Registered number
07156573
ASHLEY INDUSTRIAL PROPERTIES LIMITED
Filleted Accounts
31 December 2023
ASHLEY INDUSTRIAL PROPERTIES LIMITED
Registered number: 07156573
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 15,335,000 15,335,492
Current assets
Debtors 5 131,535 136,566
Cash at bank and in hand 65,116 126,483
196,651 263,049
Creditors: amounts falling due within one year 6 (1,509,485) (1,483,676)
Net current liabilities (1,312,834) (1,220,627)
Total assets less current liabilities 14,022,166 14,114,865
Creditors: amounts falling due after more than one year 7 (225,658) (596,282)
Provisions for liabilities (2,279,867) (2,279,867)
Net assets 11,516,641 11,238,716
Capital and reserves
Called up share capital 400 400
Revaluation reserve 9 9,719,431 9,719,431
Profit and loss account 1,796,810 1,518,885
Shareholders' funds 11,516,641 11,238,716
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 M Fitzpatrick
Director
Approved by the board on 17 June 2024
ASHLEY INDUSTRIAL PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 December 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).
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 letting of the property.
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:
Land and buildings Not depreciated
Fixtures, fittings, tools and equipment 25% reducing balance
Investment property
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 85,625 72,216
Adjustments in respect of previous periods - -
85,625 72,216
Deferred tax:
Origination and reversal of timing differences - 1,346,150
Effect of increased tax rate on opening liability - -
- 1,346,150
Tax on profit on ordinary activities 85,625 1,418,366
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 363,550 379,919
Standard rate of corporation tax in the UK 19% & 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 85,509 72,185
Effects of:
Expenses not deductible for tax purposes - 31
Changes in provisions leading to an increase in the tax charge 116 1,346,150
Current tax charge for period 85,625 1,418,366
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 15,335,000 11,637 15,346,637
At 31 December 2023 15,335,000 11,637 15,346,637
Depreciation
At 1 January 2023 - 11,145 11,145
Charge for the year - 492 492
At 31 December 2023 - 11,637 11,637
Net book value
At 31 December 2023 15,335,000 - 15,335,000
At 31 December 2022 15,335,000 492 15,335,492
Freehold land and buildings: 2023 2022
£ £
Historical cost 3,335,702 3,335,702
Cumulative depreciation based on historical cost - -
3,335,702 3,335,702
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.
5 Debtors 2023 2022
£ £
Trade debtors 128,825 130,532
Prepayment 2,710 2,588
Other debtors - 3,446
131,535 136,566
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 112,800 97,385
Trade creditors 1,144 1,848
Amounts owed to related companies Note 10 1,167,594 1,167,594
Corporation tax 85,624 72,193
Other taxation and social security costs 20,420 20,418
Other creditors 121,903 124,238
1,509,485 1,483,676
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 225,658 596,282
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 338,458 693,667
9 Revaluation reserve 2023 2022
£ £
At 1 January 2023 9,719,431 3,980,581
Gain on revaluation of land and buildings - 7,085,000
Deferred taxation arising on the revaluation of land and buildings - (1,346,150)
At 31 December 2023 9,719,431 9,719,431
10 Related party transactions 2023 2022
£ £
P. Flannery Plant Hire (Oval) Limited
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.
No transaction during the year
Amount due to the related company 583,650 583,650
VGC Group Limited and VGC Services Limited
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.
VGC Services Limited is a fully owned subsidiary of VGC Group Limited. Turnover includes £53,883 charged to VGC Services Limited (2022 - £53,883).
Amount due to the related company 583,944 583,944
1,167,594 1,167,594
11 Other information
ASHLEY INDUSTRIAL PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
27A Maxwell Road
Northwood
Middlesex
HA6 2XY
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