Registered number
01745362
ASPENHEATH LIMITED
Unaudited Filleted Accounts
31 August 2023
ASPENHEATH LIMITED
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Profit and loss account 4
Balance sheet 5
Statement of changes in equity 6
Notes to the accounts 7
ASPENHEATH LIMITED
Company Information
Directors
Mr A Murphy
Mrs J Murphy
Secretary
Mr S Murphy
Accountants
Key Business Consultants LLP
13 Whitchurch Lane
Edgware
HA8 6JZ
Bankers
Llyods Bank PLC
National Westminster Bank PLC
Registered office
13 Whitchurch Lane
Edgware
HA8 6JZ
Registered number
01745362
ASPENHEATH LIMITED
Registered number: 01745362
Directors' Report
The directors present their report and accounts for the year ended 31 August 2023.
Principal activities
The company's principal activity during the year continued to be buying, selling and letting of own real estate.
Directors
The following persons served as directors during the year:
Mr A Murphy
Mrs J Murphy
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 5 March 2024 and signed by its order.
Mr A Murphy
Mr S Murphy
Secretary
ASPENHEATH LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of ASPENHEATH LIMITED for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ASPENHEATH LIMITED for the year ended 31 August 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
13 Whitchurch Lane
Edgware
HA8 6JZ
5 March 2024
ASPENHEATH LIMITED
Registered number: 01745362
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,417,281 4,417,281
Current assets
Debtors 4 14,156 -
Cash at bank and in hand 90,099 189,250
104,255 189,250
Creditors: amounts falling due within one year 5 (30,800) (45,557)
Net current assets 73,455 143,693
Total assets less current liabilities 4,490,736 4,560,974
Creditors: amounts falling due after more than one year 6 (1,503,590) (1,492,950)
Provisions for liabilities (387,424) (387,424)
Net assets 2,599,722 2,680,600
Capital and reserves
Share premium 3 3
Revaluation reserve 8 2,328,423 2,328,423
Profit and loss account 271,296 352,174
Shareholders' funds 2,599,722 2,680,600
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Murphy
Director
Approved by the board on 5 March 2024
ASPENHEATH LIMITED
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts have been prepared on a going concern basis, due to shareholders' continued support.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property No depreciation
Short leasehold No depreciation
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1 Accounting policies (cont.)
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Freehold property Leasehold property Total
£ £ £
Cost
At 1 September 2022 3,800,000 617,281 4,417,281
At 31 August 2023 3,800,000 617,281 4,417,281
Depreciation
At 31 August 2023 - - -
Net book value
At 31 August 2023 3,800,000 617,281 4,417,281
At 31 August 2022 3,800,000 617,281 4,417,281
Freehold land and buildings: 2023 2022
£ £
Historical cost 4,417,281 4,417,281
Cumulative depreciation based on historical cost 446,605 404,827
3,970,676 4,012,454
Freehold
property
Leasehold
property
Total
£ £ £
Valuation in 2016 1,638,423 575,000 2,213,423
Valuation in 2017 115,000 - 115,000
Cost 2,046,577 42,281 2,088,858
3,800,000 617,281 4,417,281
4 Debtors 2023 2022
£ £
Other debtors 14,156 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,000 26,889
Taxation and social security costs - 18,668
Other creditors 4,800 -
30,800 45,557
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 348,728 372,606
Other creditors 1,154,862 1,120,344
1,503,590 1,492,950
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 374,728 399,495
The bank loans are secured against the properties themselves.
8 Revaluation reserve 2023 2022
£ £
At 1 September 2022 2,328,423 2,328,423
At 31 August 2023 2,328,423 2,328,423
9 Related party transactions
At the year end, the company owed Trebtown Limited, a company under common control, £573,775 (2022: £537,775) in interest free, repayable on demand loans.
10 Controlling party
Throughout the year, the ultimate controlling parties were the shareholders equally.
11 Other information
ASPENHEATH LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
13 Whitchurch Lane
Edgware
HA8 6JZ
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