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Registration number: 10153126

Ascona Ventures Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ascona Ventures Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ascona Ventures Limited

Company Information

Directors

SC Kibbe

Mrs H Kibbe

Registered office

Office 9
Dalton House
60 Windsor Avenue
London
SW19 2RR

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Ascona Ventures Limited

(Registration number: 10153126)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,513

6,486

Investment property

6

200,000

200,000

 

205,513

206,486

Current assets

 

Debtors

7

7,685

6,570

Cash at bank and in hand

 

1,070

818

 

8,755

7,388

Creditors: Amounts falling due within one year

8

(159,808)

(160,309)

Net current liabilities

 

(151,053)

(152,921)

Total assets less current liabilities

 

54,460

53,565

Creditors: Amounts falling due after more than one year

8

(138,220)

(138,220)

Provisions for liabilities

(7,982)

(5,747)

Net liabilities

 

(91,742)

(90,402)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(91,744)

(90,404)

Shareholders' deficit

 

(91,742)

(90,402)

 

Ascona Ventures Limited

(Registration number: 10153126)
Balance Sheet as at 31 December 2023

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
SC Kibbe
Director

.........................................
Mrs H Kibbe
Director

 

Ascona Ventures 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:
Office 9
Dalton House
60 Windsor Avenue
London
SW19 2RR

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises deferred 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Ascona Ventures Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance method

Investment property

Investment property is shown at the most recent valuation, which the directors deem to be its fair value. Any agregate surplus or deficit arising from changes in fair value is recognised in profit and 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.

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.

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

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

973

1,144

 

Ascona Ventures Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

20,020

20,020

At 31 December 2023

20,020

20,020

Depreciation

At 1 January 2023

13,534

13,534

Charge for the year

973

973

At 31 December 2023

14,507

14,507

Carrying amount

At 31 December 2023

5,513

5,513

At 31 December 2022

6,486

6,486

6

Investment properties

2023
£

At 1 January

200,000

At 31 December

200,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,115

-

Other debtors

6,570

6,570

 

7,685

6,570

 

Ascona Ventures Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,769

2,213

Accruals and deferred income

4,349

4,349

Other creditors

152,690

153,747

159,808

160,309

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

138,220

138,220

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

138,220

138,220

 

Ascona Ventures Limited

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

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director's loan account

(86,080)

1,347

(1,128)

(85,861)

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director's loan account

(81,683)

45

(4,442)

(86,080)