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COMPANY REGISTRATION NUMBER: 13641210
Ashforth Properties Limited
Filleted Unaudited Financial Statements
30 September 2023
Ashforth Properties Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Ashforth Properties Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ashforth Properties Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ashforth Properties Limited for the year ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Ashforth Properties Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Ashforth Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ashforth Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ashforth Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ashforth Properties Limited. You consider that Ashforth Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ashforth Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
1 February 2024
Ashforth Properties Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
375,000
375,000
Current assets
Debtors
5
672
Cash at bank and in hand
7,764
4,283
-------
-------
8,436
4,283
Creditors: amounts falling due within one year
6
379,564
377,361
---------
---------
Net current liabilities
371,128
373,078
---------
---------
Total assets less current liabilities
3,872
1,922
-------
-------
Net assets
3,872
1,922
-------
-------
Ashforth Properties Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,772
1,822
-------
-------
Shareholders funds
3,872
1,922
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mrs A C Ashforth
Director
Company registration number: 13641210
Ashforth Properties Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Westbrook Court, Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover in the Statement of Comprehensive Income represents rental income receivable from Investment properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Investment Property
£
Cost
At 1 October 2022 and 30 September 2023
375,000
---------
Depreciation
At 1 October 2022 and 30 September 2023
---------
Carrying amount
At 30 September 2023
375,000
---------
At 30 September 2022
375,000
---------
The directors considered the carrying value of the investment properties at the year end date, and their considered opinion is that the total value of £375,000 is a fair approximation of the open market value at 30 September 2023.
5. Debtors
2023
2022
£
£
Other debtors
672
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
102
Corporation tax
926
427
Other creditors
378,638
376,832
---------
---------
379,564
377,361
---------
---------
7. Directors' advances, credits and guarantees
At the start of the financial year, the company was indebted to the directors, by way of loan, in the sum of £375,746. As a result of net advances in the year, at the year end date the company was indebted to the directors, in the sum of £376,746. There are no formal repayment terms applicable to this loan and interest is not being charged.