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 | |||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
09590232 England and Wales | |||||||||||
ASHBROOK REES LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
Notes | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Investments | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | - | ||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDER'S FUNDS | |||||||||||
ASHBROOK REES LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
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: |
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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 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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 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 | |||||||||||
Taxation | |||||||||||
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. | |||||||||||
ASHBROOK REES LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Consolidation | |||||||||||
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 | |||||||||||
5 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in subsidiaries | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
Net book value | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
6 | DEBTORS | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Other debtors | |||||||||||
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 | |||||||||||
Other creditors | |||||||||||
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: | |||||||||||
Wholly owned subsidiary | |||||||||||
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 | ||||||||