Ash Addlewell Limited - Period Ending 2021-06-30
Ash Addlewell Limited - Period Ending 2021-06-30
Registration number:
Ash Addlewell Limited
for the Period from 1 March 2020 to 30 June 2021
Ash Addlewell Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ash Addlewell Limited
(Registration number: 02947284)
Balance Sheet as at 30 June 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Total equity |
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Ash Addlewell Limited
(Registration number: 02947284)
Balance Sheet as at 30 June 2021
For the financial period ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
In June 2021 the company disposed of the goodwill, equipment and stock of its garage business. Following this sale, the company's principal activity is that of commercial property rental. Having considered the potential impact of covid-19 on the this business, the director has concluded that it is reasonable and appropriate to prepare these accounts on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
0 - 10% straight line |
Plant and machinery |
10 - 33% straight line |
Motor vehicles |
20% straight line |
Fixtures and fittings |
10 - 33% straight line |
Investment properties
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less provision for obsolete and slow moving stock.
Consignment vehicles, due to the significant risks and responsibilities of ownership passing to the company, are regarded effectively as being under the control of the company and included in stock. The corresponding liability is included as new vehicle funding within trade creditors and is secured directly on these vehicles.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the period was
Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
Tangible assets |
Freehold land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2020 |
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Additions |
- |
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- |
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Disposals |
( |
( |
( |
( |
( |
At 30 June 2021 |
- |
- |
- |
- |
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Depreciation |
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At 1 March 2020 |
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Eliminated on disposal |
( |
( |
( |
( |
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At 30 June 2021 |
- |
- |
- |
- |
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Carrying amount |
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At 30 June 2021 |
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- |
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At 29 February 2020 |
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The freehold property was reclassified as investment property following the disposal of the company's trading activities.
Included within the net book value of land and buildings above is £Nil (2020 - £740,000) in respect of freehold land and buildings.
Tangible fixed assets with a carrying amount of £Nil (2020 - £799,948) have been pledged as security for bank borrowings.
Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
Investment properties |
2021 |
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At 1 March 2019 |
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Additions |
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At 30 June 2020 |
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The investment properties were revalued on 2 November 2020 by Greenslade Taylor Hunt.
Investment properties with a carrying amount of £1,100,000 (2020 - £360,000) have been pledged as security for bank borrowings.
Stocks |
2021 |
2020 |
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Vehicle stock |
- |
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Parts stock and work in progress |
- |
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- |
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Vehicle stock includes consigned new vehicle stock of £Nil (2020 - £667,502)
The carrying amount of stocks pledged as security for liabilities amounted to £Nil (2020 - £
Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
- |
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Other debtors |
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The carrying amount of debtors pledged as security for liabilities amounted to £788,062 (2020 - £672,349).
Creditors |
Due within one year |
Note |
2021 |
2020 |
Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Due after one year |
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Loans and borrowings |
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Trade creditors includes an amount of £Nil (2020 - £1,293,700) which is secured against the vehicles to which it relates.
Loans and borrowings are secured by way of a fixed charge over property to which they relate, as disclosed in notes 4 and 5.
Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank loans |
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2021 |
2020 |
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Current loans and borrowings |
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Bank loans |
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Bank overdrafts |
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Related party transactions |
Transactions with the director |
2021 |
At 1 March 2020 |
Advances to director |
Repayments by director |
At 30 June 2021 |
Mr R R Hazell |
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Director's loan account |
474,082 |
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( |
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2020 |
At 1 March 2019 |
Advances to director |
Repayments by director |
At 29 February 2020 |
Mr R R Hazell |
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Director's loan account |
121,640 |
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( |
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Ash Addlewell Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2020 to 30 June 2021
Summary of transactions with other related parties
Income and receivables from related parties
2021 |
Other related parties |
Management charges receivable |
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2020 |
Other related parties |
Management charges receivable |
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Loans from related parties
2021 |
Other related parties |
At start of period |
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Advanced |
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At end of period |
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2020 |
Other related parties |
At start of period |
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Repaid |
( |
At end of period |
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