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Registration number: 08338070

ANSH Property Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

ANSH Property Development Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

ANSH Property Development Limited

Company Information

Director

Mr A Hamead

Registered office

165 Apex
West Green Drive
Crawley
West Sussex
RH11 7QL

Accountants

MJD Accounting Limited
Chartered Accountant
165 Apex
West Green Drive
Crawley
West Sussex
RH11 7QL

 

ANSH Property Development Limited

(Registration number: 08338070)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,555

38,141

Investment property

5

807,500

807,500

 

836,055

845,641

Current assets

 

Debtors

6

5,893

5,405

Cash at bank and in hand

 

76,967

164,265

 

82,860

169,670

Creditors: Amounts falling due within one year

7

(42,667)

(84,511)

Net current assets

 

40,193

85,159

Total assets less current liabilities

 

876,248

930,800

Creditors: Amounts falling due after more than one year

7

(58,220)

(85,939)

Provisions for liabilities

(8,230)

(10,052)

Net assets

 

809,798

834,809

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

1,490

1,490

Other reserves

11,957

11,957

Retained earnings

796,251

821,262

Shareholders' funds

 

809,798

834,809

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

ANSH Property Development Limited

(Registration number: 08338070)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 24 November 2023
 

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

Mr A Hamead
Director

 

ANSH Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Ashtead Stores Limited.

The address of its registered office is:
165 Apex
West Green Drive
Crawley
West Sussex
RH11 7QL

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.

The presentational currency is sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover for the current year to 31 March 2023 is rental income receivable from investment properties.

Turnover for the comparative 2022 year comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

ANSH Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over their useful lives. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

ANSH Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 8).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

2,531

69,795

72,326

Additions

735

-

735

Disposals

(949)

-

(949)

At 31 March 2023

2,317

69,795

72,112

Depreciation

At 1 April 2022

378

33,807

34,185

Charge for the year

391

8,997

9,388

Eliminated on disposal

(16)

-

(16)

At 31 March 2023

753

42,804

43,557

Carrying amount

At 31 March 2023

1,564

26,991

28,555

At 31 March 2022

2,153

35,988

38,141

5

Investment properties

2023
£

At 1 April 2022

807,500

At 31 March 2023

807,500

Having considered market prices of comparable properties at the reporting date, the director believes the fair value of the investment property to be £807,500.

There has been no valuation of investment property by an independent valuer.

 

ANSH Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Prepayments

1,809

1,895

Other debtors

4,084

3,510

5,893

5,405

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

27,869

27,136

Trade creditors

 

-

1,804

Taxation and social security

 

840

35,152

Accruals and deferred income

 

13,958

13,999

Other creditors

 

-

6,420

 

42,667

84,511

Creditors include bank loans which are secured of £9,530 (2022 - £9,230).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

58,220

85,939

Creditors include bank loans which are secured of £28,997 (2022 - £38,493).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

ANSH Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

1,490

1,490

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,378

19,038

Hire purchase contracts

8,491

8,098

27,869

27,136

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

52,342

71,570

Hire purchase contracts

5,878

14,369

58,220

85,939

Bank borrowings

Natwest loan is denominated in £ sterling with a nominal interest rate of 3.5%, and the final instalment is due on 14 December 2026. The carrying amount at year end is £38,527 (2022 - £47,723).

Natwest loan is secured by a fixed charge over the investment property.

Natwest Bounce Back loan is denominated in £ sterling with a nominal interest rate of 2.5%, and the final instalment is due on 8 June 2026. The carrying amount at year end is £33,193 (2022 - £42,885).

11

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr A Hamead

Interest free and unsecured loan

287

4,591

(878)

4,000

         
       

 

 

ANSH Property Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr A Hamead

Interest free and unsecured loan

(212)

499

287