Company registration number 10419810 (England and Wales)
A.S.K. PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
A.S.K. PARTNERS LIMITED
COMPANY INFORMATION
Directors
D R J King
D B Austin
B Barbanel
R R Gupta
Company number
10419810
Registered office
35 Harley Street
London
W1G 9QU
Independent Auditors
PricewaterhouseCoopers LLP
1 Hardman Square
Manchester
M3 3EB
Business address
35 Harley Street
London
W1G 9QU
A.S.K. PARTNERS LIMITED
CONTENTS
Pages
Directors' report
1 - 4
Directors' responsibilities statement
5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 19
Independent auditors' report
20 - 23
A.S.K. PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and audited financial statements for A.S.K Partners Limited ("the company")  for the year ended 31 December 2023. The financial statements for the year ended 31 December 2022 are unaudited.
Principal activities

The principal activity of the company is the origination, arrangement and structuring of secured real estate lending opportunities for subsidiary companies, private high net worth investors and financial institutions. The company earns income from arranging the underlying loans made to third-party borrowers.

Results and dividends

The financial year to 31 December 2023 was a satisfactory performance. The statements of comprehensive income and the statement of the financial position can be found on page 6 and 7 respectively. In summary, the turnover of the company increased by 10% to £9.6m and the profit before tax decreased to £2.1m (a reduction of 45% on prior year). A contributing factor to the reduction in the company’s profit figure was an inclusion of a bad debt provision of £0.8m against the company’s receivables balance. The provision has been calculated considering the perceived likelihood of payments being made by the company’s debtors and is attributed to the current market conditions which are impacting the UK property sector. On a like-for-like basis, pre-provision costs, the company’s profit before tax in the financial year to 31 December 2023 was £2.4m (a 27% reduction). The reduction in profit was due to higher operating costs as the company continued to invest in its bespoke lending portal and increased its headcount, including several senior hires.

The Directors did not recommend or pay a dividend in the year to 31 December 2023 (2022: Nil).

 

Going Concern

The directors have reviewed the company's financial position and cash flow forecasts for the foreseeable future.

Based on this review, the directors are satisfied that the company has adequate resources to continue operating for the foreseeable future (being at least 12 months from the date of approval of these financial statements). Therefore, they continue to adopt the going concern basis in preparing the financial statements.

Risk Management
The directors recognise the importance of effective risk management for sustaining long-term growth.  Comprehensive risk management policies are in place to identify, assess, and mitigate potential risks, including credit, liquidity, market and operational risks. Regular reviews and updates ensure these policies remain effective and aligned with industry best practices.
A.S.K. PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Credit Risk:

Exposure to risk

Objectives, policies, and processes for managing Risk

Changes from the previous period

Liquidity Risk:

Exposures to risk

Objectives, policies, and processes for managing risk

Changes from the previous period

A.S.K. PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Market Risk:

Exposures to risk

Objectives, policies, and processes for managing risk

Changes from the previous period

Operational Risk:

Exposure to risk

Objectives, policies, and processes for managing risk

Changes from previous period

Market Analysis
Rising interest rates have led to higher borrowing costs, impacting both residential and commercial real estate lending.  Lenders have become more cautious, tightening credit standards to manage risk.  The fall in property values has resulted in an increase in the loan to value for the underlying loans and this has required additional loan monitoring processes to be adopted.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D R J King
(Appointed 10 October 2016)
D B Austin
(Appointed 10 October 2016)
B Barbanel
(Appointed 7 October 2022)
R R Gupta
(Appointed 7 October 2022)
Qualifying third party indemnity provisions

The company has qualifying third party indemnity provisions for the benefit of the respective directors which were in place throughout the year and remain in place at the date of this report.

Post reporting date events

In February 2024, the company issued certain employees with growth shares through a new employee incentive scheme. There were no other post-balance sheet events that impact the financial statements as of 31 December 2023.

A.S.K. PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Future developments

The directors are cautiously optimistic about the future prospects of the company. The demand for real estate financing is expected to remain strong, providing ample opportunities for growth. The company will continue to focus on expanding its loan portfolio origination, enhancing operational efficiency, and delivering superior value to its clients and stakeholders. However, the directors are mindful of the challenging macro-economic conditions which continue to be felt in the United Kingdom and the adverse effects this causes on the country’s property values.

Independent Auditors

A resolution to reappoint PricewaterhouseCoopers LLP as auditors of the company will be proposed at the forthcoming Board Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

On behalf of the board
D R J King
Director
2 October 2024
A.S.K. PARTNERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

PricewaterhouseCoopers LLP (PwC) were appointed as the Company’s Auditors on 4 December 2023.

