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Company No: 01225235 (England and Wales)

ASHCOMBE PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

ASHCOMBE PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ASHCOMBE PROPERTIES LIMITED

BALANCE SHEET

As at 31 January 2024
ASHCOMBE PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,362 10,383
Investment property 4 1,627,000 1,500,000
1,636,362 1,510,383
Current assets
Stocks 5 10,493 10,493
Debtors 6 21,618 19,739
Cash at bank and in hand 7 283,490 339,162
315,601 369,394
Creditors: amounts falling due within one year 8 ( 475,108) ( 471,083)
Net current liabilities (159,507) (101,689)
Total assets less current liabilities 1,476,855 1,408,694
Provision for liabilities ( 181,771) ( 173,780)
Net assets 1,295,084 1,234,914
Capital and reserves
Called-up share capital 5,000 5,000
Fair value reserve 782,129 637,481
Profit and loss account 507,955 592,433
Total shareholder's funds 1,295,084 1,234,914

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ashcombe Properties Limited (registered number: 01225235) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

Cherry Louise Garland
Director
Richard Garland
Director
ASHCOMBE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ASHCOMBE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ashcombe Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss but are shown separately on the balance sheet as a non-distributable fair value reserve. A transfer is made at the year end from the profit and loss reserve to the fair value reserve for the movement during the year.

Stocks

Stocks relate to land held for future development and are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are amounts due for rents and management charges receivable.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 February 2023 25,350 789 26,139
Additions 0 1,074 1,074
At 31 January 2024 25,350 1,863 27,213
Accumulated depreciation
At 01 February 2023 14,967 789 15,756
Charge for the financial year 2,077 18 2,095
At 31 January 2024 17,044 807 17,851
Net book value
At 31 January 2024 8,306 1,056 9,362
At 31 January 2023 10,383 0 10,383

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 1,500,000
Fair value movement 127,000
As at 31 January 2024 1,627,000

Valuation

The fair value of the company’s investment property was revalued on 31 January 2024 by the board of directors. The basis of this valuation was current open market value.

The deferred tax attributable to the investment property fair value adjustments has been considered at 31 January 2024 and has been presented within provisions for liabilities on the balance sheet. Movements in the provision are recognised in profit or loss and subsequently transferred to the fair value reserve.

There has been no valuation of investment property by an independent valuer.

5. Stocks

2024 2023
£ £
Stocks 10,493 10,493

6. Debtors

2024 2023
£ £
Trade debtors 21,618 16,438
Corporation tax 0 3,301
21,618 19,739

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 283,490 339,162

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 415 517
Other taxation and social security 10,435 3,632
Other creditors 464,258 466,934
475,108 471,083