E M Ashby Ltd 01059390 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is developing and letting property Digita Accounts Production Advanced 6.30.9574.0 false true true true 01059390 2023-04-01 2024-03-31 01059390 2024-03-31 01059390 bus:OrdinaryShareClass1 2024-03-31 01059390 core:RetainedEarningsAccumulatedLosses 2024-03-31 01059390 core:RevaluationReserve 2024-03-31 01059390 core:ShareCapital 2024-03-31 01059390 core:CurrentFinancialInstruments 2024-03-31 01059390 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01059390 core:Non-currentFinancialInstruments 2024-03-31 01059390 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01059390 core:FurnitureFittingsToolsEquipment 2024-03-31 01059390 core:LandBuildings 2024-03-31 01059390 core:OtherPropertyPlantEquipment 2024-03-31 01059390 core:AllSubsidiaries 2024-03-31 01059390 bus:SmallEntities 2023-04-01 2024-03-31 01059390 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01059390 bus:AbridgedAccounts 2023-04-01 2024-03-31 01059390 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01059390 bus:RegisteredOffice 2023-04-01 2024-03-31 01059390 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 01059390 bus:Director1 2023-04-01 2024-03-31 01059390 bus:Director2 2023-04-01 2024-03-31 01059390 bus:Director3 2023-04-01 2024-03-31 01059390 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01059390 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01059390 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01059390 core:LandBuildings 2023-04-01 2024-03-31 01059390 core:OfficeEquipment 2023-04-01 2024-03-31 01059390 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01059390 core:PlantMachinery 2023-04-01 2024-03-31 01059390 core:AllSubsidiaries 2023-04-01 2024-03-31 01059390 core:Subsidiary1 2023-04-01 2024-03-31 01059390 core:Subsidiary1 1 2023-04-01 2024-03-31 01059390 core:Subsidiary1 countries:England 2023-04-01 2024-03-31 01059390 core:Subsidiary2 2023-04-01 2024-03-31 01059390 core:Subsidiary2 1 2023-04-01 2024-03-31 01059390 core:Subsidiary2 countries:England 2023-04-01 2024-03-31 01059390 countries:England 2023-04-01 2024-03-31 01059390 2023-03-31 01059390 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 01059390 core:FurnitureFittingsToolsEquipment 2023-03-31 01059390 core:OtherPropertyPlantEquipment 2023-03-31 01059390 core:AllSubsidiaries 2023-03-31 01059390 2022-04-01 2023-03-31 01059390 2023-03-31 01059390 bus:OrdinaryShareClass1 2023-03-31 01059390 core:RetainedEarningsAccumulatedLosses 2023-03-31 01059390 core:RevaluationReserve 2023-03-31 01059390 core:ShareCapital 2023-03-31 01059390 core:CurrentFinancialInstruments 2023-03-31 01059390 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01059390 core:Non-currentFinancialInstruments 2023-03-31 01059390 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01059390 core:FurnitureFittingsToolsEquipment 2023-03-31 01059390 core:LandBuildings 2023-03-31 01059390 core:OtherPropertyPlantEquipment 2023-03-31 01059390 core:AllSubsidiaries 2023-03-31 01059390 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01059390 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 01059390 core:LandBuildings 2022-04-01 2023-03-31 01059390 core:AllSubsidiaries 2022-04-01 2023-03-31 01059390 core:Subsidiary1 1 2022-04-01 2023-03-31 01059390 core:Subsidiary2 1 2022-04-01 2023-03-31 01059390 2022-03-31 01059390 core:AllSubsidiaries 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01059390

E M Ashby Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

E M Ashby Ltd

Contents

Company Information

1

Abridged Profit and Loss Account

2

Statement of Comprehensive Income

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 14

 

E M Ashby Ltd

Company Information

Directors

Mr GP Handley

Mr MN Handley

Mrs E Hall

Mrs DE Whelan

Company secretary

Mrs DE Whelan

Registered office

The Mill Free Church Passage,
St Ives,
Cambs
PE27 5AY

Accountants

Mr John Parker
Aims Accountants for Business
30 Chestnut Close
Brampton
Huntingdon
Cambridgeshire
United Kingdom
PE28 4TP

 

E M Ashby Ltd

Abridged Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Gross profit

 

206,140

19,395

Administrative expenses

 

(48,149)

(45,791)

Income from shares in group undertakings

 

-

481,000

Other interest receivable and similar income

 

3

1

Interest payable and similar expenses

 

(68,618)

(39,326)

Profit before tax

4

89,376

415,279

Profit for the financial year

 

89,376

415,279

The above results were derived from continuing operations.

