IRIS Accounts Productionv24.1.0.578SC488386Board of Directors1.11.2231.10.2331.10.23falsetruefalsefalsetruefalseFair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4883862022-10-31SC4883862023-10-31SC4883862022-11-012023-10-31SC4883862021-10-31SC4883862021-11-012022-10-31SC4883862022-10-31SC488386ns15:Scotland2022-11-012023-10-31SC488386ns14:PoundSterling2022-11-012023-10-31SC488386ns10:Director12022-11-012023-10-31SC488386ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31SC488386ns10:SmallEntities2022-11-012023-10-31SC488386ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-31SC488386ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-31SC488386ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC488386ns10:FullAccounts2022-11-012023-10-31SC488386ns10:Director22022-11-012023-10-31SC488386ns10:RegisteredOffice2022-11-012023-10-31SC488386ns5:CurrentFinancialInstruments2023-10-31SC488386ns5:CurrentFinancialInstruments2022-10-31SC488386ns5:Non-currentFinancialInstruments2023-10-31SC488386ns5:Non-currentFinancialInstruments2022-10-31SC488386ns5:PlantMachinery2022-11-012023-10-31SC488386ns5:FurnitureFittings2022-11-012023-10-31SC488386ns5:PlantMachinery2022-10-31SC488386ns5:FurnitureFittings2022-10-31SC488386ns5:PlantMachinery2023-10-31SC488386ns5:FurnitureFittings2023-10-31SC488386ns5:PlantMachinery2022-10-31SC488386ns5:FurnitureFittings2022-10-31SC488386ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31SC488386ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31SC488386ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-10-31SC488386ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-10-31SC488386ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-31SC488386ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-10-31SC488386ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-10-31SC488386ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-10-31SC488386ns5:Secured2023-10-31SC488386ns5:Secured2022-10-31SC488386ns5:RetainedEarningsAccumulatedLosses2022-10-31SC488386ns5:RevaluationReserve2022-10-31SC488386ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31SC488386ns5:RetainedEarningsAccumulatedLosses2023-10-31SC488386ns5:RevaluationReserve2023-10-31SC4883861ns10:Director12022-10-31SC4883861ns10:Director12021-10-31SC4883861ns10:Director12022-11-012023-10-31SC4883861ns10:Director12021-11-012022-10-31SC4883861ns10:Director12023-10-31SC4883861ns10:Director12022-10-31SC488386ns10:Director222022-10-31SC488386ns10:Director222021-10-31SC488386ns10:Director222022-11-012023-10-31SC488386ns10:Director222021-11-012022-10-31SC488386ns10:Director222023-10-31SC488386ns10:Director222022-10-31

REGISTERED NUMBER: SC488386 (Scotland)
















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:

Miss B M Hayworth


A K Hayworth







REGISTERED OFFICE:

11 Lauson Place


Kirkliston


EH29 9FY







REGISTERED NUMBER:

SC488386 (Scotland)







ACCOUNTANTS:

One Accounting Ltd


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

7,872


10,201



Investment property

5

2,856,475


2,472,475



2,864,347


2,482,676




CURRENT ASSETS

Debtors

6

70,927


25,818



Cash at bank

58,361


172,800



129,288


198,618



CREDITORS

Amounts falling due within one year

7

16,147


19,934



NET CURRENT ASSETS

113,141


178,684



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,977,488


2,661,360




CREDITORS

Amounts falling due after more than one year

8

(1,345,207

)

(1,190,855

)



PROVISIONS FOR LIABILITIES

(189,855

)

(138,598

)


NET ASSETS

1,442,426


1,331,907




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 company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.  


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



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


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 29 July 2024 and were signed on its behalf by:






A K Hayworth - Director



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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery

-

10% on cost


Fixtures and fittings

-

10% on cost



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 2 (2022 - 2 ) .


4.

TANGIBLE FIXED ASSETS


Fixtures



Plant and


and



machinery


fittings


Totals

£   

£   

£   



COST


At 1 November 2022


and 31 October 2023

12,679


12,515


25,194




DEPRECIATION


At 1 November 2022

8,986


6,007


14,993




Charge for year

1,078


1,251


2,329




At 31 October 2023

10,064


7,258


17,322




NET BOOK VALUE


At 31 October 2023

2,615


5,257


7,872




At 31 October 2022

3,693


6,508


10,201




5.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 November 2022

2,472,475




Additions

178,971




Revaluations

205,029




At 31 October 2023

2,856,475




NET BOOK VALUE


At 31 October 2023

2,856,475




At 31 October 2022

2,472,475




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

-


9,000




Directors' current accounts

69,588


15,396




Prepayments and accrued income

1,339


1,422



70,927


25,818




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.10.23


31.10.22

£   

£   



Bank loans and overdrafts

10,000


10,000




Tax

-


68




Social security and other taxes

2,634


982




Accrued expenses

3,513


8,884



16,147


19,934




8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



31.10.23


31.10.22

£   

£   



Bank loans - 1-2 years

10,000


10,000




Bank loans - 2-5 years

10,833


20,833




Bank loans more 5 yrs non-inst

1,324,374


1,160,022



1,345,207


1,190,855





Amounts falling due in more than five years:



Repayable otherwise than by instalments


Bank loans more 5 yrs non-inst

1,324,374


1,160,022




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

1,355,207


1,200,855





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

110,518


110,518




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

£   

£   



A K Hayworth


Balance outstanding at start of year

7,519


(13,933

)



Amounts advanced

71,925


38,238




Amounts repaid

(15,530

)

(16,786

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

63,914


7,519





Miss B M Hayworth


Balance outstanding at start of year

7,877


(13,228

)



Amounts advanced

10,000


26,431




Amounts repaid

(12,203

)

(5,326

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

5,674


7,877




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.