REGISTERED NUMBER: 11154351 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

ASA Propco 1 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M/s S Amershi

A Asaria

REGISTERED OFFICE:

East Dean Grange

Lower Street

East Dean

East Sussex

BN20 0DE

REGISTERED NUMBER:

11154351 (England and Wales)

INDEPENDENT AUDITORS:

MGA Accountants LLP

3rd Floor, Sovereign House

1 Albert Place

London

N3 1QB

FIXED ASSETS

Tangible assets

4

3,016,729

3,083,767

CURRENT ASSETS

Debtors

5

492,000

45,000

Cash at bank

928,651

643,247

1,420,651

688,247

CREDITORS

Amounts falling due within one year

6

347,082

665,172

NET CURRENT ASSETS

1,073,569

23,075

TOTAL ASSETS LESS CURRENT LIABILITIES

4,090,298

3,106,842

CREDITORS

Amounts falling due after more than one year

7

(1,572,875

)

(1,681,378

)

PROVISIONS FOR LIABILITIES

9

(83,798

)

-

NET ASSETS

2,433,625

1,425,464

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,433,525

1,425,364

2,433,625

1,425,464

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2025 and were signed on its behalf by:

M/s S Amershi - Director

1.	STATUTORY INFORMATION

ASA Propco 1 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

a. Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably;

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property 2% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

(i) Financial assets

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due, within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2024

and 31 March 2025

3,351,919

DEPRECIATION

At 1 April 2024

268,152

Charge for year

67,038

At 31 March 2025

335,190

NET BOOK VALUE

At 31 March 2025

3,016,729

At 31 March 2024

3,083,767

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Amounts owed by group undertakings

492,000

45,000

The amounts owed by group undertakings are unsecured, repayable on demand and are interest-free.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

107,729

106,954

Amounts owed to group undertakings

-

312,000

Taxation and social security

236,332

246,218

Other creditors

3,021

-

347,082

665,172

The amounts owed to group undertakings are unsecured, repayable on demand and are interest-free.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

1,572,875

1,681,378

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

1,680,604

1,788,332

The loan is due to be repaid in July 2026. The loan is secured over the property at Barons Down, Brighton Road, Lewes and Ersham House, Ersham Road, Hailsham and accrues interest at the Bank of England base rate plus a margin of between 1.75% and 2.25%.

9.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

83,798

-

Deferred

tax

£

Charge to Statement of Income and Retained Earnings during year

83,798

Balance at 31 March 2025

83,798

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mital Gandhi BA (Hons), FCA (Senior Statutory Auditor)

for and on behalf of MGA Accountants LLP

11.	CONTINGENT LIABILITIES

The Company is party to a debenture over all its assets including the freehold properties together with a cross-guarantee arrangement covering all the members of the ASA Holdco Limited group, and also certain related companies, in relation to bank loans granted to this company and certain other group and related companies.

12.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.

13.	ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of ASA Holdco Limited, a company registered in England and Wales. The address and registered office of the parent company is East Dean Grange, Lower Street, East Dean, East Sussex, United Kingdom, BN20 0DE. The ultimate controlling party is the director, Mr. Ariz Asaria.