REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Ascendant Property Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Ascendant Property Investments Limited |
Ascendant Property Investments Limited (Registered number: SC488386) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Ascendant Property Investments Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Management Accountants |
Drumsheugh Toll |
2 Belford Road |
Edinburgh |
Midlothian |
EH4 3BL |
Ascendant Property Investments Limited (Registered number: SC488386) |
Statement of Financial Position |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 525,000 | 525,000 |
Fair Value Gains on Property Revaluations | 10 | 1,100,413 | 895,383 |
Retained earnings | 10 | (182,987 | ) | (88,476 | ) |
SHAREHOLDERS' FUNDS | 1,442,426 | 1,331,907 |
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. |
Ascendant Property Investments Limited (Registered number: SC488386) |
Statement of Financial Position - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ascendant Property Investments Limited (Registered number: SC488386) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Ascendant Property Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
The company has elected to apply Section 11 'Basic Financial Instruments' of FRS102 to its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
- Debtors |
Debtors with no stated interest rate or which are receivable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the income statement. |
- Creditors |
Creditors with no stated interest rate or which are payable within one year are recorded at the transaction price. |
All interest bearing loans and borrowings which are basic financial instruments are initially recognised a the present value of cash payable. After initial recognition they are measured at amortised cost. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Ascendant Property Investments Limited (Registered number: SC488386) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Additions |
Revaluations | 205,029 |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Ascendant Property Investments Limited (Registered number: SC488386) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2016 | 77,076 |
Valuation in 2017 | 100,688 |
Valuation in 2018 | 117,745 |
Valuation in 2019 | (14,015 | ) |
Valuation in 2020 | 169,017 |
Valuation in 2021 | 270,468 |
Valuation in 2022 | 174,404 |
Valuation in 2023 | 205,029 |
Cost | 1,756,063 |
2,856,475 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 1,756,063 | 2,182,603 |
Investment property was valued on an open market basis on 31 October 2023 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other debtors |
Directors' current accounts | 69,588 | 15,396 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Tax |
Social security and other taxes |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yrs non-inst | 1,324,374 | 1,160,022 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Ascendant Property Investments Limited (Registered number: SC488386) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
The bank loans are secured by a floating charge over some of the company's property assets. |
10. | RESERVES |
Fair |
Value |
Gains on |
Retained | Property |
earnings | Revaluations | Totals |
£ | £ | £ |
At 1 November 2022 | (88,476 | ) | 895,383 | 806,907 |
Profit for the year |
Revaluation of Property | (205,029 | ) | 205,030 | 1 |
At 31 October 2023 | (182,987 | ) | 1,100,413 | 917,426 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022: |
31.10.23 | 31.10.22 |
£ | £ |
Balance outstanding at start of year | ( | ) |
Amounts advanced |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( | ) |
Amounts advanced |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
These loans are repayable upon demand. Interest is charged at rates of 2% and 2.25% on the loans on balances exceeding £10,000. |
12. | ULTIMATE CONTROLLING PARTY |
The Company is controlled jointly by both the Directors who each own 50% of the ordinary share capital. |