Alisons Limited - Period Ending 2022-02-28
Alisons Limited - Period Ending 2022-02-28
Registration number:
Alisons Limited
for the Year Ended 28 February 2022
Alisons Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Alisons Limited
Company Information
Director |
M Javed |
Company secretary |
O N Javed |
Registered office |
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Alisons Limited
(Registration number: 02502205)
Balance Sheet as at 28 February 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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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 |
1,800 |
1,800 |
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Capital redemption reserve |
1,200 |
1,200 |
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Fair value reserve |
126,443 |
156,103 |
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Retained earnings |
1,412,490 |
1,270,745 |
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Shareholders' funds |
1,541,933 |
1,429,848 |
For the financial year ending 28 February 2022 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.
Approved and authorised by the
Alisons Limited
(Registration number: 02502205)
Balance Sheet as at 28 February 2022
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Alisons Limited
Statement of Changes in Equity for the Year Ended 28 February 2022
Share capital |
Capital redemption reserve |
Fair value reserve |
Retained earnings |
Total |
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At 1 March 2021 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
- |
( |
Total comprehensive income |
- |
- |
( |
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At 28 February 2022 |
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
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At 1 March 2020 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
At 28 February 2021 |
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Alisons Limited
Notes to the Financial Statements for the Year Ended 28 February 2022
General information |
The company is a incorporated in England & Wales and the company registration number is 02502205.
The address of its registered office is:
United Kingdom
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 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
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.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. 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 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Alisons Limited
Notes to the Financial Statements for the Year Ended 28 February 2022
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.
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 |
Freehold property |
2% straight line |
Improvements to leasehold property |
Straight line over 15 years |
Improvements to freehold property |
20% straight line |
Fixtures and fittings |
20% straight line |
Investment property
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 merchandise sold or services performed in the ordinary course of business.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Alisons Limited
Notes to the Financial Statements for the Year Ended 28 February 2022
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the year, was
Alisons Limited
Notes to the Financial Statements for the Year Ended 28 February 2022
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Additions |
- |
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At 28 February 2022 |
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Depreciation |
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At 1 March 2021 |
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Charge for the year |
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At 28 February 2022 |
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Carrying amount |
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At 28 February 2022 |
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At 28 February 2021 |
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Included within the net book value of land and buildings above is £675,741 (2021 - £696,838) in respect of freehold land and buildings and £Nil (2021 - £Nil) in respect of long leasehold land and buildings.
Investment properties |
2022 |
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At 1 March |
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At 28 February |
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The director has deemed that the fair value of the investment properties remains at the value brought forward.
There has been no valuation of investment property by an independent valuer.
Stocks |
2022 |
2021 |
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Finished goods and goods for resale |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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- |
Prepayments |
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Other debtors |
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Alisons Limited
Notes to the Financial Statements for the Year Ended 28 February 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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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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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
13,256 |
10,764 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £85,000 (2021 - £247,224).
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £344,482 (2021 - £515,695).
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,800 |
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1,800 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on revaluation of other assets |
( |
( |
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Alisons Limited
Notes to the Financial Statements for the Year Ended 28 February 2022
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Related party transactions |
Transactions with the Director |
2022 |
At 1 March 2021 |
Advances to Director |
Repayments by Director |
At 28 February 2022 |
M Javed |
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Interest free director's loan account |
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( |
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2021 |
At 1 March 2020 |
Advances to Director |
Repayments by Director |
At 28 February 2021 |
M Javed |
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Interest free director's loan account |
( |
( |
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