Company Registration No. 10783663 (England and Wales)
ALLECT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ALLECT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr I D Johnson
Mr M C D S Dos Santos
Mr W Stokes
(Appointed 30 July 2020)
Company number
10783663
Registered office
Bridgeway House Bridgeway
England And Wales
Stratford-Upon-Avon
Warwickshire
CV37 6YX
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ALLECT HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 21
ALLECT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
The principal activity of the company
in the year under review was that of a holding company.
Business review
The company is a subsidiary undertaking of Rigby Group (RG) plc ("Rigby Group").
Rigby Group
Rigby Group is a multinational, service-based holding company for a portfolio of privately owned and highly successful businesses operating across Europe. Diversifying from its origins as a principally technology-led business, Rigby Group has evolved across the last 45 years, generating £2.86bn turnover with over 8,000 employees.
Rigby Group comprises six key divisions: Technology, Airports, Hotels, Real Estate, Aviation, and Finance.
Rigby Group is a values-led business built around three core principles: foresight, working hard and enabling others, aiming to liberate companies within the group to be the very best they can be, by providing expert and highly personal leadership and swift yet sound decision making, always with an eye firmly on the long-term outcome. Further information is available at
www.rigbygroupplc.com
.
Allect
Allect International Design Group continues to develop into one of the world’s leading design groups. Allect comprises of the Rigby & Rigby, Helen Green Design and Lawson Robb Design brands specialising in the field of design and super prime residential project delivery. Core to the principles are the group’s ability to achieve excellence and leverage the platform of leading technology, processes and management to enable the specialist services and creative design brands to promote growth in aligned super prime markets.
Allect is in a unique position to offer design concept, deliver detailed design and planning both external and interior, build and construct the design with its own craftsmen and builders and then manage the property for years after.
Further information on Allect is available at
www.allect.com
and further information on the three brands is available at
www.rigbyandrigby.com
;
www.helengreendesign.com
and
www.lawsonrobb.com
.
Further details of the Allect brands is included in the financial statements of Allect Limited.
Review of the year
The company generated a profit before tax of £733, in line with expectations.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid during the year (2020: £nil). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr I D Johnson
Mr S P Rigby
(Resigned 30 July 2020)
Mr M C D S Dos Santos
Mr W Stokes
(Appointed 30 July 2020)
ALLECT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Auditor
The auditors, Ormerod Rutter Limited will be proposed for re-appointment in accordance with Section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M C D S Dos Santos
Director
5 August 2021
ALLECT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLECT HOLDINGS LIMITED
- 3 -
Opinion
We have audited the financial statements of Allect Holdings Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
ALLECT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLECT HOLDINGS LIMITED
- 4 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Based on our understanding of the company, we identified the principle risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. Audit procedures performed included discussions with management, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management.
There are inherent limitations in the audit procedures described above. We are likely to become aware of instances of non-compliance with laws and regulations which are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misstatement or through collusion.
ALLECT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLECT HOLDINGS LIMITED
- 5 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Colm McGrory FCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited
9 August 2021
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ALLECT HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
2021
2020
Notes
£
£
Turnover
3
15,000
11,250
Administrative expenses
(14,266)
(22,031)
Operating profit/(loss)
4
734
(10,781)
Interest receivable and similar income
7
6,536
Interest payable and similar expenses
8
(6,536)
Profit/(loss) before taxation
734
(10,781)
Tax on profit/(loss)
9
120
10,700
Profit/(loss) for the financial year
854
(81)
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
ALLECT HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 7 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
10
3,177
Tangible assets
11
5,292
Investments
12
5,820,409
5,820,409
5,820,409
5,828,878
Current assets
Debtors
14
5,291
12,243
Cash at bank and in hand
43
5,334
12,243
Creditors: amounts falling due within one year
15
(5,823,857)
(5,840,089)
Net current liabilities
(5,818,523)
(5,827,846)
Net assets
1,886
1,032
Capital and reserves
Called up share capital
19
4
4
Profit and loss reserves
20
1,882
1,028
Total equity
1,886
1,032
The financial statements were approved by the board of directors and authorised for issue on 5 August 2021 and are signed on its behalf by:
Mr M C D S Dos Santos
Director
Company Registration No. 10783663
ALLECT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2019
2
1,109
1,111
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(81)
(81)
Issue of share capital
19
2
-
2
Balance at 31 March 2020
4
1,028
1,032
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
854
854
Balance at 31 March 2021
4
1,882
1,886
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
1
Accounting policies
Company information
Allect Holdings Limited
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Bridgeway House Bridgeway, England And Wales, Stratford-Upon-Avon, Warwickshire, CV37 6YX.
