Ashness Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03257528 (England and Wales)

ASHNESS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D G Bryant

S Moore

REGISTERED OFFICE:

1 Eastgate

Louth

Lincolnshire

LN11 9NB

REGISTERED NUMBER:

03257528 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Louth)

Chartered Certified Accountants

1 Eastgate

Louth

Lincolnshire

LN11 9NB

FIXED ASSETS

Investment property

3

1,185,000

1,185,000

CURRENT ASSETS

Debtors

4

1,914

-

Cash at bank

74,893

55,421

76,807

55,421

CREDITORS

Amounts falling due within one year

5

13,449

16,599

NET CURRENT ASSETS

63,358

38,822

TOTAL ASSETS LESS CURRENT LIABILITIES

1,248,358

1,223,822

PROVISIONS FOR LIABILITIES

189,934

144,350

NET ASSETS

1,058,424

1,079,472

CAPITAL AND RESERVES

Called up share capital

100,100

100,100

Share premium

300

300

Revaluation reserve

6

760,890

806,474

Retained earnings

197,134

172,598

SHAREHOLDERS' FUNDS

1,058,424

1,079,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 10 August 2023 and were signed on its behalf by:

D G Bryant - Director

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

The turnover shown in the profit and loss account represents rents falling due during the year.

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 (2022 - NIL).

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

1,185,000

NET BOOK VALUE

At 31 March 2023

1,185,000

At 31 March 2022

1,185,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2010

765,824

Valuation in 2014

(20,000

)

Valuation in 2021

205,000

Cost

234,176

1,185,000

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

2023

2022

£

£

Cost

234,176

234,176

The investment properties were valued on an open market basis on 31 March 2023 by the company directors .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,914

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,301

1,720

Taxation and social security

5,755

7,805

Other creditors

6,393

7,074

13,449

16,599

6.

RESERVES

Revaluation

reserve

£

At 1 April 2022

806,474

Increase in deferred tax

(45,584

)

At 31 March 2023

760,890