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REGISTERED NUMBER: 01587885 (England and Wales)









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: P R Tennant
T P Tennant





REGISTERED OFFICE: 4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU





BUSINESS ADDRESS: 21 Croft Road
Godalming
Surrey
GU7 1DB





REGISTERED NUMBER: 01587885 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
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 1,268 2,236
Investments 5 44,995 20,000
Investment property 6 11,155,000 10,610,000
11,201,263 10,632,236

CURRENT ASSETS
Debtors 7 6,918 40,667
Cash at bank 109,224 635,798
116,142 676,465
CREDITORS
Amounts falling due within one year 8 112,308 114,593
NET CURRENT ASSETS 3,834 561,872
TOTAL ASSETS LESS CURRENT LIABILITIES 11,205,097 11,194,108

CREDITORS
Amounts falling due after more than one year 9 (4,000,001 ) (4,000,001 )

PROVISIONS FOR LIABILITIES 12 (285,248 ) (1,206,634 )
NET ASSETS 6,919,848 5,987,473

CAPITAL AND RESERVES
Called up share capital 13 72,512 72,512
Share premium 14 172,950 172,950
Fair value reserve 14 5,129,396 4,136,395
Retained earnings 14 1,544,990 1,605,616
SHAREHOLDERS' FUNDS 6,919,848 5,987,473

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

10ANT CAPITAL LIMITED (REGISTERED NUMBER: 01587885)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





T P Tennant - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

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 2 (2022 - 2 ) .

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 29,010
DEPRECIATION
At 1 January 2023 26,774
Charge for year 968
At 31 December 2023 27,742
NET BOOK VALUE
At 31 December 2023 1,268
At 31 December 2022 2,236

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 20,000
Additions 24,995
At 31 December 2023 44,995
NET BOOK VALUE
At 31 December 2023 44,995
At 31 December 2022 20,000

The company has an interest of less than 1% in two UK registered companies.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 10,610,000
Additions 473,386
Revaluations 71,614
At 31 December 2023 11,155,000
NET BOOK VALUE
At 31 December 2023 11,155,000
At 31 December 2022 10,610,000

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 3,676 3,676
Other debtors 3,242 36,991
6,918 40,667

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,241 4,231
Taxation and social security 2,810 2,423
Other creditors 103,257 107,939
112,308 114,593

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 4,000,001 4,000,001

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 4,000,001 -

Amounts falling due between two and five years:
Bank loans - 2-5 years - 4,000,001

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 4,000,001 4,000,001

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 1,206,634
Provided during year (921,386 )
Balance at 31 December 2023 285,248

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:

ReserveDescription and purpose
Share premiumAmount subscribed for share capital in excess of nominal value
Fair value reserveGains/losses arising on revaluation of the company's investment property
Retained earningsAll 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:

20232022
££
Within one year72,00072,000
Between one and five years288,000288,000
In more than five years662,000734,000
1,022,0001,094,000

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.