Company Registration No. SC498435 (Scotland)
ASHE HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ASHE HOUSE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
ASHE HOUSE LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr M L Gizzi
Secretary
Mrs V M Gizzi
Company number
SC498435
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Business address
2nd floor
87 St Vincent Street
Glasgow
Scotland
G2 5TF
ASHE HOUSE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
2,289,960
2,313,457
Current assets
Cash at bank and in hand
228
7,179
Creditors: amounts falling due within one year
4
(1,863,447)
(1,854,986)
Net current liabilities
(1,863,219)
(1,847,807)
Total assets less current liabilities
426,741
465,650
Capital and reserves
Called up share capital
5
100
100
Fair value reserve
6
55,413
206,071
Profit and loss reserves
6
371,228
259,479
Total equity
426,741
465,650
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 year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year 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 29 April 2022
Mr M L Gizzi
Director
Company Registration No. SC498435
ASHE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Ashe House Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The principal place of business is 2nd floor, 87 St Vincent Street, Glasgow, Scotland, G2 5TF. The company's registration number is SC498435.
1.1
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
and presentational
currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Investments in
LLP
Keystone Assets Scotland LLP is a partnership in which Ashe House Limited owns 25%. The
d
irector believes that the best estimate of the fair value of the investment is the value of the capital accounts relating to Ashe House Limited. This is based on the unaudited accounts of Keystone Assets Scotland LLP. This is the value used in the financial statements as the fair value of the investment.
Shares in joint ventures
Investments in joint venture entities are stated at cost less provision for any diminution of value, if such reduction is deemed to be of a permanent nature.
1.3
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.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ASHE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Total
1
1
3
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
5,500
Other investments other than loans
2,284,460
2,313,457
2,289,960
2,313,457
ASHE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investment in joint ventures
Investment in LLP
Total
£
£
£
Cost or valuation
At 1 April 2020
-
2,313,457
2,313,457
Additions
5,500
-
5,500
Valuation adjustment
-
37,775
37,775
Share of loss
-
(52,599)
(52,599)
Capital withdrawn from LLP
-
(14,173)
(14,173)
At 31 March 2021
5,500
2,284,460
2,289,960
Carrying amount
At 31 March 2021
5,500
2,284,460
2,289,960
At 31 March 2020
-
2,313,457
2,313,457
4
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
17,634
Other creditors
1,845,813
1,854,986
1,863,447
1,854,986
5
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
95 A Ordinary Shares of £1 each
95
95
5 B Ordinary Shares of £1 each
5
5
100
100
Both classes of shares rank pari passu in all respects. However when paying dividends the
c
ompany may differentiate between the classes of share to which payments are being made in respect of the amount or percentage of dividend payable.
6
Reserves
Fair value reserve
The fair value reserve represents the
c
ompany's share of the unrealised surpluses within its investment in the LLP
.
ASHE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
7
Related party transactions
As at 31 March 202
1
amounts totalling £1,
845,495
(20
20
- £1,
850,168
) were due to the director. The loan is unsecured, interest free with no fixed terms of repayment in place.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
8
Ultimate controlling party
The
c
ompany was under the control of
Mr
M L Gizzi during the current and previous year by virtue of his majority holding in the
c
ompany's issued share capital.