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COMPANY REGISTRATION NUMBER: 11174382
Ashila Limited
Filleted Unaudited Financial Statements
31 March 2024
Ashila Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
43,036
1,810
Investments
6
16,264,096
16,243,827
-------------
-------------
16,307,132
16,245,637
Current assets
Debtors
7
67,704
146,119
Cash at bank and in hand
802,655
832,779
---------
---------
870,359
978,898
Creditors: amounts falling due within one year
8
430,892
399,237
---------
---------
Net current assets
439,467
579,661
-------------
-------------
Total assets less current liabilities
16,746,599
16,825,298
Creditors: amounts falling due after more than one year
9
11,527,461
11,873,291
-------------
-------------
Net assets
5,219,138
4,952,007
-------------
-------------
Capital and reserves
Called up share capital
220
220
Profit and loss account
10
5,218,918
4,951,787
------------
------------
Shareholders funds
5,219,138
4,952,007
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ashila Limited
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
Mrs Swetha Patel
Director
Company registration number: 11174382
Ashila Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 2 Newstead Court, 33 Brent Street, London, NW4 2EF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered and is stated net of discounts.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Investments
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss. No provision for depreciation or amortisation is made on investment properties.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
3,126
3,126
Additions
45,785
45,785
--------
-------
--------
At 31 March 2024
45,785
3,126
48,911
--------
-------
--------
Depreciation
At 1 April 2023
1,316
1,316
Charge for the year
4,197
362
4,559
--------
-------
--------
At 31 March 2024
4,197
1,678
5,875
--------
-------
--------
Carrying amount
At 31 March 2024
41,588
1,448
43,036
--------
-------
--------
At 31 March 2023
1,810
1,810
--------
-------
--------
6. Investments
Investment properties
£
Cost
At 1 April 2023
16,243,827
Additions
20,269
-------------
At 31 March 2024
16,264,096
-------------
Impairment
At 1 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
16,264,096
-------------
At 31 March 2023
16,243,827
-------------
The company's investment properties were valued by Cushman & Wakefield, property valuers, on 13 June 2018 and on 22 November 2021 for 5 First Avenue and 24 Bell Lane and on 14 October 2022 for 6 Hendon Lane. In the opinion of the directors, the values of the properties at the reporting date are the same as the valuations carried out in June 2018, November 2021 and October 2022. No amortisation or depreciation is provided in respect of investment properties.
7. Debtors
2024
2023
£
£
Other debtors
67,704
146,119
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
177,500
169,999
Corporation tax
75,379
59,110
Other creditors
178,013
170,128
---------
---------
430,892
399,237
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,545,000
7,715,000
Other creditors
3,982,461
4,158,291
-------------
-------------
11,527,461
11,873,291
-------------
-------------
The bank loan is secured by fixed and floating charges over the company's properties and undertakings.
10. Reserves
Profit and loss account
2024 2023
£ £
Distributable reserves 6,097,389 5,830,258
Fair value loss on investment properties (878,471) (878,471)
------------ ------------
5,218,918 4,951,787
------------ ------------
11. Related party transactions
The company has taken advantage of the exemption from disclosing related party transactions with other companies that are wholly owned within the group.