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REGISTERED NUMBER: 09240127 (England and Wales)














Report of the Directors and

Unaudited Consolidated Financial Statements

for the Year Ended 31 January 2023

for

Asquith Homes Limited

Asquith Homes Limited (Registered number: 09240127)






Contents of the Consolidated Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


Asquith Homes Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr P J Gannon
Mrs M D Gannon
Ms B A Hutcheson
Mrs V L Mudie
Mr A P Mudie





SECRETARY: Mr P J Gannon





REGISTERED OFFICE: 64 Wellington Road
Edgbaston
Birmingham
B15 2ET





REGISTERED NUMBER: 09240127 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Asquith Homes Limited (Registered number: 09240127)

Report of the Directors
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

Mr P J Gannon
Mrs M D Gannon
Ms B A Hutcheson
Mrs V L Mudie
Mr A P Mudie

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr P J Gannon - Director


26 October 2023

Asquith Homes Limited (Registered number: 09240127)

Consolidated
Income Statement
for the Year Ended 31 January 2023

2023 2022
£    £   

TURNOVER 242,101 563,964

Cost of sales 109,677 491,478
GROSS PROFIT 132,424 72,486

Administrative expenses 13,301 23,442
OPERATING PROFIT 119,123 49,044


Interest payable and similar expenses - 13
PROFIT BEFORE TAXATION 119,123 49,031

Tax on profit 22,629 9,320
PROFIT FOR THE FINANCIAL YEAR 96,494 39,711

Profit attributable to:
Owners of the parent 96,494 39,711

Asquith Homes Limited (Registered number: 09240127)

Consolidated Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 48,333 48,333
Investments 7 25 25
Investment property 8 874,895 874,895
923,253 923,253

CURRENT ASSETS
Debtors 9 142,167 242,142
Cash at bank and in hand 530,592 322,616
672,759 564,758
CREDITORS
Amounts falling due within one year 10 908,696 897,189
NET CURRENT LIABILITIES (235,937 ) (332,431 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

687,316

590,822

CREDITORS
Amounts falling due after more than one year 11 233,010 233,010
NET ASSETS 454,306 357,812

CAPITAL AND RESERVES
Called up share capital 450 450
Share premium 31,065 31,065
Retained earnings 422,791 326,297
454,306 357,812

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

Asquith Homes Limited (Registered number: 09240127)

Consolidated Balance Sheet - continued
31 January 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





Mr P J Gannon - Director


Asquith Homes Limited (Registered number: 09240127)

Company Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 - -
Investments 7 351 351
Investment property 8 - -
351 351

CURRENT ASSETS
Debtors 9 566,103 490,193
Cash at bank and in hand 83,770 64,294
649,873 554,487
CREDITORS
Amounts falling due within one year 10 1,131 5,944
NET CURRENT ASSETS 648,742 548,543
TOTAL ASSETS LESS CURRENT
LIABILITIES

649,093

548,894

CREDITORS
Amounts falling due after more than one year 11 233,010 233,010
NET ASSETS 416,083 315,884

CAPITAL AND RESERVES
Called up share capital 450 450
Retained earnings 415,633 315,434
416,083 315,884

Company's profit for the financial year 100,199 223,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

Asquith Homes Limited (Registered number: 09240127)

Company Balance Sheet - continued
31 January 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





Mr P J Gannon - Director


Asquith Homes Limited (Registered number: 09240127)

Consolidated Statement of Changes in Equity
for the Year Ended 31 January 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 February 2021 450 286,586 31,065 318,101

Changes in equity
Total comprehensive income - 39,711 - 39,711
Balance at 31 January 2022 450 326,297 31,065 357,812

Changes in equity
Total comprehensive income - 96,494 - 96,494
Balance at 31 January 2023 450 422,791 31,065 454,306

Asquith Homes Limited (Registered number: 09240127)

Company Statement of Changes in Equity
for the Year Ended 31 January 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 450 92,325 92,775

Changes in equity
Total comprehensive income - 223,109 223,109
Balance at 31 January 2022 450 315,434 315,884

Changes in equity
Total comprehensive income - 100,199 100,199
Balance at 31 January 2023 450 415,633 416,083

Asquith Homes Limited (Registered number: 09240127)

Notes to the Consolidated Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Asquith Homes 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 General 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.

