ASHLEY INDUSTRIAL PROPERTIES LIMITED |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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 letting of the property. |
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Tangible fixed assets |
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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: |
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Land and buildings |
Not depreciated |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Investment property |
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Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in fair value are included in the profit and loss account. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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3 |
Taxation |
2023 |
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2022 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
85,625 |
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72,216 |
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Adjustments in respect of previous periods |
- |
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- |
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85,625 |
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72,216 |
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Deferred tax: |
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Origination and reversal of timing differences |
- |
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1,346,150 |
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Effect of increased tax rate on opening liability |
- |
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- |
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- |
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1,346,150 |
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Tax on profit on ordinary activities |
85,625 |
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1,418,366 |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2023 |
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2022 |
£ |
£ |
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Profit on ordinary activities before tax |
363,550 |
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379,919 |
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Standard rate of corporation tax in the UK |
19% & 25% |
19% |
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£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
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85,509 |
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72,185 |
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Effects of: |
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Expenses not deductible for tax purposes |
- |
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31 |
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Changes in provisions leading to an increase in the tax charge |
116 |
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1,346,150 |
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Current tax charge for period |
85,625 |
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1,418,366 |
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4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
15,335,000 |
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11,637 |
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15,346,637 |
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At 31 December 2023 |
15,335,000 |
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11,637 |
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15,346,637 |
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Depreciation |
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At 1 January 2023 |
- |
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11,145 |
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11,145 |
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Charge for the year |
- |
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492 |
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492 |
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At 31 December 2023 |
- |
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11,637 |
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11,637 |
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Net book value |
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At 31 December 2023 |
15,335,000 |
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- |
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15,335,000 |
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At 31 December 2022 |
15,335,000 |
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492 |
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15,335,492 |
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Freehold land and buildings: |
2023 |
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2022 |
£ |
£ |
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Historical cost |
3,335,702 |
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3,335,702 |
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Cumulative depreciation based on historical cost |
- |
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- |
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3,335,702 |
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3,335,702 |
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Land and Building comprise an investment property which is valued on the basis of its fair value as at 31 December 2023 by external qualified surveyor. At the balance sheet date, the value of the investment property was £15,335,000. |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
128,825 |
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130,532 |
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Prepayment |
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2,710 |
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2,588 |
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Other debtors |
- |
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3,446 |
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131,535 |
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136,566 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
112,800 |
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97,385 |
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Trade creditors |
1,144 |
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1,848 |
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Amounts owed to related companies |
Note 10 |
1,167,594 |
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1,167,594 |
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Corporation tax |
85,624 |
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72,193 |
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Other taxation and social security costs |
20,420 |
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20,418 |
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Other creditors |
121,903 |
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124,238 |
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1,509,485 |
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1,483,676 |
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7 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
225,658 |
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596,282 |
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8 |
Loans |
2023 |
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2022 |
£ |
£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
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338,458 |
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693,667 |
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9 |
Revaluation reserve |
2023 |
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2022 |
£ |
£ |
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At 1 January 2023 |
9,719,431 |
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3,980,581 |
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Gain on revaluation of land and buildings |
- |
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7,085,000 |
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Deferred taxation arising on the revaluation of land and buildings |
- |
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(1,346,150) |
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At 31 December 2023 |
9,719,431 |
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9,719,431 |
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10 |
Related party transactions |
2023 |
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2022 |
£ |
£ |
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P. Flannery Plant Hire (Oval) Limited |
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Mr M Flannery and Mr P Flannery who are both directors of P. Flannery Plant Hire (Oval) Limited. They Jointly owned 50% of the issued share capital of the company. |
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No transaction during the year |
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Amount due to the related company |
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583,650 |
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583,650 |
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VGC Group Limited and VGC Services Limited |
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Mr M Fitzpatrick and Mr L Mckidd who are both directors of the company have a majority shareholding in VGC Group Limited. VGC Group limited owns 50% of the ordinary issued share capital of the company. |
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VGC Services Limited is a fully owned subsidiary of VGC Group Limited. Turnover includes £53,883 charged to VGC Services Limited (2022 - £53,883). |
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Amount due to the related company |
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583,944 |
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583,944 |
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1,167,594 |
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1,167,594 |
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11 |
Other information |
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ASHLEY INDUSTRIAL PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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27A Maxwell Road |
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Northwood |
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Middlesex |
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HA6 2XY |