Company registration number 12328588 (England and Wales)
ASHTON PROJECT MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ASHTON PROJECT MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ASHTON PROJECT MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Trade and other receivables
3
490,671
1,816,662
Cash and cash equivalents
7,041
803
497,712
1,817,465
Current liabilities
4
(5,425)
(1,318,916)
Net current assets
492,287
498,549
Non-current liabilities
5
(473,731)
(473,731)
Net assets
18,556
24,818
Equity
Called up share capital
6
1
1
Retained earnings
18,555
24,817
Total equity
18,556
24,818
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered 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 28 November 2023 and are signed on its behalf by:
Mr A S Shookhye
Director
Company registration number 12328588 (England and Wales)
ASHTON PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Ashton Project Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Oathall Road, Haywards Heath, West Sussex, RH16 3EG.
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. 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. The directors have also confirmed that, if required, they will provide financial support to the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, is shown net of VAT and on the accruals basis.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and includes deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other accounts receivable and payable and loans from related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at the transaction price (including transaction costs) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
ASHTON PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
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.
2
Employees
In the current period, the company did not have any employees (excluding directors).
3
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
490,671
1,098,853
Other receivables
42,809
490,671
1,141,662
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
675,000
Total debtors
490,671
1,816,662
The directors have confirmed, with regards to the amounts owed by group undertakings, that although £490,671 of this balance is repayable on demand and hence receivable within one year, no repayment of the balance will be sought until the creditor company is in a position to make such payment. It is anticipated that this will not be for at least two years from the statement of financial position date. The directors have also confirmed the same treatment for the amounts owed by group undertakings and that no interest is to be charged on the long term element.
The going concern conclusions as disclosed in 1.2 have therefore been arrived at on the basis that this balance will not be received within 12 months of the signing of the audit report.
4
Current liabilities
2022
2021
£
£
Amounts owed to group undertakings
1,273,754
Other payables
5,425
45,162
5,425
1,318,916
ASHTON PROJECT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
5
Non-current liabilities
2022
2021
£
£
Other payables
473,731
473,731
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Alex Chidwick FCCA
Statutory Auditor:
Carpenter Box
8
Parent company
The immediate and ultimate parent company is Ashton Healthcare Group Limited, a company controlled by Mr A S and Mrs M B Shookhye.
Ashton Healthcare Group Limited prepares consolidated financial statements and copies can be obtained from Companies House. The registered office of Ashton Healthcare Group Limited is 13 Oathall Road, Haywards Heath, West Sussex, RH16 3EG.