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COMPANY REGISTRATION NUMBER: 10932692
ASCENT REAL PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ASCENT REAL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
6
600
600
Current assets
Debtors
7
1,214,625
1,497,779
Cash at bank and in hand
272
14
-------------
-------------
1,214,897
1,497,793
Creditors: amounts falling due within one year
8
887,802
1,211,830
-------------
-------------
Net current assets
327,095
285,963
----------
----------
Total assets less current liabilities
327,695
286,563
Creditors: amounts falling due after more than one year
9
30,093
35,648
----------
----------
Net assets
297,602
250,915
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
297,502
250,815
----------
----------
Shareholders funds
297,602
250,915
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ASCENT REAL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
A Shaikh
Director
Company registration number: 10932692
ASCENT REAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Century House, 100 Menzies Road, Hastings, TN38 9BB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Dividends
2023
2022
£
£
Dividends proposed before the year end and recognised as a liability
2,000
4,000
-------
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
600
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
600
----
At 31 December 2022
600
----
7. Debtors
2023
2022
£
£
Trade debtors
2,245
Amounts owed by group undertakings
1,177,677
1,357,870
Prepayments and accrued income
32,417
137,238
Amounts due from related parties
2,671
Other debtors
2,286
-------------
-------------
1,214,625
1,497,779
-------------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,556
5,556
Trade creditors
1,103
5,246
Accruals and deferred income
4,939
132,825
Social security and other taxes
6,717
5,227
Dividends payable
4,000
4,000
Amounts owed to related parties
865,487
1,058,976
----------
-------------
887,802
1,211,830
----------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,093
35,648
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £7,870 (2022: £13,426) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Related party transactions
The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. At 31 December 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £865,486 (2022: £1,061,479), in respect of loans from companies under common controls. The loans are interest free, unsecured and repayable on demand. At 31 December 2023, debtors, amounts falling due within one year, included amounts owed by related parties amounting to £nil (2022: £2,671). During the year, the company was credited with income of £108,000 (2022: £248,800) from companies under common control. Dividends paid and payable amounted to £2,000 (2022: £4,000).