Basis of consolidation
The Group financial statements consist of Asquith Homes Limited (the parent company), Asquith House Limited, 101 Bath Street Limited, No.10 Clement Street Limited, The Coach House No 10 Limited and Ainsworth Street Limited. The consolidation has been accounted for using the acquisition method (see note 7)

Other investments
The group hold 25% of the ordinary share capital of Storm Development Limited, a company registered in England and Wales. The group does not exercise any significant influence of its financial and operating policies. Although the proportion of its shareholding indicates a participating interest, it is treated as an investment and not an associated company.

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

Goodwill
Negative goodwill, which represents the excess of the fair value of the net assets acquired over the purchase consideration for the shares in the subsidiary is credited to the balance sheet and is recognised in the profit and loss account in the year of acquisition.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
No depreciation is provided on the long leasehold assets because the directors expect the residual value to be greater than or equal to 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 Consolidated 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.


Asquith Homes Limited (Registered number: 09240127)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
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.

Going concern
The financial statements for the year ended 31 January 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


5. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 February 2022 (200,964 )
Disposals 200,964
At 31 January 2023 -
AMORTISATION
At 1 February 2022 (200,964 )
Eliminated on disposal 200,964
At 31 January 2023 -
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

Asquith Homes Limited (Registered number: 09240127)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2023

6. TANGIBLE FIXED ASSETS

Group
Long
leasehold
£   
COST
At 1 February 2022
and 31 January 2023 48,333
NET BOOK VALUE
At 31 January 2023 48,333
At 31 January 2022 48,333

7. FIXED ASSET INVESTMENTS

Group
Other
investments
£   
COST
At 1 February 2022
and 31 January 2023 25
NET BOOK VALUE
At 31 January 2023 25
At 31 January 2022 25
Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 February 2022
and 31 January 2023 326 25 351
NET BOOK VALUE
At 31 January 2023 326 25 351
At 31 January 2022 326 25 351

Asquith Homes Limited (Registered number: 09240127)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2023

7. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Asquith House Limited
Registered office: England & Wales
Nature of business: Buying and selling of property
%
Class of shares: holding
Ordinary shares 100.00

101 Bath Street Limited
Registered office: England & Wales
Nature of business: Personal service activities
%
Class of shares: holding
Ordinary shares 100.00

No 10 Clement Street Limited
Registered office: England & Wales
Nature of business: Professional scientific technical services
%
Class of shares: holding
Ordinary shares 100.00

The Coach House No 10 Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00

Ainsworth Street Limited
Registered office:
Nature of business: Buying and selling of property
%
Class of shares: holding
Ordinary 100.00


Asquith Homes Limited (Registered number: 09240127)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2023

8. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 February 2022
and 31 January 2023 874,895
NET BOOK VALUE
At 31 January 2023 874,895
At 31 January 2022 874,895

The directors do not consider the market value of the investment properties to be materially different from the value as stated in the financial statements at 31 January 2023.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 14,606 7,088 - -
Amounts owed by group undertakings - - 566,103 440,939
Other debtors 127,561 235,054 - 49,254
142,167 242,142 566,103 490,193

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 320,809 788,718 351 380
Taxation and social security 22,681 9,320 - -
Other creditors 565,206 99,151 780 5,564
908,696 897,189 1,131 5,944

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other creditors 233,010 233,010 233,010 233,010

Asquith Homes Limited (Registered number: 09240127)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2023

12. RELATED PARTY DISCLOSURES

Other debtors includes an amount of £122,126 (2022: £231,699) due from a company which is controlled by shareholders of this company.

Other creditors due after more than one year includes an amount of £233,010 (2022:£233,010) due to existing shareholders.

13. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by the shareholders.