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Askwith Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

Registration number: 02065212

 

Askwith Investments Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Askwith Investments Limited

(Registration number: 02065212)
Statement of financial position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

521,340

209,160

Investment property

5

18,450,961

16,848,989

Investments

6

100

200

 

18,972,401

17,058,349

Current assets

 

Debtors

7

2,194,827

2,347,534

Cash at bank and in hand

 

91,126

129,051

 

2,285,953

2,476,585

Creditors: Amounts falling due within one year

8

(4,309,617)

(3,927,034)

Net current liabilities

 

(2,023,664)

(1,450,449)

Total assets less current liabilities

 

16,948,737

15,607,900

Creditors: Amounts falling due after more than one year

8

(5,140,404)

(5,180,893)

Provisions for liabilities

(1,395,502)

(950,000)

Net assets

 

10,412,831

9,477,007

Capital and reserves

 

Called up share capital

100

100

Other reserves

3,864,494

3,195,660

Retained earnings

6,548,237

6,281,247

Shareholders' funds

 

10,412,831

9,477,007

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
Mr R N J Schofield
Director

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Parkside House
17 East Parade
Harrogate
North Yorkshire
HG1 5LF
England

These financial statements were authorised for issue by the Board on 17 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, fixtures and fittings

20% reducing balance

Office and computer equipment

20% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors 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 Profit and Loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

227,342

118,331

345,673

Additions

37,118

402,469

439,587

At 31 July 2024

264,460

520,800

785,260

Depreciation

At 1 August 2023

124,689

11,824

136,513

Charge for the year

25,317

102,090

127,407

At 31 July 2024

150,006

113,914

263,920

Carrying amount

At 31 July 2024

114,454

406,886

521,340

At 31 July 2023

102,653

106,507

209,160

5

Investment properties

2024
£

At 1 August

16,848,989

Additions

459,344

Fair value adjustments

1,142,628

At 31 July

18,450,961

The directors have reviewed the valuation of the investment property at the year end and have concluded that the valuation above reflects the fair value.

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

200

Subsidiaries

£

Cost or valuation

At 1 August 2023

100

Provision

Carrying amount

At 31 July 2024

100

At 31 July 2023

200

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

48,039

86,654

Amounts owed by group undertakings

11

862,280

804,744

Amounts owed by associated companies

11

1,069,285

1,355,338

Prepayments

 

21,538

13,742

Other debtors

 

193,685

87,056

   

2,194,827

2,347,534

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

334,377

326,301

Trade creditors

 

38,560

9,792

Amounts owed to associated companies

11

2,217,916

1,984,521

Taxation and social security

 

899

153,939

Accruals and deferred income

 

737,135

803,787

Other creditors

 

980,730

648,694

 

4,309,617

3,927,034


Included in the bank loans and borrowings is £280,000 (2023 £280,000) owing to Svenska Handelsbanken, this amount is secured by a fixed and floating charge over the properties to which the loan relates.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

5,140,404

5,180,893


Included in the bank loans and borrowings is £3,817,000 (2023 £4,097,000) owing to Svenska Handelsbanken, this amount is secured by a fixed and floating charge over the properties to which the loan relates and £1,049,488 (2023 £1,049,066) owing to Aldermore Bank Plc, this amount is secured by a fixed charge over the properties to which the loan relates.

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Non-distributable reserve
£

Retained earnings
£

Unrealised uplift on investments

668,834

(668,834)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Non-distributable reserve
£

Retained earnings
£

Unrealised uplift on investments

840,174

(840,174)

 

Askwith Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,866,487

5,146,066

Hire purchase contracts

273,917

34,827

5,140,404

5,180,893

Current loans and borrowings

2024
£

2023
£

Bank borrowings

280,000

280,000

Hire purchase contracts

54,377

46,301

334,377

326,301

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the year end the company was owed £1,069,284 (2023 £1,355,338) from companies under common control and owed £2,217,915 (2023 £1,984,305) to companies under common control. No interest has been charged on these balances.
 

Summary of transactions with subsidiaries

At the year end the company was owed £862,279 (2023 £804,744) from its subsidiary, St Georges Road (Harrogate) Development Limited.