The nature of the company's operations and its principal activities are set out in the directors report on pages 1-2.
1.1
Accounting convention
These financial statements 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” (“FRS 102”) and the requirements of the Companies Act 2006.
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Allect Holdings Limited is a subsidiary of Rigby Group (RG) plc, and the results of Allect Holdings Limited are included in the consolidated financial statements of Rigby Group (RG) plc. which are available from its registered office as disclosed in note 21.
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemptions have been taken in relation to related party transactions with wholly owned group companies and presentation of a cash flow statement.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 10 -
1.2
Going concern
The company's business activities are set out in the
true
directors
report on pages
1
to
3
.
The company's activities to date have been funded by Rigby Group (RG) plc (Rigby Group).
The directors have considered the financial position and the future prospects of the company for
twelve months from the date of signing and believe that the company
has
has access to sufficient
resources to manage its business risks successfully.
The company is part of the Rigby Group and the results are incorporated within the Rigby Group
- Annual Report and Financial Statements. These reports describe the financial position of the group;
its cash flows and liquidity position; the group's objectives, policies and processes for managing its capital; its
financial risk management objectives; details of its financial instruments and hedging activities; and its exposure
to credit risk and liquidity risk.
The
Rigby G
roup's forecasts and projections, taking account of reasonably possible changes in trading performance,
show that the group would be able to operate within the level of its current facilities.
Divisions within the group either have their own bank debt facilities, or borrow from the ultimate parent
company where necessary for major investments in infrastructure or acquisitions.
Rigby Group has provided a commitment to the company to provide additional funding should the need arise.
The company has access to Rigby Group funding where necessary. The directors have a reasonable expectation that the company and Rigby Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
50% on cost
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 11 -
1.5
Tangible fixed assets (continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% - 50% on cost
Tangible fixed assets have been fully depreciated in the current year.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash at bank and in hand
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.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 12 -
1.9
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments (continued)
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 14 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to sale of the asset.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
In reviewing these financial statements, the directors have made the following
judgements:
Impairment of assets
T
he company reviews the carrying value of the assets,
including
investments in subsidiaries at each period end. If indicators of impairment
exist, the carrying
value of the asset is subject to further testing to determine whether
its carrying value
exceeds its recoverable amount. This process will usually involve
the estimation of future
cash flows which are likely to be generated by the asset.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 15 -
3
Turnover and other revenue
Turnover represents management services fees charged to the subsidiaries of the company.
