Askvn Holdings Ltd 11710039 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is Letting And Operating Of Own Or Leased R Digita Accounts Production Advanced 6.30.9574.0 true true 11710039 2022-01-01 2022-12-31 11710039 2022-12-31 11710039 core:CurrentFinancialInstruments 2022-12-31 11710039 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11710039 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 11710039 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 11710039 core:OfficeEquipment 2022-12-31 11710039 bus:SmallEntities 2022-01-01 2022-12-31 11710039 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 11710039 bus:AbridgedAccounts 2022-01-01 2022-12-31 11710039 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 11710039 bus:RegisteredOffice 2022-01-01 2022-12-31 11710039 bus:Director1 2022-01-01 2022-12-31 11710039 bus:Director2 2022-01-01 2022-12-31 11710039 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11710039 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11710039 core:OfficeEquipment 2022-01-01 2022-12-31 11710039 countries:England 2022-01-01 2022-12-31 11710039 2021-12-31 11710039 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 11710039 core:OfficeEquipment 2021-12-31 11710039 2021-01-01 2021-12-31 11710039 2021-12-31 11710039 core:CurrentFinancialInstruments 2021-12-31 11710039 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 11710039 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 11710039 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 11710039 core:OfficeEquipment 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 11710039

Askvn Holdings Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2022

 

Askvn Holdings Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Askvn Holdings Ltd

Company Information

Directors

Mr Amarjet Snehi

Mrs. Shella Snehi

Registered office

271 Hagley Road
Birmingham
West Midlands
B16 9NB

Accountants

Onyx Accountants Limited
Chartered Management Accountants
Onyx House
12 Phoenix Business Park
Avenue Close
Birmingham
West Midlands
B7 4NU

 

Askvn Holdings Ltd

(Registration number: 11710039)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,836,979

2,734,599

Current assets

 

Debtors

5

-

975

Investments

100

100

Cash at bank and in hand

 

7,680

3,789

 

7,780

4,864

Prepayments and accrued income

 

377

590

Creditors: Amounts falling due within one year

(77,232)

(38,186)

Net current liabilities

 

(69,075)

(32,732)

Total assets less current liabilities

 

2,767,904

2,701,867

Creditors: Amounts falling due after more than one year

(1,361,679)

(1,199,446)

Provisions for liabilities

(769)

(1,025)

Accruals and deferred income

 

(1,152)

(1,152)

Net assets

 

1,404,304

1,500,244

Capital and reserves

 

Called up share capital

200

200

Retained earnings

1,404,104

1,500,044

Shareholders' funds

 

1,404,304

1,500,244

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 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Askvn Holdings Ltd

(Registration number: 11710039)
Abridged Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Amarjet Snehi
Director

 

Askvn Holdings Ltd

Notes to the Unaudited Abridged 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:
271 Hagley Road
Birmingham
West Midlands
B16 9NB

These financial statements were authorised for issue by the Board on 15 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Askvn Holdings Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Office equipment

20% on straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Askvn Holdings Ltd

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

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Askvn Holdings Ltd

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

4

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

2,729,201

6,748

2,735,949

Additions

103,729

-

103,729

At 31 December 2022

2,832,930

6,748

2,839,678

Depreciation

At 1 January 2022

-

1,350

1,350

Charge for the year

-

1,349

1,349

At 31 December 2022

-

2,699

2,699

Carrying amount

At 31 December 2022

2,832,930

4,049

2,836,979

At 31 December 2021

2,729,201

5,398

2,734,599

Included within the net book value of land and buildings above is £2,832,930 (2021 - £2,729,201) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.