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REGISTERED NUMBER: 08680344 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 September 2023

for

ASHILL LAND LIMITED

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Contents of the Financial Statements
for the year ended 30 September 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


ASHILL LAND LIMITED

Company Information
for the year ended 30 September 2023







Directors: B O Boyce
P J Davies
S Forman
S R Lavers



Registered office: Aissela
46 High Street
Esher
Surrey
KT10 9QY



Registered number: 08680344 (England and Wales)



Auditors: Cooper Parry Group Limited
Statutory Auditor
Aissela
46 High Street
Esher
Surrey
KT10 9QY



Solicitors: BDB Pitmans LLP
50 Broadway
London
SW1H 0BL

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Strategic Report
for the year ended 30 September 2023


The directors present their annual report on the affairs of the company, together with the financial statements and auditors' report, for the period ended 30 September 2023.

Review of business
This review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by the company.

The principal activity of the company is property development and strategic land promotion. The principal activity will remain unchanged for the foreseeable future.

The company's trading results for the year and its financial position at the end of the period are shown in the attached financial statements.

The company realised zero sites during the year but has continued to spend on their current portfolio of sites which are due to be sold in the future.

The directors are pleased with the results of the year and anticipate continued success and profitability for the year ending 30 September 2024.

Principal risks and uncertainties
The principal risks facing the company are securing sites, particularly when the housing market is buoyant, avoiding an extended planning process and a decline in the housing market. Maintaining a strong network of contacts in the market and early enquiries relating to the relevant local authority requirements help mitigate these risks.

Key performance indicators
The directors consider that the key performance indicator is a simple monitor of the number of developments completed in the year. Due to the reduced number of developments held, none were realised in the year, however the directors anticipate completion on two developments in the next 12 months.

Future developments
The directors anticipate an increased level of activity during the forthcoming year, with anticipated sales of two sites. The directors continue to seek opportunities to realise sales on speculative sites, where costs have been incurred but the site may not proceed to development.

On behalf of the board:





B O Boyce - Director


17 January 2024

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Report of the Directors
for the year ended 30 September 2023


The directors present their report with the financial statements of the company for the year ended 30 September 2023.

Principal activity
The principal activity of the company in the year under review was that of strategic land promotion and property development.

Dividends
Interim dividends totalling £13,568 and £0.5427 per share were paid on the B Redeemable shares during the year. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 30 September 2023 will be £13,568.

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

B O Boyce
P J Davies
S Forman
S R Lavers

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Thus they have adopted the going concern basis in preparing the annual financial statements.

Disclosure in the strategic report
Disclosures relating to future developments have been included in the strategic report in accordance with section 414C of The Companies Act 2006.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Report of the Directors
for the year ended 30 September 2023


Auditors
The audit business of Haines Watts Kingston LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Kingston LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





B O Boyce - Director


17 January 2024

Report of the Independent Auditors to the Members of
Ashill Land Limited


Opinion
We have audited the financial statements of Ashill Land Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ashill Land Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Ashill Land Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Hodgett FCA BA (Hons) (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
Aissela
46 High Street
Esher
Surrey
KT10 9QY

17 January 2024

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Statement of Comprehensive
Income
for the year ended 30 September 2023

2023 2022
Notes £ £

Turnover 350,000 44,889,627

Cost of sales (86,680 ) 36,557,127
Gross profit 436,680 8,332,500

Administrative expenses 585,676 876,678
(148,996 ) 7,455,822

Other operating income 215,808 305,163
Operating profit 5 66,812 7,760,985

Interest receivable and similar income 51,423 -
118,235 7,760,985

Interest payable and similar expenses 6 354,949 4,042,935
(Loss)/profit before taxation (236,714 ) 3,718,050

Tax on (loss)/profit 7 (5,386 ) 741,822
(Loss)/profit for the financial year (231,328 ) 2,976,228

Other comprehensive income - -
Total comprehensive income for the year (231,328 ) 2,976,228

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Statement of Financial Position
30 September 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 9 - 28,346

Current assets
Stocks 10 5,154,753 4,374,760
Debtors 11 196,930 55,070
Cash at bank 1,915,604 3,707,229
7,267,287 8,137,059
Creditors
Amounts falling due within one year 12 57,408 1,043,890
Net current assets 7,209,879 7,093,169
Total assets less current liabilities 7,209,879 7,121,515

Creditors
Amounts falling due after more than one
year

13

(4,452,531

)

(4,097,583

)

Provisions for liabilities 17 (68,848 ) (90,536 )
Net assets 2,688,500 2,933,396

Capital and reserves
Called up share capital 18 5,949 5,949
Imputed capital contribution
reserve 19 156,880 330,004
Retained earnings 19 2,525,671 2,597,443
Shareholders' funds 2,688,500 2,933,396

