Ahern Land Reclamation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01646149 (England and Wales)

Financial Statements For The Year Ended 31st October 2019

for

Ahern Land Reclamation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L B Scott

P B Ahern

P R Scott

SECRETARY:

L B Scott

REGISTERED OFFICE:

106 Charter Avenue

Ilford

Essex

IG2 7AD

REGISTERED NUMBER:

01646149 (England and Wales)

AUDITORS:

Fredericks Limited

Chartered Accountants

Statutory Auditors

106 Charter Avenue

Ilford

Essex

IG2 7AD

SOLICITORS:

Kenneth Elliott & Rowe

18 Eastern Road

Romford

Essex

RM1 3PJ

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

11,778,685

6,055,144

11,778,685

6,055,144

CURRENT ASSETS

Debtors

6

951,539

1,111,500

Cash at bank

-

20

951,539

1,111,520

CREDITORS

Amounts falling due within one year

7

907,699

1,071,714

NET CURRENT ASSETS

43,840

39,806

TOTAL ASSETS LESS CURRENT LIABILITIES

11,822,525

6,094,950

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

11,778,685

6,055,144

Retained earnings

43,838

39,804

SHAREHOLDERS' FUNDS

11,822,525

6,094,950

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 17th July 2020 and were signed on its behalf by:

P R Scott - Director

1.	STATUTORY INFORMATION

Ahern Land Reclamation 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Ahern Land Reclamation Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company is exempt under

Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other

factors,including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entities accounting policies:

There are no specific judgements apart from those involving estimates as detailed below that management has

made in the process of applying the entities accounting policies that have a significant effect on the amounts

recognised in the financial statements.

b) Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates can

differ from the related actual results. The estimates and assumptions that have a significant risk of causing a

material adjustment to the carrying amounts of the assets and liabilities within the next financial year are

addressed below:

(i) Useful economic lives of tangible assets.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and

residual values of the assets. These are re-assessed annually. They are amended when necessary to reflect any

estimated changes.

(ii) Impairment of debtors

The company makes an estimate of the recoverable amount of trade and other debtors. When assessing their

impairment, the management considers factors including the current credit rating of the debtor, the ageing profile

of debtors and historical experience.

Turnover

Turnover represents net invoiced value of goods sold and services rendered, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Fixed asset investments

The fixed asset investment is revalued annually by the directors. The directors value the investment based on the

net asset value of the investment.

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 NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1st November 2018

and 31st October 2019

1,588

DEPRECIATION

At 1st November 2018

and 31st October 2019

1,588

NET BOOK VALUE

At 31st October 2019

-

At 31st October 2018

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1st November 2018

6,055,144

Revaluations

5,723,541

At 31st October 2019

11,778,685

NET BOOK VALUE

At 31st October 2019

11,778,685

At 31st October 2018

6,055,144

The directors have revalued the investment in Ingrebourne Valley Holdings Limited as at 31st October 2019 The

valuation is based upon the net asset value as shown in the accounts of Ingrebourne Valley Holdings Limited at

30th June 2019. The directors believe they have been prudent in using this basis.

The accounting reference date for Ingrebourne Valley Holdings Limited is 30 June.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

708,500

926,500

Other debtors

243,039

185,000

951,539

1,111,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Amounts owed to group undertakings

895,285

1,011,695

Tax

-

55,405

Social security and other taxes

12,414

4,614

907,699

1,071,714

8.

RESERVES

Revaluation

reserve

£

At 1st November 2018

6,055,144

Investment revaluation

5,723,541

At 31st October 2019

11,778,685

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S G Duker (Senior Statutory Auditor)

for and on behalf of Fredericks Limited

10.	RELATED PARTY DISCLOSURES

L B Scott, P B Ahern and P R Scott are directors of the ultimate holding company, P.F. Ahern & Sons Limited,

in which they have a material interest.

L B Scott, P B Ahern and P R Scott are directors of the associated undertaking, Ingrebourne Valley Holdings

Limited.

During the year the company received management charges totalling £240,000 (2018: £942,500 from

Ingrebourne Valley Limited, a subsidiary of Ingrebourne Valley Holdings Limited. Ingrebourne Valley Limited

owed the company £708,500 at the balance sheet date in respect of these charges (2018 : £962,500).

The company was invoiced £235,000 by the ultimate holding company (2018 : £300,000).

At the balance sheet date the amount due from P. F. Ahern (London) Limited, a fellow subsidiary, was £Nil

(2018 : £4,259,511) .

The sum of £895,285 was due to P. F. Ahern & Sons Limited at the year end (2018 : £5,271,206).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the holding company, P. F. Ahern & Sons Limited by virtue of its 100%

shareholding. This company prepares consolidated financial statements. The Registered Office is located at 106

Charter Avenue, Ilford, Essex, IG2 7AD.