IRIS Accounts Production v24.3.0.553 10000266 Board of Directors 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh100002662023-03-31100002662024-03-31100002662023-04-012024-03-31100002662022-03-31100002662022-04-012023-03-31100002662023-03-3110000266ns15:EnglandWales2023-04-012024-03-3110000266ns14:PoundSterling2023-04-012024-03-3110000266ns10:Director12023-04-012024-03-3110000266ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110000266ns10:SmallEntities2023-04-012024-03-3110000266ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3110000266ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110000266ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110000266ns10:FullAccounts2023-04-012024-03-3110000266ns10:Director32023-04-012024-03-3110000266ns10:RegisteredOffice2023-04-012024-03-3110000266ns5:CurrentFinancialInstruments2024-03-3110000266ns5:CurrentFinancialInstruments2023-03-3110000266ns5:Non-currentFinancialInstruments2024-03-3110000266ns5:Non-currentFinancialInstruments2023-03-3110000266ns5:ShareCapital2024-03-3110000266ns5:ShareCapital2023-03-3110000266ns5:SharePremium2024-03-3110000266ns5:SharePremium2023-03-3110000266ns5:RevaluationReserve2024-03-3110000266ns5:RevaluationReserve2023-03-3110000266ns5:CapitalRedemptionReserve2024-03-3110000266ns5:CapitalRedemptionReserve2023-03-3110000266ns5:RetainedEarningsAccumulatedLosses2024-03-3110000266ns5:RetainedEarningsAccumulatedLosses2023-03-3110000266ns5:RevaluationReserve2023-03-31
REGISTERED NUMBER: 10000266 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

ASPEN HOUSING AND DEVELOPMENT LTD

ASPEN HOUSING AND DEVELOPMENT LTD (REGISTERED NUMBER: 10000266)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASPEN HOUSING AND DEVELOPMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr O Woodhams
Ms N S Hix





REGISTERED OFFICE: Bridgwater House
King Square
Bridgwater
Somerset
TA6 3AR





REGISTERED NUMBER: 10000266 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

ASPEN HOUSING AND DEVELOPMENT LTD (REGISTERED NUMBER: 10000266)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 2,659,800 2,659,800

CURRENT ASSETS
Debtors 5 4,008 3,103
Cash at bank 120,464 53,245
124,472 56,348
CREDITORS
Amounts falling due within one year 6 (115,429 ) (40,360 )
NET CURRENT ASSETS 9,043 15,988
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,668,843

2,675,788

CREDITORS
Amounts falling due after more than one year 7 (1,251,415 ) (1,285,614 )
NET ASSETS 1,417,428 1,390,174

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 694,999 694,999
Revaluation reserve 9 754,300 754,300
Capital redemption reserve 31,982 31,982
Retained earnings (63,855 ) (91,109 )
1,417,428 1,390,174

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ASPEN HOUSING AND DEVELOPMENT LTD (REGISTERED NUMBER: 10000266)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18th October 2024 and were signed on its behalf by:





Ms N S Hix - Director


ASPEN HOUSING AND DEVELOPMENT LTD (REGISTERED NUMBER: 10000266)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Aspen Housing And Development Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover is made up of rental and service charge income provided during the financial year covered by these Financial Statements. Turnover is recognised when services have been completed and all turnover arises in the United Kingdom.

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 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.

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.

Impairment of assets
Fixed assets are reviewed at the reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is evidence of impairment, the recoverable amount (valuation) of the asset is compared with the carrying carried forward tax losses and from which the future reversal of underlying timing differences can be deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an undiscounted basis.

ASPEN HOUSING AND DEVELOPMENT LTD (REGISTERED NUMBER: 10000266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 2,659,800
NET BOOK VALUE
At 31st March 2024 2,659,800
At 31st March 2023 2,659,800

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2018 1,700,000
Valuation in 2019 150,000
Valuation in 2020 120,000
Valuation in 2022 689,800
2,659,800

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,803,000 1,803,000

Investment property was valued on an open market basis on 31st March 2019 by an independent surveyor .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,008 3,103

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 34,199 32,807
Trade creditors 74,245 4,890
Accruals and deferred income 6,985 2,663
115,429 40,360

ASPEN HOUSING AND DEVELOPMENT LTD (REGISTERED NUMBER: 10000266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans - 1-2 years 35,655 34,199
Other loans - 2-5 years 116,405 115,699
Other loans over 5 years 1,099,355 1,135,716
1,251,415 1,285,614

Amounts falling due in more than five years:

Repayable by instalments
Other loans over 5 years 1,099,355 1,135,716

8. SECURED DEBTS

Somerset Council holds a fixed and floating charge over all the property or undertaking of the company dated 29 March 2016.

Somerset Council holds a continuing security with full title guarantee, by way of legal charge over freehold and leasehold property comprising Aspen Court, Wembdon Road, Bridgwater (ST48506) dated 29 March 2016.

9. RESERVES
Revaluation
reserve
£   
At 1st April 2023
and 31st March 2024 754,300

10. RELATED PARTY DISCLOSURES

At the 31 March 2024 the company owed a total of £1,285,614 to Somerset Council. During the year interest and principal repayments totalling £89,958 were made.

In addition £25,644 was paid to Somerset Council for the services performed by staff under a resource agreement.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling party is Somerset Council. The company is wholly owned by Sedgemoor Group Ltd.