Registered number
07156573
ASHLEY INDUSTRIAL PROPERTIES LIMITED
Filleted Accounts
31 December 2024
ASHLEY INDUSTRIAL PROPERTIES LIMITED
Registered number: 07156573
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 15,364,896 15,335,000
Current assets
Debtors 5 96,530 131,535
Cash at bank and in hand 81,496 65,116
178,026 196,651
Creditors: amounts falling due within one year 6 (1,492,955) (1,509,485)
Net current liabilities (1,314,929) (1,312,834)
Total assets less current liabilities 14,049,967 14,022,166
Creditors: amounts falling due after more than one year 7 - (225,658)
Provisions for liabilities (3,007,298) (2,279,867)
Net assets 11,042,669 11,516,641
Capital and reserves
Called up share capital 400 400
Revaluation reserve 8 8,999,474 9,719,431
Profit and loss account 2,042,795 1,796,810
Shareholders' funds 11,042,669 11,516,641
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Fitzpatrick
Director
Approved by the board on 20 May 2025
ASHLEY INDUSTRIAL PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the letting of the property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings Not depreciated
Fixtures, fittings, tools and equipment 25% reducing balance
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 74,521 85,625
Adjustments in respect of previous periods - -
74,521 85,625
Deferred tax:
Origination and reversal of timing differences 727,431 -
Effect of increased tax rate on opening liability - -
727,431 -
Tax on profit on ordinary activities 801,952 85,625
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 327,980 363,550
Standard rate of corporation tax in the UK 25% 19% & 25%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 81,995 85,509
Effects of:
Expenses not deductible for tax purposes - -
Capital allowance for period in excess of depreciation (7,474) 116
Changes in provisions leading to an increase in the tax charge 727,431 -
Current tax charge for period 801,952 85,625
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 15,335,000 11,637 15,346,637
Additions - 35,000 35,000
At 31 December 2024 15,335,000 46,637 15,381,637
Depreciation
At 1 January 2024 - 11,637 11,637
Charge for the year - 5,104 5,104
At 31 December 2024 - 16,741 16,741
Net book value
At 31 December 2024 15,335,000 29,896 15,364,896
At 31 December 2023 15,335,000 - 15,335,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 3,335,702 3,335,702
Cumulative depreciation based on historical cost - -
3,335,702 3,335,702
Land and Building comprise an investment property which is valued on the basis of its fair value as at 31 December 2024 by external qualified surveyor. At the balance sheet date, the value of the investment property was £15,335,000.
5 Debtors 2024 2023
£ £
Trade debtors 93,540 128,825
Prepayment 2,990 2,710
96,530 131,535
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 64,332 112,800
Trade creditors 1,066 1,144
Amounts owed to related companies Note 9 1,167,594 1,167,594
Corporation tax 74,522 85,624
Other taxation and social security costs 17,453 20,420
Other creditors 167,988 121,903
1,492,955 1,509,485
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 225,658
8 Revaluation reserve 2024 2023
£ £
At 1 January 2024 9,719,431 9,719,431
Deferred taxation arising on the revaluation of land and buildings (719,957) -
At 31 December 2024 8,999,474 9,719,431
Included in the deferred tax provision at the balance sheet date is £2,999,824 in respect of investment property.
9 Related party transactions 2024 2023
£ £
Flannery Capital Limited
Mr M Flannery and Mr P Flannery are both directors of Flannery Capital Limited. They Jointly own 50% of the issued share capital of the company. During the year, P.Flannery Plant Hire (Oval) Limited transferred their beneficial Interest of the loan to Flannery Capital Limited, a company under the control of Flannery Holdings Limited .
No transaction during the year
Amount due to the related company 583,650 583,650
VGC Group Limited and VGC Services Limited
Mr M Fitzpatrick and Mr L Mckidd who were both directors of the company, as at the balance sheet date, held a majority shareholding in VGC Group Limited. VGC Group limited owns 50% of the ordinary issued share capital of the company.
Amount due to the related company 583,944 583,944
1,167,594 1,167,594
10 Other information
ASHLEY INDUSTRIAL PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
27A Maxwell Road
Northwood
Middlesex
HA6 2XY
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