|
Registered number: 05774536
ALTON ROAD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
CONTENTS
|
|
|
Statement of Financial Position
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
ALTON ROAD LIMITED
REGISTERED NUMBER:05774536
|
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
|
|
|
|
|
ALTON ROAD LIMITED
REGISTERED NUMBER:05774536
|
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.
The notes on pages 3 to 6 form part of these financial statements.
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Alton Road Limited is a private company, limited by shares, incorporated in England and Wales with its registered office and principal place of business at Cavendish House, 369 Burnt Oak Broadway, Edgware, HA8 5AW.
During the year the Company completed its development property previously held in stock. Changes in market conditions meant that the planned sale of this property was not feasible and it was instead appropriated to investment property at market value. Following this appropriation the principal activity of the Company changed from property development to property investment.
The Company's functional and presentational currency is £ sterling.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company made a loss of £3,121,718 for the year, and at the reporting date had net current liabilities and net liabilities of £7,227,685 and £3,587,541 respectively. The director is satisfied the Company will have sufficient funds to be able to meet its obligations as and when they fall due for at least twelve months from the date the financial statements are approved.
Furthermore, connected creditors have confirmed they will not demand repayment of the balances, or any part, due to them which may affect the Company's liquidity position.
Therefore, the director believes that preparing the financial statements as a going concern is appropriate, and there are no material uncertainties which cast significant doubt over the Company's ability to continue as such.
Turnover comprises revenue recognised in respect of rent and development property sales, exclusive of Value Added Tax.
Rent receivable is recognised in the period to which it relates. Accordingly, rent received in advance is deferred and recognised in the period it is earned.
Development property sales are recognised at the date of exchange of contracts. If completion is conditional upon an external event the sale is recognised at the time the transaction becomes unconditional.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks and work in progress represents development property valued at the lower of cost and net realisable value. Cost for this purpose comprises the original purchase of land and buildings, development expenditure and overheads.
In considering the net realisable value of land and properties it is assumed that developments will be completed and sold in the ordinary course of the Company's business and that they would not be placed on the market for immediate sale.
Short term debtors are measured at the transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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.
|
|
|
|
|
The Company has no employees.
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
Loss on appropriation from stock to investment property
|
|
|
|
|
|
|
The 2024 valuations were made by the director on an open market value for existing use basis.
|
|
|
Property development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The bank loan falls due between 1 and 2 years. It is secured by a legal charge over the investment property of the Company.
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
100 (2023 - 100) Ordinary shares of £1 each
|
|
|
|