Ali & Sons Holding Limited - Period Ending 2019-06-30
Ali & Sons Holding Limited - Period Ending 2019-06-30
Registration number:
Ali & Sons Holding Limited
for the Year Ended 30 June 2019
Elm House
Cradlehall Business Park
Inverness
IV2 5GH
Ali & Sons Holding Limited
(Registration number: SC363948)
Balance Sheet as at 30 June 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Ali & Sons Holding Limited
(Registration number: SC363948)
Balance Sheet as at 30 June 2019
Approved and authorised by the
.........................................
Director
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the rental income received from the tenants of the investment properties.Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
33% Reducing balance |
Plant and Machinery |
15-20% Reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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.
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.
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.
Trade debtors
Trade debtors are amounts due from customers for the rental of property.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Tangible assets |
Other property, plant and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2018 |
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Additions |
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- |
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At 30 June 2019 |
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Depreciation |
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At 1 July 2018 |
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Charge for the year |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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- |
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At 30 June 2018 |
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Investment properties |
2019 |
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At 1 July |
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Additions |
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Fair value adjustments |
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At 30 June |
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The fair value is based upon independent valuations carried out by Chartered Surveyors in December 2018.
The director considers the value of the property in the accounts as at 30 June 2019 of £3,280,000 is a fair reflection of the current market value.
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 July 2018 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Debtors |
2019 |
2018 |
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Other debtors |
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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2019 |
2018 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
- |
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Ali & Sons Holding Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Bank borrowings
The carrying amount of bank loans at the year end is £ Creditors include bank and other loans which are secured of £1,638,020.
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Included in the loans and borrowings is £1,222,160 which is due after more than five years by installments.
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