Ashness Properties Limited - Accounts to registrar (filleted) - small 18.2

Ashness Properties Limited - Accounts to registrar (filleted) - small 18.2

ASHNESS PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 03257528 (England and Wales)












ASHNESS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019





Dexter & Sharpe (Louth)
Chartered Certified Accountants
1 Eastgate
Louth
Lincolnshire
LN11 9NB








ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASHNESS PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2019







DIRECTORS: J F Spinlove
D G Bryant





SECRETARY: J F Spinlove





REGISTERED OFFICE: 15 St Mary's Avenue
HARROGATE
North Yorkshire
HG2 0LP





REGISTERED NUMBER: 03257528 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe (Louth)
Chartered Certified Accountants
1 Eastgate
Louth
Lincolnshire
LN11 9NB
Page 1
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

BALANCE SHEET
31 MARCH 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 980,000 980,000

CURRENT ASSETS
Cash at bank and in hand 34,458 19,308

CREDITORS
Amounts falling due within one year 4 14,735 13,008
NET CURRENT ASSETS 19,723 6,300
TOTAL ASSETS LESS CURRENT
LIABILITIES
999,723
986,300

PROVISIONS FOR LIABILITIES 105,400 105,400
NET ASSETS 894,323 880,900

CAPITAL AND RESERVES
Called up share capital 100,100 100,100
Share premium 300 300
Revaluation reserve 5 640,424 640,424
Retained earnings 153,499 140,076
SHAREHOLDERS' FUNDS 894,323 880,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 2 continued...
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

BALANCE SHEET - continued
31 MARCH 2019


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 October 2019 and were signed on its behalf by:




J F Spinlove - Director



D G Bryant - Director


The notes form part of these financial statements

Page 3
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019


1. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is
provided on these gains at the expected rate to apply when the property is sold.

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 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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2018
and 31 March 2019 980,000
NET BOOK VALUE
At 31 March 2019 980,000
At 31 March 2018 980,000

Page 4 continued...
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2019


3. INVESTMENT PROPERTY - continued

Fair value at 31 March 2019 is represented by:

£   
Valuation in 2010 1,000,000
Valuation in 2014 (20,000 )
980,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2019 2018
£    £   
Cost 234,176 234,176

The investment properties were valued on an open market basis on 31 March 2019 by the directors, J F Spinlove & D G Bryant
.

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 2,051 2,575
Taxation and social security 10,812 8,588
Other creditors 1,872 1,845
14,735 13,008

5. RESERVES
Revaluation
reserve
£   
At 1 April 2018
and 31 March 2019 640,424

Page 5