ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 March 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:

ALDEN DEVELOPMENTS LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-04-01 03683562 2016-04-01 2017-03-31 03683562 2015-04-01 2016-03-31 03683562 2017-03-31 03683562 2016-03-31 03683562 c:Director1 2016-04-01 2017-03-31 03683562 c:Director2 2016-04-01 2017-03-31 03683562 d:PlantMachinery 2016-04-01 2017-03-31 03683562 d:PlantMachinery 2017-03-31 03683562 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 03683562 d:MotorVehicles 2016-04-01 2017-03-31 03683562 d:MotorVehicles 2017-03-31 03683562 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2016-04-01 2017-03-31 03683562 d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 03683562 d:LeasedAssetsHeldAsLessee 2016-04-01 2017-03-31 03683562 d:Goodwill 2017-03-31 03683562 d:Goodwill 2016-03-31 03683562 d:FreeholdInvestmentProperty 2017-03-31 03683562 d:FreeholdInvestmentProperty 2016-03-31 03683562 d:CurrentFinancialInstruments 2017-03-31 03683562 d:CurrentFinancialInstruments 2016-03-31 03683562 d:Non-currentFinancialInstruments 2017-03-31 03683562 d:Non-currentFinancialInstruments 2016-03-31 03683562 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 03683562 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 03683562 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 03683562 d:Non-currentFinancialInstruments d:AfterOneYear 2016-03-31 03683562 d:ShareCapital 2017-03-31 03683562 d:ShareCapital 2016-03-31 03683562 d:InvestmentPropertiesRevaluationReserve 2017-03-31 03683562 d:InvestmentPropertiesRevaluationReserve 2016-03-31 03683562 d:RetainedEarningsAccumulatedLosses 2017-03-31 03683562 d:RetainedEarningsAccumulatedLosses 2016-03-31 03683562 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 03683562 d:TaxLossesCarry-forwardsDeferredTax 2017-03-31 03683562 c:FRS102 2016-04-01 2017-03-31 03683562 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 03683562 c:FullAccounts 2016-04-01 2017-03-31 03683562 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 03683562 d:BetweenOneFiveYears 2017-03-31 03683562 d:BetweenOneFiveYears 2016-03-31 03683562 d:MoreThanFiveYears 2017-03-31 03683562 d:MoreThanFiveYears 2016-03-31 iso4217:GBP xbrli:pure

Registered number: 03683562

ALDEN DEVELOPMENTS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

ALDEN DEVELOPMENTS LTD

REGISTERED NUMBER: 03683562

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		36,403		-
Investments	6		5,000		5,000
Investment property	7		3,070,000		3,070,000
			3,111,403		3,075,000
Current assets
Debtors: amounts falling due within one year	8	23,998		20,230
Cash at bank and in hand		10,023		14,776
		34,021		35,006
Creditors: amounts falling due within one year	9	(513,675)		(419,368)
Net current liabilities			(479,654)		(384,362)
Total assets less current liabilities			2,631,749		2,690,638
Creditors: amounts falling due after more than one year	10		(658,531)		(813,240)
Provisions for liabilities
Deferred tax		(44,255)		(56,863)
			(44,255)		(56,863)
Net assets			1,928,963		1,820,535

Capital and reserves
Called up share capital	1,000	1,000
Investment property reserve	913,025	893,601
Profit and loss account	1,014,938	925,934
	1,928,963	1,820,535

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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ALDEN DEVELOPMENTS LTD

REGISTERED NUMBER: 03683562

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2017.

M J Alden	Mrs S M Alden
Director	Director

The notes on pages 3 to 11 form part of these financial statements.

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

Alden Developments Ltd is a private company limited by shares, incorporated in England and Wales, with a company registration number of 03683562. The address of the registered office is given on the company information page of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the company in respect of rental income charged during the year, exclusive of Value Added Tax and trade discounts.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

				Plant & machinery	-	25% reducing balance
				Motor vehicles	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.5

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.12

Borrowing costs

All borrowing costs are recognised in the profit and loss account in the year in which they are incurred.

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2016 - 2).

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2016	90,000
	At 31 March 2017	90,000
	Amortisation
	At 1 April 2016	90,000
	At 31 March 2017	90,000
	Net book value
	At 31 March 2017	-
	At 31 March 2016	-

5.	Tangible fixed assets

	Plant & machinery	Motor vehicles	Total
	£	£	£
Cost or valuation
Additions	9,315	35,487	44,802
At 31 March 2017	9,315	35,487	44,802
Depreciation
Charge for the year on owned assets	1,746	-	1,746
Charge for the year on financed assets	-	6,653	6,653
At 31 March 2017	1,746	6,653	8,399
Net book value
At 31 March 2017	7,569	28,834	36,403
At 31 March 2016	-	-	-

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

6.	Fixed asset investments

		Other fixed asset investments
		£
	Cost or valuation
	At 1 April 2016	5,000
	At 31 March 2017	5,000

	Net book value
	At 31 March 2017	5,000
	At 31 March 2016	5,000

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

7.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2016	3,070,000
	At 31 March 2017	3,070,000

The 2017 valuations were made by the directors, on an open market value for existing use basis.

					2017	2016
					£	£

Investment property reserve
At 1 April 2016	950,464	760,464
Net surplus/(deficit) in investment properties reserve	19,424	175,388
At 31 March 2017	969,888	935,852

Debtors

					2017	2016
					£	£


Trade debtors	14,354	8,302
Amount owed by associated business	9,644	11,310
Prepayments and accrued income	-	618
	23,998	20,230

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

9.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank loans	80,000	80,000
Trade creditors	5,883	1,807
Amounts owed to associates	256,908	249,878
Corporation tax	23,854	31,127
Other taxation and social security	10,440	7,627
Obligations under finance lease and hire purchase contracts	4,976	-
Other creditors	129,414	46,929
Accruals and deferred income	2,200	2,000
	513,675	419,368

Included within creditors are secured creditors totalling £743,507 (2016 - £813,240).

10.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	652,301	733,240
Other loans	-	80,000
Net obligations under finance leases and hire purchase contracts	6,230	-
	658,531	813,240

11.	Deferred taxation

		2017
		£

	At beginning of year	56,863
	Charged to profit or loss	(12,608)
	At end of year	44,255

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

11.Deferred taxation (continued)

	The provision for deferred taxation is made up as follows:
					2017
					£

	Accelerated capital allowances	6,916
	Potential capital gain on investment property	37,339
		44,255

Later than 1 year and not later than 5 years	51,000	68,000
Later than 5 years	132,000	154,000
	183,000	222,000

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ALDEN DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

13.	First time adoption of FRS 102

	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015. The impact of the transition to FRS 102 is as follows:
	Reconciliation of equity at 1 April 2015
	Note	£

Equity at 1 April 2015 under previous UK GAAP		1,599,672
Deferred tax adjustment	1	(42,251)
Equity shareholders funds at 1 April 2015 under FRS 102		1,557,421

	Reconciliation of equity at 31 March 2016
	Note	£

Equity at 31 March 2016 under previous UK GAAP		1,877,398
Deferred tax adjustment	1	(56,863)
Equity shareholders funds at 31 March 2016 under FRS 102		1,820,535

The following were changes in accounting policies arising from the transition to FRS 102:

Recognition of deferred tax on potential capital gains on investment properties.

Page 11