Company registration number 01050368 (England and Wales)
ANSTON INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
ANSTON INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
ANSTON INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 24 DECEMBER 2023
24 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,638
2,964
Investment properties
6
6,828,864
6,484,264
Investments
7
100
-
0
6,831,602
6,487,228
Current assets
Stocks
7,952,297
7,437,031
Debtors
9
98,508
133,450
Cash at bank and in hand
206,388
288,145
8,257,193
7,858,626
Creditors: amounts falling due within one year
10
(4,447,148)
(3,403,550)
Net current assets
3,810,045
4,455,076
Total assets less current liabilities
10,641,647
10,942,304
Creditors: amounts falling due after more than one year
11
(1,494,802)
(1,607,735)
Provisions for liabilities
12
(912,900)
(982,400)
Net assets
8,233,945
8,352,169
Capital and reserves
Called up share capital
13
100
100
Investment property reserve
3,796,924
4,006,024
Profit and loss reserves
4,436,921
4,346,045
Total equity
8,233,945
8,352,169

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Mr L Faust
Director
Company Registration No. 01050368
ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Anston Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Anston Investments Limited is a wholly owned subsidiary of Clydpride Limited, a charity company incorporated in England and Wales and the results of Anston Investments Limited are included in the consolidated financial statements of that company.

1.2
Turnover

Revenue from the sale of trading properties and lease extensions is included in turnover and recognised on the completion of the contract.

 

Gains or losses arising from the sale of investment properties are recognised on the completion of the contract. They are calculated by reference to fair value at the end of the previous year, adjusted for subsequent capital expenditure, and included in the income statement in the period in which the disposal occurs.

 

Rental income is recognised on a straight-line basis over the term of the lease and is included in other operating income net of related expenses.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & computer equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement in the period of the disposal.

ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.5
Fixed asset investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Income statement.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stock represents properties held for development and/or for resale and is valued at the lower of cost and net realisable value, being the estimated selling price less all estimated costs to complete and sell. Cost comprises the purchase cost of land and buildings and development expenditure. No interest is capitalised in respect of properties held in stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties

The key area of judgement and source of estimation uncertainty is the valuation of investment properties. The director exercises a significant amount of judgement when valuing the investment properties annually and uses his extensive knowledge of the property market and trends in this area to do so.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Dividends and distributions
2023
2022
£
£
Distributions to parent charity under gift aid
Amounts paid
1,260,003
385,000

All amounts paid in the year relating to distributions of prior year profits were paid within nine months of the comparative year end date.

ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 25 December 2022
15,089
Additions
140
At 24 December 2023
15,229
Depreciation and impairment
At 25 December 2022
12,125
Depreciation charged in the year
466
At 24 December 2023
12,591
Carrying amount
At 24 December 2023
2,638
At 24 December 2022
2,964
6
Investment property
2023
£
Fair value
At 25 December 2022
6,484,264
Additions
623,200
Revaluations
(278,600)
At 24 December 2023
6,828,864

The investment properties were valued by the director on 24 December 2023 at fair value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

Any gain or loss arising from a change in fair value is recognised in the income statement.

 

The historic cost of the properties amounted to £2,119,040 (2022: £1,495,840).

7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
-
0
ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
7
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost
At 25 December 2022
-
Additions
100
At 24 December 2023
100
Carrying amount
At 24 December 2023
100
At 24 December 2022
-
8
Subsidiaries

Details of the company's subsidiaries at 24 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Maribella Limited
England
Non-trading
Ordinary
100

On 19 October 2023 Anston Investments Limited acquired 100% of the ordinary share capital of Maribella Limited.

 

9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,912
44,669
Amounts owed by group undertakings
912
912
Other debtors
51,684
87,869
98,508
133,450
10
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
63,803
61,524
Trade creditors
18,960
25,744
Amounts owed to group undertakings and undertakings
4,096,593
3,219,001
Taxation and social security
3,996
6,935
Other creditors
263,796
90,346
4,447,148
3,403,550
ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
- 8 -
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,494,802
1,607,735

The bank loans and overdraft are secured on certain investment and development properties of the company.

 

A debenture dated 1 July 2016 with Lloyds Bank PLC has a fixed and floating charge over the undertaking and all property and assets, present and future.

12
Provision for liabilities
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
912,900
982,400
2023
Movements in the year:
£
Liability at 25 December 2022
982,400
Credit to income statement
(69,500)
Liability at 24 December 2023
912,900
13
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Hill FCA
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
23 September 2024
ANSTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
- 9 -
15
Financial commitments, guarantees and contingent liabilities

On 14 May 2021 HMRC wrote to the company to inform it that they would be carrying out a compliance check on its company tax return for the year ended 24 December 2019. The check into the company’s 2019 corporation tax return was closed without amendments being required to the submitted return. In September 2022, as a result of this compliance check, HMRC raised an assessment on the company for an additional corporation tax liability due to be paid by the company in respect of the year ended 24 December 2018. A further assessment was made by HMRC on 19 December 2022 in respect of the year ended 24 December 2016 and year ended 24 December 2017. The company has sought specialist tax advice and Counsel’s opinion throughout the process and the case is expected to be heard at the First Tier Tribunal in 2025. In accordance with the advice and opinions which have been obtained, the company does not consider it necessary to include any further liability in its accounts in respect of any corporation tax payable.

16
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
12,883
-
0
17
Parent company

The company's immediate parent undertaking is Newcom Limited, a company incorporated in England and Wales. The company's ultimate parent undertaking is Clydpride Limited, a charity company incorporated and registered in England and Wales. Its registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

 

Anston Investments Limited is a wholly owned subsidiary of Clydpride Limited and its results have been included in Clydpride Limited's consolidated accounts.

18
Directors' transactions

Interest free loans have been advanced by the director to the company as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan from director to company
-
-
200,000
(4,395)
195,605

The year end balance is included in other creditors note 10.

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