Ashrise Properties Limited Filleted accounts for Companies House (small and micro)

ASHRISE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4926950

ASHRISE PROPERTIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2020

ASHRISE PROPERTIES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

ASHRISE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		1,875,000	1,875,000

Current assets

Debtors	6	78,997	169,426
Cash at bank and in hand		1,917	18,310
		---------	----------
		80,914	187,736

Creditors: amounts falling due within one year	7	65,821		83,827
		---------		----------
Net current assets			15,093	103,909
			-------------	-------------
Total assets less current liabilities			1,890,093	1,978,909
			-------------	-------------
Net assets			1,890,093	1,978,909
			-------------	-------------

ASHRISE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	1	1
Revaluation reserve	1,141,829	1,141,829
Profit and loss account	748,263	837,079
	-------------	-------------
Shareholder funds	1,890,093	1,978,909
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 18 September 2021 , and are signed on behalf of the board by:

C E N Howard

Director

Company registration number: 4926950

ASHRISE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nocton Rise, Lincoln, Lincs, LN4 2AF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

The turnover shown in the profit and loss account represents rents and royalties receivable in the period.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Tangible assets

	Investment property
	£
Cost
At 1 January 2020 and 31 December 2020	1,875,000
	-------------
Depreciation
At 1 January 2020 and 31 December 2020	–
	-------------
Carrying amount
At 31 December 2020	1,875,000
	-------------
At 31 December 2019	1,875,000
	-------------

Tangible assets held at valuation

In accordance with accounting standards investment properties are stated at their fair value. The valuations were performed by a director of the company.

5. Investments

	Other loans
	£
Cost
At 1 January 2020 and 31 December 2020	21,125
	---------
Impairment
At 1 January 2020 and 31 December 2020	21,125
	---------

Carrying amount
At 31 December 2020	–
	---------
At 31 December 2019	–
	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	88,650	81,204
Amounts owed by group undertakings and undertakings in which the company has a participating interest	( 9,653)	88,222
	---------	----------
	78,997	169,426
	---------	----------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Corporation tax	49,537	67,810
Other creditors	16,284	16,017
	---------	---------
	65,821	83,827
	---------	---------

8. Prior period errors

The Directors decided to write off amounts paid to HM Revenue & Customs several years ago under accelerated payment notices. As the costs related to assessments in previous periods this has been corrected as a prior year adjustment with the result being a reduction in brought forward reserves of £72,559. There is no tax consequence to this write off.

9. Related party transactions

Howtin Investments Limited is the 100% parent of Ashrise Properties Limited however the ultimate parent company is Howtin 2016 Limited. The registered office of Howtin Investments Limited is Whitehall House, 33 Yeoman Shore, Dundee, DD1 4BJ and the registered office of Howtin 2016 Limited is Wilkin Chapman LLP, The Maltings, 11-15 Brayford Wharf East, Lincoln, LN5 7AY No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.