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COMPANY REGISTRATION NUMBER: 14343505
ASTON COLE LTD
Filleted Abridged Financial Statements
31 December 2023
ASTON COLE LTD
Abridged Statement of Financial Position
31 December 2023
31 Dec 23
Note
£
Fixed assets
Investment Property
5
5,419,906
Current assets
Debtors: due within one year
438,864
Debtors: due after more than one year
197,460
Cash at bank and in hand
214,306
---------
850,630
Creditors: amounts falling due within one year
5,734,171
------------
Net current liabilities
4,883,541
------------
Total assets less current liabilities
536,365
---------
Net assets
536,365
---------
Capital and reserves
Called up share capital
500,000
Profit and loss account
36,365
---------
Shareholders funds
536,365
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 7 March 2025 , and are signed on behalf of the board by:
P PHILLIPS
Director
Company registration number: 14343505
ASTON COLE LTD
Notes to the Abridged Financial Statements
Period from 7 September 2022 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cole Park, Grange Lane, Malmesbury, SN16 0ER.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Rental income is generated by leasing space in the investment properties to tenants. Revenue is accounted for on a straight line basis over the term of the lease.
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 reporting 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 reporting 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 reporting date.
Investment property
Investment properties are carried at fair value determined annually by the director 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 the Statement of income and retained earnings.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the company's accounting policies
The directors do not consider there to be any critical judgements made in the company's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Other key sources of estimation uncertainty
Valuation of the investment property
The investment properties are measured at fair value and are based on active market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset.
Current economic developments and uncertainties influence the valuation of an investment property. The methods and significant assumptions applied in determining the fair value of the investment properties are mainly due to (i) active market prices, (ii) the influence of rent free periods and vacancy rates, (iii) discount rates and (iv) assumed trends in rents.
These market values are based on valuations made by the director. The valuation is based on an open market value, supported by market evidence in which assets can be exchanged between a knowledgable willing buyer and a knowledgeable willing seller in an arm's length transaction at the date of the valuation, in accordance with the guidelines of RICS valuation.
5. Investment property
£
Cost
At 7 September 2022
Additions
5,419,906
------------
At 31 December 2023
5,419,906
------------
Depreciation
At 7 September 2022 and 31 December 2023
------------
Carrying amount
At 31 December 2023
5,419,906
------------
6. Summary audit opinion
The auditor's report dated 7 March 2025 was unqualified .
The senior statutory auditor was Ralph Mitchison, FCA , for and on behalf of Menzies LLP .
7. Controlling party
Holch Povlsen Switzerland AG, a company incorporated in Switzerland, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is c/o Park Treuhand AG, Promenadenstrasse 19, 8201 Schaffhausen.