| Alberta Properties Limited |
| Registered number: |
03252286 |
| Balance Sheet |
| as at 31 March 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
7,080,000 |
|
|
7,450,000 |
|
| Current assets |
| Debtors |
4 |
|
638,268 |
|
|
599,161 |
| Cash at bank and in hand |
|
|
68,769 |
|
|
82,757 |
|
|
|
707,037 |
|
|
681,918 |
|
| Creditors: amounts falling due within one year |
5 |
|
(100,646) |
|
|
(82,406) |
|
| Net current assets |
|
|
|
606,391 |
|
|
599,512 |
|
| Total assets less current liabilities |
|
|
|
7,686,391 |
|
|
8,049,512 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(5,000,000) |
|
|
(5,000,000) |
|
|
|
| Net assets |
|
|
|
2,686,391 |
|
|
3,049,512 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Non distributable reserve |
8 |
|
|
1,160,609 |
|
|
1,530,609 |
| Profit and loss account |
|
|
|
1,525,682 |
|
|
1,518,803 |
|
| Shareholders' funds |
|
|
|
2,686,391 |
|
|
3,049,512 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C.N. Rayner |
| Director |
| Approved by the board on 8 December 2023 |
|
| Alberta Properties Limited |
| Notes to the Accounts |
| for the year ended 31 March 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and represents rental income receivable |
|
|
|
Tangible fixed assets |
|
Investment properties are not depreciated which is a departure from the Companies Act 2006 but they are revalued in accordance with FRS102 and the movement shown in the profit and loss account for the year. This is then transferred to a revaluation reserve until realised. Remaining fixed assets are depreciated at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
|
| 2 |
Employee number |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Investment properties |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost/ Valuation |
|
At 1 April 2022 |
7,450,000 |
|
34,057 |
|
7,484,057 |
|
Surplus on revaluation |
(370,000) |
|
- |
|
(370,000) |
|
At 31 March 2023 |
7,080,000 |
|
34,057 |
|
7,114,057 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
- |
|
34,057 |
|
34,057 |
|
At 31 March 2023 |
- |
|
34,057 |
|
34,057 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
7,080,000 |
|
- |
|
7,080,000 |
|
At 31 March 2022 |
7,450,000 |
|
- |
|
7,450,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
| £ |
£ |
|
Historical cost |
5,919,391 |
|
5,919,391 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
5,919,391 |
|
5,919,391 |
|
|
|
|
|
|
|
|
|
|
The investment properties have been revalued by C N Rayner MRICS, a director, on a current use basis at 31 March 2023. |
|
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Amounts owed by related undertakings |
|
607,701 |
|
598,281 |
|
Other debtors |
30,567 |
|
880 |
|
|
|
|
|
|
638,268 |
|
599,161 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Taxation and social security costs |
754 |
|
(1,797) |
|
Other creditors |
99,892 |
|
84,203 |
|
|
|
|
|
|
100,646 |
|
82,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Commercial loans |
5,000,000 |
|
5,000,000 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2023 |
|
2022 |
| £ |
£ |
|
Creditors include: |
|
|
Secured commercial loans |
5,000,000 |
|
5,000,000 |
|
|
|
|
|
|
|
|
|
|
Secured on the company's investment properties and a joint reciprocal security arrangement with related companies Attleborough Estates Limited and Vectis Property Company Limited. |
|
|
| 8 |
Non distributable reserve |
2023 |
|
2022 |
| £ |
£ |
|
|
At 1 April 2022 |
1,530,609 |
|
1,345,439 |
|
Revaluation of investment property net of disposal |
(370,000) |
|
185,170 |
|
|
At 31 March 2023 |
1,160,609 |
|
1,530,609 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Controlling party |
|
|
The controlling party is C N Rayner, a director, by virtue of his controlling interest in the ordinary shares of the company. |
|
|
| 10 |
Other information |
|
|
Alberta Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
C/O TWM Solicitors |
|
65 Woodbridge Road |
|
Guildford |
|
Surrey |
|
GU1 4RD |
