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Registration number: 11123955

Ashlea Guest House Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Ashlea Guest House Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Ashlea Guest House Limited

Company Information

Directors

Mrs Julie Rashid

Mr Ayman Rashid

Registered office

58 Oxford Road
Banbury
Oxfordshire
OX16 9AN

Accountants

Henson ReesRussell
Chartered Accountants
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ashlea Guest House Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ashlea Guest House Limited for the year ended 31 December 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ashlea Guest House Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ashlea Guest House Limited and state those matters that we have agreed to state to the Board of Directors of Ashlea Guest House Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ashlea Guest House Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ashlea Guest House Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ashlea Guest House Limited. You consider that Ashlea Guest House 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 accounts of Ashlea Guest House 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 accounts.

......................................

Henson ReesRussell
Chartered Accountants
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

15 August 2022

 

Ashlea Guest House Limited

(Registration number: 11123955)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

15,000

17,500

Tangible assets

5

18,327

21,639

 

33,327

39,139

Current assets

 

Cash at bank and in hand

 

86,795

15,052

Creditors: Amounts falling due within one year

6

(42,148)

(10,623)

Net current assets

 

44,647

4,429

Total assets less current liabilities

 

77,974

43,568

Creditors: Amounts falling due after more than one year

6

(24,239)

(34,200)

Provisions for liabilities

(1,866)

(2,403)

Net assets

 

51,869

6,965

Capital and reserves

 

Called up share capital

100

100

Retained earnings

51,769

6,865

Shareholders' funds

 

51,869

6,965

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Ashlea Guest House Limited

(Registration number: 11123955)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 12 August 2022 and signed on its behalf by:
 

.........................................
Mrs Julie Rashid
Director

.........................................
Mr Ayman Rashid
Director

 

Ashlea Guest House Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
58 Oxford Road
Banbury
Oxfordshire
OX16 9AN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Ashlea Guest House Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

17.5% Reducing balance

Fixtures & Fittings

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ashlea Guest House Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Ashlea Guest House Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

25,000

25,000

At 31 December 2021

25,000

25,000

Amortisation

At 1 January 2021

7,500

7,500

Amortisation charge

2,500

2,500

At 31 December 2021

10,000

10,000

Carrying amount

At 31 December 2021

15,000

15,000

At 31 December 2020

17,500

17,500

5

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Property, plant & equipment
£

Total
£

Cost or valuation

At 1 January 2021

7,377

5,736

19,530

32,643

At 31 December 2021

7,377

5,736

19,530

32,643

Depreciation

At 1 January 2021

959

2,162

7,883

11,004

Charge for the year

738

536

2,038

3,312

At 31 December 2021

1,697

2,698

9,921

14,316

Carrying amount

At 31 December 2021

5,680

3,038

9,609

18,327

At 31 December 2020

6,418

3,574

11,647

21,639

6

Creditors

Creditors: amounts falling due within one year

 

Ashlea Guest House Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

3,800

3,800

Taxation and social security

 

12,916

2,262

Accruals and deferred income

 

3,233

4,529

Other creditors

 

22,199

32

 

42,148

10,623

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

24,239

34,200