Alycidon Investments Limited Company accounts

Alycidon Investments Limited Company accounts

ALYCIDON INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01874634
ALYCIDON INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2022
ALYCIDON INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
11
ALYCIDON INVESTMENTS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
P S Bennett
G T Marsden
P B Marsden
Company secretary
G T Marsden
Registered office
95 Jermyn Street
London
SW1Y 6JE
Accountants
BSG Valentine (UK) LLP
Chartered accountants
Lynton House
7 - 12 Tavistock Square
London
WC1H 9BQ
ALYCIDON INVESTMENTS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022 .
Directors
The directors who served the company during the year were as follows:
P S Bennett
G T Marsden
P B Marsden
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 September 2022 and signed on behalf of the board by:
G T Marsden
Director
Registered office:
95 Jermyn Street
London
SW1Y 6JE
ALYCIDON INVESTMENTS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MARCH 2022
2022
2021
Note
£
£
TURNOVER
326,373
343,721
Cost of sales
( 36,142)
( 26,397)
---------
---------
GROSS PROFIT
290,231
317,324
Administrative expenses
( 238,780)
( 191,979)
Other operating income
251,373
550,000
---------
---------
OPERATING PROFIT
302,824
675,345
Other interest receivable and similar income
5
92
2,132
Interest payable and similar expenses
6
( 48,930)
( 43,447)
---------
---------
PROFIT BEFORE TAXATION
253,986
634,030
Tax on profit
( 61,377)
( 107,748)
---------
---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
192,609
526,282
---------
---------
Dividends paid and payable
( 95,000)
( 90,000)
RETAINED EARNINGS AT THE START OF THE YEAR
5,175,485
4,739,203
------------
------------
RETAINED EARNINGS AT THE END OF THE YEAR
5,273,094
5,175,485
------------
------------
All the activities of the company are from continuing operations.
ALYCIDON INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
7
7,400,000
6,350,000
Investments
8
–
158,000
------------
------------
7,400,000
6,508,000
CURRENT ASSETS
Debtors
9
103,520
88,934
Cash at bank and in hand
301,954
821,417
---------
---------
405,474
910,351
CREDITORS: amounts falling due within one year
10
( 303,993)
( 154,121)
---------
---------
NET CURRENT ASSETS
101,481
756,230
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,501,481
7,264,230
CREDITORS: amounts falling due after more than one year
11
( 1,418,265)
( 1,340,000)
PROVISIONS
( 547,138)
( 485,761)
------------
------------
NET ASSETS
5,536,078
5,438,469
------------
------------
CAPITAL AND RESERVES
Called up share capital
11,153
11,153
Share premium account
12
251,213
251,213
Capital redemption reserve
12
618
618
Profit and loss account
12
5,273,094
5,175,485
------------
------------
SHAREHOLDERS FUNDS
5,536,078
5,438,469
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ALYCIDON INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 26 September 2022 , and are signed on behalf of the board by:
G T Marsden
Director
Company registration number: 01874634
ALYCIDON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 95 Jermyn Street, London, SW1Y 6JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents gross rents receivable from the letting of investment properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Other interest receivable and similar income
2022
2021
£
£
Interest on loans and receivables
–
148
Interest on cash and cash equivalents
92
1,984
----
-------
92
2,132
----
-------
6. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
48,930
43,447
--------
--------
7. Tangible assets
Freehold property
£
Cost or valuation
At 1 April 2021
6,350,000
Additions
798,627
Revaluations
251,373
------------
At 31 March 2022
7,400,000
------------
Depreciation
At 1 April 2021 and 31 March 2022
–
------------
Carrying amount
At 31 March 2022
7,400,000
------------
At 31 March 2021
6,350,000
------------
Tangible assets held at valuation
The company's investment properties, which were revalued by the board as at 31 March 2022, have an original cost of £3,867,511.
8. Investments
Other investments other than loans
£
Cost
At 1 April 2021
158,000
Disposals
( 158,000)
---------
At 31 March 2022
–
---------
Impairment
At 1 April 2021 and 31 March 2022
–
---------
Carrying amount
At 31 March 2022
–
---------
At 31 March 2021
158,000
---------
9. Debtors
2022
2021
£
£
Trade debtors
67,825
65,738
Amounts owed by group undertakings and undertakings in which the company has a participating interest
10,000
10,000
Other debtors
25,695
13,196
---------
--------
103,520
88,934
---------
--------
10. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
52,074
23,207
Trade creditors
46,625
4,640
Social security and other taxes
38,860
17,839
Other creditors
166,434
108,435
---------
---------
303,993
154,121
---------
---------
11. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,418,265
1,340,000
------------
------------
The bank loans are secured by a legal charge on the investment properties and other tangible assets of the company. A debenture was created between the company Lloyds Bank on 23 August 2016.
The bank loan falling due after more than 5 years is £1,195,793 (2021: £nil).
12. Reserves
An amount of £2,985,351 (2021: £2,795,355) within the profit and loss account is non-distributable.
ALYCIDON INVESTMENTS LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2022
The following pages do not form part of the financial statements.
ALYCIDON INVESTMENTS LIMITED
CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALYCIDON INVESTMENTS LIMITED
YEAR ENDED 31 MARCH 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alycidon Investments Limited for the year ended 31 March 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Alycidon Investments Limited, as a body, in accordance with the terms of our engagement letter dated 19 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Alycidon Investments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alycidon Investments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Alycidon Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Alycidon Investments Limited. You consider that Alycidon Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Alycidon Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BSG Valentine (UK) LLP Chartered accountants
Lynton House 7 - 12 Tavistock Square London WC1H 9BQ
26 September 2022