Ashtons' Development Co.,Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00265193 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

ASHTONS' DEVELOPMENT CO.,LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs P G Ould

Mrs E B Baskerville

P D Connell

Ms K E T Baskerville

R W Baskerville

S P A Ould

Mrs S L Ould

SECRETARY:

P D Connell

REGISTERED OFFICE:

Priestley House

Priestley Gardens

Chadwell Heath

Essex RM6 4SN

REGISTERED NUMBER:

00265193 (England and Wales)

ACCOUNTANTS:

Chegwidden & Co

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex, RM6 4SN

BANKERS:

Handelsbanken

Romford Branch

Ground Floor

3-5 Eastern Road

Romford

Essex

RM1 3NH

FIXED ASSETS

Investment properties

4

13,279,123

13,249,305

CURRENT ASSETS

Debtors

5

104,587

83,638

Cash at bank

334,213

233,037

438,800

316,675

CREDITORS

Amounts falling due within one year

6

187,485

171,613

NET CURRENT ASSETS

251,315

145,062

TOTAL ASSETS LESS CURRENT LIABILITIES

13,530,438

13,394,367

CREDITORS

Amounts falling due after more than one year

7

(75,000

)

(105,000

)

PROVISIONS FOR LIABILITIES

(1,598,422

)

(1,598,422

)

NET ASSETS

11,857,016

11,690,945

CAPITAL AND RESERVES

Called up share capital

2,552

2,552

Fair value reserve

9

11,295,885

11,295,885

Retained earnings

558,579

392,508

SHAREHOLDERS' FUNDS

11,857,016

11,690,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 7th September 2022 and were signed on its behalf by:

Mrs E B Baskerville - Director

Mrs P G Ould - Director

P D Connell - Director

1.	STATUTORY INFORMATION

Ashtons' Development Co.,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.

Turnover

Turnover represents the fair value of rental income receivable, excluding value added tax, once the income and related costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the company.

Investment properties

Investment properties are stated at fair value and gains/losses are recognised in the Income Statement. Deferred tax is provided on these gains/losses at the corporation tax rates and applicable allowances expected 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rental income

The company receives rental income under operating leases and other agreements. The income is recognised on a straight line basis over the lease term or period of agreement. The fair value of assets used to generate this income is disclosed in the note to fixed asset investments. The managing agents monitor and control the general repairs and maintenance of properties to ensure applicable contractual obligations are fulfilled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

4.	INVESTMENT PROPERTIES

Total

£

FAIR VALUE

At 1st January 2021

13,249,305

Additions

29,818

At 31st December 2021

13,279,123

NET BOOK VALUE

At 31st December 2021

13,279,123

At 31st December 2020

13,249,305

Fair value at 31st December 2021 is represented by:

£

Valuation in 2016

13,000,000

Valuation in 2017

351,000

Valuation in 2018

(111,480

)

Valuation in 2019

(218,045

)

Valuation in 2020

227,830

Valuation in 2021

29,818

13,279,123

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

2021

2020

£

£

Cost

384,817

354,999

Investment properties were valued on an open market basis on 14th November 2016 by A Chater, FRICS .

Following the last formal valuation in 2016, the directors have estimated the fair values at each balance sheet date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

104,587

83,638

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

30,000

30,000

Taxation and social security

88,686

77,999

Other creditors

68,799

63,614

187,485

171,613

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

75,000

105,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

105,000

135,000

Bank loans are secured by a fixed charge on the company's investment property.

9.

RESERVES

Fair

value

reserve

£

At 1st January 2021

and 31st December 2021

11,295,885

The fair value reserve represents a non-distributable reserve arising from the net fair value gains on the revaluation of investment properties, following the transition to FRS 102 Section 1A (Small Companies).

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £60,130 (2020 - £90,195) were paid to the directors .

11.	POST BALANCE SHEET EVENTS

The company continues to closely monitor the impact of the Coronavirus pandemic which has adversely affected global economies, businesses and individuals during 2020 and 2021. To date there have been no significant impacts on the company's business and its operations.