Company registration number 13597953 (England and Wales)
ASHBOURNE HOUSE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
ASHBOURNE HOUSE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ASHBOURNE HOUSE INVESTMENTS LIMITED
BALANCE SHEET
- 1 -
2022
Notes
£
£
Fixed assets
Investment property
3
558,402
Current assets
Debtors
4
334,565
Creditors: amounts falling due within one year
5
(894,127)
Net current liabilities
(559,562)
Net liabilities
(1,160)
Capital and reserves
Called up share capital
6
40
Profit and loss reserves
(1,200)
Total equity
(1,160)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 22 August 2023
Mrs R Mair
Director
Company Registration No. 13597953
ASHBOURNE HOUSE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Ashbourne House Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashbourne House, 84 Wrottesley Road, Tettenhall, Wolverhampton, WV6 8SH.
1.1
Reporting period
The reporting period covers the 10 month period from incorporation on 1 September 2021 to 30 June 2022.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ASHBOURNE HOUSE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
1
3
Investment property
2022
£
Fair value
At 1 September 2021
Additions
558,402
At 30 June 2022
558,402
Investment property comprises of land and buildings. The fair value of the investment property has been arrived at on the basis of acquisition cost during the year.
ASHBOURNE HOUSE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 4 -
4
Debtors
2022
Amounts falling due within one year:
£
Other debtors
334,565
5
Creditors: amounts falling due within one year
2022
£
Amounts owed to group undertakings
892,927
Other creditors
1,200
894,127
6
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares class A of £1 each
20
20
Ordinary shares class B of £1 each
20
20
40
40
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2022
Amounts due from related parties
£
Other related parties
892,927
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors Loan Account
-
-
334,525
334,525
-
334,525
334,525
9
Parent company
The ultimate controlling party is Ranjana Mair by way of her majority shareholding.