Angletop Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02910548

Angletop Limited

Filleted Unaudited Financial Statements

31 December 2024

Angletop Limited

Financial Statements

Year ended 31 December 2024

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Angletop Limited

Officers and Professional Advisers

The board of directors	Mr C Cole
	Miss C Cole

Registered office	Store-It-Wales,
	Ashford House, Abergelly Road
	Fforestfach Industrial Estate
	Swansea
	SA5 4DY

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Angletop Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Tangible assets	5	4,017,708	6,005,155
Investments	6	100	100
		------------	------------
		4,017,808	6,005,255

CURRENT ASSETS

Debtors	7	362,427	332,658
Cash at bank and in hand		593,762	73,518
		---------	---------
		956,189	406,176

CREDITORS: amounts falling due within one year	8	1,116,273	1,905,674
		------------	------------
NET CURRENT LIABILITIES		160,084	1,499,498
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		3,857,724	4,505,757

CREDITORS: amounts falling due after more than one year	9	4,636	207,791

PROVISIONS	391,747	827,066
	------------	------------
NET ASSETS	3,461,341	3,470,900
	------------	------------

CAPITAL AND RESERVES

Called up share capital	10	1,000	1,000
Profit and loss account		3,460,341	3,469,900
		------------	------------
SHAREHOLDERS FUNDS		3,461,341	3,470,900
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Angletop Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

Charles Cole

Director

Company registration number: 02910548

Angletop Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

Angletop Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are renting of property portfolio and storage services.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The methods and significant assumptions used to ascertain the fair value movement included in profit/loss for the year are as follows:

For properties for which recent valuations have been obtained, there is no reason to believe these have altered.

For the remaining properties, discussions with the director have established that the values in the accounts are deemed reasonable based on his knowledge of current market conditions of similar properties in the area.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Loan and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land - 0%

Freehold Property - 2% per annum of cost

Investment Property - 0%

Plant & Machinery - 25% per annum of cost

Equipment - 25% per annum of cost

Motor Vehicles - 25% per annum of cost

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rent receivable Turnover is recognised upon commencement of rental periods. Rendering of storage services Turnover from storage services is recognised upon commencement of the storage periods. Interest receivable Interest income is recognised using the effective interest method.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).

5. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	5,715,770	1,090,925	198,503	33,152	7,038,350
Additions	357,000	575,079	73,390	598	1,006,067
Disposals	( 2,671,284)	( 7,500)	–	–	( 2,678,784)
	------------	------------	---------	--------	------------
At 31 December 2024	3,401,486	1,658,504	271,893	33,750	5,365,633
	------------	------------	---------	--------	------------
Depreciation
At 1 January 2024	368,407	471,848	160,638	32,302	1,033,195
Charge for the year	43,246	242,378	28,709	397	314,730
	------------	------------	---------	--------	------------
At 31 December 2024	411,653	714,226	189,347	32,699	1,347,925
	------------	------------	---------	--------	------------
Carrying amount
At 31 December 2024	2,989,833	944,278	82,546	1,051	4,017,708
	------------	------------	---------	--------	------------
At 31 December 2023	5,347,363	619,077	37,865	850	6,005,155
	------------	------------	---------	--------	------------

6. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	100
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	100
	----
At 31 December 2023	100
	----

7. DEBTORS

	2024	2023
	£	£
Trade debtors	334,185	306,591
Other debtors	28,242	26,067
	---------	---------
	362,427	332,658
	---------	---------

8. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,148	1,015,676
Trade creditors	88,449	48,828
Corporation tax	225,943	33,709
Social security and other taxes	22,602	37,314
Other creditors	769,131	770,147
	------------	------------
	1,116,273	1,905,674
	------------	------------

The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company together with specific charges over various properties owned by the company. The aggregate amount of secured liabilities is £10,148 (2023 - £1,015,676).

9. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	4,636	207,791
	------	---------

The bank loans and overdrafts are secured.

The aggregate amount of secured liabilities is £4,636 (2023 - £207,791).

10. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary A/ I/ J/ K - 50 shares of £ 1 each	200	200	200	200
Ordinary B/ C - 75 shares of £ 1 each	150	150	150	150
Ordinary D - 250 shares of £ 1 each	250	250	250	250
Ordinary E/ F/ G/ H - 100 shares of £ 1 each	400	400	400	400
	------	------	------	------
	1,000	1,000	1,000	1,000
	------	------	------	------

11. RELATED PARTY TRANSACTIONS

During the year the company entered into transactions with other related parties as follows: Entities over which the entity has control, joint control or significant influence

	2024	2023
	£	£
Balance owing to entities over which the entity has control, joint control or significant influence	100	100
	----	----

Key Management Personnel of the entity or its parent

	2024	2023
	£	£
Balance owing to key management personnel	6,631	100,921
	------	---------

Other related parties

	2024	2023
	£	£
Balance owing to other related parties	333,217	603,512
Balance owing (from) other related parties	(11)	–
	---------	---------
	333,206	603,512
	---------	---------

No interest has been charged on any of the outstanding amounts.

12. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £0 (2023: £925,848).