A.S.N. Investments Limited 04341539 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of property investments Digita Accounts Production Advanced 6.30.9574.0 true true 04341539 2023-01-01 2023-12-31 04341539 2023-12-31 04341539 bus:OrdinaryShareClass1 2023-12-31 04341539 core:CurrentFinancialInstruments 2023-12-31 04341539 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04341539 core:Non-currentFinancialInstruments 2023-12-31 04341539 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04341539 bus:SmallEntities 2023-01-01 2023-12-31 04341539 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04341539 bus:FilletedAccounts 2023-01-01 2023-12-31 04341539 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04341539 bus:RegisteredOffice 2023-01-01 2023-12-31 04341539 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 04341539 bus:Director1 2023-01-01 2023-12-31 04341539 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04341539 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04341539 countries:UnitedKingdom 2023-01-01 2023-12-31 04341539 2022-12-31 04341539 2022-01-01 2022-12-31 04341539 2022-12-31 04341539 bus:OrdinaryShareClass1 2022-12-31 04341539 core:CurrentFinancialInstruments 2022-12-31 04341539 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04341539 core:Non-currentFinancialInstruments 2022-12-31 04341539 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04341539

A.S.N. Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

A.S.N. Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

A.S.N. Investments Limited

Company Information

Directors

Mr S Jetha

Mr A H Mitha

Company secretary

Mr A H Mitha

Registered office

17 Cranley Drive
Ruislip
HA4 6BZ

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

A.S.N. Investments Limited

(Registration number: 04341539)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investment property

4

2,805,000

2,805,000

Current assets

 

Debtors

5

76,956

103,127

Cash at bank and in hand

 

4,844

5,282

 

81,800

108,409

Creditors: Amounts falling due within one year

6

(650,665)

(718,360)

Net current liabilities

 

(568,865)

(609,951)

Total assets less current liabilities

 

2,236,135

2,195,049

Creditors: Amounts falling due after more than one year

6

(788,857)

(792,390)

Provisions for liabilities

(168,622)

(168,622)

Net assets

 

1,278,656

1,234,037

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,278,556

1,233,937

Shareholders' funds

 

1,278,656

1,234,037

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

 

A.S.N. Investments Limited

(Registration number: 04341539)
Balance Sheet as at 31 December 2023

.........................................
Mr S Jetha
Director

.........................................
Mr A H Mitha
Company secretary and director

 

A.S.N. Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
17 Cranley Drive
Ruislip
HA4 6BZ
United Kingdom

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

A.S.N. Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A.S.N. Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 January

2,805,000

Fair value adjustments

-

At 31 December

2,805,000

The fair value of the investment properties at the date of the balance sheet was £2,805,000. The fair value of the investment properties were assessed internally by the directors at the year-end.

5

Debtors

Current

2023
£

2022
£

Trade debtors

18,930

19,560

Prepayments

3,578

-

Other debtors

54,448

83,567

 

76,956

103,127

 

A.S.N. Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,794

3,868

Taxation and social security

 

3,304

2,616

Other creditors

 

5,242

25,741

Accrued expenses

 

1,725

1,725

Corporation tax payable

 

9,657

8,053

Directors current account

 

626,943

676,357

 

650,665

718,360

Due after one year

 

Loans and borrowings

8

788,857

792,390

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

788,857

792,390

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

788,857

792,390

 

A.S.N. Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Transition to FRS 102

This is the first year the company is preparing accounts under FRS 102 Section 1A. The policies applied under the entities previous accounting framework for subsequent measurement of investment properties are different to FRS 102 and have impacted on the equity or profit or loss. Previous period's profit or loss have been reinstated.

Balance Sheet at 1 January 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Called up share capital

100

-

-

100

Retained earnings

689,265

-

-

689,265

Total equity

689,365

-

-

689,365

Balance Sheet at 31 December 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Investment property

2,130,512

-

674,488

2,805,000

Provisions for liabilities

-

-

168,622

168,622

Net assets

2,130,512

-

843,110

2,973,622

Capital and reserves

Called up share capital

100

-

-

100

Retained earnings

728,072

-

505,866

1,233,938

Total equity

728,172

-

505,866

1,234,038