On behalf of the board
D R J King
Director
2 October 2024
A.S.K. PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022 unaudited
Notes
£
£
Turnover
3
9,593,875
8,726,328
Cost of sales
4
(160,677)
(150,119)
Gross profit
9,433,198
8,576,209
Administrative expenses
5, 6, 7, 8
(7,437,404)
(4,837,096)
Operating profit
1,995,794
3,739,113
Interest receivable and similar income
9
68,127
293
Interest payable and similar expenses
10
(18,671)
-
Amounts written off investments
11
68,856
138,245
Profit before taxation
2,114,106
3,877,651
Tax on profit
12
(491,338)
(586,720)
Profit for the financial year
1,622,768
3,290,931

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 9 to 19 form part of these financial statements.

A.S.K. PARTNERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022 unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
13
51,304
58,572
Investments
14
129
129
51,433
58,701
Current assets
Debtors
16
6,264,709
7,065,260
Cash at bank and in hand
5,021,749
4,305,657
11,286,458
11,370,917
Creditors: amounts falling due within one year
17
(5,164,854)
(6,879,349)
Net current assets
6,121,604
4,491,568
Total assets less current liabilities
6,173,037
4,550,269
Capital and reserves
Called up share capital
18
100
100
Profit and loss account
6,172,937
4,550,169
Total equity
6,173,037
4,550,269

The notes on pages 9 to 19 form part of these financial statements.

The financial statements on page 6 to 19 were approved by the board of directors and authorised for issue on
2 October 2024
02 October 2024
and are signed on its behalf by:
D R J King
Director
Company registration number 10419810 (England and Wales)
A.S.K. PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Profit and loss account
Total
£
£
£
Balance at 1 January 2022, unaudited
100
1,259,238
1,259,338
Year ended 31 December 2022:
Profit and total comprehensive income, unaudited
-
3,290,931
3,290,931
Balance at 31 December 2022, unaudited
100
4,550,169
4,550,269
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,622,768
1,622,768
Balance at 31 December 2023
100
6,172,937
6,173,037

The notes on pages 9 to 19 form part of these financial statements.

A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information
A.S.K. Partners Limited ("the company")  is a private company limited by shares incorporated in England and Wales. The registered office is 35 Harley Street, London, W1G 9QU.
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. 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.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Oaknorth Bank Plc. These consolidated financial statements are available from its registered office, 3/F, 57 Broadwick Street, London, W1F 9QS.

 

The Company is exempt from obligation to prepare and deliver group financial statements as per section 401 of the Companies Act 2006.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the date of approval of the financial statements). Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover includes Loan Interest income and Lending related Fees. Loan Interest is the difference between the interest rate charged to borrowers and the interest rate paid to investors. Loan Interest is recognised on the accrual basis over the period in which the interest accrues, reflecting the time value of money.

 

Turnover from Lending fees is recognised when it is probable that economic benefits will flow to the entity and the amount of revenue can be reliably measured. This is usually when services are performed, and we have a right to the consideration.

1.4

Cost of sales

Cost of sales includes transaction costs and broker fees and represents the direct cost for these services. These costs are recognised when the cost is incurred.

A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.5

Administrative expenses

Administrative expenses include Operational costs incurred in the normal course of business, accounted for in the period to which they relate, Depreciation, accounted for over the useful life of the fixed asset and Bad debt provisions, accounted for in the period in which the respective recovery risk value is identified for the underlying asset.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight-line
Computers
33% straight-line
Motor vehicles
20% straight-line

Depreciation is included in ‘administrative expenses’ in the statement of comprehensive income.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to statement of comprehensive income.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Provision of financial assets

Financial assets, other than those held at fair value through statement of comprehensive income, are assessed for indicators of provision at each reporting end date.

 

Financial assets are provided for where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

 

Factors taken into accounted in assessing the provision of the financial assets include deal performance, current market conditions, interest rates and the impact on repayments, best estimate property valuations and management expertise.

 

If an asset is provided for, the provision loss is the difference between the carrying amount and the estimated cash recovery. The provision loss is recognised in statement of comprehensive income.

 

If there is a decrease in the provision loss arising from an event occurring after the provision was recognised, the provision is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the provision not previously been recognised. The provision reversal is recognised in statement of comprehensive income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including Creditors are classified as debt and are initially recognised at transaction price. Creditors payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded as the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provisions

Judgement estimates have been applied in assessing the bad debt provision on trade debtors considering expected recoverability of the outstanding balances based on best estimate property valuations which are impacted by market conditions and recent selling prices of similar assets.

 

If the estimates used in the recoverability valuation were 2% lower, the the bad debt provision would have been £131,705 higher for the year, however if the estimates were 2% higher, the bad debt provision would have been £153,642 lower for the year.

