ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.196 2019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruemanagment services and income from property rentalfalse2018-04-01 01915974 2018-04-01 2019-03-31 01915974 2017-04-01 2018-03-31 01915974 2019-03-31 01915974 2018-03-31 01915974 c:Director2 2018-04-01 2019-03-31 01915974 d:FurnitureFittings 2018-04-01 2019-03-31 01915974 d:FurnitureFittings 2019-03-31 01915974 d:FurnitureFittings 2018-03-31 01915974 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01915974 d:FreeholdInvestmentProperty 2019-03-31 01915974 d:FreeholdInvestmentProperty 2018-03-31 01915974 d:FreeholdInvestmentProperty 2 2018-04-01 2019-03-31 01915974 d:CurrentFinancialInstruments 2019-03-31 01915974 d:CurrentFinancialInstruments 2018-03-31 01915974 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 01915974 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 01915974 d:ShareCapital 2019-03-31 01915974 d:ShareCapital 2018-03-31 01915974 d:InvestmentPropertiesRevaluationReserve 2018-04-01 2019-03-31 01915974 d:InvestmentPropertiesRevaluationReserve 2019-03-31 01915974 d:InvestmentPropertiesRevaluationReserve 2018-03-31 01915974 d:RetainedEarningsAccumulatedLosses 2018-04-01 2019-03-31 01915974 d:RetainedEarningsAccumulatedLosses 2019-03-31 01915974 d:RetainedEarningsAccumulatedLosses 2018-03-31 01915974 d:AcceleratedTaxDepreciationDeferredTax 2019-03-31 01915974 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 01915974 c:FRS102 2018-04-01 2019-03-31 01915974 c:AuditExempt-NoAccountantsReport 2018-04-01 2019-03-31 01915974 c:FullAccounts 2018-04-01 2019-03-31 01915974 c:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 01915974 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-04-01 2019-03-31 01915974 6 2018-04-01 2019-03-31 iso4217:GBP xbrli:pure
Registered number: 01915974






ALLEGRO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019










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ALLEGRO LIMITED
REGISTERED NUMBER:01915974

BALANCE SHEET
AS AT 31 MARCH 2019

2019
2018
Note
£
£

Fixed assets
  

Tangible assets
 4 
52
72

Investments
 5 
48,635
43,966

Investment property
 6 
695,000
600,000

  
743,687
644,038

Current assets
  

Debtors: amounts falling due within one year
 7 
2,964
3,013

Cash at bank and in hand
 8 
35,397
27,130

  
38,361
30,143

Creditors: amounts falling due within one year
 9 
(156,392)
(166,529)

Net current liabilities
  
 
 
(118,031)
 
 
(136,386)

Total assets less current liabilities
  
625,656
507,652

Provisions for liabilities
  

Deferred tax
 10 
(85,597)
(67,547)

  
 
 
(85,597)
 
 
(67,547)

Net assets
  
540,059
440,105


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
364,907
287,957

Profit and loss account
  
175,052
152,048

  
540,059
440,105


Page 1

 
ALLEGRO LIMITED
REGISTERED NUMBER:01915974
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019

The directors consider 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 Companies Act 2006.

The directors acknowledge their 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 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 by: 




J P Gardner
Director

Date: 9 December 2019

Page 2

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

1.


General information

Allegro Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of management services and income from property rental.

2.Accounting policies

 
2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

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.

Page 3

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% straight line

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 the Statement of Comprehensive Income.

 
2.5

Investment property

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 the Statement of Comprehensive Income.

Page 4

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

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.

 
2.8

Cash and cash equivalents

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.

 
2.9

Creditors

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.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2018 -1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2018
528



At 31 March 2019

528



Depreciation


At 1 April 2018
456


Charge for the year on owned assets
20



At 31 March 2019

476



Net book value



At 31 March 2019
52



At 31 March 2018
72



Page 6

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

5.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 April 2018
1
43,965
43,966


Revaluations
-
4,669
4,669



At 31 March 2019
1
48,634
48,635





6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2018
600,000


Surplus on revaluation
95,000



At 31 March 2019
695,000

The 2019 valuations were made by independent valuers, on an open market value for existing use basis.

2019
2018
£
£

Revaluation reserves


At 1 April 2018
287,957
287,957

Net surplus/(deficit) in movement properties
76,950
-

At 31 March 2019
364,907
287,957



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2019
2018
£
£


Historic cost
244,496
244,496

Page 7

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

7.


Debtors

2019
2018
£
£


Trade debtors
-
108

Other debtors
2,000
1,984

Prepayments and accrued income
964
921

2,964
3,013



8.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
35,397
27,130



9.


Creditors: Amounts falling due within one year

2019
2018
£
£

Taxation and social security
3,822
3,721

Other creditors
148,862
159,562

Accruals and deferred income
3,708
3,246

156,392
166,529



10.


Deferred taxation




2019


£






At beginning of year
67,547


Charged to profit or loss
18,050



At end of year
85,597

Page 8

 
ALLEGRO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2019
2018
£
£


Accelerated capital allowances
85,597
67,547

85,597
67,547


11.


Reserves

Investment property revaluation reserve

This reserve forms part of the profit and loss account, representing the non-distributable reserves arising from the revaluation of investment property, net of deferred tax.

Profit and loss account

All reserves in respect of profit and loss are distributable reserves.

 
Page 9