Aspen Property Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03883227

ASPEN PROPERTY SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

K Phippen

SECRETARY:

S Hurrell

REGISTERED OFFICE:

Sun House

79 High Street

Eton

Windsor

Berkshire

SL4 6AF

REGISTERED NUMBER:

03883227

ACCOUNTANTS:

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

FIXED ASSETS

Tangible assets

4

904,882

917,918

Investments

5

7,500,447

7,502,797

Investment property

6

3,250,000

3,375,000

11,655,329

11,795,715

CURRENT ASSETS

Debtors

7

2,070,948

1,810,806

Cash at bank and in hand

613,297

1,327,634

2,684,245

3,138,440

CREDITORS

Amounts falling due within one year

8

16,422

27,902

NET CURRENT ASSETS

2,667,823

3,110,538

TOTAL ASSETS LESS CURRENT LIABILITIES

14,323,152

14,906,253

PROVISIONS FOR LIABILITIES

374,879

206,737

NET ASSETS

13,948,273

14,699,516

CAPITAL AND RESERVES

Called up share capital

9

1

1

Revaluation reserve

1,001,591

1,010,585

Retained earnings

12,946,681

13,688,930

SHAREHOLDERS' FUNDS

13,948,273

14,699,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 December 2017 and were signed by:

K Phippen - Director

1.	STATUTORY INFORMATION

Aspen Property Services Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 03883227 and it's registered office is 79 High Street, Eton, Berkshire, SL4 6AF.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention as modified by the revaluation of certain assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable.

Turnover is recognised when rental periods commence.

Tangible fixed assets

Depreciation of fixed assets is calculated to write off the cost or valuation less any residual value over their

estimated useful lives as follows:

Freehold buildings

2% - 5% on cost

Fittings, equipment and vehicles

10% - 20% on cost

Computer equipment

25% on cost

Investments in subsidiaries and associates

Investments in shares in group undertakings are stated at cost, less any provision for impairment.

Investments in interests in associated undertakings are stated at fair value, being determined by reference to

recent transactions in the share capital of the associated company.

Other investments

Other investments are stated at fair value.

Investment property

Investment properties are stated at fair value.

Financial instruments

Debtors

Other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable

amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of

maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors

Other creditors and accrued expenses are recognised where the company has a present obligation resulting from

a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

Equipment

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2016

965,000

72,637

142,942

28,250

1,208,829

Additions

-

-

11,661

-

11,661

At 31 March 2017

965,000

72,637

154,603

28,250

1,220,490

DEPRECIATION

At 1 April 2016

54,017

72,378

136,266

28,250

290,911

Charge for year

19,300

259

5,138

-

24,697

At 31 March 2017

73,317

72,637

141,404

28,250

315,608

NET BOOK VALUE

At 31 March 2017

891,683

-

13,199

-

904,882

At 31 March 2016

910,983

259

6,676

-

917,918

Cost or valuation at 31 March 2017 is represented by:

Fixtures

Freehold

and

Motor

property

Equipment

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2014

449,719

-

-

-

449,719

Cost

515,281

72,637

154,603

28,250

770,771

965,000

72,637

154,603

28,250

1,220,490

If Freehold property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

515,281

515,281

Aggregate depreciation

144,285

133,979

During the year ended 31 March 2014 Aspen Property Services Limited had the freehold property at 79 High

Street, Eton revalued. The valuation was carried out by Kempton Carr Croft Chartered Surveyors. The property

was valued at £925,000 based on market value.

The car park situated at Emlyn Buildings was revalued by the director at a value of £40,000 at 31 March 2014

based on an offer to purchase as received.

The director considers there to have been no movement in value in the year to 31 March 2017 for either

property.

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

Other

undertakings

associate

investments

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2016

and 31 March 2017

2,968,399

5,370,000

1,003,907

9,342,306

PROVISIONS

At 1 April 2016

1,000,000

-

839,509

1,839,509

Provision for year

-

-

2,350

2,350

At 31 March 2017

1,000,000

-

841,859

1,841,859

NET BOOK VALUE

At 31 March 2017

1,968,399

5,370,000

162,048

7,500,447

At 31 March 2016

1,968,399

5,370,000

164,398

7,502,797

Cost or valuation at 31 March 2017 is represented by:

Shares in

Interest

group

in

Other

undertakings

associate

investments

Totals

£

£

£

£

Valuation in 2015

-

4,711,259

-

4,711,259

Cost

2,968,399

658,741

1,003,907

4,631,047

2,968,399

5,370,000

1,003,907

9,342,306

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2016

3,375,000

Revaluations

(125,000

)

At 31 March 2017

3,250,000

NET BOOK VALUE

At 31 March 2017

3,250,000

At 31 March 2016

3,375,000

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2014

480,906

Valuation in 2017

(125,000

)

Cost

2,894,094

3,250,000

The property was valued at £3,250,000 based on market value, by an independent valuer who holds a recognised

and relevant professional qualification and having experience in the location of the investment property, on 25th

January 2017.

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

665,820

463,655

Other debtors

1,192,056

1,114,401

Directors' current accounts

194,869

216,069

Prepayments

960

960

2,053,705

1,795,085

Amounts falling due after more than one year:

Other debtors

17,243

15,721

Aggregate amounts

2,070,948

1,810,806

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Social security and other taxes

329

3,076

Other creditors

7,222

11,841

Accrued expenses

8,871

12,985

16,422

27,902

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary shares

£1

1

1

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

K Phippen

Balance outstanding at start of year

216,069

126,991

Amounts advanced

198,800

219,078

Amounts repaid

(220,000

)

(130,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

194,869

216,069

4% interest is charged monthly on any balances owing to the company and is included in amounts advanced

above.

The above balances are included within other debtors as at 31 March 2017 and 31 March 2016, as appropriate.

11.	ULTIMATE PARENT UNDERTAKING

The ultimate parent company is Aspen Capital Group Limited with its registered office at 79A High Street, Eton,

Berkshire, SL4 6AF.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Aspen Property Services Limited for the year ended 31 March 2017 which comprise the Income

Statement, Other Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Aspen Property Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aspen Property Services Limited and state those matters that we have agreed to state to the director of Aspen Property Services Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Aspen Property Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Aspen Property Services Limited. You consider that Aspen Property Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Aspen Property Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

28 December 2017