Company Registration No. 02022745 (England and Wales)
ASHWORTH ASSURED TENANCIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
ASHWORTH ASSURED TENANCIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ASHWORTH ASSURED TENANCIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,000,000
Current assets
Debtors
4
2,728,552
1,591,021
Creditors: amounts falling due within one year
5
(33,304)
(406,891)
Net current assets
2,695,248
1,184,130
Total assets less current liabilities
2,695,248
4,184,130
Provisions for liabilities
6
(178,748)
Net assets
2,695,248
4,005,382
Capital and reserves
Called up share capital
8
2,402,110
2,402,110
Non-distributable profits reserves
1,501,752
Distributable profit and loss reserves
293,138
101,520
Total equity
2,695,248
4,005,382
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 26 November 2021 and are signed on its behalf by:
R J Burgess
Director
Company Registration No. 02022745
ASHWORTH ASSURED TENANCIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Share capital
Non-distributable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2019
2,402,110
680,500
67,441
3,150,051
Year ended 31 March 2020:
Profit for the financial year
-
821,252
34,079
855,331
Balance at 31 March 2020
2,402,110
1,501,752
101,520
4,005,382
Year ended 31 March 2021:
Profit for the financial year
-
(1,501,752)
1,691,618
189,866
Dividends
-
-
(1,500,000)
(1,500,000)
Balance at 31 March 2021
2,402,110
293,138
2,695,248
Called up share capital
This represents the nominal value of the shares issued.
Non-distributable profit
This represents movements in fair values of investment properties held by the company. The reserve is non-distributable as the surplus as not been realised.
Profit and loss account
This reserve is distributable and represents cumulative profits and losses, net of dividends paid.
ASHWORTH ASSURED TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Ashworth Assured Tenancies Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Global House, 1 Ashley Avenue, Epsom, Surrey, KT18 5FL.
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 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 investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rental income receivable from investment property.
1.4
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss (non-distributable profit reserve) in the period in which they arise.
1.5
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.
1.6
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
For all other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
ASHWORTH ASSURED TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2
Employees
The directors are the only employees of the company.
3
Investment property
2021
£
Valuation
At 1 April 2020
3,000,000
Disposals
(3,000,000)
At 31 March 2021
The carrying value of investment properties comprises:
2021
2020
£
£
Long leasehold
-
3,000,000
The historic cost of the long leasehold investment properties at the year-end was £nil (2020 - £
1,261,565
). The long leasehold properties were held under 125 year leases which commenced in 1999 and sold during the year.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,723,706
1,591,021
Other debtors
4,846
2,728,552
1,591,021
ASHWORTH ASSURED TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
4
Debtors
(Continued)
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
393,668
Corporation tax
33,304
7,994
Other creditors
5,229
33,304
406,891
6
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
7
178,748
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Investment property
-
178,748
2021
Movements in the year:
£
Liability at 1 April 2020
178,748
Credit to profit and loss
(178,748)
Liability at 31 March 2021
-
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,402,110
2,402,110
2,402,110
2,402,110
ASHWORTH ASSURED TENANCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Daniel Faust FCCA and the auditor was FLB Accountants LLP.
10
Related party transactions
The company are exempt from disclosing other related party transactions as they are with other companies that are wholly owned within The Valentine Group Holdings Limited
group.
11
Parent company
The company's immediate parent undertaking is First Rented Housing Group Limited and the ultimate parent undertaking is The Valentine Group Holdings Limited.
The company is included in the consolidated financial statements that have been prepared by The Valentine Group Holdings Limited. The consolidated financial statements of the group are available to the public and may be obtained from
registered office
.