Alphacube Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04181727 (England and Wales)

ALPHACUBE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J A Yiakoumetti

REGISTERED OFFICE:

86 Ashurst Road

Barnet

Hertfordshire

EN4 9LG

REGISTERED NUMBER:

04181727 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Property, plant and equipment

4

6,770

7,522

Investment property

5

4,250,000

3,403,997

4,256,770

3,411,519

CURRENT ASSETS

Debtors

6

-

9,694

Cash at bank and in hand

180,873

255,959

180,873

265,653

CREDITORS

Amounts falling due within one year

7

757,358

886,222

NET CURRENT LIABILITIES

(576,485

)

(620,569

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,680,285

2,790,950

CREDITORS

Amounts falling due after more than one year

8

(255,000

)

(255,000

)

PROVISIONS FOR LIABILITIES

10

(444,489

)

(283,892

)

NET ASSETS

2,980,796

2,252,058

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

2,350,022

1,664,759

Retained earnings

12

630,674

587,199

SHAREHOLDERS' FUNDS

2,980,796

2,252,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 December 2021 and were signed by:

Mr J A Yiakoumetti - Director

1.	STATUTORY INFORMATION

Alphacube Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the net rents receivable, excluding value added tax. Turnover is recognised when rent becomes due under the lease agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Investment property

The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease.

This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The director consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified.

All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

30,577

DEPRECIATION

At 1 April 2020

23,055

Charge for year

752

At 31 March 2021

23,807

NET BOOK VALUE

At 31 March 2021

6,770

At 31 March 2020

7,522

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

3,403,997

Revaluations

846,003

At 31 March 2021

4,250,000

NET BOOK VALUE

At 31 March 2021

4,250,000

At 31 March 2020

3,403,997

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Rent receivable

-

9,694

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Tenants deposit

52,450

15,260

Rents received in Advance

12,082

2,520

Tax

29,188

27,906

Other creditors

871

5,780

Natwest credit card

409

578

Shareholders loans

406,853

483,853

Directors' loan accounts

254,035

348,885

Accrued expenses

1,470

1,440

757,358

886,222

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans (see note 9)

255,000

255,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable after more than 5 years

255,000

255,000

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.21

31.3.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan repayable after more than 5 years

255,000

255,000

10.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

444,489

283,892

Deferred

tax

£

Balance at 1 April 2020

283,892

Provided during year

(143

)

Fair value movement

160,740

Balance at 31 March 2021

444,489

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

10

Ordinary A

£1

10

10

90

Ordinary B

£1

90

90

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2020

587,199

1,664,759

2,251,958

Profit for the year

123,475

123,475

Dividends

(80,000

)

(80,000

)

Fair value movement

-

846,003

846,003

Deferred tax on fair value res

-

(160,740

)

(160,740

)

At 31 March 2021

630,674

2,350,022

2,980,696

13.	ULTIMATE CONTROLLING PARTY

There is no overall control of the company by any one person.