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

REGISTERED NUMBER: 01485799 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Allbright Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

Mrs S J Tuvey

R J C Jones

A D McHugh

SECRETARY:

Mrs S J Tuvey

REGISTERED OFFICE:

The Old Farmhouse

Chapel Lane

Shotteswell

Banbury

OX17 1JB

REGISTERED NUMBER:

01485799 (England and Wales)

ACCOUNTANTS:

Breckman and Company

Charterted Certified Accountants

and Statutory Auditors

49 South Molton Street

London

W1K 5LH

FIXED ASSETS

Tangible assets

4

6,608

8,261

Investments

5

194,975

194,975

Investment property

6

4,000,000

4,000,000

4,201,583

4,203,236

CURRENT ASSETS

Debtors

7

97,236

72,213

Prepayments and accrued income

5,880

3,667

Cash at bank and in hand

180,390

363,689

283,506

439,569

CREDITORS

Amounts falling due within one year

8

1,456,558

232,802

NET CURRENT (LIABILITIES)/ASSETS

(1,173,052

)

206,767

TOTAL ASSETS LESS CURRENT LIABILITIES

3,028,531

4,410,003

CREDITORS

Amounts falling due after more than one year

9

(386,426

)

(1,657,175

)

PROVISIONS FOR LIABILITIES

(64,967

)

(94,876

)

NET ASSETS

2,577,138

2,657,952

CAPITAL AND RESERVES

Called up share capital

400,000

400,000

Revaluation reserve

12

2,035,657

2,035,657

Retained earnings

141,481

222,295

2,577,138

2,657,952

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 22 November 2023 and were signed on its behalf by:

Mrs S J Tuvey - Director

1.	STATUTORY INFORMATION

Allbright 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.

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

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

5% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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.

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.

Pension costs and other post-retirement benefits

The company operates a pension promise in respect of one ex-director providing a defined benefit scheme based on pay near to retirement. The promise is not funded in advance. The defined benefit liabilities have been measured using the projected life expectancy of the recipient and the expected promised future payments assuming inflation rates of between 3% and 5%. The deferred tax relating to a defined benefit liability is offset against the defined benefit liability and not included with other deferred tax liabilities.

Defined contributions, or payments in lieu of contributions for directors over state retirement age, are agreed in advance for current directors. Contributions for future years are provided in full and charged to the profit and loss account in the year they are agreed. Deferred tax relating to the agreed pension contributions is offset against the agreed pension contribution provision and not included with other deferred tax liabilities.

Tenant deposits

The company holds in trust for the benefit of its tenants, deposits which can be applied for the benefit of the company should the tenant default on financial obligations under the terms of the lease. The deposits are not included in the amounts shown in the balance sheet as cash in hand nor as creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

33,056

DEPRECIATION

At 1 January 2022

24,795

Charge for year

1,653

At 31 December 2022

26,448

NET BOOK VALUE

At 31 December 2022

6,608

At 31 December 2021

8,261

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

194,975

NET BOOK VALUE

At 31 December 2022

194,975

At 31 December 2021

194,975

The company owns 100% of the share capital of Allbright Electric Company Limited. The share capital comprises 20,000 £1 ordinary shares and 20,000 1% non-cumulative preference shares of £1 each.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

4,000,000

NET BOOK VALUE

At 31 December 2022

4,000,000

At 31 December 2021

4,000,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2018

4,000,000

The freehold land and buildings is as stated in the professional valuation report carried out in June 2018 by George Tsielepis MRICS, Hari Hirani B.Sc ( Hons) FRICS, IRRV, MPVAI and Paul Staddon BA (Hons) MSc for Anderson Wilde and Harris on an open market existing use basis. The historical cost is £2,042,482. Since the balance sheet date, in August 2023, the properties were valued on an open market existing use basis in accordance with the RICS Valuation -Professional Standards at £5,000,000 by Fletcher King, Chartered Surveyors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

51,252

-

Other debtors

45,984

72,213

97,236

72,213

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts (see note 10)

1,271,136

56,610

Trade creditors

6,052

2,949

Taxation and social security

18,459

21,483

Other creditors

160,911

151,760

1,456,558

232,802

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans (see note 10)

-

1,270,749

Amounts owed to group undertakings

195,426

195,426

Other creditors

191,000

191,000

386,426

1,657,175

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Debentures more 5yr non-instal

191,000

191,000

The debenture bears interest at a fixed rate of 12% per annum and is repayable in part or in whole at any date or dates determined by the directors of the company.

10.

LOANS

An analysis of the maturity of loans is given below:

31.12.22

31.12.21

£

£

Amounts falling due within one year or on demand:

Bank loans

1,271,136

56,610

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

43,075

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

1,227,674

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Debentures more 5yr non-instal

191,000

191,000

The bank loan, secured on the properties, was renewed for a further five years in September 2023.

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank Loans

1,271,136

1,327,359

The loan is secured by a legal charge over the freehold investment properties.

12.

RESERVES

Revaluation

reserve

£

At 1 January 2022

and 31 December 2022

2,035,657

13.	RELATED PARTY DISCLOSURES

Debentures outstanding of £191,000 at 31st December 2022 were owned by the Trustee of Mrs M Francis Will Trust who are shareholders in the company. Interest of £22,920 was paid to the debenture holders during the year.

Dividends of £120,000 were paid to the shareholders during the year.

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 Balance Sheet. Readers are cautioned that the 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 Allbright Properties Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Allbright 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 Allbright Properties Limited and state those matters that we have agreed to state to the Board of Directors of Allbright Properties Limited, 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/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

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

Breckman and Company

Charterted Certified Accountants

and Statutory Auditors

49 South Molton Street

London

W1K 5LH

22 November 2023