IRIS Accounts Production
v24.1.9.2
SC047360
Board of Directors
31.12.23
1.1.23
31.12.23
31.12.23
the provision of management services, the leasing of properties, property development, investment and active participation in trading businesses.
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| ASHLEYBANK INVESTMENTS LIMITED | |
| REPORT OF THE DIRECTORS AND | |
| CONSOLIDATED FINANCIAL STATEMENTS | |
| FOR THE YEAR ENDED 31ST DECEMBER 2023 | |
|
Report of the Directors |
2 |
|
|
Consolidated Income Statement |
3 |
|
|
Consolidated Balance Sheet |
4 |
|
|
Notes to the Consolidated Financial Statements |
8 |
|
|
REGISTERED OFFICE: |
Ashley Bank House |
|
REGISTERED NUMBER: |
SC047360 (Scotland) |
|
ACCOUNTANTS: |
JRW Hogg & Thorburn LLP |
The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023. |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
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. |
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 |
|
|
Income from fixed asset investments |
731,818 |
|
718,602 |
|
|
Interest receivable and similar income |
736,871 |
|
1,728,508 |
|
|
Realised and unrealised gain/ |
investments |
751,689 |
|
(3,530,966 |
) |
|
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 |
) |
|
Tangible assets |
8 |
1,047,628 |
|
1,651,011 |
|
|
Investments |
9 |
52,607,011 |
|
47,336,322 |
|
|
Debtors |
10 |
135,449 |
|
250,527 |
|
|
Cash at bank and in hand |
19,945,962 |
|
21,715,886 |
|
|
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 |
|
|
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 |
|
|
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: |
Tangible assets |
8 |
131,301 |
|
159,878 |
|
|
Investments |
9 |
53,392,668 |
|
48,121,979 |
|
|
Debtors |
10 |
154,853 |
|
159,704 |
|
|
Cash at bank |
16,769,782 |
|
20,602,978 |
|
|
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 |
|
|
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: |
|
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. |
|
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. |
|
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. |
| 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% | | |
| 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. |
| 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 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 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. |
| 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. |
| 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. |
|
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. |
|
Ground rents payable are charged to the consolidated income statement in the period to which they are attributable. |
|
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: |
|
Depreciation - owned assets |
10,379 |
|
9,501 |
|
|
|
Profit/(loss) on sale of Properties |
976,259 |
|
405,362 |
|
|
|
Analysis of the tax charge/(credit) |
|
The tax charge/(credit) on the profit for the year was as follows: |
|
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. |
|
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 |
|
|
|
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 |
|
|
|
At 31st December 2023 |
1,034,926 |
|
12,702 |
|
1,047,628 |
|
|
|
At 31st December 2022 |
1,638,482 |
|
12,529 |
|
1,651,011 |
|
|
|
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 |
|
|
|
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 |
|
|
|
At 31st December 2023 |
118,597 |
|
12,704 |
|
131,301 |
|
|
|
At 31st December 2022 |
147,347 |
|
12,531 |
|
159,878 |
|
|
9. |
FIXED ASSET INVESTMENTS |
|
Other investments not loans |
52,607,011 |
|
47,336,322 |
|
53,392,668 |
|
48,121,979 |
|
|
|
Additional information is as follows: |
|
investments |
|
investments |
|
Totals |
|
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 |
|
|
|
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: |
|
investments |
|
investments |
|
Totals |
|
Valuation in 2023 |
34,837,394 |
|
17,769,617 |
|
52,607,011 |
|
|
|
investments |
|
investments |
|
Totals |
|
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 |
|
|
|
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: |
|
investments |
|
investments |
|
Totals |
|
Valuation in 2023 |
34,837,394 |
|
17,769,617 |
|
52,607,011 |
|
|
|
Investments (neither listed nor unlisted) were as follows: |
|
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: |
|
Eskvale Properties Limited |
|
Nature of business: Property rental |
|
Nature of business: Property rental |
|
Nature of business: Property rental |
10. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Other debtors |
135,449 |
|
250,527 |
|
154,853 |
|
159,704 |
|
|
11. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
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. |