Ascentae Limited 10516177 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of a Technology Integration and Audio Visual distributor. The company enables innovative technology vendors and committed channel partners to integrate and scale essential workplace solutions. Digita Accounts Production Advanced 6.30.9574.0 true true 10516177 2023-03-01 2024-02-29 10516177 2024-02-29 10516177 core:CurrentFinancialInstruments 2024-02-29 10516177 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 10516177 core:Non-currentFinancialInstruments 2024-02-29 10516177 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 10516177 core:OfficeEquipment 2024-02-29 10516177 core:PlantMachinery 2024-02-29 10516177 bus:SmallEntities 2023-03-01 2024-02-29 10516177 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10516177 bus:FilletedAccounts 2023-03-01 2024-02-29 10516177 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10516177 bus:RegisteredOffice 2023-03-01 2024-02-29 10516177 bus:Director2 2023-03-01 2024-02-29 10516177 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10516177 core:ComputerSoftware 2023-03-01 2024-02-29 10516177 core:OfficeEquipment 2023-03-01 2024-02-29 10516177 core:PlantMachinery 2023-03-01 2024-02-29 10516177 countries:EnglandWales 2023-03-01 2024-02-29 10516177 2023-02-28 10516177 core:OfficeEquipment 2023-02-28 10516177 core:PlantMachinery 2023-02-28 10516177 2022-03-01 2023-02-28 10516177 2023-02-28 10516177 core:CurrentFinancialInstruments 2023-02-28 10516177 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10516177 core:Non-currentFinancialInstruments 2023-02-28 10516177 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10516177 core:OfficeEquipment 2023-02-28 10516177 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 10516177

Ascentae Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Ascentae Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ascentae Limited

(Registration number: 10516177)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

81,394

57,697

Current assets

 

Stocks

6

564,674

608,444

Debtors

7

1,051,008

1,288,057

Cash at bank and in hand

 

112,932

125,900

 

1,728,614

2,022,401

Creditors: Amounts falling due within one year

8

(3,615,647)

(3,992,013)

Net current liabilities

 

(1,887,033)

(1,969,612)

Total assets less current liabilities

 

(1,805,639)

(1,911,915)

Creditors: Amounts falling due after more than one year

8

(1,900,032)

(1,329,256)

Net liabilities

 

(3,705,671)

(3,241,171)

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

(3,755,671)

(3,291,171)

Shareholders' deficit

 

(3,705,671)

(3,241,171)

 

Ascentae Limited

(Registration number: 10516177)
Balance Sheet as at 29 February 2024

For the financial 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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
N F Steljes
Director

 

Ascentae Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 directors and shareholders are investing in the company for long term sustainable growth.

The company is reliant on the financial support of its major shareholder, Nigel Steljes, who has committed to provide additional cash injections as required. Therefore the accounts have been prepared on a going concern basis on the understanding that sufficient cash will be made available to enable the company to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of technology integration and audio visual distribution services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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

Office equipment

33% straight line basis

Plant and machinery

50% straight line basis

 

Ascentae Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

33% straight line basis

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.

Debtors

Trade debtors are amounts due from customers for technology integration and audio visual distribution services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ascentae Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 19).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

53,459

27,407

 

Ascentae Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

90,255

21,122

111,377

Additions

72,852

8,632

81,484

Disposals

(9,943)

-

(9,943)

At 29 February 2024

153,164

29,754

182,918

Depreciation

At 1 March 2023

40,548

13,132

53,680

Charge for the year

46,940

6,519

53,459

Eliminated on disposal

(5,615)

-

(5,615)

At 29 February 2024

81,873

19,651

101,524

Carrying amount

At 29 February 2024

71,291

10,103

81,394

At 28 February 2023

49,707

7,990

57,697

6

Stocks

2024
£

2023
£

Inventories

564,674

608,444

7

Debtors

Current

2024
£

2023
£

Trade debtors

950,682

1,240,616

Prepayments

46,795

43,539

Other debtors

53,531

3,902

 

1,051,008

1,288,057

 

Ascentae Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,005

10,005

Trade creditors

 

3,026,388

3,216,382

Taxation and social security

 

141,756

173,667

Other creditors

 

437,498

591,959

 

3,615,647

3,992,013


The company has an invoice finance facility which is secured by way of a fixed and floating charge against the company's tangible and current assets. Creditors include net obligations under the invoice finance contract of £355,826 (2023: £498,880).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,900,032

1,329,256

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,005

10,005

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,140

23,625

Other borrowings

1,885,892

1,305,631

1,900,032

1,329,256

 

Ascentae Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £51,975 (2023 - £45,550).

11

Related party transactions

Other transactions with directors

N F Steljes (director) made an interest free loan to the company. At the balance sheet date the amount due to N F Steljes was £1,885,892 (2023: £1,305,631).