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Registration number: 07689657

Ashdrew Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Ashdrew Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 14

 

Ashdrew Limited

Company Information

Director

Ms. B D Wingfield

Registered office

36 Gervis Road
Bournemouth
Dorset
BH1 3DH

Accountants

Tudor Payne & Co
Chartered Accountants
54 Parkstone Road
Poole
Dorset
BH15 2PG

 

Ashdrew Limited

Director's Report for the Year Ended 31 December 2023

The director presents her report and the abridged financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Ms. B D Wingfield

Principal activity

The principal activity of the company is property development.

Small companies provision statement

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

Approved and authorised by the director on 12 September 2024
 

.........................................
Ms. B D Wingfield
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ashdrew Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ashdrew Limited for the year ended 31 December 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ashdrew Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ashdrew Limited and state those matters that we have agreed to state to the Board of Directors of Ashdrew Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ashdrew Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ashdrew Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ashdrew Limited. You consider that Ashdrew Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ashdrew Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Tudor Payne & Co
Chartered Accountants
54 Parkstone Road
Poole
Dorset
BH15 2PG

Date:.............................

 

Ashdrew Limited

Abridged Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Gross profit

 

427,401

428,983

Administrative expenses

 

(188,397)

(266,429)

Other interest receivable and similar income

 

199

59

Interest payable and similar expenses

 

(115,734)

(56,589)

Profit before tax

4

123,469

106,024

Tax on profit

 

(28,957)

78,488

Profit for the financial year

 

94,512

184,512

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ashdrew Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

94,512

184,512

Total comprehensive income for the year

94,512

184,512

 

Ashdrew Limited

(Registration number: 07689657)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,275

4,817

Current assets

 

Stocks

6

6,133,065

4,620,092

Debtors

7

15,255

1,173,380

Cash at bank and in hand

 

123,207

144,332

 

6,271,527

5,937,804

Prepayments and accrued income

 

6,700

4,375

Creditors: Amounts falling due within one year

(5,969,542)

(5,728,298)

Net current assets

 

308,685

213,881

Total assets less current liabilities

 

312,960

218,698

Accruals and deferred income

 

(4,750)

(5,000)

Net assets

 

308,210

213,698

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

308,208

213,696

Shareholders' funds

 

308,210

213,698

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 12 September 2024
 

 

Ashdrew Limited

(Registration number: 07689657)
Abridged Balance Sheet as at 31 December 2023

.........................................
Ms. B D Wingfield
Director

 

Ashdrew Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

2

213,696

213,698

Profit for the year

-

94,512

94,512

At 31 December 2023

2

308,208

308,210

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

2

29,184

29,186

Profit for the year

-

184,512

184,512

At 31 December 2022

2

213,696

213,698

 

Ashdrew Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
36 Gervis Road
Bournemouth
Dorset
BH1 3DH

These financial statements were authorised for issue by the director on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Ashdrew Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ashdrew Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,424

1,605

 

Ashdrew Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

11,270

11,270

Additions

882

882

At 31 December 2023

12,152

12,152

Depreciation

At 1 January 2023

6,453

6,453

Charge for the year

1,424

1,424

At 31 December 2023

7,877

7,877

Carrying amount

At 31 December 2023

4,275

4,275

At 31 December 2022

4,817

4,817

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

6,133,065

4,620,092

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

Ashdrew Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of Nil per each Ordinary shares

-

-

 

 

10

Related party transactions

 

Ashdrew Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

70,875

102,875

Contributions paid to money purchase schemes

2,127

3,066

73,002

105,941