Ascot Finance (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01971625 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

ASCOT FINANCE (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Ayrton-Grime

P Ayrton-Grime

Mrs C Ayrton-Grime

SECRETARY:

G J Ayrton-Grime

REGISTERED OFFICE:

406 Merton Road

London

SW18 5AD

REGISTERED NUMBER:

01971625 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

1,214,364

1,231,741

Investment property

6

11,571,000

11,571,000

12,785,364

12,802,741

CURRENT ASSETS

Debtors

7

11,087,980

12,505,552

Cash at bank

60,590

220,724

11,148,570

12,726,276

CREDITORS

Amounts falling due within one year

8

8,888,335

10,413,198

NET CURRENT ASSETS

2,260,235

2,313,078

TOTAL ASSETS LESS CURRENT LIABILITIES

15,045,599

15,115,819

PROVISIONS FOR LIABILITIES

1,439,030

1,375,301

NET ASSETS

13,606,569

13,740,518

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

8,586,032

8,586,032

Retained earnings

10

5,020,437

5,154,386

SHAREHOLDERS' FUNDS

13,606,569

13,740,518

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 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 31 January 2020 and were signed on its behalf by:

G J Ayrton-Grime - Director

1.	STATUTORY INFORMATION

Ascot Finance (UK) 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced rental income, excluding value added tax.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair

value is recognised in profit or loss.

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.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does

not have any Other Financial Instruments as covered by Section 12 of FRS102.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

7,299

DEPRECIATION

At 1 April 2018

and 31 March 2019

7,299

NET BOOK VALUE

At 31 March 2019

-

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

£

£

COST OR VALUATION

At 1 April 2018

1

1,231,740

1,231,741

Share of profit/(loss)

-

3,927

3,927

Revaluations

-

(21,304

)

(21,304

)

At 31 March 2019

1

1,214,363

1,214,364

NET BOOK VALUE

At 31 March 2019

1

1,214,363

1,214,364

At 31 March 2018

1

1,231,740

1,231,741

Cost or valuation at 31 March 2019 is represented by:

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

£

£

Valuation in 2018

-

629,386

629,386

Cost

1

584,977

584,978

1

1,214,363

1,214,364

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

11,571,000

NET BOOK VALUE

At 31 March 2019

11,571,000

At 31 March 2018

11,571,000

Cost or valuation at 31 March 2019 is represented by:

Cost

2,510,986

Surplus on revaluations to 2018

9,060,014

Valuation at 31 March 2019

11,571,000

The company's freehold and leasehold investment properties are valued as at 31 March 2019 by the directors as

follows:

Address

Interest

Valuation

Surplus / (Deficit in Year

)

a)

35 Lydden Grove, SW18

Freehold

475,000

-

b)

1 Atheldene Road, SW 18

Freehold

1,050,000

-

c)

42 Steerforth Road, SW 18

Freehold

1,120,000

-

d)

14 Stephendale Road, SW18

Freehold

475,000

-

e)

109 Dawes Road, SW6

Freehold

1,150,000

-

f)

49 Vanderbilt Road, SW18

Leasehold

375,000

-

g)

150 Lavender Hill, SW11

Freehold

2,125,000

-

h)

307/311 Garratt Lane, SW18

Freehold

2,775,000

-

i)

10 Filmer Road, SW6

Freehold

1,275,000

-

j)

315 Garratt Lane, SW18

Freehold

326,000

-

k)

26 Atheldene Road, SW18

Leasehold

425,000

-

£11,571,000

£-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

-

17,540

Amounts owed by group undertakings

11,087,980

12,482,741

VAT

-

5,271

11,087,980

12,505,552

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

7,335,467

6,369,000

Tax

45,239

258,282

Social security and other taxes

-

4,345

VAT

82,737

-

Creditors & accruals

33,754

1,704,771

Directors' current accounts

1,391,138

2,076,800

8,888,335

10,413,198

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

7,335,467

6,369,000

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2018

5,154,386

8,586,032

13,740,418

Deficit for the year

(133,949

)

(133,949

)

At 31 March 2019

5,020,437

8,586,032

13,606,469

11.	CONTINGENT LIABILITIES

Where appropriate the company recognises a provision for liabilities when it is probable that an outflow of economic

resources will be required and for which a reliable estimate can be made of the obligation.

The company's bankers, Handelsbanken Plc hold unlimited cross guarantees between the company and Ayrton

Construction Limited.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the amount owed to directors was reduced by £637,100, resulting in a balance of £1,391,138 being

owed to the Directors at 31 March 2019 (2018: Owed to the directors £2,076,800).