Ashe House Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC498435 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

ASHE HOUSE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M L Gizzi

SECRETARY:

Mrs V M Gizzi

REGISTERED OFFICE:

c/o Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

BUSINESS ADDRESS:

2nd floor

87 St Vincent Street

Glasgow

G2 5TF

REGISTERED NUMBER:

SC498435 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Investments

4

2,432,789

2,345,983

CURRENT ASSETS

Debtors

5

25,000

-

Cash at bank and in hand

19,143

100

44,143

100

CREDITORS

Amounts falling due within one year

6

1,874,543

1,802,696

NET CURRENT LIABILITIES

(1,830,400

)

(1,802,596

)

TOTAL ASSETS LESS CURRENT LIABILITIES

602,389

543,387

CAPITAL AND RESERVES

Called up share capital

7

100

100

Fair value reserve

8

58,018

436,110

Retained earnings

544,271

107,177

SHAREHOLDERS' FUNDS

602,389

543,387

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 19 March 2019 and were signed by:

M L Gizzi - Director

1.	STATUTORY INFORMATION

Ashe House Limited is a private company, limited by shares , registered in Scotland. The company's registered number and

registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial

Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies

Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Ashe House Limited as an individual Company and do not contain

consolidated financial information as the parent of a group. The director has taken the decision not to prepare

consolidated financial statements in accordance with Section 398 of the Companies Act 2006.

Turnover

Turnover represents the Company's share of profits from its investment in the LLP. The Company's share of movement in

the valuation of investment properties held in the LLP is also accounted for within turnover.

Investments in associates

Keystone Assets Scotland LLP is a partnership in which Ashe House Limited owns 25%. The Director believes that the best

estimate of the fair value of the investment is the value of the capital account relating to Ashe House Limited. This is based

on the unaudited accounts of Keystone Assets Scotland LLP. This is the value used in the financial statements as the fair

value of the investment.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	FIXED ASSET INVESTMENTS

Investment in LLP

£

COST

At 1 April 2017

2,345,983

Share of profit in LLP

148,499

Capital withdrawn from LLP

(61,693

)

At 31 March 2018

2,432,789

NET BOOK VALUE

At 31 March 2018

2,432,789

At 31 March 2017

2,345,983

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

25,000

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

89,375

17,528

Other creditors

1,785,168

1,785,168

1,874,543

1,802,696

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

95

A Ordinary

£1

95

95

5

B Ordinary

£1

5

5

100

100

Both classes of shares rank pari passu in all respects. However when paying dividends the Company may differentiate

between the classes of share to which payments are being made in respect of the amount or percentage of dividend

payable.

8.

RESERVES

Fair

value

reserve

£

At 1 April 2017

436,110

Reserve transfer

(378,092

)

At 31 March 2018

58,018

The fair value reserve represents the Company's share of the unrealised surpluses within its investment in the LLP.

9.	RELATED PARTY DISCLOSURES

As at 31 March 2018 amounts totalling £1,785,168 (2017 - £1,785,168) were due to the director. The loan is unsecured,

interest free with no fixed terms of repayment in place.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

10.	ULTIMATE CONTROLLING PARTY