Asheldon Properties Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13381064 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

ASHELDON PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S Williams

Mrs CP Williams

REGISTERED OFFICE:

The Gardeners Cottage

Asheldon Road

Torquay

Devon

TQ1 2QN

REGISTERED NUMBER:

13381064 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

FIXED ASSETS

Tangible assets

4

222,635

8,752

CURRENT ASSETS

Debtors

5

245,876

225,678

Cash at bank

692

65,383

246,568

291,061

CREDITORS

Amounts falling due within one year

6

360,998

293,792

NET CURRENT LIABILITIES

(114,430

)

(2,731

)

TOTAL ASSETS LESS CURRENT LIABILITIES

108,205

6,021

CREDITORS

Amounts falling due after more than one year

7

126,225

-

NET (LIABILITIES)/ASSETS

(18,020

)

6,021

RESERVES

Retained earnings

(18,020

)

6,021

SHAREHOLDERS' FUNDS

(18,020

)

6,021

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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:

Mr S Williams - Director

1.	STATUTORY INFORMATION

Asheldon Properties Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The company meets its day to day working capital requirements through a loan provided by Mr Simon Williams, a Director of the company. He will continue to support the company in this way until such times as profits are made.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 June 2022

-

8,752

8,752

Additions

214,568

739

215,307

At 31 May 2023

214,568

9,491

224,059

DEPRECIATION

Charge for year

-

1,424

1,424

At 31 May 2023

-

1,424

1,424

NET BOOK VALUE

At 31 May 2023

214,568

8,067

222,635

At 31 May 2022

-

8,752

8,752

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by associates

245,476

215,678

Other debtors

400

10,000

245,876

225,678

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other loans

8,000

8,000

Other creditors

-

721

Directors' current accounts

351,308

285,071

Accrued expenses

1,690

-

360,998

293,792

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans more 5 yr by instal

126,225

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

126,225

-

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 May 2023 and the period ended 31 May 2022:

2023

2022

£

£

Mr S Williams

Balance outstanding at start of year

(285,071

)

-

Amounts advanced

10,086

-

Amounts repaid

(30,000

)

(285,071

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(304,985

)

(285,071

)

Loans are unsecured, interest free and repayable on demand.

9.	RELATED PARTY DISCLOSURES

Intercompany account:

During the period the company lent to Coombe Court Development Ltd , a company Mr Simon Williams, Director, is also a Director of, an amount of £37,569 (2022 £80,740). The amount owing to the company relating to this loan at the period end, is £43,171 (2022 £80,740).

During the period the company lent to Willhew Ltd, a company Mr & Mrs Williams, Directors, are also Directors of, an amount of £44,387 (2022: £14,938). The amount owing to the company relating to this loan at the period end, is £59,325 (2022: £14,938).

During the period the company lent to Lydwell Developments Ltd, a company Mr Williams, Director, is also a Director of, an amount of £65,000 (2022: £120,000). The amount owing to the company relating to this loan at the period end, is £185,000 (2022:£65,000).

The loans are unsecured, interest free and repayable on demand.

Rents Paid:

During the year rent was paid to Mrs C Williams of £39,750 (2022: £36,000).