Company registration number 09164022 (England and Wales)
ALVERSTONE DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
ALVERSTONE DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ALVERSTONE DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
4
2,750,000
2,750,000
Current assets
Cash at bank and in hand
99,212
78,219
Creditors: amounts falling due within one year
5
(982,891)
(961,723)
Net current liabilities
(883,679)
(883,504)
Total assets less current liabilities
1,866,321
1,866,496
Creditors: amounts falling due after more than one year
6
(1,560,000)
(1,560,000)
Provisions for liabilities
(51,892)
(51,892)
Net assets
254,429
254,604
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
7
572,347
572,347
Distributable profit and loss reserves
(318,018)
(317,843)
Total equity
254,429
254,604
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
These accounts are now the Statutory accounts and replace the original accounts as previously submitted. They have been prepared as they were at the date of the original accounts.
ALVERSTONE DEVELOPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2022
31 August 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 May 2023
Mr A Pasha
Director
Company Registration No. 09164022
ALVERSTONE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 3 -
1
Accounting policies
Company information
Alverstone Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 7, 3rd Floor Lansdowne House, 57 Berkeley Square, London, W1J 6ER.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Investment property
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
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.
1.4
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Leases
ALVERSTONE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 4 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
4
Investment property
2022
£
Fair value
At 1 September 2021 and 31 August 2022
2,750,000
Investment property comprises residential freehold property. The fair value of the investment property has been arrived at by a Directors valuation using an open market value basis comparing similar property values as at the 31st August 2022.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
63
56
Other creditors
982,828
961,667
982,891
961,723
ALVERSTONE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,560,000
1,560,000
Of the creditors falling due within and after more than one year, the banks loans and overdrafts totalling £1,560,000 (2020: £1,560,000) were secured.
There is a Legal Charge dated 3rd October 2017 in favour of the Arbuthnot Latham & Co. Limited., to secure banking facilities. This comprises fixed charges over a deposit of £37,740. The Legal Charge contains a negative pledge.
There is a Legal Charge dated 3rd October 2017 in favour of the Arbuthnot Latham & Co. Limited., to secure banking facilities. This comprises fixed charges over all future freehold and leasehold property at 1b Alverstone Road, London, NW2 5JS. The Legal Charge contains a negative pledge.
There is a Legal Charge dated 3rd October 2017 in favour of the Arbuthnot Latham & Co. Limited., to secure banking facilities. This comprises fixed charges over the freehold 1b Alverstone Road, London, NW2 5JS. The Legal Charge contains a negative pledge.
7
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
572,347
422,347
Non distributable profits in the year
-
150,000
At the end of the year
572,347
572,347