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REGISTERED NUMBER: 02469064 (England and Wales)




















Financial Statements

for the Year Ended 31 December 2023

for

Ashford Homes (South Western)
Limited

Ashford Homes (South Western)
Limited (Registered number: 02469064)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ashford Homes (South Western)
Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Dr R D Timbrell-Whittle
K R Doel
S Morgan
T Griffiths





REGISTERED OFFICE: Doric House
Middleton Drive
Bradford on Avon
Wiltshire
BA15 1GB





REGISTERED NUMBER: 02469064 (England and Wales)

Ashford Homes (South Western)
Limited (Registered number: 02469064)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 5,468 46,570

CURRENT ASSETS
Debtors 6 1,236,126 1,017,446
Cash at bank and in hand 398,757 269,999
1,634,883 1,287,445
CREDITORS
Amounts falling due within one year 7 1,425,113 1,150,403
NET CURRENT ASSETS 209,770 137,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

215,238

183,612

CAPITAL AND RESERVES
Called up share capital 65,922 65,922
Retained earnings 149,316 117,690
SHAREHOLDERS' FUNDS 215,238 183,612

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




Dr R D Timbrell-Whittle - Director



S Morgan - Director


Ashford Homes (South Western)
Limited (Registered number: 02469064)

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

1. STATUTORY INFORMATION

Ashford Homes (South Western) 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.

2. STATEMENT OF COMPLIANCE

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 company has applied 'The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980).

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under FRS 102 Section 1A "Small Entities".

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

Functional and presentation currency
The company's functional and presentation currency is sterling (£).

Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction can be measured reliably.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 50% on straight line basis, 33% on straight line basis and 25% on straight line basis
Motor vehicles - 25% on straight line basis

Impairment of assets
At each reporting date, the company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss.


Ashford Homes (South Western)
Limited (Registered number: 02469064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Transactions in currencies other than the functional currency of the Company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 23 ) .

Ashford Homes (South Western)
Limited (Registered number: 02469064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 87,977 73,671 161,648
Additions 4,640 - 4,640
Disposals - (59,570 ) (59,570 )
At 31 December 2023 92,617 14,101 106,718
DEPRECIATION
At 1 January 2023 71,422 43,656 115,078
Charge for year 15,727 7,675 23,402
Eliminated on disposal - (37,230 ) (37,230 )
At 31 December 2023 87,149 14,101 101,250
NET BOOK VALUE
At 31 December 2023 5,468 - 5,468
At 31 December 2022 16,555 30,015 46,570

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 59,570
Disposals (59,570 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 31,025
Charge for year 6,205
Eliminated on disposal (37,230 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 28,545

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 60,503 136,230
Amounts owed by group undertakings 1,016,127 744,205
Amounts recoverable on contract 287 -
Directors' current accounts - 1,799
VAT 74,415 68,554
Deferred tax asset 13,550 4,192
Prepayments and accrued income 71,244 62,466
1,236,126 1,017,446

Ashford Homes (South Western)
Limited (Registered number: 02469064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 37,039
Trade creditors 971,336 715,975
Amounts owed to group undertakings 55 503
Tax 83,133 33,005
Social security and other taxes 78,672 83,803
Other creditors 249,365 267,450
Accruals and deferred income 42,552 12,628
1,425,113 1,150,403

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 37,039

Non-cancellable operating leases
2023 2022
£    £   
Within one year 61,960 65,724
Between one and five years 61,283 39,899
123,243 105,623

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Longmore (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
K R Doel
Balance outstanding at start of year 1,529 5,599
Amounts advanced 239 1,557
Amounts repaid (1,768 ) (5,627 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,529

S Morgan
Balance outstanding at start of year 270 -
Amounts advanced 2,126 270
Amounts repaid (2,396 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 270

Ashford Homes (South Western)
Limited (Registered number: 02469064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Dr R D Timbrell-Whittle
Balance outstanding at start of year - -
Amounts advanced 7,804 10,877
Amounts repaid (7,804 ) (10,877 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

A dividend of £16,000 (2022: £Nil) was paid to each of the following directors, Mr K R Doel, Mr S P Morgan and Mr T Griffiths during the year.

Doric Developments (Bath) Limited - parent company
Doric Developments (Bath) Limited draws up the consolidated financial statements for the group. Its registered office is Doric House, Middleton Drive, Bradford on Avon, BA15 1GB.

During the year the company traded with Doric Developments (Bath) Limited. The transactions and balances consisted of the following:

Sales net of sales credits of £12,640,650 (2022: £11,725,158).
The net amount due at the year end is £1,016,127 (2022: £744,205), and is included in debtors as amounts due from group undertakings at the year end..

A dividend was paid to the parent company of £150,000 (2022: £Nil).

Islington Trowbridge Limited - Fellow subsidiary of Doric Developments (Bath) Limited
During the year the company traded with Islington Trowbridge Limited.The transactions and balances consisted of the following:

Purchases of £6,913 (2022: £2,978).
A balance of £55 (2022: £503) is included within creditors as amounts owed to group undertakings at the year end.
Sales of £2,581 (2022: £13,166).

Braemon Holdings - a partnership in which Dr R D Timbrell-Whittle has a 50% interest
The company traded with Braemon Holdings. The transactions and balances consisted of the following:

Sales of £36,018 (2022: £20,641).
There were no balances outstanding at year end.

Cabot Trustees Limited - Pension scheme of which Dr R D Timbrell-Whittle is a beneficiary
The company traded with Cabot Trustees Limited. The transactions and balances consisted of the following:

Sales of £20,801 (2022: £27,711).
A balance of £27 (2022: £1,218) is included in trade debtors at the year end.
Rent paid, including insurance and VAT, of £99,343 (2022: £99,443) during the year.

Dr R D Timbrell-Whittle - director
During the prior year work was undertaken on construction of a new property owned personally for Dr R D Timbrell-Whittle. The work was invoiced at £Nil (2022: £33,853), to the parent company Doric Developments (Bath) Limited.

Key management personnel compensation
During the year, key management personnel received total emoluments of £347,827 (2022: £332,547).

12. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors and shareholders of Doric Developments (Bath) Limited, Dr R D Timbrell-Whittle and Mrs S A Timbrell-Whittle.

Ashford Homes (South Western)
Limited (Registered number: 02469064)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. SHARE-BASED PAYMENT TRANSACTIONS

The company entered into an unapproved share based remuneration scheme in 2019 with one of its directors. Under the scheme 2% of the parent entity's own shareholding will be transferred to the director per annum over four years in consideration for services supplied to the company. In the event that the director's employment ceases the shares will be transferred back to the company for nil consideration.

The fair value of the equity shares is based on a recent share transaction of the company's shares.

The expense recognised in the year for the share based payment in respect of director's remuneration for services is £nil (2022: £4,617) all of which related to equity-settled share based payment transactions.