COPPER ASHTON PROPERTIES LIMITED


Directors	VAUGHAN, David Robin
	VAUGHAN, Susanne Elizabeth


Registered Address	119 Weston Road
	Bristol
	BS41 9AE


Registered Number	11978245 (England and Wales)

Notes to the Financial Statements
for the year ended 30 September 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The previous period's accounts were prepared in accordance with FRS 105. the financial reporing standard applicable to the micro-entitles regime. The directors have adopted the more comprehensive provisions of FRS 102 (as applied to small entites by section 1A of the standard) in order to show a true and fair view of the performance of the company for the current year. There were no changes necessary to the prior period as a result of the change in policy.

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The previous period's accounts were prepared in accordance with FRS 105. the financial reporing standard applicable to the micro-entitles regime. The directors have adopted the more comprehensive provisions of FRS 102 (as applied to small entites by section 1A of the standard) in order to show a true and fair view of the performance of the company for the current year. There were no changes necessary to the prior period as a result of the change in policy.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term. Revenue from the provision of properly rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of properly rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Current taxation
	Current tax, where applicable, is recognised in profit or loss. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax, where applicable, is recognised in profit or loss.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Investment property
	Investment property 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. Changes in fair value are recognised in the profit and loss account for the period and transferred to the fair value reserve at the reporting date.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Where the arrangment constitutes a financing transaction, the transaction is measured at the present value of future receipts discounted at the market rate of interest.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Where the arrangment constitutes a financing transaction, the transaction is measured at the present value of future receipts discounted at the market rate of interest.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	0		0

3.	Prior period adjustment
	Included in other creditors due within one year in the comparative figures is £99,200 which was disclosed as creditors due after one year in the previous period's accounts. These are debts due to the directors for which there is no formal agreement in place.

4.	Investment property
	The leasehold investment properties acquired during the year at East Street, Newton Abbot were transferred from the parent company at fair value, following professional valuations carried out at the point of tile splitting the existing freehold. There was no material change in value between the point of granting the leases and the year end. The leasehold investment properties acquired during the year at Abbey Road, Torquay were transferred from the parent company at fair value, following professional valuations carried out at the point of tile splitting the existing freehold. The properties were revalued close to the year end for the purposes of refinancing and the properties were restated at fair value with the increase being transferred to a fair value reserve. The freehold investment property at Market Street, Launceston, was valued by the directors at the year end with the value being not materially different from original cost, including the costs of acquisition.

Investment property

The leasehold investment properties acquired during the year at East Street, Newton Abbot were transferred from the parent company at fair value, following professional valuations carried out at the point of tile splitting the existing freehold. There was no material change in value between the point of granting the leases and the year end. 

The leasehold investment properties acquired during the year at Abbey Road, Torquay were transferred from the parent company at fair value, following professional valuations carried out at the point of tile splitting the existing freehold. The properties were revalued close to the year end for the purposes of refinancing and the properties were restated at fair value with the increase being transferred to a fair value reserve.

The freehold investment property at Market Street, Launceston, was valued by the directors at the year end with the value being not materially different from original cost, including the costs of acquisition.


		£
	Fair value at 01 October 23	301,553
	Additions	2,064,772
	Disposals	(653,575)
	Fair value adjustments	97,853
	At 30 September 24	1,810,603

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Other debtors	5,723	358,061
Total	5,723	358,061

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Bank borrowings and overdrafts	431,303	-
Amounts owed to related parties	128,074	-
Taxation and social security	-	400
Other creditors	97,985	99,200
Accrued liabilities and deferred income	18,384	171
Total	675,746	99,771


	Included in other creditors are amounts owed to the directors of the company of £97,985 (2023 - £99,200). The figures for the prior period have been adjusted. Pease refer to note 6 for further details.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	535,629	218,716
Amounts owed to related parties	488,256	340,000
Total	1,023,885	558,716


	The figures for the prior period have been adjusted. Pease refer to note 6 for further details.

8.	Secured creditors
	Bank loans of £966,932 are secured are included within creditors (2023 - £218,716). The loans are secured against the properties concerned.

9.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	21,787	-
Total	21,787	-

10.	Fair value reserve
	The fair value reserve relates to the revaluation of Investment Property (net of deferred tax).


		£
	Transferred in period	73,390
	At 30 September 24	73,390

11.	Related party transactions
	The company has taken advantage of exemption under the terms of FRS 102 the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entitles by section 1A), not to disclose transactions between group companies where the subsidiaries are wholly owned by the parent company. The company has taken advantage of exemption under the terms of FRS 102 the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entitles by section 1A) not to disclose transactions with directors on the basis that all transactions have been conducted under normal market conditions.

11.

Related party transactions

The company has taken advantage of exemption under the terms of FRS 102 the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entitles by section 1A), not to disclose transactions between group companies where the subsidiaries are wholly owned by the parent company.

The company has taken advantage of exemption under the terms of FRS 102 the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entitles by section 1A) not to disclose transactions with directors on the basis that all transactions have been conducted under normal market conditions.

12.	Controlling party
	The ultimate parent company is controlled by Mr D R Vaughan.

13.	Parent-subsidiary relationships
	The ultimate parent company is Copper Ashton Holdings Limited.

14.	Further information regarding the company's financial position
	The capital contribution reserve, shown within the statement of changes in equity, arises as a result of a finacing transaction. A loan was made interest free by the parent company, with a repayment date beyond normal commercial terms. This was due to the requirements of a lender to the company. The capital contribution is the difference betwen the face value of the loan and the amount initially recognised, being the present value of future payments.

14.

Further information regarding the company's financial position

The capital contribution reserve, shown within the statement of changes in equity, arises as a result of a finacing transaction. A loan was made interest free by the parent company, with a repayment date beyond normal commercial terms. This was due to the requirements of a lender to the company. 

The capital contribution is the difference betwen the face value of the loan and the amount initially recognised, being the present value of future payments.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Investment property	4		1,810,603		301,553
			1,810,603		301,553
Current assets
Debtors	5	5,723		358,061
Cash at bank and on hand		3,977		902
		9,700		358,963
Creditors amounts falling due within one year	6	(675,746)		(99,771)
Net current assets (liabilities)			(666,046)		259,192
Total assets less current liabilities			1,144,557		560,745
Creditors amounts falling due after one year	7		(1,023,885)		(558,716)
Provisions for liabilities	9		(21,787)		-
Net assets			98,885		2,029
Capital and reserves
Called up share capital			100		100
Other reserves			104,885		-
Profit and loss account			(6,100)		1,929
Shareholders' funds	10		98,885		2,029