Registered number
05459979
Ascan Building Limited
Filleted Accounts
31 March 2024
Ascan Building Limited
Registered number: 05459979
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 35,383 46,496
Current assets
Stocks 278,980 278,980
Debtors 4 328,862 341,237
Cash at bank and in hand 267,608 454,467
875,450 1,074,684
Creditors: amounts falling due within one year 5 (3,199) (77,001)
Net current assets 872,251 997,683
Net assets 907,634 1,044,179
Capital and reserves
Called up share capital 10 10
Profit and loss account 907,624 1,044,169
Shareholders' funds 907,634 1,044,179
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A S Candy
Director
Approved by the board on 8 November 2024
Ascan Building Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 30,620 72,489 103,109
Additions 682 - 682
At 31 March 2024 31,302 72,489 103,791
Depreciation
At 1 April 2023 23,335 33,278 56,613
Charge for the year 1,992 9,803 11,795
At 31 March 2024 25,327 43,081 68,408
Net book value
At 31 March 2024 5,975 29,408 35,383
At 31 March 2023 7,285 39,211 46,496
4 Debtors 2024 2023
£ £
Trade debtors 8,168 23,281
Other debtors 320,694 317,956
328,862 341,237
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,599 3,159
Taxation and social security costs - 72,642
Other creditors 1,600 1,200
3,199 77,001
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A S Candy
Company loan 300,772 12,181 - 312,953
300,772 12,181 - 312,953
7 Controlling party
The ultimate controlling party is Mr A S Candy.
8 Other information
Ascan Building Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Oaks Barn
Bell Lane
Lower Broadheath
Worcester
WR2 6RR
Ascan Building Limited 05459979 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 A S Candy No description of principal activity 05459979 2022-06-01 2023-03-31 05459979 core:WithinOneYear 2023-03-31 05459979 core:ShareCapital 2023-03-31 05459979 core:RetainedEarningsAccumulatedLosses 2023-03-31 05459979 2023-04-01 2024-03-31 05459979 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05459979 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05459979 bus:Director40 2023-04-01 2024-03-31 05459979 1 2023-04-01 2024-03-31 05459979 2 2023-04-01 2024-03-31 05459979 core:PlantMachinery 2023-04-01 2024-03-31 05459979 core:Vehicles 2023-04-01 2024-03-31 05459979 bus:Director1 2023-04-01 2024-03-31 05459979 bus:Director1 1 2023-04-01 2024-03-31 05459979 countries:England 2023-04-01 2024-03-31 05459979 bus:FRS102 2023-04-01 2024-03-31 05459979 bus:FilletedAccounts 2023-04-01 2024-03-31 05459979 2024-03-31 05459979 core:WithinOneYear 2024-03-31 05459979 core:ShareCapital 2024-03-31 05459979 core:RetainedEarningsAccumulatedLosses 2024-03-31 05459979 core:PlantMachinery 2024-03-31 05459979 core:Vehicles 2024-03-31 05459979 bus:Director1 1 2024-03-31 05459979 2023-03-31 05459979 core:PlantMachinery 2023-03-31 05459979 core:Vehicles 2023-03-31 05459979 bus:Director1 1 2023-03-31 iso4217:GBP xbrli:pure