Registered number
02776010
ASC Investments Limited
Unaudited Filleted Accounts
31 March 2024
ASC Investments Limited
Registered number: 02776010
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 50 721
Investments 4 1,205,751 1,205,751
1,205,801 1,206,472
Current assets
Debtors 5 2,105,089 1,407,513
Cash at bank and in hand 14,214 671,448
2,119,303 2,078,961
Creditors: amounts falling due within one year 6 (416,530) (356,089)
Net current assets 1,702,773 1,722,872
Total assets less current liabilities 2,908,574 2,929,344
Creditors: amounts falling due after more than one year 7 (1,825,000) (1,850,000)
Net assets 1,083,574 1,079,344
Capital and reserves
Called up share capital 1,000,000 1,000,000
Profit and loss account 83,574 79,344
Shareholders' funds 1,083,574 1,079,344
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms M E Christodoulou
Director
Approved by the board on 1 August 2024
ASC Investments Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company and its subsidiary undertakings comprise a small group and the company has taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Turnover
Turnover represents the gross amounts derived from the provision of business office services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 4 years
Fixtures and fittings over 4 years
Office equipment over 4 years
Computer equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Equipment fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 April 2023 105,659 18,000 123,659
At 31 March 2024 105,659 18,000 123,659
Depreciation
At 1 April 2023 104,939 17,999 122,938
Charge for the year 671 - 671
At 31 March 2024 105,610 17,999 123,609
Net book value
At 31 March 2024 49 1 50
At 31 March 2023 720 1 721
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 1,205,751
At 31 March 2024 1,205,751
Subsidiary undertakings
The following companies were subsidiary undertakings of the company during the year:
Shares held
Company Class Holding Principal activity
ASC Estates Limited Ordinary 100% Property investment
Promarn Limited Ordinary 100% Property investment
Spiketron Limited Ordinary 100% General investments
The aggregate share capital and reserves as at 31 March 2024 and the profit or loss for the year then ended for each subsidiary undertaking were as follows:
Share capital and reserves Profit/loss) for the year
£ £
ASC Estates Limited 12,766,493 1,206,340
Promarn Limited 6,003,519 1,978,935
Spiketron Limited 28,582 10,845
18,798,594 3,196,120
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings 2,101,756 1,404,425
Prepayments and accrued income 3,333 3,088
2,105,089 1,407,513
6 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings 325,554 281,554
Taxation and social security costs 3,910 5,226
Other creditors 79,725 62,330
Accruals and deferred income 7,341 6,979
416,530 356,089
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 1,825,000 1,850,000
Other loans comprise amounts advanced as follows:
Mr S A Christodoulou 550,000 500,000
Mr A I Christodoulou 75,000 150,000
A I Christodoulou Family Trusts 1,200,000 1,200,000
1,825,000 1,850,000
The loans are unsecured, interest free and have no fixed date of repayment. The loans are not repayable until after 31st March 2025.

The A I Christodoulou Family Trusts are six in total and the loan from each Trust amounts to £200,000. The Trusts were created by Mr A I Christodoulou as Settlor on 13 February 2019 for the benefit of his six grandchildren. Mr A I Christodoulou is also a Trustee in all six Trusts. The remaining directors Mr S A Christodoulou and Ms M E Christodoulou are also Trustees, Mr S A Christodoulou in three Trusts and Ms M E Christodoulou in two Trusts.
8 Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £32,957 (2023 - £31,975). Contributions totalling £345 (2023 - £596) were payable to the fund at the reporting date and are included in creditors.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 66,000 66,000
10 Related party transactions
During the year, the company charged £21,000 (2023: £21,000) to Delphi Assets Limited and £10,000 (2023: £10,000) to Corner 12 Limited for the provision of business office services. SA Christodolou is a director of both these companies.

Rent was paid during the period to Delphi Assets Limited of £66,000 (2023: £66,000).

Advantage has been taken of the FRS 102 exemption not to disclose related party transactions with subsidiaries that are wholly owned by the parent company.
11 Controlling party
The company is controlled by Mr S A Christodoulou by virtue of his majority shareholding.
12 Other information
ASC Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kastalia
1A Harmood Street
London
NW1 8DN
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