Company registration number 01796390 (England and Wales)
ASHLEY GARDENS FREEHOLDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ASHLEY GARDENS FREEHOLDS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 7
ASHLEY GARDENS FREEHOLDS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
25 DECEMBER 2024
25 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
-
0
1
Investments
-
0
2
-
0
3
Current assets
Receivables
4
52,236
4,520
Cash
144,140
397,540
196,376
402,060
Current Liabilities
5
(130,205)
(137,963)
Net current assets
66,171
264,097
Total assets less current liabilities
66,171
264,100
Provisions for liabilities
-
0
(195,815)
Net assets
66,171
68,285
Capital and reserves
Called up share capital
149
149
Profit and loss reserves
66,022
68,136
Total equity
66,171
68,285

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Stephen Simpson (Chairman)
Oscar van den Berg
Director
Director
Company registration number 01796390 (England and Wales)
ASHLEY GARDENS FREEHOLDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 25 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 25 December 2023:
Balance at 26 December 2022
148
22,728
22,876
Year ended 25 December 2023:
Profit and total comprehensive income
-
45,408
45,408
Other movements
1
-
1
Balance at 25 December 2023
149
68,136
68,285
Year ended 25 December 2024:
Loss and total comprehensive income
-
(2,114)
(2,114)
Balance at 25 December 2024
149
66,022
66,171
ASHLEY GARDENS FREEHOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 DECEMBER 2024
- 3 -
1
Accounting policies
About the company

Ashley Gardens Freeholds Limited is a private company limited by shares incorporated in England and Wales. The trading address and registered office is Block 11 Ashley Gardens, Thirleby Road, Westminster, London, SW1P 1HW.

1.1
How the numbers are calculated

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

 

All amounts are in British Pounds (£).

 

The numbers are based on what things originally cost (historical cost), not what they might be worth today.

The principal accounting policies adopted are set out below.

1.2
Is the company in good shape and able to continue?

The directors have looked at whether the company can continue to operate successfully in the future ("going concern").

 

They believe that the income from licenses (likely payments from leaseholders) and other sources will continue to be enough to cover the company's bills.

 

Based on their financial projections, the directors are confident that the company has enough money to continue operating for the foreseeable future.

1.3
Where does the money come from? (Revenue)

The company makes money from license fees, ground rents, and other income from properties it controls.

 

They record the income when they have the right to receive it. If the income covers a period of time, they spread it out over that period.

1.4
What about buildings and equipment? (Tangible fixed assets)

The actual buildings that Ashley Gardens Freeholds Limited owns such as the estate office and the handyman workspace in the cellar of block 9, generally don't lose value in a noticeable way, so they aren't depreciated.

1.5
Investments in other companies (Fixed asset investments)

If Ashley Gardens Freeholds Limited owns a stake in another company (a subsidiary), it initially records this investment at its cost.

 

The value of these investments is reviewed regularly, and if there's a loss in value ("impairment"), it's recorded in the financial statements.

 

A "subsidiary" is a company that Ashley Gardens Freeholds Limited controls, meaning it has the power to make financial and operating decisions for that company.

 

At this time AGFL only has stakes in two dormant companies that were used in the 1980s to facilitate the tax-efficient buying of the freeholds.

ASHLEY GARDENS FREEHOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company uses Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102.

 

Financial instruments are recorded when the company enters into a contract.

 

If the company has the legal right to offset assets and liabilities (meaning using one to pay off the other), and intends to do so, they can show the net amount on the financial statements.

Basic financial assets

"Basic financial assets" like accounts receivable (money owed to the company) and bank balances are recorded at their initial transaction price including any transaction costs.

 

Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Debts are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities (debts) and equity instruments (ownership stakes) are classified based on the details of the contract. An equity instrument represents what's left over after all debts are paid.

 

Classification of financial liabilities

Financial liabilities are initially recorded at the transaction price, with some exceptions for financing arrangements

 

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

 

Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

When the company issues shares (equity instruments), they record the money they receive, minus any costs associated with issuing the shares.

 

Dividends (payments to shareholders) are recorded as debts of the company once the company no longer has the discretion to withhold them (i.e., they've been declared). Dividends have been issued in the past but as the company has no more long leases to sell, are not likely to be issued in the coming years.

1.8
Taxation

The amount of tax the company owes is based on its taxable profit, which may be different from its accounting profit because some income and expenses are taxed differently or at different times.

 

The company calculates its tax liability using the tax rates that are in effect at the end of the reporting period.

 

 

 

 

 

 

 

 

 

 

ASHLEY GARDENS FREEHOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 

Following the implementation of the 2022 Fire Safety Act the Company had various obligations to comply with the new regulations. The provision which has been added to these accounts reflects the cost to the Company of meeting those obligations and has been shown as a prior year adjustment as the obligation arose in the previous year.

 

 

2
Employees

The average number of directors during the year was 7 (2023: 7). The directors received no remuneration.

The average number of employees during the year was 9 (2023: 9). Employee costs are reimbursed by the service charge.

3
Subsidiaries

Details of the company's subsidiaries at 25 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Ashley Gardens Freeholds (Nominee No.1) Limited
Note 1.
Dormant
Ordinary
100
Ashley Gardens Freeholds (Nominee No.2) Limited
Note 1.
Dormant
Ordinary
100

Note 1. Block 11, Ashley Gardens, Thirleby Road London, SW1P 1HW, United Kingdom These are the dormant companies that were in the past used to facilitate the transfer of freeholds.

 

 

 

ASHLEY GARDENS FREEHOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
156
-
0
Corporation tax recoverable
48,019
-
0
Other debtors
4,061
4,520
52,236
4,520
5
Creditors: amounts falling due within one year
2024
2023
£
£
Deposits
107,447
103,775
Amounts owed to group undertakings
2
2
Corporation tax
-
0
10,573
Other creditors
22,756
23,613
130,205
137,963

Most of the deposits are service charge deposits that we hold for leaseholders and plan to release back to them when they sell their flats

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
Date of audit report:
9 May 2025
7
Service Charge

The Company operates a Service charge in respect of the properties where it holds an interest. The expenditure incurred on behalf of the Service Charge for the year amounted to £1,602,861 (2023: £1,852,136). This expenditure is fully recoverable from the lessees. Amounts due from the Service Charge at the year end amount to £4,061 (2023: £3,680).

ASHLEY GARDENS FREEHOLDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 DECEMBER 2024
- 7 -
8
Prior period adjustment
Reconciliation of changes in equity
26 December
25 December
2022
2023
£
£
Adjustments to prior year
Additional provision
-
(195,815)
Taxation adjustment
-
48,019
Total adjustments
-
(147,796)
Equity as previously reported
22,876
216,081
Equity as adjusted
22,876
68,285
Analysis of the effect upon equity
Profit and loss reserves
-
(147,796)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Additional provision
(195,815)
Taxation adjustment
48,019
Total adjustments
(147,796)
Profit as previously reported
193,204
Profit as adjusted
45,408
Notes to reconciliation
Provision for health and safety works

The Company incurred fire and safety works that it was required to comply with. The company had a legal; obligation to undertake these works.

Taxation

The taxation charge has been amended to reflect the adjustment to provisions

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