Silverfin false false 30/04/2024 01/05/2023 30/04/2024 T R A Coombes 08/01/1992 C L Garland 08/01/1992 R Garland 02/11/2007 07 January 2025 The principal activity of the Company during the financial year was property development and commercial lettings. 01146809 2024-04-30 01146809 bus:Director1 2024-04-30 01146809 bus:Director2 2024-04-30 01146809 bus:Director3 2024-04-30 01146809 2023-04-30 01146809 core:CurrentFinancialInstruments 2024-04-30 01146809 core:CurrentFinancialInstruments 2023-04-30 01146809 core:ShareCapital 2024-04-30 01146809 core:ShareCapital 2023-04-30 01146809 core:SharePremium 2024-04-30 01146809 core:SharePremium 2023-04-30 01146809 core:FurtherSpecificReserve1ComponentTotalEquity 2024-04-30 01146809 core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-30 01146809 core:RetainedEarningsAccumulatedLosses 2024-04-30 01146809 core:RetainedEarningsAccumulatedLosses 2023-04-30 01146809 core:LandBuildings 2023-04-30 01146809 core:PlantMachinery 2023-04-30 01146809 core:Vehicles 2023-04-30 01146809 core:FurnitureFittings 2023-04-30 01146809 core:LandBuildings 2024-04-30 01146809 core:PlantMachinery 2024-04-30 01146809 core:Vehicles 2024-04-30 01146809 core:FurnitureFittings 2024-04-30 01146809 2022-04-30 01146809 2023-05-01 2024-04-30 01146809 bus:FilletedAccounts 2023-05-01 2024-04-30 01146809 bus:SmallEntities 2023-05-01 2024-04-30 01146809 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01146809 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01146809 bus:Director1 2023-05-01 2024-04-30 01146809 bus:Director2 2023-05-01 2024-04-30 01146809 bus:Director3 2023-05-01 2024-04-30 01146809 core:LandBuildings core:TopRangeValue 2023-05-01 2024-04-30 01146809 core:PlantMachinery 2023-05-01 2024-04-30 01146809 core:Vehicles 2023-05-01 2024-04-30 01146809 core:FurnitureFittings 2023-05-01 2024-04-30 01146809 2022-05-01 2023-04-30 01146809 core:LandBuildings 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 01146809 (England and Wales)

ASHCOMBE DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

ASHCOMBE DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

ASHCOMBE DEVELOPMENTS LIMITED

BALANCE SHEET

As at 30 April 2024
ASHCOMBE DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 75,230 78,927
Investment property 4 1,804,000 1,456,000
1,879,230 1,534,927
Current assets
Debtors 5 390,679 379,943
Cash at bank and in hand 6 648,098 758,342
1,038,777 1,138,285
Creditors: amounts falling due within one year 7 ( 116,273) ( 144,836)
Net current assets 922,504 993,449
Total assets less current liabilities 2,801,734 2,528,376
Provision for liabilities 8, 9 ( 215,698) ( 149,209)
Net assets 2,586,036 2,379,167
Capital and reserves
Called-up share capital 16,350 16,350
Share premium account 49,000 49,000
Fair value reserve 1,130,379 852,433
Profit and loss account 1,390,307 1,461,384
Total shareholders' funds 2,586,036 2,379,167

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ashcombe Developments Limited (registered number: 01146809) were approved and authorised for issue by the Board of Directors on 07 January 2025. They were signed on its behalf by:

C L Garland
Director
R Garland
Director
ASHCOMBE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
ASHCOMBE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ashcombe Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fiar value of the consideration received or receivable for rent. Turnover is shown net of value added tax.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 30 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 May 2023 44,691 10,022 54,817 29,609 139,139
Additions 4,990 1,499 0 0 6,489
Disposals 0 0 ( 12,500) 0 ( 12,500)
At 30 April 2024 49,681 11,521 42,317 29,609 133,128
Accumulated depreciation
At 01 May 2023 811 8,875 30,076 20,450 60,212
Charge for the financial year 1,638 285 5,951 1,374 9,248
Disposals 0 0 ( 11,562) 0 ( 11,562)
At 30 April 2024 2,449 9,160 24,465 21,824 57,898
Net book value
At 30 April 2024 47,232 2,361 17,852 7,785 75,230
At 30 April 2023 43,880 1,147 24,741 9,159 78,927

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,456,000
Additions 3,565
Fair value movement 344,435
As at 30 April 2024 1,804,000

Valuation

The fair value of the company's investment property was valued on 30 April 2024 by the directors.
There has been no valuation of investment property by an independent valuer.

5. Debtors

2024 2023
£ £
Trade debtors 47,449 37,147
Corporation tax 1,195 1,195
Other debtors 342,035 341,601
390,679 379,943

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 648,098 758,342

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,949 5,569
Other taxation and social security 14,599 10,749
Other creditors 99,725 128,518
116,273 144,836

8. Provision for liabilities

2024 2023
£ £
Deferred tax 215,698 149,209

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 149,209) ( 149,209)
Charged to the Profit and Loss Account ( 66,489) 0
At the end of financial year ( 215,698) ( 149,209)

10. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed to the directors was £22. During the year, £3,244 was advanced to the directors, and £3,300 was repaid by the directors. The balance owed to the directors at 30 April 2024 was £78.

At 1 May 2022, the balance owed to the directors was £1,018. During the year, £3,696 was advanced to the directors, and £2,700 was repaid by the directors. The balance owed to the directors at 30 April 2023 was £22.