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REGISTERED NUMBER: 00265193 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

ASHTONS' DEVELOPMENT CO.,LIMITED

ASHTONS' DEVELOPMENT CO.,LIMITED (REGISTERED NUMBER: 00265193)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31st December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ASHTONS' DEVELOPMENT CO.,LIMITED

COMPANY INFORMATION
for the year ended 31st December 2023







DIRECTORS: Mrs E B Baskerville
P D Connell
Ms K E T Baskerville
R W Baskerville
S P A Ould
Mrs S L Ould


SECRETARY: P D Connell


REGISTERED OFFICE: Priestley House
Priestley Gardens
Chadwell Heath
Essex RM6 4SN


REGISTERED NUMBER: 00265193 (England and Wales)


ACCOUNTANTS: Chegwidden & Co
Chartered Accountants
Priestley House
Priestley Gardens
Chadwell Heath
Essex, RM6 4SN


BANKERS: Handelsbanken
Romford Branch
Ground Floor
3-5 Eastern Road
Romford
Essex
RM1 3NH

ASHTONS' DEVELOPMENT CO.,LIMITED (REGISTERED NUMBER: 00265193)

STATEMENT OF FINANCIAL POSITION
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment properties 4 13,960,267 13,832,043

CURRENT ASSETS
Debtors 5 100,281 64,596
Cash at bank 324,789 447,123
425,070 511,719
CREDITORS
Amounts falling due within one year 6 254,966 251,026
NET CURRENT ASSETS 170,104 260,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,130,371

14,092,736

CREDITORS
Amounts falling due after more than one
year

7

-

(45,000

)

PROVISIONS FOR LIABILITIES (2,216,894 ) (2,216,894 )
NET ASSETS 11,913,477 11,830,842

CAPITAL AND RESERVES
Called up share capital 2,552 2,552
Fair value reserve 9 11,132,237 11,132,237
Retained earnings 778,688 696,053
SHAREHOLDERS' FUNDS 11,913,477 11,830,842

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.

ASHTONS' DEVELOPMENT CO.,LIMITED (REGISTERED NUMBER: 00265193)

STATEMENT OF FINANCIAL POSITION - continued
31st December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th August 2024 and were signed on its behalf by:




Mrs E B Baskerville - Director



P D Connell - Director


ASHTONS' DEVELOPMENT CO.,LIMITED (REGISTERED NUMBER: 00265193)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Ashtons' Development Co.,Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Turnover represents the fair value of rental income receivable, excluding value added tax, once the income and related costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the company.

Investment properties
Investment properties are stated at fair value and gains/losses are recognised in the Income Statement. Deferred tax is provided on these gains/losses at the corporation tax rates and applicable allowances expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rental income
The company receives rental income under operating leases and other agreements. The income is recognised on a straight line basis over the lease term or period of agreement. The fair value of assets used to generate this income is disclosed in the note to fixed asset investments. The managing agents monitor and control the general repairs and maintenance of properties to ensure applicable contractual obligations are fulfilled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

ASHTONS' DEVELOPMENT CO.,LIMITED (REGISTERED NUMBER: 00265193)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31st December 2023

4. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1st January 2023 13,832,043
Additions 128,224
At 31st December 2023 13,960,267
NET BOOK VALUE
At 31st December 2023 13,960,267
At 31st December 2022 13,832,043

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2016 13,000,000
Valuation in 2017 351,000
Valuation in 2018 (111,480 )
Valuation in 2019 (218,045 )
Valuation in 2020 227,830
Valuation in 2021 29,818
Valuation in 2022 552,920
Valuation in 2023 128,224
13,960,267

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 611,136 482,912

Investment properties were valued on an open market basis on 14th November 2016 by A Chater, FRICS .

Following the last formal valuation in 2016, the directors have estimated the fair values at each balance sheet date.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100,281 64,596

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 30,000
Taxation and social security 106,960 95,563
Other creditors 148,006 125,463
254,966 251,026

ASHTONS' DEVELOPMENT CO.,LIMITED (REGISTERED NUMBER: 00265193)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31st December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 45,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 75,000

Bank loans were secured by a fixed charge on the company's investment property.

9. RESERVES
Fair
value
reserve
£   
At 1st January 2023
and 31st December 2023 11,132,237

The fair value reserve represents a non-distributable reserve arising from the net fair value gains on the revaluation of investment properties, following the transition to FRS 102 Section 1A (Small Companies).

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £84,182 (2022 - £72,156) were paid to the directors .

11. POST BALANCE SHEET EVENTS

The company continued its ongoing program of development of certain investment properties to secure the full potential of future rental income. Expenditure to June 2024 amounted to about £240,000, and whilst no additional bank loans are anticipated in the short term to finance development costs, the Board will continue to monitor the situation.