REGISTERED NUMBER: |
ASHBURTON GROUP LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
REGISTERED NUMBER: |
ASHBURTON GROUP LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
ASHBURTON GROUP LIMITED (REGISTERED NUMBER: 06968861) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ASHBURTON GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
ASHBURTON GROUP LIMITED (REGISTERED NUMBER: 06968861) |
ABRIDGED BALANCE SHEET |
31 JANUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
ASHBURTON GROUP LIMITED (REGISTERED NUMBER: 06968861) |
ABRIDGED BALANCE SHEET - continued |
31 JANUARY 2023 |
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 |
ASHBURTON GROUP LIMITED (REGISTERED NUMBER: 06968861) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
1. | STATUTORY INFORMATION |
Ashburton Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Tangible fixed assets |
Freehold property is held at cost. This property is not depreciated because its value as shown in the accounts is expected to reflect the residual value of the property, unless any indication of impairment has been identified. |
The property will be reviewed for any indication of impairment annually. |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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. |
Government grants |
Income received in relation to grants are classified either as relating to revenue or to assets. |
Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred. |
Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset. |
ASHBURTON GROUP LIMITED (REGISTERED NUMBER: 06968861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Investments |
Fixed asset investments relate to investments in the subsidiary, and are stated at cost less any provision for any permanent diminution in value. |
Investments are reviewed for impairment on an annual basis. |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
ASHBURTON GROUP LIMITED (REGISTERED NUMBER: 06968861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 February 2022 |
and 31 January 2023 | 475,039 |
NET BOOK VALUE |
At 31 January 2023 | 475,039 |
At 31 January 2022 | 475,039 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans more than 5 years | 100,240 | - |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans represent the mortgage over the freehold property. The loan is therefore secured on the freehold property. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the company made loans to 4 of the directors, these were as follows; |
One director was advanced amounts of £2,524 during the year (2022: £6,685) and repaid amounts of £4,100 (2022: £17,184). At the year-end the directors loan account was overdrawn by £4,049 (2022: £5,625 overdrawn). |
A second director was advanced amounts of £2,285 during the year (2022: £2,415) and repaid amounts of £2,400 (2022: £2,300). At the year-end the directors loan account was overdrawn by £240 (2022: £355). The loan has been repaid within 9 months of the year-end. |
The third director with a loan outstanding, has amounts advanced of £7,641 (2022:£2,541) during the year and repaid amounts £3,149 (2022: £3,625). At the year-end the directors loan account was overdrawn by £5,240 (2022: £748). The loan has been repaid within 9 months of the year-end. |
The fourth director with a loan outstanding, has amounts advanced of £36,154 (2022: £46,109) during the year and repaid amounts £31,305 (2022: £43,269). At the year-end the directors loan account was overdrawn by £7,601 (2022: £2,752). The loan has been repaid within 9 months of the year-end. |