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2024 and were signed on its behalf by:




B O Boyce - Director



S R Lavers - Director


ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Statement of Changes in Equity
for the year ended 30 September 2023

Imputed
Called up capital
share Retained contribution Total
capital earnings reserve equity
£ £ £ £
Balance at 1 October 2021 5,949 4,110,882 490,337 4,607,168

Changes in equity
Dividends - (4,650,000 ) - (4,650,000 )
Total comprehensive income - 2,976,228 - 2,976,228
Imputed loan interest transfer - 160,333 (160,333 ) -
Balance at 30 September 2022 5,949 2,597,443 330,004 2,933,396

Changes in equity
Dividends - (13,568 ) - (13,568 )
Total comprehensive income - (231,328 ) - (231,328 )
Imputed loan interest transfer - 173,124 (173,124 ) -
Balance at 30 September 2023 5,949 2,525,671 156,880 2,688,500

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Statement of Cash Flows
for the year ended 30 September 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (1,088,211 ) 15,863,160
Interest paid - (4,042,935 )
Tax paid (742,495 ) (48,075 )
Deferred Taxation 1,227 -
Net cash from operating activities (1,829,479 ) 11,772,150

Cash flows from investing activities
Sale of tangible fixed assets (1 ) -
Interest received 51,423 -
Net cash from investing activities 51,422 -

Cash flows from financing activities
New loans in year - 930,000
Loan repayments in year - (8,222,418 )
Equity dividends paid (13,568 ) (4,650,000 )
Net cash from financing activities (13,568 ) (11,942,418 )

Decrease in cash and cash equivalents (1,791,625 ) (170,268 )
Cash and cash equivalents at beginning
of year

2

3,707,229

3,877,497

Cash and cash equivalents at end of year 2 1,915,604 3,707,229

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Statement of Cash Flows
for the year ended 30 September 2023


1. Reconciliation of (loss)/profit before taxation to cash generated from operations
2023 2022
£ £
(Loss)/profit before taxation (236,714 ) 3,718,050
Depreciation charges 7,190 8,542
Loss on disposal of fixed assets 21,156 -
Decrease in provisions (17,529 ) (11,481 )
Finance costs 354,949 4,042,935
Finance income (51,423 ) -
77,629 7,758,046
(Increase)/decrease in stocks (779,993 ) 8,114,554
(Increase)/decrease in trade and other debtors (141,860 ) 5,512,537
Decrease in trade and other creditors (243,987 ) (5,521,977 )
Cash generated from operations (1,088,211 ) 15,863,160

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2023
30/9/23 1/10/22
£ £
Cash and cash equivalents 1,915,604 3,707,229
Year ended 30 September 2022
30/9/22 1/10/21
£ £
Cash and cash equivalents 3,707,229 3,877,497


3. Analysis of changes in net debt

At 1/10/22 Cash flow At 30/9/23
£ £ £
Net cash
Cash at bank 3,707,229 (1,791,625 ) 1,915,604
3,707,229 (1,791,625 ) 1,915,604
Debt
Debts falling due after 1 year (4,097,583 ) (354,948 ) (4,452,531 )
(4,097,583 ) (354,948 ) (4,452,531 )
Total (390,354 ) (2,146,573 ) (2,536,927 )

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements
for the year ended 30 September 2023


1. Statutory information

Ashill Land 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 company information page. The company's principal place of business is Scott House, Suite 1, The Concourse, Waterloo Station, London, SE1 7LY.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The company's forecasts and projections, taking account of reasonably foreseeable changes in trading performance, show that the company should be able to meet its obligations as they fall due.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

a) Stock

There is estimation uncertainty in relation to stock impairment. Management estimate future costs to be incurred for each site and its predicted sales price. A review of the sites held within stock at the year end is also carried out to ensure that they are stated at the lower of cost and net realisable value.

There is also an assessment of the likelihood of planning being obtained on each site in order to determine whether costs incurred are recoverable. This requires an element of professional judgement to be exercised by the directors who are knowledgeable and experienced in this field.

b) Imputed interest

There was significant uncertainty in calculating the present value of an interest free loan creditor, principally due to difficulty in ascertaining a market interest rate for a comparable debt instrument for discounting purposes and the uncertainties affecting the predicted timing of the loan repayments under the loan terms.

The inherent uncertainties of predicting the timing of future repayments under the terms of the loan also leads to judgements concerning the amount of the discount to be recognised on an amortised cost basis for the financial year.

c) Fair Value of loans

There is estimation uncertainty in determining the fair value of certain loans. Some loans are linked to specific sites held in stock and part of the return on the loan is linked to the profit on sale of that site. These are therefore non basic financial instruments and need to be recognised at fair value. The judgement required is in determining the likely future cash flows to be discounted in order to estimate the fair value.

