Company registration number 05082447 (England and Wales)
ASCENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ASCENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ASCENT LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
250
500
Tangible assets
5
3,217
3,099
3,467
3,599
Current assets
Debtors
6
266,628
105,514
Cash at bank and in hand
17,967
233,459
284,595
338,973
Creditors: amounts falling due within one year
7
(28,595)
(63,918)
Net current assets
256,000
275,055
Total assets less current liabilities
259,467
278,654
Provisions for liabilities
(251)
(567)
Net assets
259,216
278,087
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
259,215
278,086
Total equity
259,216
278,087

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

For the financial period 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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period 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.

ASCENT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
Jo Mercer
Director
Company Registration No. 05082447
ASCENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Ascent Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Princes Square, Harrogate, North Yorkshire, HG1 1ND.

1.1
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 amounts 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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
ASCENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
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.

1.8
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.

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.

ASCENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ASCENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
2
1
4
Intangible fixed assets
Goodwill
£
Cost
At 6 April 2022 and 31 March 2023
5,000
Amortisation and impairment
At 6 April 2022
4,500
Amortisation charged for the period
250
At 31 March 2023
4,750
Carrying amount
At 31 March 2023
250
At 5 April 2022
500
ASCENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2022
11,738
Additions
1,519
Disposals
(200)
At 31 March 2023
13,057
Depreciation and impairment
At 6 April 2022
8,639
Depreciation charged in the period
1,338
Eliminated in respect of disposals
(137)
At 31 March 2023
9,840
Carrying amount
At 31 March 2023
3,217
At 5 April 2022
3,099
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
32,343
64,739
Other debtors
234,285
40,775
266,628
105,514
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
132
49
Corporation tax
14,629
38,811
Other taxation and social security
7,980
16,717
Other creditors
5,854
8,341
28,595
63,918
2023-03-312022-04-06false29 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs J MercerAndrew Toveyfalse2024-03-04050824472022-04-062023-03-31050824472023-03-31050824472022-04-0505082447core:NetGoodwill2023-03-3105082447core:NetGoodwill2022-04-0505082447core:OtherPropertyPlantEquipment2023-03-3105082447core:OtherPropertyPlantEquipment2022-04-0505082447core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105082447core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-0505082447core:CurrentFinancialInstruments2023-03-3105082447core:CurrentFinancialInstruments2022-04-0505082447core:ShareCapital2023-03-3105082447core:ShareCapital2022-04-0505082447core:RetainedEarningsAccumulatedLosses2023-03-3105082447core:RetainedEarningsAccumulatedLosses2022-04-0505082447bus:Director12022-04-062023-03-3105082447core:Goodwill2022-04-062023-03-3105082447core:FurnitureFittings2022-04-062023-03-31050824472021-04-062022-04-0505082447core:NetGoodwill2022-04-0505082447core:NetGoodwill2022-04-062023-03-3105082447core:OtherPropertyPlantEquipment2022-04-0505082447core:OtherPropertyPlantEquipment2022-04-062023-03-3105082447core:WithinOneYear2023-03-3105082447core:WithinOneYear2022-04-0505082447bus:PrivateLimitedCompanyLtd2022-04-062023-03-3105082447bus:SmallCompaniesRegimeForAccounts2022-04-062023-03-3105082447bus:FRS1022022-04-062023-03-3105082447bus:AuditExemptWithAccountantsReport2022-04-062023-03-3105082447bus:CompanySecretary12022-04-062023-03-3105082447bus:FullAccounts2022-04-062023-03-31xbrli:purexbrli:sharesiso4217:GBP