Company registration number 13254490 (England and Wales)
ASHFORD WORKS DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ASHFORD WORKS DEVELOPMENT LIMITED
COMPANY INFORMATION
Directors
P Lenchner
M L Radzan
D Lubner
Company number
13254490
Registered office
5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Ltd
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
ASHFORD WORKS DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
100
-
0
Current assets
Stocks
-
3,672,372
Debtors
4
2,727,841
7,642
Cash at bank and in hand
5,030
25,545
2,732,871
3,705,559
Creditors: amounts falling due within one year
5
(1,027,772)
(2,264,401)
Net current assets
1,705,099
1,441,158
Total assets less current liabilities
1,705,199
1,441,158
Creditors: amounts falling due after more than one year
6
(1,500,000)
(1,500,000)
Net assets/(liabilities)
205,199
(58,842)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
205,099
(58,942)
Total equity
205,199
(58,842)

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ASHFORD WORKS DEVELOPMENT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
M L Radzan
Director
Company registration number 13254490 (England and Wales)
ASHFORD WORKS DEVELOPMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
490
590
Year ended 31 March 2023:
Loss and total comprehensive income
-
(59,432)
(59,432)
Balance at 31 March 2023
100
(58,942)
(58,842)
Year ended 31 March 2024:
Profit and total comprehensive income
-
264,041
264,041
Balance at 31 March 2024
100
205,099
205,199
ASHFORD WORKS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Ashford Works Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents property sales, excluding value added tax. Turnover is recognised when property sales becomes unconditional.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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 profit or loss.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

ASHFORD WORKS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
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. 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.

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.

2
Employees

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

2024
2023
Number
Number
Total
3
3
ASHFORD WORKS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
100
At 31 March 2024
100
Carrying amount
At 31 March 2024
100
At 31 March 2023
-
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,723,025
-
0
Other debtors
2,730
5,504
Prepayments and accrued income
2,086
2,138
2,727,841
7,642
ASHFORD WORKS DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,416
15
Other creditors
1,019,954
2,258,437
Accruals and deferred income
5,402
5,949
1,027,772
2,264,401

Included in other creditors are amounts owed to the directors.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,500,000
1,500,000
7
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group

 

Other creditors include amounts owed to related parties in which the directors have a material interest. These amounts are interest free and repayable on demand.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityP LenchnerM L RadzanD Lubnerfalsefalse132544902023-04-012024-03-3113254490bus:Director12023-04-012024-03-3113254490bus:Director22023-04-012024-03-3113254490bus:Director32023-04-012024-03-3113254490bus:RegisteredOffice2023-04-012024-03-31132544902024-03-31132544902023-03-3113254490core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113254490core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113254490core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3113254490core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113254490core:CurrentFinancialInstruments2024-03-3113254490core:CurrentFinancialInstruments2023-03-3113254490core:ShareCapital2024-03-3113254490core:ShareCapital2023-03-3113254490core:RetainedEarningsAccumulatedLosses2024-03-3113254490core:RetainedEarningsAccumulatedLosses2023-03-3113254490core:ShareCapital2022-03-3113254490core:RetainedEarningsAccumulatedLosses2022-03-3113254490core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31132544902022-04-012023-03-3113254490core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113254490core:Non-currentFinancialInstruments12024-03-3113254490core:Non-currentFinancialInstruments12023-03-3113254490bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113254490bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113254490bus:FRS1022023-04-012024-03-3113254490bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3113254490bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP