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Company registration number: 06493346
Austen Investments Limited
Unaudited filleted financial statements
29 February 2024
Austen Investments Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Austen Investments Limited
Directors and other information
Director Mr Antony Farrington
Secretary Robinsons Consulting Limtied
Company number 06493346
Registered office 5 Underwood Street
London
N1 7LY
Austen Investments Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 15,562 16,366
_______ _______
15,562 16,366
Current assets
Debtors 5 100,001 100,001
Cash at bank and in hand 14,416 16,522
_______ _______
114,417 116,523
Creditors: amounts falling due
within one year 6 ( 252,974) ( 254,137)
_______ _______
Net current liabilities ( 138,557) ( 137,614)
_______ _______
Total assets less current liabilities ( 122,995) ( 121,248)
_______ _______
Net liabilities ( 122,995) ( 121,248)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 122,997) ( 121,250)
_______ _______
Shareholders deficit ( 122,995) ( 121,248)
_______ _______
For the year ending 29 February 2024 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr Antony Farrington
Director
Company registration number: 06493346
Austen Investments Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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
After reviewing the company’s forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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.
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.
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. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 March 2023 814 15,552 16,366
Fair value adjustment - (804) (804)
_______ _______ _______
At 29 February 2024 814 14,748 15,562
_______ _______ _______
Impairment
At 1 March 2023 and 29 February 2024 - - -
_______ _______ _______
Carrying amount
At 29 February 2024 814 14,748 15,562
_______ _______ _______
At 28 February 2023 814 15,552 16,366
_______ _______ _______
5. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 100,000 100,000
Other debtors 1 1
_______ _______
100,001 100,001
_______ _______
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 300 1,620
Amounts owed to group undertakings and undertakings in which the company has a participating interest 224,999 224,999
Other creditors 27,675 27,518
_______ _______
252,974 254,137
_______ _______
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
Mr Antony Farrington 25,000 25,000
_______ _______