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COMPANY REGISTRATION NUMBER: 11422006
ASCENT PROPCO 3 LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ASCENT PROPCO 3 LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,044,432
877,762
Current assets
Debtors
7
324,032
249,687
Cash at bank and in hand
751
53,308
----------
----------
324,783
302,995
Creditors: amounts falling due within one year
8
208,077
189,077
----------
----------
Net current assets
116,706
113,918
-------------
----------
Total assets less current liabilities
1,161,138
991,680
Creditors: amounts falling due after more than one year
9
519,093
542,648
Provisions
158,595
109,300
-------------
----------
Net assets
483,450
339,732
-------------
----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
488,176
359,032
Profit and loss account
( 4,826)
( 19,400)
----------
----------
Shareholders funds
483,450
339,732
----------
----------
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 3 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: 11422006
ASCENT PROPCO 3 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: Property valuation 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 properties 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 & machinery and fixtures & fittings
-
10% straight line
Fixtures and fittings
-
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 profit/(loss)
Major components of tax expense
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
6,022
21,749
-------
---------
Tax on profit/(loss)
6,022
21,749
-------
---------
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 £ 43,273 (2022: £ 47,290 ).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 January 2023
673,225
251,399
3,452
928,076
Additions
24,420
326
24,746
Revaluations
172,417
172,417
----------
----------
-------
-------------
At 31 December 2023
845,642
275,819
3,778
1,125,239
----------
----------
-------
-------------
Depreciation
At 1 January 2023
49,677
637
50,314
Charge for the year
30,188
305
30,493
----------
----------
-------
-------------
At 31 December 2023
79,865
942
80,807
----------
----------
-------
-------------
Carrying amount
At 31 December 2023
845,642
195,954
2,836
1,044,432
----------
----------
-------
-------------
At 31 December 2022
673,225
201,722
2,815
877,762
----------
----------
-------
-------------
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
404,846
Aggregate depreciation
----------
Carrying value
404,846
----------
At 31 December 2022
Aggregate cost
404,846
Aggregate depreciation
----------
Carrying value
404,846
----------
7. Debtors
2023
2022
£
£
Trade debtors
2,359
1,532
Amounts owed by group undertakings and undertakings in which the company has a participating interest
142,700
218,000
Amounts due from related parties
176,600
Other debtors
2,373
30,155
----------
----------
324,032
249,687
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,556
23,556
Trade creditors
11,190
14,759
Amounts owed to group undertakings
117,695
100,421
Accruals and deferred income
3,775
19,899
Social security and other taxes
1,962
Other creditors
49,899
30,442
----------
----------
208,077
189,077
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
519,093
542,648
----------
----------
A bank loan of £507,000 (2022: £525,000), as shown in total creditors, is secured on the company's freehold property.
Included within creditors: amounts falling due after more than one year is an amount of £424,870 (2022: £448,425) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
158,595
109,300
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
49,698
51,136
Revaluation of tangible assets
110,370
67,095
Unused tax losses
( 1,473)
( 8,931)
----------
----------
158,595
109,300
----------
----------
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 include amounts due from related parties amounting to £176,600 (2022: £148,000), in respect of loans to companies under common control. These loan are interest free, unsecured and are repayable on demand.
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.