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COMPANY REGISTRATION NUMBER: 12278701
ASCENT PROPCO 4 LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ASCENT PROPCO 4 LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
366,856
378,881
Current assets
Debtors
6
3,950
123,165
Cash at bank and in hand
23
5,146
-------
----------
3,973
128,311
Creditors: amounts falling due within one year
7
281,682
406,635
----------
----------
Net current liabilities
277,709
278,324
----------
----------
Total assets less current liabilities
89,147
100,557
Creditors: amounts falling due after more than one year
8
30,093
35,648
Provisions
9
18,789
21,795
---------
----------
Net assets
40,265
43,114
---------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
40,165
43,014
---------
---------
Shareholders funds
40,265
43,114
---------
---------
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 PROPCO 4 LTD
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: 12278701
ASCENT PROPCO 4 LTD
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, as modified by the revaluation of properties as required by FRS 102. 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Properties are valued annually at fair value by the director. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The company does not depreciate its freehold property and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 3,006)
3,071
-------
-------
Tax on (loss)/profit
( 3,006)
3,071
-------
-------
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
291,701
120,248
411,949
----------
----------
----------
Depreciation
At 1 January 2023
33,068
33,068
Charge for the year
12,025
12,025
----------
----------
----------
At 31 December 2023
45,093
45,093
----------
----------
----------
Carrying amount
At 31 December 2023
291,701
75,155
366,856
----------
----------
----------
At 31 December 2022
291,701
87,180
378,881
----------
----------
----------
Tangible assets held at valuation
In the opinion of the director, the carrying value of the property as at 31 December 2023, which is based on the director's valuation, is not significantly different from the open market fair value of the property.
6. Debtors
2023
2022
£
£
Other debtors
3,950
123,165
-------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,556
5,556
Trade creditors
109
150
Amounts owed to group undertakings and undertakings in which the company has a participating interest
247,075
398,675
Social security and other taxes
24,989
204
Other creditors
3,953
2,050
----------
----------
281,682
406,635
----------
----------
8. 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.
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023
21,795
Additions
( 3,006)
---------
At 31 December 2023
18,789
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
18,789
21,795
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
18,789
21,795
---------
---------
11. 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, debtors included amounts due from related parties amounting to £3,700 (2022: £nil), in respct of loans to companies under common control.
12. Controlling party
The company is a wholly owned subsidiary of Ascent Real Properties Limited, a company registered in England & Wales. The ultimate controlling parties are A Shaikh and S Shaikh. The registered office of Ascent Real Properties Limited is Century House, 100 Menzies Road, Hastings TN38 9BB.