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Registered number: 00712401









A. S. K. DEVELOPMENTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
A. S. K. DEVELOPMENTS LIMITED
REGISTERED NUMBER: 00712401

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,200,000
1,880,000

  
2,200,000
1,880,000

Current assets
  

Debtors: amounts falling due within one year
 5 
471,920
458,624

Cash at bank and in hand
  
45,748
10,604

  
517,668
469,228

Creditors: amounts falling due within one year
 6 
(433,688)
(394,193)

Net current assets
  
 
 
83,980
 
 
75,035

Total assets less current liabilities
  
2,283,980
1,955,035

Provisions for liabilities
  

Deferred tax
 7 
(75,201)
-

  
 
 
(75,201)
 
 
-

Net assets
  
2,208,779
1,955,035


Capital and reserves
  

Called up share capital 
 8 
5,568
5,568

Profit and loss account
 9 
2,203,211
1,949,467

  
2,208,779
1,955,035


Page 1

 
A. S. K. DEVELOPMENTS LIMITED
REGISTERED NUMBER: 00712401
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

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 income and retained earnings 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 26 March 2025.




David Wayne Kay
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
A. S. K. DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is registered in England and Wales. The company's registered office is Stanley House, 27 Wellington Road, Bilston, West Midlands, WV14 6AH. The principal activity of the company continues to be that of the letting of industrial properties.

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

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.

Page 3

 
A. S. K. DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
A. S. K. DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

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 4 (2023 - 4).


4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
1,880,000


Surplus on revaluation
320,000



At 30 September 2024
2,200,000

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



At 30 September 2024



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
700,786
700,876

700,786
700,876

Page 5

 
A. S. K. DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
11,400
7,500

Other debtors
460,520
451,124

471,920
458,624



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,600
3,000

Amounts owed to group undertakings
291,837
290,308

Other taxation and social security
4,998
841

Other creditors
80,231
84,232

Accruals and deferred income
53,022
15,812

433,688
394,193


Page 6

 
A. S. K. DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Deferred taxation




2024


£






Charged to profit or loss
75,201



At end of year
75,201

The deferred taxation balance is made up as follows:

2024
2023
£
£


Property Revaluation
75,201
-

75,201
-

Page 7

 
A. S. K. DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,568 (2023 - 5,568) Ordinary shares of £1.00 each
5,568
5,568



9.


Reserves

Profit and loss account

Included within the profit and loss reserve is an undistributable investment property revaluation reserve of £1,423,923 (2023 £1,249,693).


10.


Contingent liabilities

The company has given an unlimited guarantee as security for the bank borrowings of the related party K Transport Services (Midlands) Limited. At the balance sheet date those borrowings amounted to £525,768 (2023 £256,117).


11.


Controlling party

The ultimate parent undertaking is Kay Group Holdings Limited, a company registered in England and Wales. Copies of the financial statements can be obtained from Parkside Garage, Old Stafford Road, Slade Heath, Wolverhampton, WV10 7PH.


12.


Limitation of Auditor's Liability

The company has entered into a liability limitation agreement, the principal terms being as follows:
Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out.
The resolution approving this agreement is dated 3 February 2025.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 26 March 2025 by Mark Cupitt (Senior statutory auditor) on behalf of Lancaster Clements Limited.

 
Page 8