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ASHLEYBANK INVESTMENTS LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


ASHLEYBANK INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: A A Stevenson
D D Stevenson





SECRETARY: J Hilditch





REGISTERED OFFICE: Ashley Bank House
Langholm
Dumfriesshire
DG13 0AN





REGISTERED NUMBER: SC047360 (Scotland)





ACCOUNTANTS: JRW Hogg & Thorburn LLP
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

A A Stevenson
D D Stevenson

INVESTMENT PROPERTY
FRS102 requires Investment Property to be stated at fair value. As a result of ongoing worldwide events and the exceptional circumstances of the UK commercial property market, there continues to be material uncertainty relating to valuations of UK commercial property. As a result the directors have not had the company's properties revalued in these accounts and so the valuation requirements of section 16 of FRS102 have not been met.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Hilditch - Secretary


25th July 2024

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 328,268 148,144

Cost of sales 12,057 12,040
GROSS PROFIT 316,211 136,104

Administrative expenses 562,462 564,897
OPERATING LOSS 4 (246,251 ) (428,793 )

Profit/(loss) on sale of Properties 5 976,259 405,362
730,008 (23,431 )

Income from fixed asset investments 731,818 718,602
Interest receivable and similar income 736,871 1,728,508
1,468,689 2,447,110
2,198,697 2,423,679
Realised and unrealised gain/
(loss) on revaluation of
investments 751,689 (3,530,966 )
2,950,386 (1,107,287 )

Interest payable and similar expenses 199 4,549
PROFIT/(LOSS) BEFORE TAXATION 2,950,187 (1,111,836 )

Tax on profit/(loss) 6 192,524 (482,708 )
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

2,757,663

(629,128

)

Profit/(loss) attributable to:
Owners of the parent 2,757,663 (629,128 )

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,047,628 1,651,011
Investments 9 52,607,011 47,336,322
53,654,639 48,987,333

CURRENT ASSETS
Debtors 10 135,449 250,527
Cash at bank and in hand 19,945,962 21,715,886
20,081,411 21,966,413
CREDITORS
Amounts falling due within one year 11 909,763 407,622
NET CURRENT ASSETS 19,171,648 21,558,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,826,287

70,546,124

PROVISIONS FOR LIABILITIES 1,300,000 1,200,000
NET ASSETS 71,526,287 69,346,124

CAPITAL AND RESERVES
Called up share capital 16,500 16,500
Capital redemption reserve 7,523 7,523
Retained earnings 71,502,264 69,322,101
SHAREHOLDERS' FUNDS 71,526,287 69,346,124

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

CONSOLIDATED BALANCE SHEET - continued
31ST DECEMBER 2023


The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared 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 25th July 2024 and were signed on its behalf by:





D D Stevenson - Director


ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 131,301 159,878
Investments 9 53,392,668 48,121,979
53,523,969 48,281,857

CURRENT ASSETS
Debtors 10 154,853 159,704
Cash at bank 16,769,782 20,602,978
16,924,635 20,762,682
CREDITORS
Amounts falling due within one year 11 983,622 840,685
NET CURRENT ASSETS 15,941,013 19,921,997
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,464,982

68,203,854

PROVISIONS FOR LIABILITIES 1,300,000 1,200,000
NET ASSETS 68,164,982 67,003,854

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

COMPANY BALANCE SHEET - continued
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 16,500 16,500
Capital redemption reserve 7,523 7,523
Retained earnings 68,140,959 66,979,831
SHAREHOLDERS' FUNDS 68,164,982 67,003,854

Company's profit/(loss) for the financial
year

1,738,628

(805,662

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared 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 25th July 2024 and were signed on its behalf by:





D D Stevenson - Director


ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Ashleybank Investments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The company provides management services as well as renting out commercial properties.

For management services, revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be measured reliably. Rental income is recognised in the accounting period to which the rent relates.

For investment income, dividends from equities are accounted for on the ex-dividend date and all other investment income is credited in the period in which it is receivable.

Revenue is measured at the fair value of the transaction excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
FRS requires Investment Property to be stated at fair value. As explained in the report of the directors this has not been possible therefore the Investment Property is stated at cost less depreciation.
Depreciation is provided at the annual rates below to write off the cost of each asset evenly over its estimated useful life. Depreciation is only provided on freehold buildings where the Directors consider that the remaining useful life is less than fifty years. Provision for depreciation on long leasehold properties with over fifty years to run and freehold buildings where the estimated life exceeds fifty years is not considered necessary as it is the Group's policy to maintain its properties in good condition which prolongs their useful life and any depreciation involved would not be material. Depreciation is however provided on modernisation costs which enhance their value for a finite period and the costs of repairs and maintenance are charged to profit and loss account in the year in which they are incurred.

