Company Registration No. 05684465 (England and Wales)
ALLEON PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
ALLEON PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr L L Davidson
Mr A Hardill
Mr M C C Browne
Secretary
Mr L L Davidson
Company number
05684465
Registered office
105 New Road Side
Horsforth
Leeds
LS18 4QD
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
10 St Andrew's Walk
Alwoodley
Leeds
Yorkshire
LS17 7TS
Bankers
Svenska Handelsbanken AB (publ)
First Floor
Sunlight House
Quay Street
Manchester
M3 3JZ
ALLEON PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALLEON PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
900,000
1,616,211
Current assets
Debtors
4
17,580
2,659
Cash at bank and in hand
48,710
37,635
66,290
40,294
Creditors: amounts falling due within one year
5
(654,098)
(674,627)
Net current liabilities
(587,808)
(634,333)
Total assets less current liabilities
312,192
981,878
Creditors: amounts falling due after more than one year
6
(719,411)
(760,699)
Net (liabilities)/assets
(407,219)
221,179
Capital and reserves
Called up share capital
7
75
75
Profit and loss reserves
(407,294)
221,104
Total equity
(407,219)
221,179
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
ALLEON PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2017 and are signed on its behalf by:
Mr L L Davidson
Director
Company Registration No. 05684465
ALLEON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
Alleon Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
105 New Road Side, Horsforth, Leeds, LS18 4QD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of Alleon Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
The company is reliant on the financial support of the directors
and the company's bankers
.
The directors have no reason to believe that this support will not continue for the foreseeable future and,
o
n this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover represents rents receivable.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ALLEON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
ALLEON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
3
Investment property
2017
£
Fair value
At 1 February 2016
1,616,211
Revaluations
(716,211)
At 31 January 2017
900,000
Investment property comprises land and buildings at Low Lane, Horseforth, Leeds. The fair value of the investment property has been arrived at on the basis of an offer for purchase received for the property from a third party, who is not connected with the company.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
1,616,211
1,616,211
Accumulated depreciation
-
-
Carrying amount
1,616,211
1,616,211
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
14,921
-
Other debtors
2,659
2,659
17,580
2,659
5
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
46,000
36,000
Corporation tax
4,639
42,311
Other creditors
574,687
567,157
Accruals and deferred income
28,772
29,159
654,098
674,627
ALLEON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
719,411
760,699
The company's bank borrowings are secured by way of a legal charge over the company's investment property at Low Lane, Horsforth, Leeds.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
75 Ordinary shares of £1 each
75
75
8
Events after the reporting date
Subsequent to the balance sheet date the company has disposed of its investment property at its carrying value.
In May 2017 the company issued a further 390,000 £1 ordinary shares at par to the directors.
ALLEON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 7 -
9
Directors' transactions
Advances or credits have been granted
to
the company
by
its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr L L Davidson -
-
188,719
2,530
191,249
Mr A Hardill -
-
189,719
2,500
192,219
Mr M C C Browne -
-
188,719
2,500
191,219
567,157
7,530
574,687