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Registered number: 11308819









ASH CUMMINGS PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
ASH CUMMINGS PROPERTIES LIMITED
REGISTERED NUMBER: 11308819

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
  
1,196,855
1,506,800

  
1,196,855
1,506,800

Current assets
  

Debtors: amounts falling due within one year
 5 
15,682
18,683

Cash at bank and in hand
 6 
102,470
78,858

  
118,152
97,541

Creditors: amounts falling due within one year
 7 
(176,048)
(237,322)

Net current liabilities
  
 
 
(57,896)
 
 
(139,781)

Total assets less current liabilities
  
1,138,959
1,367,019

Creditors: amounts falling due after more than one year
 8 
(808,648)
(1,028,166)

Provisions for liabilities
  

Deferred tax
  
(48,064)
(58,696)

  
 
 
(48,064)
 
 
(58,696)

Net assets
  
282,247
280,157


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
144,191
176,087

Profit and loss account
  
137,956
103,970

  
282,247
280,157


Page 1

 
ASH CUMMINGS PROPERTIES LIMITED
REGISTERED NUMBER: 11308819
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




P Ghadimi
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ash Cummings Properties Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registered number 11308819. The address of the registered office is Hawke House, Old Station Road, Loughton, Essex, IG10 4PL. The principal activity of the company is the letting of residential property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of rent receivable.Rent is recognised in the period in which it relates. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per below:

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line basis

Page 4

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

Page 5

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,506,800


Additions at cost
46,855


Disposals
(356,800)



At 30 April 2024
1,196,855

The 2024 valuations were made by directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


Net surplus/(deficit) in movement properties
-
234,782

At 30 April 2024
-
234,782



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
858,926
1,170,307

858,926
1,170,307


5.


Debtors

2024
2023
£
£


Other debtors
15,682
18,683

15,682
18,683


Page 7

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
102,470
78,858

102,470
78,858



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,648
10,648

Corporation tax
8,435
6,206

Other creditors
156,065
219,668

Accruals and deferred income
900
800

176,048
237,322



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
808,648
1,028,166

808,648
1,028,166


The following liabilities were secured:

2024
2023
£
£



Secured bank loans
795,244
1,004,868

795,244
1,004,868

Details of security provided:

Loans are secured against the property they relate to.

Page 8

 
ASH CUMMINGS PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,648
10,648


10,648
10,648

Amounts falling due 1-2 years

Bank loans
10,648
10,648


10,648
10,648

Amounts falling due 2-5 years

Bank loans
2,755
12,650


2,755
12,650

Amounts falling due after more than 5 years

Bank loans
795,244
1,004,868

795,244
1,004,868

819,295
1,038,814



10.


Related party transactions

At the year end, a total of £149,201 was owed (2023: owed £213,629) from the company in the form of a related party.


11.


Controlling party

The ultimate parent company is Ash Cummings Holdings Ltd. The ultimate controlling party is P Ghadimi by virtue of his majority shareholding. 

 
Page 9