Company No: 01225235 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	895		9,362
Investment property	4	1,452,000		1,627,000
		1,452,895		1,636,362
Current assets
Stocks	5	10,493		10,493
Debtors	6	21,618		21,618
Cash at bank and in hand		675,434		283,490
		707,545		315,601
Creditors: amounts falling due within one year	7	( 469,354)		( 475,108)
Net current assets/(liabilities)		238,191		(159,507)
Total assets less current liabilities		1,691,086		1,476,855
Provision for liabilities	8	( 234,922)		( 181,771)
Net assets		1,456,164		1,295,084
Capital and reserves
Called-up share capital		5,000		5,000
Fair value reserve		841,876		782,129
Profit and loss account		609,288		507,955
Total shareholder's funds		1,456,164		1,295,084

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ashcombe Properties Limited (registered number: 01225235) were approved and authorised for issue by the Board of Directors on 30 October 2025. They were signed on its behalf by:

C L Garland Director

R Garland Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ashcombe Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Bramley House, Silver Street, Ilminster, Somerset, TA19 0DW.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rental income received is recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Fixtures and fittings	6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks relate to land held for future development and are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are amounts due for rents and management charges receivable.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 February 2024	25,350		1,863		27,213
Disposals	( 25,350)		0		( 25,350)
At 31 January 2025	0		1,863		1,863
Accumulated depreciation
At 01 February 2024	17,044		807		17,851
Charge for the financial year	1,246		161		1,407
Disposals	( 18,290)		0		( 18,290)
At 31 January 2025	0		968		968
Net book value
At 31 January 2025	0		895		895
At 31 January 2024	8,306		1,056		9,362

4. Investment property

	Investment property
	£
Valuation
As at 01 February 2024	1,627,000
Fair value movement	200,000
Disposals	(375,000)
As at 31 January 2025	1,452,000

Valuation

The fair value of the company’s investment property was revalued on 31 January 2025 by the board of directors. The basis of this valuation was current open market value.

The deferred tax attributable to the investment property fair value adjustments has been considered at 31 January 2025 and has been presented within provisions for liabilities on the balance sheet. Movements in the provision are recognised in profit or loss and subsequently transferred to the fair value reserve.

There has been no valuation of investment property by an independent valuer.

During the year, the company disposed of investment property with a fair value of £375,000, generating a loss on disposal of £12,750, which has been recognised in the profit and loss account.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	373,128		663,100

5. Stocks

	2025		2024
	£		£
Stocks	10,493		10,493

6. Debtors

	2025		2024
	£		£
Trade debtors	21,618		21,618

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	140		415
Amounts owed to connected companies	326,836		326,723
Amounts owed to directors	117,514		126,335
Accruals	10,930		11,200
Other taxation and social security	9,696		10,435
Other creditors	4,238		0
	469,354		475,108

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	234,922		181,771