REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Ashford Homes (South Western) |
Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Ashford Homes (South Western) |
Limited (Registered number: 02469064) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Directors' current accounts | - | 1,799 |
VAT |
Deferred tax asset |
Prepayments and accrued income |
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) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
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. |