Turnover
Turnover is derived from the company's principal activity, being strategic land promotion and property development.

Turnover represents amounts receivable for goods and services provided in the normal course of business net of any discounts, value added tax and other sales-related taxes. All revenue is anticipated to be generated in the UK. Site development sales are recognised upon legal completion.

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are recognised at cost less accumulated depreciation.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes the acquisition cost and other fees directly attributable to the development of the site, or the fees payable for land options. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Acquisitions of sites are recognised upon exchange of contracts when a binding undertaking is entered into. The balance of exchange monies payable are shown as a creditor until legal completion and the balance of monies are paid.

The company incurs expenditure on speculative sites which may or may not proceed to development. At the year end, the directors assess the likelihood of such sites proceeding to the development stage. Expenditure incurred on sites which are deemed by the directors to be less than probable in being taken forward are expensed through the statement of comprehensive income. Included in the statement of comprehensive income is £27,334 (2022: £202,501) for expenditure incurred on speculative sites which may or may not proceed to development. £328,333 (2022: £Nil) relating to expenditure previously recognised in the statement of comprehensive income where the site is now considered likely to proceed to development was credited to the statement of comprehensive income during the period. Stock included on the statement of financial position therefore includes costs relating to sites which the directors are confident will move to the development phase.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 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 statement of financial position 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.

Investments in subsidiaries and joint ventures
Investments in subsidiaries and joint ventures are recognised at cost. Details of subsidiaries and joint ventures are disclosed in the notes to the financial statements.

Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance costs
Finance costs of financial liabilities are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Financial instruments
Basic financial assets and liabilities, including trade and other receivables, trade and other payables, cash and bank balances are recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts or payments discounted at a market rate of interest.

In respect of loans from companies with common control, which do not have a market rate of interest applied to them, the liability has been calculated at the net present value of future payments discounted at a market rate of interest applicable to similar debt instruments.

A reserve has been created in equity with the difference between the loan nominal value and the present value of anticipated future loan repayments being credited to equity as a deemed capital contribution.

An imputed interest expense is included in the financial statements as the discount is unwound. The directors have elected to make a transfer between the new reserve and retained earnings equal to the amount charged against profit and loss each year.

Long term loans which have an exit coupon attached to them are determined to be non basic financial instruments and are held at fair value. The fair value gain or loss is included within work in progress as a cost of the related development.

3. Employees and directors
2023 2022
£ £
Wages and salaries 164,933 1,901,914
Social security costs 24,055 263,180
Other pension costs 11,695 14,839
200,683 2,179,933

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


3. Employees and directors - continued

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Administration 1 2
5 6

4. Directors' emoluments

2023 2022
£ £
Directors' remuneration 162,880 860,867
Directors' pension contributions to money purchase schemes 7,362 8,292

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 4

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 97,097 475,531
Directors' pension contributions to money purchase schemes 7,362 -

5. Operating profit

The operating profit is stated after charging:

2023 2022
£ £
Depreciation - owned assets 7,191 8,542
Loss on disposal of fixed assets 21,156 -
Auditors' remuneration 26,000 26,000
Auditors remuneration non-audit 46,642 60,355

6. Interest payable and similar expenses
2023 2022
£ £
Loan stock interest payable 181,825 3,882,602
Imputed loan interest on
interest free loans 173,124 160,333
354,949 4,042,935

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


7. Taxation

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax - 742,495
Prior year tax adjustment - 950
Total current tax - 743,445

Deferred tax (5,386 ) (1,623 )
Tax on (loss)/profit (5,386 ) 741,822

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
(Loss)/profit before tax (236,714 ) 3,718,050
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(44,976

)

706,430

Effects of:
Expenses not deductible for tax purposes 6,699 5,602
Over provision prior year - 950
Imputed loan interest 32,894 30,463
Losses Carried Forwards 5,383 -
Deferred Tax (5,386 ) (1,623 )
Total tax (credit)/charge (5,386 ) 741,822

8. Dividends
2023 2022
£ £
Ordinary shares of 1p each
Interim 13,568 1,000,000
B Redeemable shares of 1p each
Interim - 3,650,000
13,568 4,650,000

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


9. Tangible fixed assets
Fixtures
Improvements and Computer
to property fittings equipment Totals
£ £ £ £
Cost
At 1 October 2022 85,108 9,566 15,934 110,608
Disposals (85,108 ) (9,566 ) (15,934 ) (110,608 )
At 30 September 2023 - - - -
Depreciation
At 1 October 2022 64,911 4,759 12,592 82,262
Charge for year 5,050 1,202 939 7,191
Eliminated on disposal (69,961 ) (5,961 ) (13,531 ) (89,453 )
At 30 September 2023 - - - -
Net book value
At 30 September 2023 - - - -
At 30 September 2022 20,197 4,807 3,342 28,346