A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Turnover
2023
2022 unaudited
£
£
Turnover analysed by class of business
Loan interest
3,895,899
2,206,128
Lending fee
5,697,976
6,520,200
9,593,875
8,726,328

All turnover arises from activities in the UK

4
Cost of sales

Cost of sales represented transaction costs of £135,677 (2022: £150,119) and broker fee of £25,000 (2022: £nil).

5
Administrative expenses

Included in Administrative expenses are Bad debt provision £782,445 (2022: £nil); Consulting fees £661,690 (2022: £514,794); Rent and rate £423,194 (2022: £418,246); Legal expenses £147,600 (2022: £45,978); Audit & Accounting fees £228,427 (2022: £74,650), Computer running costs £127,572 (2022: £49,341) and Other expenses which include Marketing, Travel, Entertainment etc total £468,733 (2022: £404,986).

6
Auditors' remuneration
2023
2022 unaudited
Fees payable to the company's auditors and associates:
£
£
For audit services
Audit of the financial statements of the company
134,600
-
0

Auditors remuneration above excludes non-claimable VAT and accrued estimated overrun costs.

7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022 unaudited
Number
Number
17
14
A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Employees
(Continued)
- 14 -

Their aggregate remuneration (including directors) comprised (included in Administrative expenses):

2023
2022 unaudited
£
£
Wages and salaries
4,038,403
2,910,023
Social security costs
538,303
401,153
Other pension costs
21,037
17,925
4,597,743
3,329,101
8
Directors' remuneration
2023
2022 unaudited
£
£
Remuneration for qualifying services
1,982,654
1,322,147

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022 unaudited
£
£
Remuneration for qualifying services
1,093,925
806,927
9
Interest receivable and similar income
2023
2022 unaudited
£
£
Interest income
Interest on bank deposits
68,127
293

Interest receivable represents bank interest received.

10
Interest payable and similar expenses
2023
2022 unaudited
£
£
Other interest
18,671
-
0
A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Interest payable and similar expenses
(Continued)
- 15 -
Interest payable represents interest paid on overdue corporation tax.
11
Amounts written off investments
2023
2022 unaudited
£
£
Other gains and losses
68,856
138,245
Amount represented balances owed from subsidiaries written off upon closure of the companies.
12
Tax on profit
2023
2022 unaudited
£
£
Current tax
UK corporation tax on profits for the current year
491,338
586,720

Corporation tax rate has increased from 19% to 25% from 1 April 2023.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022 unaudited
£
£
Profit before taxation
2,114,106
3,877,651
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
497,249
736,754
Tax effect of expenses that are not deductible in determining taxable profit
12,330
(23,208)
Tax effect of income not taxable in determining taxable profit
(16,195)
-
0
Group relief
(3,732)
(7,443)
Permanent capital allowances in excess of depreciation
(4,279)
(2,505)
Depreciation on assets not qualifying for tax allowances
5,965
5,098
Research and development tax credit
-
0
(121,976)
Taxation charge for the year
491,338
586,720
A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
13
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023, unaudited
51,997
19,539
58,490
130,026
Additions
8,695
9,397
-
0
18,092
At 31 December 2023
60,692
28,936
58,490
148,118
Accumulated depreciation
At 1 January 2023, unaudited
29,509
11,720
30,225
71,454
Depreciation charged in the year
8,361
5,299
11,700
25,360
At 31 December 2023
37,870
17,019
41,925
96,814
Carrying amount
At 31 December 2023
22,822
11,917
16,565
51,304
At 31 December 2022, unaudited
22,488
7,819
28,265
58,572
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022, unaudited
44,701
16,692
58,490
119,883
Additions, unaudited
7,296
2,847
-
10,143
At 31 December 2022, unaudited
51,997
19,539
58,490
130,026
Accumulated depreciation
At 1 January 2022, unaudited
18,768
7,327
18,525
44,620
Depreciation charged in the year, unaudited
10,741
4,393
11,700
26,834
At 31 December 2022, unaudited
29,509
11,720
30,225
71,454
Carrying amount
At 31 December 2022, unaudited
22,488
7,819
28,265
58,572
At 31 December 2021, unaudited
25,933
9,365
39,965
75,263
14
Investments
2023
2022 unaudited
Notes
£
£
Investments in subsidiaries
15
129
129
A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
A.S.K. Genva Nominee Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Genva Holdco Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 5 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 8 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 13 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 14 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 17 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 19 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 23 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 27 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 28 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 29 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 30 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 34 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 35 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 38 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 39 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 42 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 46 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 49 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 50 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 53 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco 54 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Agent Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners AIF 1 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners AIF 2 Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners Lendco Limited
United Kingdom
Ordinary shares
100.00
GRE A.S.K. Agent Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners RCFCO Limited
United Kingdom
Ordinary shares
100.00
A.S.K. Partners SPC Limited
United Kingdom
Ordinary shares
100.00
16
Debtors
2023
2022 unaudited
Amounts falling due within one year:
£
£
Trade debtors
5,693,551
2,108,021
Unpaid share capital
-
0
100
Corporation tax recoverable
259,467
-
0
Amounts owed by group undertakings
55,691
4,539,952
Other debtors
178,111
303,547
Prepayments and accrued income
77,889
113,640
6,264,709
7,065,260
A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Debtors
(Continued)
- 18 -

