Company registration number 6900391 (England and Wales)
ASHINGTON PROPERTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ASHINGTON PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
ASHINGTON PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
27,500,000
27,500,000
Current assets
Debtors
4
3,277,886
1,306,476
Cash at bank and in hand
1,045,561
2,587,985
4,323,447
3,894,461
Creditors: amounts falling due within one year
5
(15,947,579)
(15,163,790)
Net current liabilities
(11,624,132)
(11,269,329)
Total assets less current liabilities
15,875,868
16,230,671
Creditors: amounts falling due after more than one year
6
(4,476,130)
(4,898,188)
Provisions for liabilities
7
(1,335,984)
(1,335,984)
Net assets
10,063,754
9,996,499
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
4,452,301
4,452,301
Profit and loss reserves
9
5,611,353
5,544,098
Total equity
10,063,754
9,996,499
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASHINGTON PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
R Selig
Director
Company Registration No. 6900391
ASHINGTON PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Ashington Property Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 City Road, London, EC1Y 2AB.
The principal place of business is 3 Bishops Grove, London, N2 0BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rental income. Turnover is recognised at the fair value of the consideration received or receivable for the rental space provided in the normal course of business, and is shown net of VAT.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. No depreciation is provided. The surplus or deficit on revaluation is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
ASHINGTON PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ASHINGTON PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
27,500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at that date by the directors with the benefit of professional external valuers.The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location, together with a review of property rental yields.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
21,711,715
21,711,715
ASHINGTON PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
166,053
Other debtors
3,277,886
1,115,050
3,277,886
1,281,103
2023
2022
Amounts falling due after more than one year:
£
£
Trade debtors
25,373
Total debtors
3,277,886
1,306,476
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
266,977
266,977
Trade creditors
9,504
Taxation and social security
314,528
317,974
Other creditors
15,356,570
14,578,839
15,947,579
15,163,790
Bank loans of £266,977 (2022: £266,977) are secured by way of a fixed charge over the assets of the company.
Included in other creditors are loans of £205,820 (2022: £199,825) that are secured by way of a fixed charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,264,135
4,480,373
Other creditors
211,995
417,815
4,476,130
4,898,188
Bank loans of £4,264,135 (2022: £4,480,373) are secured by way of a fixed charge over the assets of the company.
Included in other creditors are loans of £211,995 (2022: £417,815) that are secured by way of a fixed charge over the assets of the company.
ASHINGTON PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
1,335,984
1,335,984
There were no deferred tax movements in the year.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
D Ordinary Shares of 1p each
2,500
2,500
25
25
J Ordinary Shares of 1p each
2,500
2,500
25
25
N Ordinary Shares of 1p each
2,500
2,500
25
25
R Ordinary Shares of 1p each
2,500
2,500
25
25
10,000
10,000
100
100
9
Reserves
Other reserves
Other reserves relates to non-distributable reserves arising from revaluation of investment property less deferred tax.
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
14,584,522
13,872,522
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
3,181,436
1,032,856