2021
2020
£
£
Turnover analysed by class of business
Inter company recharges
15,000
11,250
2021
2020
£
£
Other significant revenue
Interest income
-
6,536
4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
5,292
2,762
Amortisation of intangible assets
3,177
9,531
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,300
6,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
There were no employees employed by the company in 2021 and in 2020 other than the directors. None of the directors receive remuneration for qualifying services performed for the company.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 16 -
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest receivable from group companies
6,536
8
Interest payable and similar expenses
2021
2020
£
£
Interest payable to group undertakings
6,536
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
917
(1,801)
Adjustments in respect of prior periods
(8,899)
Total current tax
917
(10,700)
Deferred tax
Origination and reversal of timing differences
(1,037)
Total tax credit
(120)
(10,700)
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit/(loss) before taxation
734
(10,781)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
139
(2,048)
Adjustments in respect of prior years
354
(8,899)
Deferred tax not provided for
(613)
247
Taxation credit for the year
(120)
(10,700)
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 17 -
10
Intangible fixed assets
Website
£
Cost
At 1 April 2020 and 31 March 2021
19,062
Amortisation and impairment
At 1 April 2020
15,885
Amortisation charged for the year
3,177
At 31 March 2021
19,062
Carrying amount
At 31 March 2021
At 31 March 2020
3,177
11
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2020 and 31 March 2021
9,896
Depreciation and impairment
At 1 April 2020
4,604
Depreciation charged in the year
5,292
At 31 March 2021
9,896
Carrying amount
At 31 March 2021
At 31 March 2020
5,292
12
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
13
5,820,409
5,820,409
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 18 -
13
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
% Held
office key
shares held
Company
Group
Allect Limited
A
Property development
Ordinary
100.00
100.00
Helen Green Design Limited
A
Dormant
Ordinary
100.00
100.00
Lawson Robb Design Limited
A
Dormant
Ordinary
100.00
100.00
Rigby & Rigby Limited
A
Dormant
Ordniary
100.00
100.00
Registered office address:
A
Bridgeway House, Bridgeway, Stratford-Upon-Avon, Warwickshire, CV37 6YX
All subsidiaries are indirectly held, with the exception of Allect Limited.
14
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
4,062
4,416
Other debtors
192
1,327
Prepayments and accrued income
6,500
4,254
12,243
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 18)
1,037
Total debtors
5,291
12,243
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 19 -
15
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank overdraft
16
17,898
Amounts owed to group undertakings
5,820,794
5,815,791
Corporation tax
563
Accruals and deferred income
2,500
6,400
5,823,857
5,840,089
The bank overdraft is
secured by fixed charges over the shares in subsidiary undertakings and a floating charge over the company.
16
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
17,898
Payable within one year
17,898
The long-term loans are secured by fixed charges over the shares in subsidiary undertakings and a floating charge over the assets of the company and cross guarantees from Allect Limited, Helen Green Design Limited and Lawson Robb Design Limited.
17
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank overdrafts
17,898
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2021
2020
Balances:
£
£
Fixed asset timing differences
1,037
-
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
18
Deferred taxation
(Continued)
- 20 -
2021
Movements in the year:
£
Liability at 1 April 2020
-
Credit to profit or loss
(1,037)
Asset at 31 March 2021
(1,037)
The deferred tax asset will reverse over the following periods:
2021
£
Recoverable within one year
187
Recoverable after more than one year
850
1,037
19
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
Ordinary B Shares of £1 each
2
2
2
2
4
4
4
4
Each Ordinary Share carries full rights in the company with respect to voting, dividends, distributions and returns of capital.
The holders of Ordinary B Shares shall not be entitled to vote, whether on a show of hands,a poll, a written resolution or otherwise. The Ordinary B Shares carry a right to a capital return and can participate in dividends and distributions unless the holder of the Ordinary B Shares leaves the company.
20
Profit and loss reserves
This represents the accumulated realised earnings from the prior and current periods as reduced by losses and dividends from time to time.
21
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.
ALLECT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 21 -
22
Ultimate controlling party
Rigby Group (RG) plc is regarded by the directors as being the company's ultimate parent company.
T
he principal place of business of Rigby Group (RG) plc is at Bridgeway House, Stratford-upon-Avon,
Warwickshire, CV37 6YX. The consolidated statements are available at that address.
With effect from 1 April 2019 the immediate parent undertaking is Rigby Group Finance Limited.
Sir Peter Rigby, a director of Rigby Group (RG) plc, controlled the Company as a result of holding 68.28% of the issued ordinary share capital and 80% of the voting rights of Rigby Group (RG) plc, the ultimate parent undertaking.
2021-03-31
2020-04-01
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CCH Software
CCH Accounts Production 2021.100
No description of principal activity
Mr I D Johnson
Mr S P Rigby
Mr M C D S Dos Santos
Mr W Stokes
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