Caseware UK (AP4) 2021.0.152 2021.0.152 2020-12-011falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10456874 2020-12-01 2021-11-30 10456874 2019-12-01 2020-11-30 10456874 2021-11-30 10456874 2020-11-30 10456874 c:Director2 2020-12-01 2021-11-30 10456874 d:CurrentFinancialInstruments 2021-11-30 10456874 d:CurrentFinancialInstruments 2020-11-30 10456874 d:CurrentFinancialInstruments 1 2021-11-30 10456874 d:CurrentFinancialInstruments 1 2020-11-30 10456874 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 10456874 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 10456874 d:UKTax 2020-12-01 2021-11-30 10456874 d:UKTax 2019-12-01 2020-11-30 10456874 d:ForeignTax 2020-12-01 2021-11-30 10456874 d:ForeignTax 2019-12-01 2020-11-30 10456874 d:ShareCapital 2021-11-30 10456874 d:ShareCapital 2020-11-30 10456874 d:RetainedEarningsAccumulatedLosses 2021-11-30 10456874 d:RetainedEarningsAccumulatedLosses 2020-11-30 10456874 c:OrdinaryShareClass1 2020-12-01 2021-11-30 10456874 c:OrdinaryShareClass1 2021-11-30 10456874 c:OrdinaryShareClass1 2020-11-30 10456874 c:OrdinaryShareClass3 2020-12-01 2021-11-30 10456874 c:OrdinaryShareClass3 2021-11-30 10456874 c:OrdinaryShareClass3 2020-11-30 10456874 c:FRS102 2020-12-01 2021-11-30 10456874 c:AuditExempt-NoAccountantsReport 2020-12-01 2021-11-30 10456874 c:FullAccounts 2020-12-01 2021-11-30 10456874 c:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 10456874 d:CurrentFinancialInstruments 6 2021-11-30 10456874 d:CurrentFinancialInstruments 6 2020-11-30 10456874 d:AcceleratedTaxDepreciationDeferredTax 2021-11-30 10456874 d:AcceleratedTaxDepreciationDeferredTax 2020-11-30 10456874 2 2020-12-01 2021-11-30 10456874 6 2020-12-01 2021-11-30 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10456874












Ashridge Assets Limited
UNAUDITED FINANCIAL STATEMENTS
For the Year Ended 30 November 2021


 
Registered number:10456874
Ashridge Assets Limited

STATEMENT OF FINANCIAL POSITION
As at 30 November 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 5 
5,659,858
5,171,400

Current assets
  

Debtors: amounts falling due within one year
 6 
-
20,458

Cash at bank and in hand
  
192,619
168,061

  
192,619
188,519

Creditors: amounts falling due within one year
 7 
(4,894,282)
(4,849,959)

Net current liabilities
  
 
 
(4,701,663)
 
 
(4,661,440)

Total assets less current liabilities
  
958,195
509,960

Provisions for liabilities
  

Deferred tax
 8 
(73,583)
(10,607)

  
 
 
(73,583)
 
 
(10,607)

Net assets
  
884,612
499,353


Capital and reserves
  

Called up share capital 
 9 
3,100
3,100

Profit and loss account
  
881,512
496,253

  
884,612
499,353


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 the 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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S K Ffitch
Director
Date: 7 September 2022
Page 1


 
Registered number:10456874
Ashridge Assets Limited
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 30 November 2021


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 

Ashridge Assets Limited

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2021

1.


General information

Ashridge Assets Limited is a private company limited by shares incorporated in the UK and registered in England and Wales at Highfield House, Hog Lane, Ashley Green, Bucks, HP5 3PX. The principal activity of the company is that of an investment company.

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.

 
2.2

Going concern

The balance sheet on page 4 shows that the company has net current liabilities. However, the significant liability is due to the directors of the company and this debt will not be called in unless the company is able to settle it. Accordingly the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

Valuation of investments

Investments are valued using bid prices where available, except for funds that are priced on a Net Asset Value basis and structured products. Structured products are priced on a mark to market basis.  Gains and losses on remeasurement, including profits and losses realised on sales of investments, are recognised in the Profit and Loss Account for the period.

