REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
ASPEN HOUSING AND DEVELOPMENT LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 9 |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Accruals and deferred income |
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 |
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 |
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. |