Alo Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10587380 (England and Wales)

Alo Properties Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2023

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs S Hussein

Mr O Hussein

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

10587380 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alo Properties Limited for the year ended 31 March 2023 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Alo Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Alo Properties Limited and state those matters that we have agreed to state to the Board of Directors of Alo Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alo Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Alo Properties 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 Alo Properties Limited. You consider that Alo Properties 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 Alo Properties 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.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

31 December 2023

FIXED ASSETS

Investment property

4

3,764,437

3,611,628

CURRENT ASSETS

Debtors

5

482,744

263,984

Cash at bank and in hand

609,111

906,574

1,091,855

1,170,558

CREDITORS

Amounts falling due within one year

6

4,057,632

4,043,670

NET CURRENT LIABILITIES

(2,965,777

)

(2,873,112

)

TOTAL ASSETS LESS CURRENT LIABILITIES

798,660

738,516

CREDITORS

Amounts falling due after more than one year

7

591,139

638,826

NET ASSETS

207,521

99,690

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

207,421

99,590

SHAREHOLDERS' FUNDS

207,521

99,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2023 and were signed on its behalf by:

Mr O Hussein - Director

Mrs S Hussein - Director

1.	STATUTORY INFORMATION

Alo 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents gross invoiced rental income.

Turnover is generated from the ordinary activities of the business and is recognised when rent is due for payment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

In the director's assessment of the company's ability to continue as a going concern, there are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and as such the company therefore continues to adopt the going concern basis in preparation of its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

3,611,628

Additions

152,809

At 31 March 2023

3,764,437

NET BOOK VALUE

At 31 March 2023

3,764,437

At 31 March 2022

3,611,628

Fair value at 31 March 2023 is represented by:

£

Cost

3,764,437

If Investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

3,764,437

3,611,628

Investment properties were valued on a fair value basis on 31 March 2023 by Mr O Hussein .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

129,392

105,600

London Catering Services (SE) Ltd

353,254

142,000

Prepayments

98

16,384

482,744

263,984

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

49,895

53,800

Trade creditors

46,938

46,355

Tax

50,396

23,858

VAT

57,743

23,198

Directors' current accounts

3,836,954

3,876,936

Accruals and deferred income

14,556

17,323

Accrued expenses

1,150

2,200

4,057,632

4,043,670

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

49,895

53,800

Bank loans - 2-5 years

131,741

585,026

Bank loans more 5 yr by instal

409,503

-

591,139

638,826

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

409,503

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 April 2022

99,590

Profit for the year

107,831

At 31 March 2023

207,421

10.	RELATED PARTY DISCLOSURES

Included in creditors is an amount owed to key management personnel at balance sheet date of £3,836,954 (2022: £3,876,936). This is an interest free loan and has no fixed repayment terms.