 

E M Ashby Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

89,376

415,279

Surplus on property, plant and equipment revaluation

-

485,625

Total comprehensive income for the year

89,376

900,904

 

E M Ashby Ltd

(Registration number: 01059390)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,918

3,904

Investment property

3,170,305

3,170,305

Investments

6

101

101

 

3,173,324

3,174,310

Current assets

 

Debtors

7

1,424,954

1,402,167

Cash at bank and in hand

 

10,388

10,343

 

1,435,342

1,412,510

Prepayments and accrued income

 

655

950

Creditors: Amounts falling due within one year

8.1

(484,516)

(415,205)

Net current assets

 

951,481

998,255

Total assets less current liabilities

 

4,124,805

4,172,565

Creditors: Amounts falling due after more than one year

8.2

(776,697)

(831,446)

Provisions for liabilities

(524,779)

(524,779)

Accruals and deferred income

 

(59,131)

(41,518)

Net assets

 

2,764,198

2,774,822

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

1,574,336

1,574,336

Retained earnings

1,189,762

1,200,386

Shareholders' funds

 

2,764,198

2,774,822

 

E M Ashby Ltd

(Registration number: 01059390)
Abridged Balance Sheet as at 31 March 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 

.........................................
Mr GP Handley
Director

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Mill Free Church Passage,
St Ives,
Cambs
PE27 5AY

These financial statements were authorised for issue by the Board on 4 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance basis

Office equipment

33% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

986

1,323

Income from shares in group undertakings

-

(481,000)

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

4,534

106,909

111,443

At 31 March 2024

4,534

106,909

111,443

Depreciation

At 1 April 2023

4,402

103,137

107,539

Charge for the year

43

943

986

At 31 March 2024

4,445

104,080

108,525

Carrying amount

At 31 March 2024

89

2,829

2,918

At 31 March 2023

132

3,772

3,904

Revaluation

The fair value of the company's Investment property was revalued on 31 March 2023. An independent valuer was not involved.
The valuations have been based on a multiple of current market rental income..
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,173,385 (2023 - £1,173,385).

Investment properties

2024
£

At 1 April

3,170,305

The fair value of the properties owned by the company was determined by way of a market review by the directors, who are suitably qualified.

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

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

6

Investments

Total
£

Cost or valuation

At 1 April 2023

101

Provision

Carrying amount

At 31 March 2024

101

At 31 March 2023

101

2024
£

2023
£

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Ashby Homes Ltd

England

Ordinary shares

100%

100%

Hills Road Apartments Ltd

England

Ordinary

99%

99%

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £54,000 (2023 - £59,0714).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts which are secured of £770,464 (2023- £831,446.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

485,625

485,625

The property revaluation has generated a deferred tax charge of £524,779.

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,000.00 per each Ordinary shares

100,000

100,000

 

 
 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

 

E M Ashby Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,000

-

Summary of transactions with subsidiaries

Ashby Homes Ltd
Hills Road Apartments Ltd

 Transactions have been made to finance the commercial activities of the subsidiaries.
 Balances due are repayable on the conclusion of construction and sale of properties.
 

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

1,350,462

1,350,462

Repaid

(1,500)

(1,500)

At end of period

1,348,962

1,348,962

2023

Subsidiary
£

Total
£

At start of period

854,030

854,030

Advanced

1,350,000

1,350,000

Repaid

(853,568)

(853,568)

At end of period

1,350,462

1,350,462