883,488
Fair value adjustments	(2,090,175)	(2,090,175)
At 31 December 2024	12,793,313	12,793,313
Carrying amount
At 31 December 2024	12,793,313	12,793,313

6

Debtors

	2024 £	2023 £
Accrued income	-	75
	-	75

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Loans and borrowings	649,125	1,544,125
Other creditors	2,400	152,400
Accruals	2,778	2,646
	654,303	1,699,171

ALFL Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

8	Provisions for liabilities

	Deferred tax £	Total £
At 1 January 2024	1,721,035	1,721,035
Deferred tax charged in year	(522,644)	(522,644)
At 31 December 2024	1,198,391	1,198,391

9	Share capital and reserves

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
'A' Ordinary shares of £0.10 each	375	38	375	38
'B' Ordinary shares of £0.10 each	375	38	375	38
'C' Ordinary shares of £0.10 each	250	25	250	25
'E' Ordinary shares of £0.10 each	4,500	450	4,500	450
'F' Ordinary shares of £0.10 each	4,500	450	4,500	450
	10,000	1,000	10,000	1,000

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The revaluation reserve represents the cumulative effect of revaluations of investments which are revalued to fair value at each reporting date. This reserve forms part of the company's non-distributable reserves.