REGISTERED NUMBER: 09240127 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
for |
Asquith Homes Limited |
REGISTERED NUMBER: 09240127 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
for |
Asquith Homes Limited |
Asquith Homes Limited (Registered number: 09240127) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
Asquith Homes Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Asquith Homes Limited (Registered number: 09240127) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Asquith Homes Limited (Registered number: 09240127) |
Consolidated |
Income Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
£ | £ | £ | £ |
TURNOVER | 42,111 | 242,101 |
Cost of sales | - | 109,677 |
GROSS PROFIT | 42,111 | 132,424 |
Administrative expenses | 10,145 | 13,301 |
OPERATING PROFIT | 31,966 | 119,123 |
Income from fixed asset investments | 675 | - |
Interest receivable and similar income | 3,850 | - |
4,525 | - |
PROFIT BEFORE TAXATION | 36,491 | 119,123 |
Tax on profit | 8,335 | 22,629 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 28,156 | 96,494 |
Asquith Homes Limited (Registered number: 09240127) |
Consolidated Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 | 48,333 | 48,333 |
Investments | 6 | 25 | 25 |
Investment property | 7 | 874,895 | 874,895 |
923,253 | 923,253 |
CURRENT ASSETS |
Debtors | 8 | 95,564 | 142,167 |
Cash at bank and in hand | 352,341 | 530,592 |
447,905 | 672,759 |
CREDITORS |
Amounts falling due within one year | 9 | 918,846 | 908,696 |
NET CURRENT LIABILITIES | (470,941 | ) | (235,937 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
452,312 |
687,316 |
CREDITORS |
Amounts falling due after more than one year |
10 |
- |
233,010 |
NET ASSETS | 452,312 | 454,306 |
CAPITAL AND RESERVES |
Called up share capital | 450 | 450 |
Share premium | 31,065 | 31,065 |
Retained earnings | 420,797 | 422,791 |
452,312 | 454,306 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
Asquith Homes Limited (Registered number: 09240127) |
Consolidated Balance Sheet - continued |
31 January 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by: |
Mr P J Gannon - Director |
Asquith Homes Limited (Registered number: 09240127) |
Company Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Company's profit for the financial year | 2,537 | 100,199 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Asquith Homes Limited (Registered number: 09240127) |
Company Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Asquith Homes Limited (Registered number: 09240127) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 | 450 | 326,297 | 31,065 | 357,812 |
Changes in equity |
Total comprehensive income | - | 96,494 | - | 96,494 |
Balance at 31 January 2023 | 450 | 422,791 | 31,065 | 454,306 |
Changes in equity |
Dividends | - | (30,150 | ) | - | (30,150 | ) |
Total comprehensive income | - | 28,156 | - | 28,156 |
Balance at 31 January 2024 | 450 | 420,797 | 31,065 | 452,312 |
Asquith Homes Limited (Registered number: 09240127) |
Company Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
Asquith Homes Limited (Registered number: 09240127) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Asquith Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group financial statements consist of Asquith Homes Limited (the parent company), Asquith House Limited, 101 Bath Street Limited, No.10 Clement Street Limited, The Coach House No 10 Limited and Ainsworth Street Limited. The consolidation has been accounted for using the acquisition method (see note 7) |
Other investments |
The group hold 25% of the ordinary share capital of Storm Development Limited, a company registered in England and Wales. The group does not exercise any significant influence of its financial and operating policies. Although the proportion of its shareholding indicates a participating interest, it is treated as an investment and not an associated company. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Negative goodwill, which represents the excess of the fair value of the net assets acquired over the purchase consideration for the shares in the subsidiary is credited to the balance sheet and is recognised in the profit and loss account in the year of acquisition. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
No depreciation is provided on the long leasehold assets because the directors expect the residual value to be greater than or equal to cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Asquith Homes Limited (Registered number: 09240127) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
The financial statements for the year ended 31 January 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
5. | TANGIBLE FIXED ASSETS |
Group |
Long |
leasehold |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 48,333 |
NET BOOK VALUE |
At 31 January 2024 | 48,333 |
At 31 January 2023 | 48,333 |
6. | FIXED ASSET INVESTMENTS |
Group |
Other |
investments |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 25 |
NET BOOK VALUE |
At 31 January 2024 | 25 |
At 31 January 2023 | 25 |
Asquith Homes Limited (Registered number: 09240127) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 | 351 |
NET BOOK VALUE |
At 31 January 2024 | 351 |
At 31 January 2023 | 351 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Asquith Homes Limited (Registered number: 09240127) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
and 31 January 2024 | 874,895 |
NET BOOK VALUE |
At 31 January 2024 | 874,895 |
At 31 January 2023 | 874,895 |
The directors do not consider the market value of the investment properties to be materially different from the value as stated in the financial statements at 31 January 2024. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 5,730 | 14,606 |
Amounts owed by group undertakings | - | - |
Other debtors | 89,834 | 127,561 |
95,564 | 142,167 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 172,291 | 320,809 |
Taxation and social security | 9,145 | 22,681 |
Other creditors | 737,410 | 565,206 |
918,846 | 908,696 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other creditors | - | 233,010 |
11. | RELATED PARTY DISCLOSURES |
Other debtors includes an amount of £82,000 (2023: £122,126) due from a company which is controlled by shareholders of this company. |
Other creditors due after more than one year includes an amount of £430,571 (2023:£233,010) due to existing shareholders. |
Asquith Homes Limited (Registered number: 09240127) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The company was controlled throughout the year by the |