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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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ASHFIELD (HULL) LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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ASHFIELD (HULL) LIMITED |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ASHFIELD (HULL) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Ashfield (Hull) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified |
within these accounting policies. |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical |
accounting estimates. It also requires management to exercise judgement in applying the Company's accounting |
policies. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
No significant judgements have had to be made by the directors in preparing these financial statements. |
The directors have made key assumptions in the determination of fair value of investment properties in respect of |
the state of the property market in the location where the property is situated and in respect of the range of |
reasonable fair value estimates of the assets. |
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REVENUE |
Turnover comprises the value of rental income receivable from the letting of the company's investment property |
and administration fees charged to tenants in respect of setting up new tenancy agreements. Revenue also |
includes commissions chargeable for the collection of rental income on behalf of other landlords. |
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Rental income is recognised on a time basis and is measured over the duration of each respective tenancy |
agreement, but is only recognised to the extent that it is probable that the economic benefits will flow to the |
company, the amount of revenue can be reliably measured and it is probable that the company will receive the |
consideration due under the tenancy agreements. |
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Administration fees are recognised as they are charged. Commission is deducted directly from payments made |
out to landlords. |
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Revenue is measured as the fair value of the consideration received or receivable. |
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GOODWILL |
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INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
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TANGIBLE FIXED ASSETS |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the |
asset to the location and condition necessary for it to be capable of operating in the manner intended by |
management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful |
lives, using the straight line method. |
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Depreciation is provided on the following basis: |
Fixtures and fittings - 25% |
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The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Statement of income and retained earnings. |
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INVESTMENT PROPERTY |
Investment property is carried at fair value determined annually by the directors and derived from the current |
market rents and investment property yields for comparable real estate, adjusted if necessary for any difference |
in the nature, location or condition of the specific asset. |
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No depreciation is provided. |
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Changes in the fair value of investment property is recognised in the Statement of income and retained earnings. |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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ASHFIELD (HULL) LIMITED (REGISTERED NUMBER: 07400437) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors include amounts due to the directors of £385,243 (2018 - £404,743), which have been introduced |
by them to fund property acquisitions in previous years. |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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M D Barton (director) has given a personal guarantee of up to £100,000 as security for one of the company |
loans. |
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13. | CONTROLLING PARTY |
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The company is controlled by the directors, Mr MD Barton and Mrs L Mukerjea. |