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25 September 2024
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2022-09-22
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
14371347
2022-09-22
2023-12-31
14371347
2023-12-31
14371347
2022-09-21
14371347
bus:Director2
2022-09-22
2023-12-31
14371347
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
14371347
core:MotorVehicles
2023-12-31
14371347
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-09-22
2023-12-31
14371347
core:MotorVehicles
2022-09-22
2023-12-31
14371347
core:WithinOneYear
2023-12-31
14371347
core:AfterOneYear
2023-12-31
14371347
core:ShareCapital
2023-12-31
14371347
core:RetainedEarningsAccumulatedLosses
2023-12-31
14371347
core:BetweenOneFiveYears
2023-12-31
14371347
core:MoreThanFiveYears
2023-12-31
14371347
bus:SmallEntities
2022-09-22
2023-12-31
14371347
bus:Audited
2022-09-22
2023-12-31
14371347
bus:SmallCompaniesRegimeForAccounts
2022-09-22
2023-12-31
14371347
bus:PrivateLimitedCompanyLtd
2022-09-22
2023-12-31
14371347
bus:FullAccounts
2022-09-22
2023-12-31
14371347
core:FurnitureFittingsToolsEquipment
2022-09-22
2023-12-31
14371347
core:FurnitureFittingsToolsEquipment
2023-12-31
14371347
core:AfterOneYear
2022-09-22
2023-12-31
14371347
core:ImmediateParent
2022-09-22
2023-12-31
COMPANY REGISTRATION NUMBER:
14371347
Ascendal Cambridge BMCO Limited |
|
Filleted Financial Statements |
|
Ascendal Cambridge BMCO Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
4,806,826 |
|
|
|
Current assets
Debtors |
6 |
692,808 |
Cash at bank and in hand |
58,917 |
|
--------- |
|
751,725 |
|
|
|
Creditors: amounts falling due within one year |
7 |
(
1,344,186) |
|
------------ |
Net current liabilities |
(
592,461) |
|
------------ |
Total assets less current liabilities |
4,214,365 |
|
|
|
Creditors: amounts falling due after more than one year |
8 |
(
2,013,624) |
|
------------ |
Net assets |
2,200,741 |
|
------------ |
|
|
|
Capital and reserves
Called up share capital |
2,500,001 |
Profit and loss account |
(
299,260) |
|
------------ |
Shareholders funds |
2,200,741 |
|
------------ |
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
21 September 2024
, and are signed on behalf of the board by:
Company registration number:
14371347
Ascendal Cambridge BMCO Limited |
|
Notes to the Financial Statements |
|
Period from 22 September 2022 to 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 2 Rowles Way, Buckingway Business Park, Swavesey, Cambridge, CB24 4UG, England.
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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
During period to the 31 December 2023 the company made a loss of £299,260. At the balance sheet date, the company had net current assets of £2,220,741. The directors are required to satisfy themselves that it is reasonable to presume that the company is a going concern. The directors have considered the risks and uncertainties of the company's expected cash flows and have drawn up cash flow forecasts which extend to September 2025. The forecasts reflect the expected income on existing contracts and costs adjusted for known changes and for inflation. The assumptions in these forecasts have been sensitised in order to review the best and worse case scenarios. The company has no external borrowings other than leases. The company's ultimate controlling parties have provided confirmation of their commitment to continue to provide financial support to the company as required, for a period of at least 12 months from the date of approval of these financial statements. Based on the management information to date, the forecasts prepared, and the commitment of the ultimate controlling parties to provide continued financial support to the company, the directors have a reasonable expectation that company will have adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover relates to revenue earned from the rental of the property, vehicles and equipment owned by the company, net of VAT and any sales related discounts. Property rental income is recognised in line with the terms of the lease agreement. Vehicle and equipment rental is recognised in line with the terms of the contract for the rental of the vehicles and equipment.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Freehold property |
- |
50 years straight line |
|
Motor vehicles |
- |
3 - 8 years straight line |
|
Equipment |
- |
3 years 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the period was nil.
5.
Tangible assets
|
Freehold property |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 22 September 2022 |
– |
– |
– |
– |
Additions |
2,500,000 |
2,400,434 |
56,541 |
4,956,975 |
|
------------ |
------------ |
-------- |
------------ |
At 31 December 2023 |
2,500,000 |
2,400,434 |
56,541 |
4,956,975 |
|
------------ |
------------ |
-------- |
------------ |
Depreciation |
|
|
|
|
At 22 September 2022 |
– |
– |
– |
– |
Charge for the period |
37,500 |
104,874 |
7,775 |
150,149 |
|
------------ |
------------ |
-------- |
------------ |
At 31 December 2023 |
37,500 |
104,874 |
7,775 |
150,149 |
|
------------ |
------------ |
-------- |
------------ |
Carrying amount |
|
|
|
|
At 31 December 2023 |
2,462,500 |
2,295,560 |
48,766 |
4,806,826 |
|
------------ |
------------ |
-------- |
------------ |
|
|
|
|
|
6.
Debtors
|
31 Dec 23 |
|
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
156,806 |
Other debtors |
536,002 |
|
--------- |
|
692,808 |
|
--------- |
|
|
7.
Creditors:
amounts falling due within one year
|
31 Dec 23 |
|
£ |
Trade creditors |
567,996 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
537,045 |
Other creditors |
239,145 |
|
------------ |
|
1,344,186 |
|
------------ |
|
|
8.
Creditors:
amounts falling due after more than one year
|
31 Dec 23 |
|
£ |
Other creditors |
2,013,624 |
|
------------ |
|
|
Other creditors include £211,843 payable within one year and £2,013,624 payable greater than one year, of which £1,126,935 is payable greater than five years, for certain items held within motor vehicle under hire and purchase agreements. The agreements include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.
9.
Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Dec 23 |
|
£ |
Not later than 1 year |
787,684 |
Later than 1 year and not later than 5 years |
2,612,108 |
Later than 5 years |
1,308,130 |
|
------------ |
|
4,707,922 |
|
------------ |
|
|
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
31 Dec 23 |
|
£ |
Not later than 1 year |
1,572,915 |
Later than 1 year and not later than 5 years |
5,867,372 |
Later than 5 years |
3,000,250 |
|
------------- |
|
10,440,537 |
|
------------- |
|
|
10.
Summary audit opinion
The auditor's report dated
25 September 2024
was
unqualified
.
The senior statutory auditor was
Terrence Bourne
, for and on behalf of
Shipleys LLP
.
11.
Related party transactions
As a wholly owned subsidiary of Ascendal Group Limited, the Company is exempt from the requirement of FRS 102 paragraph 33.1A to disclose transactions with other members of the Group.
12.
Controlling party
The company is a wholly owned subsidiary of
Ascendal Group Limited
, a company incorporated in England and Wales. The parent's consolidated financial statements can be obtained from the registered office at 2 Rowles Way, Buckingway Business Park, Swavesey, England, CB24 4UG
. The Ultimate controlling party is Citco Jersey Limited as Trustee of the RSJT Trust.
The Trust's Financial Statements can be obtained from the registered office of the Trustee at No. 4 The Forum, Grenville Street, St Helier, Jersey JE2 4UF.