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Registration number: 10468557

Ascend Broking Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

image-name
 

Ascend Broking Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ascend Broking Group Ltd

Company Information

Directors

M Collins

M Price

S D Horton

Company secretary

L J Guilfoyle

Registered office

21 Springfield Lyons Approach
Chelmsford
Essex
CM2 5LB

Accountants

Viewpoint Accountants Ltd
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

 

Ascend Broking Group Ltd

(Registration number: 10468557)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

29,269

19,530

Other financial assets

6

56,361

63,750

 

85,630

83,280

Current assets

 

Debtors

7

1,488,586

973,981

Cash at bank and in hand

 

770,255

592,268

 

2,258,841

1,566,249

Creditors: Amounts falling due within one year

8

(2,122,096)

(1,506,122)

Net current assets

 

136,745

60,127

Total assets less current liabilities

 

222,375

143,407

Creditors: Amounts falling due after more than one year

8

(25,776)

(35,774)

Net assets

 

196,599

107,633

Capital and reserves

 

Called up share capital

9

36,500

36,500

Retained earnings

160,099

71,133

Shareholders' funds

 

196,599

107,633

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

 

Ascend Broking Group Ltd

(Registration number: 10468557)
Balance Sheet as at 31 December 2022

.........................................
M Collins
Director

 

Ascend Broking Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
21 Springfield Lyons Approach
Chelmsford
Essex
CM2 5LB

These financial statements were authorised for issue by the Board on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ascend Broking Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance method

Computer equipment

33% straight line method

Motor vehicles

25% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Ascend Broking Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2021 - 18).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

6,460

7,617

 

Ascend Broking Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

36,087

8,500

44,587

Additions

16,199

-

16,199

At 31 December 2022

52,286

8,500

60,786

Depreciation

At 1 January 2022

22,932

2,125

25,057

Charge for the year

4,866

1,594

6,460

At 31 December 2022

27,798

3,719

31,517

Carrying amount

At 31 December 2022

24,488

4,781

29,269

At 31 December 2021

13,155

6,375

19,530

6

Other financial assets (current and non-current)

2022
£

2021
£

Non-current financial assets

Financial assets at cost less impairment

56,361

63,750

 

Ascend Broking Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Debtors

Note

2022
£

2021
£

Trade debtors

 

1,361,446

793,795

Amounts owed by related parties

10

58,859

3,874

Other debtors

 

60,329

158,122

Accrued income

 

7,952

14,472

Income tax asset

-

3,718

 

1,488,586

973,981

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

20,800

-

Taxation and social security

32,063

14,745

Accruals and deferred income

137,037

4,711

Other creditors

1,932,196

1,486,666

2,122,096

1,506,122

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

25,776

35,774

 

Ascend Broking Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

36,500

36,500

36,500

36,500

         

10

Related party transactions

Transactions with directors

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors' Loan

(242,274)

110,195

(60,000)

(192,079)

         
       

 

Other related party transactions

The company is owed £58,859 by a common under common control.

 

 

11

Client bank account

Included within the bank balance are client bank accounts which total £720,841 (2021: £521,659)