Trade Debtors are shown net of bad debt provision of £782,445 (2022: nil).

17
Creditors: amounts falling due within one year
2023
2022 unaudited
£
£
Trade creditors
117,667
211,286
Amounts owed to group undertakings
3,515,383
3,918,872
Corporation tax
-
0
586,720
Other taxation and social security
972,666
852,662
Other creditors
559,138
1,309,809
5,164,854
6,879,349
18
Share capital
2023
2022 unaudited
2023
2022 unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
8,850
8,850
89
89
Ordinary B shares of 1p each
1,150
1,150
11
11
10,000
10,000
100
100

A Ordinary shares have full voting rights, dividend rights and distribution rights on a winding up.

B Ordinary shares have no voting right, full dividend rights and distribution rights on a winding up.

19
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2023
2022 unaudited
Amounts due to related parties
£
£
Entities under our control, with significant influence
3,515,383
3,918,872

The balance mainly consists of amount due to A.S.K. Partners Lendco Limited ('APLL') being accumulated loan interest margin of APLL since APLL does not have a bank account.

 

The amounts are non-interest bearing and are repayable on demand.

A.S.K. PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Related party transactions
(Continued)
- 19 -

The following amounts were outstanding at the reporting end date:

2023
2022 unaudited
Amounts due from related parties
£
£
Entities under our control, with significant influence
55,691
4,539,952

The balance mainly consists of accumulated accountancy fees paid on behalf of wholly owned subsidiaries as these companies do not have a bank account.

 

The amounts are non-interest bearing and are repayable on demand.

20
Ultimate controlling party

The immediate parent company is Oaknorth Bank Plc registered at 3/F, 57 Broadwick Street, London, W1F 9QS. The ultimate controlling party is OakNorth Holdings Limited, registered at Ordnance House, 31 Pier Road, St Helier, Jersey, JE4 8PW.

The largest group in which the results of the company are consolidated is that prepared by Oaknorth Bank Plc, registered at 3/F, 57 Broadwick Street, London, W1F 9QS.

21
Subsequent events

There were no subsequent events after the balance sheet date that we aware of that would impact the financial statements as reported above. In February 2024 the company issued 225 growth shares (non voting, and non dividend) with a nominal total value of £2.25 to a number of employees.

A.S.K. PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.S.K. PARTNERS LIMITED
- 20 -

Qualified opinion

In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion paragraph below, A.S.K. Partners Limited’s financial statements:

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the Balance sheet as at 31 December 2023; the Statement of comprehensive income and the Statements of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for qualified opinion

During the course of our audit for the year ended 31 December 2023, we were unable to obtain sufficient appropriate audit evidence to support the opening trade receivables balance. Since opening trade receivables enter into the determination of the financial performance of the company, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year ended 31 December 2023 reported in the Statement of comprehensive income.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

A.S.K. PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.S.K. PARTNERS LIMITED (CONTINUED)
- 21 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' report for the year ended 31 December 2023 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' report, except for the possible effects of the matter described in the Basis for qualified opinion paragraph above.

A.S.K. PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.S.K. PARTNERS LIMITED (CONTINUED)
- 22 -
Auditor's responsibilities for the audit of the financial statements

Responsibilities of the directors for the financial statements

As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in assumptions used in accounting estimates and posting of inappropriate journal entries. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

A.S.K. PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.S.K. PARTNERS LIMITED (CONTINUED)
- 23 -

Other required reporting

Companies Act 2006 exception reporting

In respect solely of the limitation on our work relating to obtaining sufficient appropriate audit evidence to support the opening trade receivables balance, described in the Basis for qualified opinion paragraph above:

Under the Companies Act 2006 we are also required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Other matter

The financial statements for the 31 December 2022, forming the corresponding figures of the financial statements for the year ended 31 December 2023, are unaudited.

 

Daniel Pearce (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

Manchester

31 July 2024

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