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Ashdown Developments Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Bencroft Dassels
Braughing
Ware
Herts
SG11 2RW
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11342681
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 34,733 46,657
34,733 46,657
CURRENT ASSETS
Stocks 5 514,871 510,000
Debtors 6 1,590 1,152
Cash at bank and in hand 636 3,067
517,097 514,219
Creditors: Amounts Falling Due Within One Year 7 (102,978 ) (91,943 )
NET CURRENT ASSETS (LIABILITIES) 414,119 422,276
TOTAL ASSETS LESS CURRENT LIABILITIES 448,852 468,933
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,683 ) (11,664 )
NET ASSETS 440,169 457,269
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 440,069 457,169
SHAREHOLDERS' FUNDS 440,169 457,269
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Andrew Phillip Pickup
Director
21/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ashdown Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11342681 . The registered office is Bencroft Dassels, Braughing, Ware, Herts, SG11 2RW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 82,331 1,041 83,372
As at 31 May 2024 82,331 1,041 83,372
Depreciation
As at 1 June 2023 36,020 695 36,715
Provided during the period 11,578 346 11,924
As at 31 May 2024 47,598 1,041 48,639
Net Book Value
As at 31 May 2024 34,733 - 34,733
As at 1 June 2023 46,311 346 46,657
5. Stocks
2024 2023
£ £
Work in progress 514,871 510,000
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,590 1,152
1,590 1,152
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 272 1,021
Other creditors 102,706 90,697
Taxation and social security - 225
102,978 91,943
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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