Company registration number 01028770 (England and Wales)
AUSTRALASIAN AND GENERAL SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AUSTRALASIAN AND GENERAL SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
AUSTRALASIAN AND GENERAL SECURITIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,872,185
1,981,785
Current assets
Debtors
5
5,145,844
5,061,909
Investments
4
211,123
211,123
Cash at bank and in hand
199,395
393,743
5,556,362
5,666,775
Creditors: amounts falling due within one year
6
(297,447)
(268,887)
Net current assets
5,258,915
5,397,888
Total assets less current liabilities
7,131,100
7,379,673
Provisions for liabilities
(296,907)
(462,655)
Net assets
6,834,193
6,917,018
Capital and reserves
Called up share capital
7
67,500
67,500
Profit and loss reserves
6,766,693
6,849,518
Total equity
6,834,193
6,917,018

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
ME Constable
Director
Company Registration No. 01028770
AUSTRALASIAN AND GENERAL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Australasian and General Securities Limited is a private company limited by shares incorporated in England and Wales.

 

The address of its registered office is:

Ashcombe Court

Woolsack Way

Godalming

Surrey

GU7 1LQ

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 Section 1A “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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Fixed asset investments are recognised initially at fair value, which represents the transaction price. Subsequently, fixed asset investments are measured at fair value through the profit and loss account based on their market value at the balance sheet date.

 

Current asset investments, comprising investments in limited companies, are recognised at the lower of cost and net realisable value.

1.3
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.

1.4
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

AUSTRALASIAN AND GENERAL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

1.6

Other Income

Dividends and UK REIT distributions receivable from investments are recognised within other income on the payable date stated on the applicable tax voucher

AUSTRALASIAN AND GENERAL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,872,185
1,981,785
Fixed asset investments revalued

Investments are initially recognised at purchase cost plus any associated costs of acquisition.

 

Investments are included in the year end net assets statement at their market value. The market value of listed securities is based on the middle market quotation at the year end.

 

If the investments were sold at this value, a corporation tax debtor of £74,162 (2022: liability of £8,460) would arise. This amount is included in the deferred tax provision in the financial statements.

 

Cost or valuation at the balance sheet date is represented by:

 

                £

Cost in 2023:         2,135,109

Valuation in 2023:         (262,924)

              1,872,185

 

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
1,981,785
Additions
774,647
Valuation changes
(313,541)
Disposals
(570,706)
At 31 March 2023
1,872,185
Carrying amount
At 31 March 2023
1,872,185
At 31 March 2022
1,981,785
AUSTRALASIAN AND GENERAL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Current asset investments
2023
2022
£
£
Other investments
211,123
211,123

At the balance sheet date, the market value of current asset investments held was £1,695,400 (2022: £2,027,900). If the investments were sold at this value, a corporation tax liability of approximately £371,069 (2022: £454,195) would arise. This amount is included in the deferred tax provision in the financial statements.

AUSTRALASIAN AND GENERAL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
£
£
Amounts due from related parties
5,145,844
5,061,759
Other debtors
-
0
150
5,145,844
5,061,909

Details of non-current trade and other debtors

£1,298,219 (2022: £1,239,113) of amounts due from related parties is classified as non-current.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,295
60
Taxation and social security
24,100
22,479
Other creditors
271,052
246,348
297,447
268,887
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
17,500
17,500
17,500
17,500
Ordinary B Shares of £1 each
50,000
50,000
50,000
50,000
67,500
67,500
67,500
67,500

Ordinary B shares carry no voting rights.

AUSTRALASIAN AND GENERAL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Related party transactions
2023
2022
Amounts due to related parties
£
£
Key management personnel
202,251
184,707

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
3,847,625
3,822,646
Other information

No interest is charged on these loans.

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