Freehold Land and Buildings- Nil
Leasehold Land and Buildings over 50 years- 2% over last 50 years of lease
Modernisation Costs of Buildings- 5% ot 12.5%
Equipment and Vehicles- 25%, 20% or 12.5%

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Consolidated Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date or if appropriate at the forward contract date. All differences are taken to the consolidated income statement.

Pension costs
The group operates defined contribution pension schemes. The costs of the defined contribution schemes are charged to the consolidated income statement in the period in which incurred.

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Investments
Investments are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is transferred to the consolidated income statement.

Investments in subsidiary undertakings are recognised at cost.

Operating leases
Ground rents payable are charged to the consolidated income statement in the period to which they are attributable.

Going concern
The directors have considered the potential impact of ongoing worldwide events on the business and are satisfied that the company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The Accounts have therefore been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 9 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 11 (2022 - 9 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 10,379 9,501

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/(loss) on sale of Properties 976,259 405,362

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 216,000 375,000
Under/(over) provision in prior year (123,476 ) (157,708 )
Total current tax 92,524 217,292

Deferred tax 100,000 (700,000 )
Tax on profit/(loss) 192,524 (482,708 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 1,868,104 93,466 1,961,570
Additions - 10,552 10,552
Disposals (649,907 ) - (649,907 )
At 31st December 2023 1,218,197 104,018 1,322,215
DEPRECIATION
At 1st January 2023 229,622 80,937 310,559
Charge for year - 10,379 10,379
Eliminated on disposal (46,351 ) - (46,351 )
At 31st December 2023 183,271 91,316 274,587
NET BOOK VALUE
At 31st December 2023 1,034,926 12,702 1,047,628
At 31st December 2022 1,638,482 12,529 1,651,011

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. TANGIBLE FIXED ASSETS - continued

Company
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 156,015 93,467 249,482
Additions - 10,552 10,552
Disposals (28,750 ) - (28,750 )
At 31st December 2023 127,265 104,019 231,284
DEPRECIATION
At 1st January 2023 8,668 80,936 89,604
Charge for year - 10,379 10,379
At 31st December 2023 8,668 91,315 99,983
NET BOOK VALUE
At 31st December 2023 118,597 12,704 131,301
At 31st December 2022 147,347 12,531 159,878

9. FIXED ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Other investments not loans 52,607,011 47,336,322 53,392,668 48,121,979

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1st January 2023 29,911,079 17,425,243 47,336,322
Additions 4,974,775 40,455 5,015,230
Disposals (264,033 ) (232,197 ) (496,230 )
Revaluations 305,197 446,492 751,689
Reclassification/transfer (89,624 ) 89,624 -
At 31st December 2023 34,837,394 17,769,617 52,607,011
NET BOOK VALUE
At 31st December 2023 34,837,394 17,769,617 52,607,011
At 31st December 2022 29,911,079 17,425,243 47,336,322

Cost or valuation at 31st December 2023 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2023 34,837,394 17,769,617 52,607,011
Company
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1st January 2023 29,911,079 17,425,243 47,336,322
Additions 4,974,775 40,455 5,015,230
Disposals (264,033 ) (232,197 ) (496,230 )
Revaluations 305,197 446,492 751,689
Reclassification/transfer (89,624 ) 89,624 -
At 31st December 2023 34,837,394 17,769,617 52,607,011
NET BOOK VALUE
At 31st December 2023 34,837,394 17,769,617 52,607,011
At 31st December 2022 29,911,079 17,425,243 47,336,322

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 31st December 2023 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2023 34,837,394 17,769,617 52,607,011

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Shares in subsidiary undertakings 785,657 785,657

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Eskvale Properties Limited
Registered office:
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00

Eskland Limited
Registered office:
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00

ABI Ground Rents
Registered office:
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other debtors 135,449 250,527 154,853 159,704

ASHLEYBANK INVESTMENTS LIMITED (REGISTERED NUMBER: SC047360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 2,318 2,774 - -
Amounts owed to group undertakings - - 472,712 478,056
Taxation and social security 725,427 248,519 362,967 248,519
Other creditors 182,018 156,329 147,943 114,110
909,763 407,622 983,622 840,685

12. OTHER FINANCIAL COMMITMENTS

At 31st December 2023, the company had commitments in respect of fixed asset investments amounting to £Nil (2022, £Nil).

13. RELATED PARTY DISCLOSURES

Acorn Consultants Limited was related to the company by virtue of a nucleus of common directors and shareholders. This company provides certain executive management services to Ashleybank Investments Limited. Amounts totalling £100,000 (2022, £100,000) was paid to the company in respect of such services.