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 2020





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 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASHNESS PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







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 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 980,000 980,000

CURRENT ASSETS
Cash at bank and in hand 43,764 34,458

CREDITORS
Amounts falling due within one year 4 14,550 14,735
NET CURRENT ASSETS 29,214 19,723
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,009,214
999,723

PROVISIONS FOR LIABILITIES 105,400 105,400
NET ASSETS 903,814 894,323

CAPITAL AND RESERVES
Called up share capital 100,100 100,100
Share premium 300 300
Revaluation reserve 5 640,424 640,424
Retained earnings 162,990 153,499
SHAREHOLDERS' FUNDS 903,814 894,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 2020


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 and authorised for issue on 21 March 2021 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 2020


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 (2019 - NIL).

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2019
and 31 March 2020 980,000
NET BOOK VALUE
At 31 March 2020 980,000
At 31 March 2019 980,000

Fair value at 31 March 2020 is represented by:

£   
Valuation in 2010 765,824
Valuation in 2014 (20,000 )
Cost 234,176
980,000

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

2020 2019
£    £   
Cost 234,176 234,176

The investment properties were valued on an open market basis on 31 March 2020 by the directors, J F Spinlove & D G Bryant .

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 2,696 2,051
Taxation and social security 9,889 10,812
Other creditors 1,965 1,872
14,550 14,735

Page 5 continued...
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


5. RESERVES
Revaluation
reserve
£   
At 1 April 2019
and 31 March 2020 640,424

Page 6