ACCOUNTS - Final Accounts preparation

ALL SAINTS LIVING LIMITED - Company Information

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Company Registration Number 11834937

	ALL SAINTS LIVING LIMITED

	FINANCIAL STATEMENTS

	31 DECEMBER 2021

ALL SAINTS LIVING LIMITED

COMPANY INFORMATION

Director	G Fraser (appointed 6 August 2021)


Registered number	11834937


Registered office	Rotterdam House
	116 Quayside
	Newcastle Upon Tyne
	NE1 3DY


Auditors	Armstrong Watson Audit Limited
	Suite 15/17
	11 Waterloo Street
	Newcastle upon Tyne
	NE1 4DP

ALL SAINTS LIVING LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of comprehensive income	7
Balance sheet	8
Notes to the financial statements	9 - 11

ALL SAINTS LIVING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company acts as an intermediary holding company.

Directors

The directors who served during the year were:

G Fraser (appointed 6 August 2021)

S Renfrew (appointed 9 August 2021, resigned 19 January 2022)

G Forrest (resigned 6 August 2021)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

ALL SAINTS LIVING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

G Fraser

Director

Date: 3 March 2023

Page 2

ALL SAINTS LIVING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SAINTS LIVING LIMITED

Opinion

We have audited the financial statements of All Saints Living Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of comprehensive income, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.3 in the financial statements, which indicates that the reliance on other group entities may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.3, these conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included management's assessment of the overall funding position of the entire group with respect to that evaluation.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

ALL SAINTS LIVING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SAINTS LIVING LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

ALL SAINTS LIVING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SAINTS LIVING LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected or alleged fraud; and
• we have been unable to assess the internal controls in place to mitigate risks of fraud due to the change in
ownership post year end, however nothing has come to light from reviewing the transactions during the period which would indicate fraud.
In address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected
relationships; and
• used analytrical procedures over journal entries to identify unusual transactions;
• considered the appropriateness of accounting estimates.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included but were not limited too:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 5

ALL SAINTS LIVING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SAINTS LIVING LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Gray (Senior statutory auditor)

for and on behalf of

Armstrong Watson Audit Limited

Newcastle upon Tyne

3 March 2023

Page 6

ALL SAINTS LIVING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	2020
	£	£


Administrative expenses	(54,154)	-
Operating (loss)/profit	(54,154)	-
(Loss)/profit for the financial year	(54,154)	-

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

The notes on pages 9 to 11 form part of these financial statements.

Page 7

ALL SAINTS LIVING LIMITED

REGISTERED NUMBER: 11834937

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£


Fixed assets
Investments	4		203		605
			203		605
Current assets
Debtors: amounts falling due within one year	5	62,281		-
		62,281		-
Creditors: amounts falling due within one year	6	(116,637)		(604)
Net current liabilities			(54,356)		(604)
Total assets less current liabilities			(54,153)		1



Net (liabilities)/assets			(54,153)		1

Capital and reserves
Called up share capital	1	1
Profit and loss account	(54,154)	-
	(54,153)	1

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 were approved and authorised for issue by the board and were signed on its behalf by:

G Fraser

Director

Date: 3 March 2023

The notes on pages 9 to 11 form part of these financial statements.

Page 8

ALL SAINTS LIVING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

All Saints Living Limited is a private company limited by shares incorporated in Engalnd and Wales. The registered office is Rotterdam House, 116 Quayside, Newcastle upon Tyne, NE1 3DY.

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 accounts have been prepared in pounds sterling.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Going concern

The company has made a loss in the year of £54k and has net liabilities of £54k. The main creditor is the parent company who have given their support to the company not to recall this to the detriment of other creditors.
However, various entities within the group have material uncertainties with regards to going concern. The ability for the company to continue as a going concern is dependant of the support of the wider group, and therefore due to uncertainties described in other group companies’ financial statements therefore give rise to a material uncertainty regarding going concern for the company itself.
The director has considered the overall funding position of the group as whole when considering the going concern basis of accounting and confirms based on current funding in place, planned realisation of development value and post year end sales which have been made that the basis remains appropriate.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

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.

Page 9

ALL SAINTS LIVING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.7

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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2021	605
	Disposals	(402)
	At 31 December 2021	203

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Vaga Developments Limited	England & Wales	Ordinary	100%
Kirkwhelpington Developments Limited	England & Wales	Ordinary	100%
Bodo Developments Limited	England & Wales	Ordinary	100%
Walbert Developments Limited	England & Wales	Ordinary	100%
Student 52 (Newcastle) Limited	England & Wales	Ordinary	100%

Page 10

ALL SAINTS LIVING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Debtors

					2021	2020
					£	£


Prepayments and accrued income	62,281	-
	62,281	-

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank overdrafts	11	-
Trade creditors	481	-
Amounts owed to group undertakings	113,645	604
Accruals and deferred income	2,500	-
	116,637	604

7.	Controlling party

The Company's ultimate parent is Hadrian Real Estate Plc. Hadrian Real Estate Plc is incorporated in the UK. The ultimate parent produces consolidated financial statements which are available from Companies House.
Prior to August 2021 the ultimate parent was High Street GRP Limited.

Page 11