 
2.4

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Financial instruments

The Company’s basic financial instruments comprise investments in non-puttable ordinary shares, loans from related parties and accruals. All other financial instruments are non-basic financial instruments.
Investments in non-puttable ordinary shares and other non-basic non-current investments are initially measured and subsequently measured at fair value. Initial measurement is based on the transaction price, and subsequent measurement is based on bid prices where available, except for investments in funds that are priced on a net asset value basis. Gains and losses on remeasurement, including profits and losses realised on disposal of investments, are recognised in the profit and loss account for the period.
Derivative forward foreign exchange contracts are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for foreign exchange derivatives.
Short term creditors, such as accruals and loans from related parties, are initially measured at transaction price and subsequently measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Page 3

 

Ashridge Assets Limited

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2021

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.

Page 4

 

Ashridge Assets Limited

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2021

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL).


4.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
17,135
-

Foreign tax


Witholding tax on dividends
1,717
916

Total current tax
18,852
916

Deferred tax


Origination and reversal of timing differences
62,976
(51,885)

Total deferred tax
62,976
(51,885)

Taxation on profit/(loss) on ordinary activities
 
81,828
 
(50,969)

Factors affecting tax charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 19%
 (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit/(loss) on ordinary activities before tax
467,087
(196,041)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
88,747
(37,248)

Effects of:


Exempt overseas dividends
-
(2,414)

Capital gains
-
(9,505)

Dividends from UK companies
(5,286)
(5,288)

Movement in tax losses
(1,633)
3,486

Total tax charge for the year
81,828
(50,969)

Page 5

 

Ashridge Assets Limited

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2021

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 December 2020
5,171,400


Additions
1,710,283


Disposals
(1,540,145)


Revaluations
318,320



At 30 November 2021
5,659,858




The investment portfolio comprises the following holdings:

At 1 December 2020
Purchases (cost)
Disposals (cost)
Fair value movement
At 30 November 2021
        £
        £
        £
        £
        £

Equities

1,760,104

376,469

(260,564)
 
274,844
 
2,150,853

Hedge funds

184,954

67,359

(86,971)
 
9,135
 
174,477

Managed funds

266,914

72,180

(70,816)
 
31,599
 
299,877

ETFs

338,282

618,888

(494,093)
 
(7,148)
 
455,929

UCITS

1,493,932

575,387

(330,335)
 
23,080
 
1,762,064

Perpetual bonds

406,805

-

-
 
(13,368)
 
393,438

Corporate bonds

472,833

-

(150,867)
 
(8,949)
 
313,016

Preferred bonds

101,329

-

-
 
8,875
 
110,204

Government bonds

146,247

-

(146,499)
 
252
 
-


5,171,400

1,710,283

(1,540,145)
 
318,320
 
5,659,858


The change in fair value of investments during the period comprises all increases and decreases in the market value of investments held at any time during the period, including profits and losses realised on sales of investments during the year. The unit trusts in which the company has invested are registered in the United Kingdom.

 

6.


Debtors

2021
2020
£
£


Derivative financial instruments
-
20,458


Page 6

 

Ashridge Assets Limited

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2021

6.Debtors (continued)

Derivative financial assets measured at fair value through profit or loss comprise forward foreign currency contracts. The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency investments. The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs.


7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Other loans
4,849,959
4,846,959

Corporation tax
17,135
-

Accruals and deferred income
3,000
3,000

Financial instruments (see note 7)
24,188
-

4,894,282
4,849,959


Other loans represents amounts drawn down under a loan facility agreement dated 17 November 2016. Unless previously repaid, redeemed or purchased and cancelled the loan notes will be redeemed in full at par on 31 October 2036. The issuer may at its option, but only with the prior written consent of the noteholders, redeem or repay some or all of these loan notes prior to this date. The company shall redeem or repay some or all of the loan notes within 10 business days should the noteholder deliver an instruction to do so. The loan notes do not attract interest. The loan note holders are the directors of the company.


8.


Deferred taxation




2021


£






At beginning of year
(10,607)


Charged to profit or loss
(62,976)



At end of year
(73,583)

2021
2020
£
£


Revaluation of fixed asset investments
(73,583)
(10,607)

(73,583)
(10,607)

Page 7

 

Ashridge Assets Limited

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2021

9.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) A shares of £1.00 each
100
100
300,000 (2020 - 300,000) C shares of £0.01 each
3,000
3,000

3,100

3,100



10.


Controlling party

The company is controlled by its directors.

Page 8