Registered number
02922075
ASC Estates Limited
Unaudited Filleted Accounts
31 March 2024
ASC Estates Limited
Registered number: 02922075
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 5,815 1,779
Investment property 5 20,250,000 17,956,394
20,255,815 17,958,173
Current assets
Debtors 6 156,985 90,931
Cash at bank and in hand 118,848 299,884
275,833 390,815
Creditors: amounts falling due within one year 7 (2,207,696) (1,471,591)
Net current liabilities (1,931,863) (1,080,776)
Total assets less current liabilities 18,323,952 16,877,397
Creditors: amounts falling due after more than one year 8 (3,000,000) (3,700,000)
Provisions for liabilities (2,557,459) (1,537,244)
Net assets 12,766,493 11,640,153
Capital and reserves
Called up share capital 50,000 50,000
Other reserve 11 10,354,609 9,235,749
Profit and loss account 2,361,884 2,354,404
Shareholder's funds 12,766,493 11,640,153
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 member has 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 Estates 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).
Turnover
Turnover is measured at the fair value of gross property rentals receivable.
Tangible fixed assets
Tangible fixed assets, with the exemption of investment properties, 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:
Fixtures and fittings over 4 years
Investment property
Investment property is stated in the accounts at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Any valuation surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment property.
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.
2 Taxation 2024 2023
£ £
UK corporation tax on profits of the period 2,693 14,096
Deferred taxation 1,020,215 -
1,022,908 14,096
3 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
4 Tangible fixed assets
Furniture & fittings
£
Cost
At 1 April 2023 108,006
Additions 6,806
At 31 March 2024 114,812
Depreciation
At 1 April 2023 106,227
Charge for the year 2,770
At 31 March 2024 108,997
Net book value
At 31 March 2024 5,815
At 31 March 2023 1,779
5 Investment property
Investment
property
£
Fair value
At 1 April 2023 17,956,394
Additions 154,531
Revaluation 2,139,075
At 31 March 2024 20,250,000
Historical cost
At 1 April 2023 7,183,401
At 31 March 2024 7,337,932
The investment properties are stated at fair values. The most recent valuations were made by the directors on an open market value for existing use basis. The directors consider the valuations not to be materially different to the fair values.
6 Debtors 2024 2023
£ £
Trade debtors 30,961 18,038
Prepayments and accrued income 44,333 29,058
Other debtors 81,691 43,835
156,985 90,931
7 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings 2,020,019 1,322,688
Taxation and social security costs 2,693 14,096
Accruals and deferred income 101,293 88,973
Other creditors 83,691 45,834
2,207,696 1,471,591
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (Note 9) 3,000,000 3,700,000
9 Loans 2024 2023
£ £
Bank loans:
Amounts payable otherwise than by instalment falling due for payment between two to five years 3,000,000 3,700,000
Secured bank loans 3,000,000 3,700,000
The company has a bank loan facility of £3,700,000 for the purpose of further acquisition of investment properties. During the year the company utilised part of the Group cash reserves to make a partial repayment of £700,000 towards the outstanding loan balance. The loan is interest only and the remaining balance is repayable by a single payment not later than 29 June 2026.

The bank loan is secured by a first legal charge over the investment properties known as 42 & 43 Queens Gate Mews London SW7, 8 York Buildings London WC2, 7 Heath Street London NW3, 17 Hampstead High Street London NW3 and by a fixed and floating charge over all assets of the company including book debts. Interest is charged at 2.5% p.a above SONIA.
10 Deferred taxation 2024 2023
£ £
Deferred tax on fair value surplus 2,557,459 1,537,244
2,557,459 1,537,244
2024 2023
£ £
At 1 April 1,537,244 1,537,244
Charged to the profit and loss account 1,020,215 -
At 31 March 2,557,459 1,537,244
11 Other reserve 2024 2023
£ £
At 1 April 9,235,749 9,235,749
Fair value surplus 2,139,075 -
Deferred taxation on fair value surplus (1,020,215) -
At 31 March 10,354,609 9,235,749
12 Controlling party
The ultimate parent undertaking is ASC Investments Limited, a company registered in England and Wales.

The largest and smallest group undertakings for which group accounts have been drawn up is that headed by ASC Investments Limited. Copies of the group accounts can be obtained from Kastalia, 1A Harmood Street, London, NW1 8DN.

The ultimate controlling party is S.A Christodoulou by virtue of his majority shareholding in the ultimate parent undertaking.

Advantage has been taken of the exemption in FRS102 not to disclose related party transactions with the parent company, as ASC Estates Limited is wholly owned by the parent company as are the fellow subsidiaries.
13 Other information
ASC Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kastalia
1A Harmood Street
London
NW1 8DN
ASC Estates Limited 02922075 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts October 2023 release 2 Ms M E Christodoulou No description of principal activity 02922075 2022-04-01 2023-03-31 02922075 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 02922075 core:RevaluationReserve 2022-04-01 2023-03-31 02922075 core:WithinOneYear 2023-03-31 02922075 core:AfterOneYear 2023-03-31 02922075 core:ShareCapital 2023-03-31 02922075 core:OtherReservesSubtotal 2023-03-31 02922075 core:RetainedEarningsAccumulatedLosses 2023-03-31 02922075 core:RevaluationReserve 2022-03-31 02922075 2023-04-01 2024-03-31 02922075 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02922075 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02922075 bus:Director40 2023-04-01 2024-03-31 02922075 1 2023-04-01 2024-03-31 02922075 2 2023-04-01 2024-03-31 02922075 core:PlantMachinery 2023-04-01 2024-03-31 02922075 core:RevaluationReserve core:LandBuildings 2023-04-01 2024-03-31 02922075 core:RevaluationReserve 2023-04-01 2024-03-31 02922075 countries:England 2023-04-01 2024-03-31 02922075 bus:FRS102 2023-04-01 2024-03-31 02922075 bus:FullAccounts 2023-04-01 2024-03-31 02922075 2024-03-31 02922075 core:WithinOneYear 2024-03-31 02922075 core:AfterOneYear 2024-03-31 02922075 core:ShareCapital 2024-03-31 02922075 core:OtherReservesSubtotal 2024-03-31 02922075 core:RetainedEarningsAccumulatedLosses 2024-03-31 02922075 core:PlantMachinery 2024-03-31 02922075 core:AdditionsToInvestments 2024-03-31 02922075 core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 02922075 core:RevaluationReserve 2024-03-31 02922075 2023-03-31 02922075 core:PlantMachinery 2023-03-31 02922075 core:RevaluationReserve 2023-03-31 iso4217:GBP xbrli:pure