Aliceland Limited 30/09/2023 iXBRL

Aliceland Limited 30/09/2023 iXBRL

ALICELAND LIMITED - Company Information

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Company registration number: 01555893
Aliceland Limited
Unaudited filleted financial statements
30 September 2023
Aliceland Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Aliceland Limited
Directors and other information
Director S M Martin
Secretary S M Martin
Company number 01555893
Registered office 10 Dartmouth Park Hill
London
NW5 1HL
Accountants Johal Stott & Co Ltd
10 Dartmouth Park Hill
London
NW5 1HL
Aliceland Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Aliceland Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aliceland Limited for the year ended 30 September 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Aliceland Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aliceland Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aliceland Limited and its director as a body for our work or for this report.
It is your duty to ensure that Aliceland 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 loss of Aliceland Limited. You consider that Aliceland 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 Aliceland 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.
Johal Stott & Co Ltd
Chartered Certified Accountants
10 Dartmouth Park Hill
London
NW5 1HL
20 May 2024
Aliceland Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Investment properties 4 575,000 575,000
_______ _______
575,000 575,000
Current assets
Debtors 5 18,033 13,359
Cash at bank and in hand 738,678 765,067
_______ _______
756,711 778,426
Creditors: amounts falling due
within one year 6 ( 329,684) ( 339,271)
_______ _______
Net current assets 427,027 439,155
_______ _______
Total assets less current liabilities 1,002,027 1,014,155
Creditors: amounts falling due
after more than one year 7 ( 445,000) ( 445,000)
_______ _______
Net assets 557,027 569,155
_______ _______
Capital and reserves
Called up share capital 200 200
Fair value reserve 89,174 89,174
Profit and loss account 467,653 479,781
_______ _______
Shareholders funds 557,027 569,155
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 May 2024 , and are signed on behalf of the board by:
S M Martin
Director
Company registration number: 01555893
Aliceland Limited
Statement of changes in equity
Year ended 30 September 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 October 2021 200 91,868 488,223 580,291
Loss for the year ( 11,136) ( 11,136)
Other comprehensive income for the year:
Transfers - - 2,694 2,694
Transfers ( 2,694) - ( 2,694)
_______ _______ _______ _______
Total comprehensive income for the year - ( 2,694) ( 8,442) ( 11,136)
_______ _______ _______ _______
At 30 September 2022 and 1 October 2022 200 89,174 479,781 569,155
Loss for the year ( 12,128) ( 12,128)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 12,128) ( 12,128)
_______ _______ _______ _______
At 30 September 2023 200 89,174 467,653 557,027
_______ _______ _______ _______
Aliceland Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company's principal activity during the year continued to be that of property management.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents rent receivable recognised on an accrual basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investment property
Freehold property Total
£ £
Fair value
At 1 October 2022 and 30 September 2023 575,000 575,000
_______ _______
Depreciation
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 575,000 575,000
_______ _______
At 30 September 2022 575,000 575,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 October 2022 and 30 September 2023 575,000
_______
Fixed asset comprises investment property of freehold land and buildings. The fair value of of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on a fair value basis by reference to market evidence of transaction prices for similar properties. If Investment properits were stated on an historcal cost basis rather than a fair value basis, the amounts would have been as £552,926 ( 2022: £552,926)
5. Debtors
2023 2022
£ £
Other debtors 18,033 13,359
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors - 11,340
Social security and other taxes - 2,967
Other creditors 329,684 324,964
_______ _______
329,684 339,271
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 445,000 445,000
_______ _______
Security has been given in respect of loans totalling £215,000 (2022 £215,000)
Included within creditors: amounts falling due after more than one year is an amount of £ 160,000 (2022 £ 160,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Interest is payable on these loans at 6 percent.
8. Directors advances, credits and guarantees
At 30th September 2023 there was a looan from Mrs S M Martin of £285,000 (2022: £285,000). Interest is payable on these loans was £29,250 (2022: £29,250). At 30th September 2023 £506,359 (2022 £506,359) was owed to Mrs S M Martin .