Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is: 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

These financial statements were authorised for issue by the Board on 20 June 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The accounts are prepared on the historical cost basis of accounting, modified by the revaluation of investment properties and listed investments. The functional and presentation currency is sterling.

Consolidation

Under section 399 of The Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 June 2025 was Peter Stevenson, who signed for and on behalf of Stevenson & Wilson.

Rental and other operating income

Rental and other operating income represents total invoiced amounts for the accounting period net of value added tax. Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.

Finance income and costs policy

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Expenditure on charitable donations

Expenditure on charitable donations is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Investment properties

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, 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

Tangible fixed assets are depreciated at rates calculated to reduce them to residual value at the end of their expected normal lives on a straight line basis as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% per year
Motor vehicles	25% per year
Computer equipment	25% per year

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends received from subsidiaries which have been paid from pre-acqusition reserves are deducted from the cost of the investment.

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 accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension scheme

The Company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund and contributions are charged to the profit and loss account in the period to which they relate.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 7).

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Investment properties

	2025 £
Opening balance	82,160,046
Additions during the year	10,903,966
Disposals during the year	(8,288,946)
Net gain on revaluation of investment properties (still held)	3,340,805
Realisation of revaluations for properties sold during the year	224,946
Valuation at 31 March 2025	88,340,817

The Company has no immediate intention to sell any investment properties and so none have been shown within current assets. The balance sheet presentation is as follows:

	2025  £	2024  £
Fixed assets	88,340,817	81,976,046
Current assets	-	184,000
	88,340,817	82,160,046

The directors, who hold RICS qualifications, revalued the majority of the Company's investment properties to their fair market value at the reporting date. Two of the properties acquired during the year are being held at cost.

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Computer equipment £	Total £
Cost or valuation
At 1 April 2024	82,239	38,200	37,624	158,063
Additions	3,673	-	5,852	9,525
At 31 March 2025	85,912	38,200	43,476	167,588
Depreciation
At 1 April 2024	39,938	24,700	29,774	94,412
Charge for the year	1,050	9,550	4,386	14,986
At 31 March 2025	40,988	34,250	34,160	109,398
Carrying amount
At 31 March 2025	44,924	3,950	9,316	58,190
At 31 March 2024	42,301	13,500	7,850	63,651

6	Investments

	2025 £	2024 £
Investments in subsidiary companies - cost	1,002	620,408
Investments in shares in public companies - market value	13,159,721	12,355,255
	13,160,723	12,975,663

Investments in subsidiaries

The Company is the 100% parent of the following subsidiaries:
 

Company name	Country of incorporation	Accounting year end	Business activity
Alterity Developments Limited	England	31st March	Property development
Dimon Investments Limited	N. Ireland	31st March	Share investment

During the year a dividend was paid from Dimon Investments Limited which cleared its reserves to nil. The balance of this relating to pre-acquisiton reserves has been deducted from the cost of the investment, leaving a carrying investment equal to the nominal value of the shares.
 

Alterity Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Listed shares and investments

The Company’s investment in listed shares in the UK and worldwide markets have been included in the balance sheet at their open market value as follows:

	2025 £
Opening balance	12,355,255
Additions during the year	6,348,451
Market value of shares transferred from subsidiary	874,655
Disposals during the year	(5,580,941)
Movement in cash funds	(52,962)
Net gain on revaluation of shares (still held)	(784,737)
Valuation at 31 March 2025	13,159,721