Ask Property Investments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04447514 (England and Wales)

ASK PROPERTY INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs A M Kohn

SECRETARY:

Mrs A M Kohn

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

04447514 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Property, plant and equipment

4

945

1,393

Investments

5

40,000

40,000

Investment property

6

1,000,000

1,000,000

1,040,945

1,041,393

CURRENT ASSETS

Debtors

7

188,878

188,878

Cash at bank

69,263

40,629

258,141

229,507

CREDITORS

Amounts falling due within one year

8

524,584

509,203

NET CURRENT LIABILITIES

(266,443

)

(279,696

)

TOTAL ASSETS LESS CURRENT LIABILITIES

774,502

761,697

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

774,500

761,695

SHAREHOLDERS' FUNDS

774,502

761,697

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 7 March 2024 and were signed by:

Mrs A M Kohn - Director

1.	STATUTORY INFORMATION

Ask Property Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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 represents gross rent receivable and gross property management income. Turnover is recognised when the rental invoice is raised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

20% on cost

Investment property

The company's freehold property is included in the Balance Sheet at its open market value.The surplus(es) or deficit(s) on revaluation of the freehold property is transferred to the revaluation reserve, apart from when the revaluation is below the original cost which is charged to the profit and loss account. No depreciation is provided in these accounts in respect of the freehold propery.

The policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets.The director considers that this policy is necessary in order that the accounts give a true and fair view. Current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2022

and 31 May 2023

45,500

2,000

47,500

DEPRECIATION

At 1 June 2022

45,307

800

46,107

Charge for year

48

400

448

At 31 May 2023

45,355

1,200

46,555

NET BOOK VALUE

At 31 May 2023

145

800

945

At 31 May 2022

193

1,200

1,393

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2022

and 31 May 2023

40,000

NET BOOK VALUE

At 31 May 2023

40,000

At 31 May 2022

40,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2022

and 31 May 2023

1,000,000

NET BOOK VALUE

At 31 May 2023

1,000,000

At 31 May 2022

1,000,000

Fair value at 31 May 2023 is represented by:

£

Valuation in 2017

459,611

Cost

540,389

1,000,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Related party loan

188,878

188,878

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts (see note 9)

500,000

500,000

Tax

2,671

5,141

Other creditors

2,500

2,500

Amount due to related company

11,273

-

Directors' current accounts

3,960

2

Accruals and deferred income

2,500

-

Accrued expenses

1,680

1,560

524,584

509,203

9.

LOANS

An analysis of the maturity of loans is given below:

31.5.23

31.5.22

£

£

Amounts falling due within one year or on demand:

Coutts Loan Account

500,000

500,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.23

31.5.22

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 June 2022

761,695

Profit for the year

12,805

At 31 May 2023

774,500

12.	ULTIMATE CONTROLLING PARTY