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COMPANY REGISTRATION NUMBER: 11100507
ASCENT PROPCO 1 LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ASCENT PROPCO 1 LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,053,048
1,046,636
Current assets
Debtors
7
125,783
76,478
Cash at bank and in hand
170
2,440
----------
---------
125,953
78,918
Creditors: amounts falling due within one year
8
417,180
261,034
----------
----------
Net current liabilities
291,227
182,116
-------------
-------------
Total assets less current liabilities
761,821
864,520
Creditors: amounts falling due after more than one year
9
434,157
462,933
Provisions
10
108,520
113,361
----------
----------
Net assets
219,144
288,226
----------
----------
Capital and reserves
Called up share capital
100
100
Other reserves
12
316,222
316,222
Profit and loss account
12
( 97,178)
( 28,096)
----------
----------
Shareholders funds
219,144
288,226
----------
----------
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 comprehensive income 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 1 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: 11100507
ASCENT PROPCO 1 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 their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue 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: Property valuations 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 represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Rental income is recognised as space is provided to tenants
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 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 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, machinery & office equipment
-
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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: Nil).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 4,841)
5,218
-------
-------
Tax on (loss)/profit
( 4,841)
5,218
-------
-------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil (2022: £ 25,315 ).
6. Tangible assets
Freehold property
Plant, machinery & office equipment
Total
£
£
£
Cost or revaluation
At 1 January 2023
904,223
238,549
1,142,772
Additions
35,320
35,320
----------
----------
-------------
At 31 December 2023
904,223
273,869
1,178,092
----------
----------
-------------
Depreciation
At 1 January 2023
96,136
96,136
Charge for the year
28,908
28,908
----------
----------
-------------
At 31 December 2023
125,044
125,044
----------
----------
-------------
Carrying amount
At 31 December 2023
904,223
148,825
1,053,048
----------
----------
-------------
At 31 December 2022
904,223
142,413
1,046,636
----------
----------
-------------
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.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
708,000
Aggregate depreciation
----------
Carrying value
708,000
----------
At 31 December 2022
Aggregate cost
708,000
Aggregate depreciation
----------
Carrying value
708,000
----------
7. Debtors
2023
2022
£
£
Trade debtors
2,663
14,936
Amounts owed by group undertakings and undertakings in which the company has a participating interest
17,471
30,000
Amounts due from related parties
29,000
Other debtors
76,649
31,542
----------
---------
125,783
76,478
----------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
33,471
38,577
Trade creditors
19,485
2,069
Amounts owed to group undertakings
214,390
140,789
Accruals and deferred income
2,159
15,893
Social security and other taxes
4,877
Amounts owed to related parties
18,359
Other creditors
124,439
63,706
----------
----------
417,180
261,034
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
434,157
462,933
----------
----------
A bank loan of £431,980 (2022:£460,306) is secured over the assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £273,276 (2022: £203,473) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
113,361
Additions
( 4,841)
----------
At 31 December 2023
108,520
----------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
108,520
113,361
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
24,980
21,745
Revaluation of tangible assets
105,406
105,406
Unused tax losses
( 21,866)
( 13,790)
----------
----------
108,520
113,361
----------
----------
12. Reserves
Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax provisions on revaluation gains. Profit and loss account - This reserve records retained earnings and accumulated losses.
13. 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 include amounts due from related parties amounting to £29,000 (2022: £30,000), in respect of loans to companies under common control. These loans are interest free, unsecured and are repayable on demand. At 31 December 2023, creditors, amounts falling due within one year, include amounts owed to related parties amounting to £18,359 (2022: £4,100), in respect of loans from companies under common control. These loans are interest free, unsecured and are repayable on demand. During the year, the company incurred charges of £30,000 (2022: £nil) and was credited with income of £75,000 (2022: £nil), from transactions with compnaies under common control.
14. 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.