ASHBROOK REES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 09590232
ASHBROOK REES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
ASHBROOK REES LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
Mr L D Edwards
Mrs C E A Edwards
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Princewood Road
Earlstrees Industrial Estate
Corby
NN17 4AP
COMPANY REGISTRATION NUMBER
09590232 England and Wales
ASHBROOK REES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Investments 5 3,157,501 3,157,501
CURRENT ASSETS
Debtors 6 2,022 2,029
Cash at bank and in hand - 4,559
2,022 6,588
CREDITORS: Amounts falling due within one year 7 3,106,162 3,113,534
NET CURRENT LIABILITIES (3,104,140) (3,106,946)
NET ASSETS 53,361 50,555
CAPITAL AND RESERVES
Called up share capital 50,001 50,001
Distributable profit and loss account 3,360 554
SHAREHOLDER'S FUNDS 53,361 50,555
ASHBROOK REES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr L D Edwards
Director
Date approved by the board: 3 October 2024
ASHBROOK REES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Ashbrook Rees Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
4 Princewood Road
Earlstrees Industrial Estate
Corby
NN17 4AP
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes Display Mode Limited, a subsidiary undertaking, £3,104,461 which could be required for repayment without notice. The company is therefore dependent upon the continued support of Display Mode Limited. The directors do not consider the support of Display Mode Limited likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Management fees are measured at the fair value of consideration received or receivable. It is recognised in respect of management services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
ASHBROOK REES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
ASHBROOK REES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
5 FIXED ASSET INVESTMENTS
Investment in subsidiaries
£
Cost
At 1 April 2023 3,157,501
At 31 March 2024 3,157,501
Net book value
At 1 April 2023 3,157,501
At 31 March 2024 3,157,501
6 DEBTORS
2024 2023
£ £
Other debtors 2,022 2,029
ASHBROOK REES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 1,701 2,198
Other creditors 3,104,461 3,111,336
3,106,162 3,113,534
8 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Display Mode Limited Wholly owned subsidiary
DM Employee Ownership Trust Parent entity
During the year, the following transactions with related parties took place:
DM Employee Ownership Trust
Parent entity 2024 2023
£ £
Guarantee During the year ended 31 March 2021, the shares in Ashbrook Rees Limited were sold to an Employee Ownership Trust. Ashbrook Rees Limited is acting as a guarantor in respect of the Deferred Payment amount that remains outstanding in accordance with the Share Purchase Agreement. At 31 March 2024, the following Deferred Payment amount was outstanding: 1,205,000 1,660,000
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