10. Stocks
2023 2022
£ £
Work-in-progress 5,154,753 4,374,760

11. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors - 2,289
Other debtors 159,115 5,355
VAT 10,044 22,800
Prepayments 27,771 24,626
196,930 55,070

12. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 22,878 186,003
Tax - 742,495
Social security and other taxes 975 2,015
Other creditors 1,722 1,722
Accruals and deferred income 31,833 111,655
57,408 1,043,890

13. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other loans (see note 14) 4,452,531 4,097,583

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


14. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due between two and five years:
Other loans - 2-5 years 4,452,531 4,097,583

Other loans falling due for repayment within 2 to 5 years include the following:






Interest free
loans
Interest
bearing loans
held at fair
value



Total
£ £ £

Loan capital2,500,0001,806,0004,306,000
Interest -303,412303,412
Fair value adjustment - interest free loans(156,881)-(156,881)
Fair value adjustment - interest bearing loans---
Carrying amount at 30 September 20232,343,1191,927,5884,452,531

Loans of £1,806,000 accrue interest at a rate of 6% above the Bank of England base rate under the terms of the loan agreements. These loan agreements also require the payment of an exit coupon, based on the profit earned on the disposal of the site associated with the loans. The fair value of the loan is determined by considering the arms length value of the loan as at the reporting date.

Interest free loans of £2,500,000 are repayable when the site associated with these loans are sold. These loans have been discounted using an effective interest rate of 8% over a period of 5 years. The imputed loan interest charged to profit and loss this year amounts to £173,124. An amount equal to the imputed loan interest charge has been transfered between Retained Earnings and the Imputed Capital Contribution Reserve as shown in the Statement of Changes in Equity.

15. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 207,280 217,051
Between one and five years 777,230 829,120
In more than five years - 155,460
984,510 1,201,631

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


16. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Other loans 4,452,531 4,097,583

Other loans are secured by way of fixed and floating charges over all property and undertakings of the company. Loans are stated in the financial statements at fair value. See note 15 for detail of the original transaction value of the loans.

There is a fixed charge in favour of the company's lenders, over the company's rights in respect of a land promotion agreement entered into on 17 August 2018.

17. Provisions for liabilities
2023 2022
£ £
Deferred tax
Capital Allowances - 5,386
Other provisions 68,848 85,150
68,848 90,536

Deferred Other
tax provisions
£ £
Balance at 1 October 2022 5,386 85,150
Provided during year (5,386 ) (16,302 )
Balance at 30 September 2023 - 68,848

Other provisions are the discounted cost of an onerous lease contract, which runs until July 2028.

The lease has been sub let, however the annual cost exceeds the income receivable.

18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
250,000 Ordinary 1p 2,500 2,500
153,700 A Redeemable 1p 1,537 1,537
1,000 B Redeemable 1p 10 10
100 D Redeemable 1p 1 1
100 E Redeemable 1p 1 1
190,000 C Ordinary 1p 1,900 1,900
5,949 5,949

ASHILL LAND LIMITED (REGISTERED NUMBER: 08680344)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


19. Reserves






Retained
earnings
Imputed
capital
contribution
reserve



Totals
£   £   £   

At 1 October 20222,597,443330,0042,927,447
Profit for the year(215,532)-(215,532)
Dividends(13,568)-(13,568)
Imputed loan interest transfer173,124(173,124)-
At 30 September 20232,541,468156,8812,698,347

The imputed capital contribution reserve was created when the company's long term, interest free debt was recognised in the balance sheet at net present value. An annual transfer to retained earnings is recognised, equivalent to the related interest expense recognised through profit and loss. An adjustment was made to the reserve this year following the directors' reassessment of the fair value of the loans at the year end date.

20. Pension commitments

The company operates a defined contribution scheme. Contributions paid in the period amounted to £11,695 (2022: £14,839).

21. Related party disclosures

At the balance sheet date the company owed entities under the control of the directors a total amount of £2,500,000 (2022: £2,500,000) in respect of interest free loans.. These loans are stated in the financial statements at fair value of £2,343,119 (2022: £2,169,995). Imputed interest of £173,124 was expensed during the year (2022: £160,332).

At the balance sheet date the company owed entities under the control of the directors £2,109,412 (2022: £1,927,588) in respect of loans subject to an interest rate of 6% above the Bank of England Base Rate. Interest of £181,825 (2022: £3,882,602) was expensed during the year. These loans are stated at fair value of £2,109,412.

There are no key management employees other than the directors. Details of their remuneration can be found in note 4 to the financial statements.

During the year the company received Management charges from entities under the control of the directors totalling £24,000 (2022: £15,667).