Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Development of building projects.1212falsetruefalse 02632462 2023-10-01 2024-09-30 02632462 2022-10-01 2023-09-30 02632462 2024-09-30 02632462 2023-09-30 02632462 c:Director1 2023-10-01 2024-09-30 02632462 d:Buildings 2023-10-01 2024-09-30 02632462 d:Buildings 2024-09-30 02632462 d:Buildings 2023-09-30 02632462 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02632462 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 02632462 d:Buildings d:LongLeaseholdAssets 2024-09-30 02632462 d:Buildings d:LongLeaseholdAssets 2023-09-30 02632462 d:Buildings d:ShortLeaseholdAssets 2023-10-01 2024-09-30 02632462 d:Buildings d:ShortLeaseholdAssets 2024-09-30 02632462 d:Buildings d:ShortLeaseholdAssets 2023-09-30 02632462 d:MotorVehicles 2023-10-01 2024-09-30 02632462 d:MotorVehicles 2024-09-30 02632462 d:MotorVehicles 2023-09-30 02632462 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02632462 d:FurnitureFittings 2023-10-01 2024-09-30 02632462 d:FurnitureFittings 2024-09-30 02632462 d:FurnitureFittings 2023-09-30 02632462 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02632462 d:OfficeEquipment 2023-10-01 2024-09-30 02632462 d:OfficeEquipment 2024-09-30 02632462 d:OfficeEquipment 2023-09-30 02632462 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02632462 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02632462 d:FreeholdInvestmentProperty 2024-09-30 02632462 d:FreeholdInvestmentProperty 2023-09-30 02632462 d:CurrentFinancialInstruments 2024-09-30 02632462 d:CurrentFinancialInstruments 2023-09-30 02632462 d:Non-currentFinancialInstruments 2024-09-30 02632462 d:Non-currentFinancialInstruments 2023-09-30 02632462 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 02632462 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02632462 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 02632462 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 02632462 d:ShareCapital 2024-09-30 02632462 d:ShareCapital 2023-09-30 02632462 d:RetainedEarningsAccumulatedLosses 2024-09-30 02632462 d:RetainedEarningsAccumulatedLosses 2023-09-30 02632462 c:FRS102 2023-10-01 2024-09-30 02632462 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 02632462 c:FullAccounts 2023-10-01 2024-09-30 02632462 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02632462 d:WithinOneYear 2024-09-30 02632462 d:WithinOneYear 2023-09-30 02632462 d:BetweenOneFiveYears 2024-09-30 02632462 d:BetweenOneFiveYears 2023-09-30 02632462 d:MoreThanFiveYears 2024-09-30 02632462 d:MoreThanFiveYears 2023-09-30 02632462 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 02632462 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02632462 2 2023-10-01 2024-09-30 02632462 6 2023-10-01 2024-09-30 02632462 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 02632462









ASPHALTIC DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ASPHALTIC DEVELOPMENTS LIMITED
REGISTERED NUMBER: 02632462

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,355,146
6,361,940

Investments
 5 
3
3

Investment property
 6 
3,851,978
3,851,978

  
10,207,127
10,213,921

Current assets
  

Debtors: amounts falling due within one year
 7 
1,022,026
1,002,426

Cash at bank and in hand
 8 
3,295,124
5,847,837

  
4,317,150
6,850,263

Creditors: amounts falling due within one year
 9 
(2,046,833)
(2,357,399)

Net current assets
  
 
 
2,270,317
 
 
4,492,864

Total assets less current liabilities
  
12,477,444
14,706,785

Creditors: amounts falling due after more than one year
 10 
-
(2,150,000)

Provisions for liabilities
  

Deferred tax
 11 
(2,018)
(2,018)

  
 
 
(2,018)
 
 
(2,018)

Net assets
  
12,475,426
12,554,767


Capital and reserves
  

Called up share capital 
  
2,800,002
2,800,002

Profit and loss account
  
9,675,424
9,754,765

  
12,475,426
12,554,767


Page 1

 
ASPHALTIC DEVELOPMENTS LIMITED
REGISTERED NUMBER: 02632462
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 27 February 2025.




................................................
P J Regis
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Asphaltic Developments Limited is a company limited by shares incorporated in England and Wales. The address of the registered office is given on the company information page of these financial statements.
The company's principal activity is property development and investment. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated. 

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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.


Page 4

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

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, this has been completed on the following basis:.


Short-term leasehold property
-
20% over length of lease
Motor vehicles
-
10% straight line
Fixtures and fittings
-
20% reducing balance
Office equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 6
 


 
ASPHALTIC DEVELOPMENTS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4.


Tangible fixed assets






Freehold property
Long-term leasehold property
Short-term leasehold property
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 October 2023
5,511,355
796,667
82,803
34,500
15,869


Additions
-
-
-
-
-



At 30 September 2024

5,511,355
796,667
82,803
34,500
15,869



Depreciation


At 1 October 2023
-
-
82,803
2,875
11,416


Charge for the year on owned assets
-
-
-
3,449
888



At 30 September 2024

-
-
82,803
6,324
12,304



Net book value



At 30 September 2024
5,511,355
796,667
-
28,176
3,565



At 30 September 2023
5,511,355
796,667
-
31,625
4,453
Page 7
 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           4.Tangible fixed assets (continued)


Office equipment
Total

£
£



Cost or valuation


At 1 October 2023
35,643
6,476,837


Additions
1,182
1,182



At 30 September 2024

36,825
6,478,019



Depreciation


At 1 October 2023
17,803
114,897


Charge for the year on owned assets
3,639
7,976



At 30 September 2024

21,442
122,873



Net book value



At 30 September 2024
15,383
6,355,146



At 30 September 2023
17,840
6,361,940


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
3



At 30 September 2024
3




Page 8

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
3,851,978



At 30 September 2024
3,851,978

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





7.


Debtors

2024
2023
£
£


Trade debtors
195,890
180,864

Other debtors
522,569
522,592

Prepayments and accrued income
303,567
298,970

1,022,026
1,002,426



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,295,124
5,847,837

Less: bank overdrafts
-
(5,133)

3,295,124
5,842,704


Page 9

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
5,133

Trade creditors
56,555
51,389

Amounts owed to group undertakings
855,923
1,097,363

Corporation tax
7,531
31,661

Other taxation and social security
86,322
93,454

Other creditors
784,451
694,825

Accruals and deferred income
256,051
383,574

2,046,833
2,357,399



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
2,150,000

-
2,150,000


Page 10

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Deferred taxation




2024


£






At beginning of year
(2,018)



At end of year
(2,018)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,018)
(2,018)

(2,018)
(2,018)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,975 (2023: £13,622).


13.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
68,000
68,000

Later than 1 year and not later than 5 years
272,000
272,000

Later than 5 years
136,000
204,000

476,000
544,000


14.


Related party transactions

At the year end, the company owed £499,783 (2023: £731,923) to companies under common control

Page 11

 
ASPHALTIC DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Ultimate Parent and Controlling party

The ultimate parent company is RMT Properties Limited, a company which is registered in England and Wales.

 
Page 12