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Registered number: 11184641
ALTITUDE PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2026
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ALTITUDE PROPERTIES LIMITED
REGISTERED NUMBER: 11184641
BALANCE SHEET
AS AT 31 MARCH 2026
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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ALTITUDE PROPERTIES LIMITED
REGISTERED NUMBER: 11184641
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
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.
The Company has opted not to file the statement of income and retained earnings 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 7 September 2026.
The notes on pages 3 to 12 form part of these financial statements.
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 11184641. The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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.
Cash Flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a
cash flow statement on the grounds that it qualifies as a small company.
The following principal accounting policies have been applied:
The accounts have been prepared on the going concern basis.
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental of investment properties
Revenue from the rental of investment properties are recognised when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive consideration due for the period of rent;
- the period of rent can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Recharge of expenses
Revenue from the recharge of expenses are recognised when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive consideration due under the recharge contract;
- the period for the recharge can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The average monthly number of employees, including directors, during the year was 1 (2025 - 1).
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Charge for the year on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Freehold investment property
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During the current year the deferred tax calculated on the revaluation in the year of the properties was calculated accordingly at £Nil (2025 - £3,000). The provision for deferred tax on previous revaluations was uplifted by £Nil (2025 - £Nil) to reflect the latest enacted tax rates.
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The 2026 valuations were made by the director, on an open market value for existing use basis.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Bank loans are secured by way of a fixed charge in favour of Charter Court Financial Services Limited, Fleet Mortgages Limited and Aldermore Bank PLC over the freehold property known as 58 Wheats Avenue, Birmingham, B17 0RJ; 16A Marsh Walk, Wisbech, PE13 2DR; and 61 Richmond Road, Smethick, B66 4ED respectively.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Repayable other than by instalments
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In May 2020 a Bounce Back Loan was obtained which is repayable over 6 years. The loan is interest and repayment free for the first 12 months, with the remainder repayable in instalments over the remaining 5 years and interest is charged at 2.5%. This loan was voluntarily repaid in full in November 2025.
In September 2021 a 25 year interest only loan was taken out at an interest rate of 3.34% per annum fixed for the first 5 years.
In May 2024, a 24 year interest only loan was taken out at an interest rate of 5.64% per annum fixed for the first 2 years.
In June 2024, a 23 year interest only load was taken out at an interest rate of 5.29% per annum fixed for the first 5 years.
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Revaluation of investment property
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Allotted, called up and fully paid
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1 (2025 - 1) Ordinary share of £2.00
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Profit and loss account
The profit and loss account represents accumulated trading reserves which are distributable along with revaluations of the investment property net of deferred tax which are non distributable.
13.Other financial commitments
The company had total commitments at the balance sheet date of £Nil (2025 - £845,000).
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ALTITUDE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Related party transactions
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During the year the company received a loan from close associates of the director of £36,904 (2025 - £248,718) and made repayments of £7,550 (2025 - £Nil). As at the 31 March 2026 amounts of £1,308,458 (2025 - £1,279,104) were due to these associates.
During the year the company made a loan to the director of £53,275 (2025 - £50,300) and made repayments of £364,700 (2025 - £Nil). As at the 31 March 2026 amounts of £53,241 (2025 - £364,666) were due from the director. Interest has been charged at an average of 3.75%. Loans have been repaid since the year end.
Amounts of £288,914 (2025 - £Nil) are due to a company under common control of the director.
Amounts of £Nil (2025 - £475,565) are due from a company under common control of the director.
All loans are interest free and repayable on demand.
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