REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
10ANT CAPITAL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
10ANT CAPITAL LIMITED |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
10ANT CAPITAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium | 14 |
Fair value reserve | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
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. |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
10Ant Capital Ltd is a private company limited by shares, and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis. The directors, in their consideration of going concern, have reviewed the company's future cash forecasts and revenue projections, and believe, based on those forecasts and projections, that it is appropriate to prepare the company financial statements on a going concern basis. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. Included in these judgements and estimates are: |
Investment properties - The key assumptions used to determine the fair value included current market rents, transactions and yields for comparable properties. However there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. Fair value is determined by a director of the company. The director aims to determine the open market valuation of each property. In order to do so the director used a combination of valuations from an independent RICS registered external valuer for the purpose of post year end loan refinancing. Each valuation is checked by a Fellow of the Royal Institute of Chartered Surveyors for accuracy. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Turnover |
Turnover represents revenue recognised by the company in respect of property sales and rent income. Revenue is measured at fair value of the consideration received or receivable. Property sales are recognised on legal completion. Rental income is recognised on an accruals basis. Lease incentives granted to tenants are spread over the term of the lease. Rental income from operating leases is generated through assured shorthold tenancies with an average lease term of 12 months. Rental income is recognised on an accrual basis. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment properties consist of land and buildings which are not occupied by or in the operations of the Company or for sale in the ordinary course of business but are held to earn rental income together with the potential capital and income growth. |
Investment properties are initially recognised at cost, being the fair value of consideration given, including transaction costs associated with the investment property. Any subsequent capital expenditure incurred in improving investment properties is capitalised in the period incurred and included within the book costs of the property. |
Financial instruments |
Borrowing costs |
Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Borrowings are subsequently measured at amortised cost under the effective interest rate method, less impairment. |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Financial assets |
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment. |
Financial liabilities and equity |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost. |
Fixed asset investments |
Fixed asset investments are measured at cost less impairment. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders of an annual general meeting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company has an interest of less than 1% in two UK registered companies. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
Revaluations | 71,614 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investment properties have been internally valued by the directors. The significant methods and assumptions used in estimating the fair value and key sources of estimation uncertainty are provided in the accounting policies. |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 5,485,699 |
Cost | 5,669,301 |
11,155,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The loan taken out in the year bears interest on 2.1% per annum, plus the bank's base rate. |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Loans are secured on the property to which they relate. |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 285,248 | 1,206,634 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
9,064,000 | Ordinary | £0.008 | 72,512 | 72,512 |
72,512 | 72,512 |
During the previous period the company allotted 31,500 Ordinary shares of £0.008 each at a premium of £0.608 and were fully paid by way of settlement of legal costs. |
14. | RESERVES |
The following describes the nature and purpose of each reserve within equity: |
Reserve | Description and purpose |
Share premium | Amount subscribed for share capital in excess of nominal value |
Fair value reserve | Gains/losses arising on revaluation of the company's investment property |
Retained earnings | All other net gains and losses and transactions with owners not recognised elsewhere |
15. | OPERATING LEASE ARRANGEMENTS |
Future total minimum lease receivable under non-cancellable operating leases on investment properties are as follows: |
2023 | 2022 |
£ | £ |
Within one year | 72,000 | 72,000 |
Between one and five years | 288,000 | 288,000 |
In more than five years | 662,000 | 734,000 |
1,022,000 | 1,094,000 |
The impact of rental income from the assured shorthold tenancies have not been included since it cannot reasonably determine the certainty of income as the tenancy continues on a monthly contractual basis until ended by either the Company or its tenants. |
10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed an amount of £63,636 to P Tennant (2022: P Tennant £63,636) in connection with loans made in previous years to the company for the purchase of certain investment properties and shareholder loan accounts. The loans are not secured and are repayable on the earlier of the sale of a property and 2026. |
At the balance sheet date the company owed an amount of £9,082 to T Tennant (2022: T Tennant owed the company £217). The loan is not secured, bears no interest and is repayable on demand. |