Company Registration No. SC450104 (Scotland)
BANCON ASPIRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BANCON ASPIRE LIMITED
COMPANY INFORMATION
Directors
K J McColgan
A H Tweedie
Company number
SC450104
Registered office
Burnett House
Burn O'Bennie Road
Banchory
Aberdeenshire
AB31 5ZU
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
BANCON ASPIRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BANCON ASPIRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
Current assets
Stocks
4
1,954,547
3,789,933
Debtors
5
1,178,132
470,699
Cash at bank and in hand
614,389
110,749
3,747,068
4,371,381
Creditors: amounts falling due within one year
6
(6,232,530)
(6,785,408)
Net liabilities
(2,485,462)
(2,414,027)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
(2,485,463)
(2,414,028)
Total deficit
(2,485,462)
(2,414,027)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
and are signed on its behalf by:
..............................
..............................
K J McColgan
A H Tweedie
Director
Director
Company Registration No. SC450104
- 1 -
BANCON ASPIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
Company information
Bancon Aspire Limited ("the company") is a private company limited by shares, incorporated and domiciled in Scotland. The registered office and trading address is Burnett House, Burn O'Bennie Road, Banchory, AB31 5ZU. The principal activities of the company and the nature of the operations continued to be that of house building. The company's registered number is SC450104.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of exemption available in Section 33 of FRS 102 "Related Party Disclosures" not to disclose transactions entered into between two or more wholly owned members of a group.
1.2
Going concern
At the year-end, the company has net liabilities of £2,485k (2023: net liabilities of £2,414k) and incurred a loss in the period to 31 March 2024 of £71k (2023: loss of £1,517k). Included within creditors are amounts due to fellow subsidiaries of £6,161k (2023: £6,477k). The parent company, Bancon Developments Holdings Limited, has confirmed that immediate repayment of this amount will not be sought for a period of at least 12 months from signature of these financial statements, as required to maintain the company's going concern applicability and that financial support from the group will be available to the company.
At 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. This incorporates consideration of the future trading forecasts coupled with a renewed Group banking facility until December 2026. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at legal completion in respect of the total proceeds from selling private residential homes. Turnover is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. The sale proceeds of part-exchange properties are included as an adjustment within cost of sales for any margin realised, as the directors view these transactions as a means of conducting the original new build house sale.
1.4
Stock and work in progress
Stock and work in progress, including land, is stated at the lower of cost and net realisable value. Cost comprises raw materials, consumables and direct labour plus attributable overheads based on a normal level of activity. Net realisable value is based on estimated selling price less anticipated costs to completion and disposal. Provision is made for all foreseeable losses.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
- 2 -
BANCON ASPIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (continued)
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, amounts due from group undertakings 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. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments through the expected life of the investment to the net carrying amount on initial recognition. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and amounts due from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Basic financial liabilities are subsequently carried at amortised cost, using the effective interest rate method.
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax is provided, using the full liability method, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements. The deferred tax position is calculated using the rates enacted or substantially enacted at the balance sheet date. Tax losses are surrendered or claimed in the form of group relief with consideration being received or paid accordingly. The group relief amount is recorded separately within the debtors and creditors amounts in the balance sheet, as applicable, and is calculated by applying the tax rate enacted or substantively enacted at the balance sheet date to the loss amount.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
1.8
Exceptional items
Exceptional items comprise costs which the directors consider as material to the statement of comprehensive income and retained earnings, that their separate disclosure is necessary for an appropriate understanding of the company's financial performance.
- 3 -
BANCON ASPIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon the assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date:
Stock and work in progress
Stock and work in progress is a material asset on the balance sheet. Monitoring of carrying values is carried out on a site by site basis throughout the year to identify any impairments or reversals of previous impairments. Judgement is required when monitoring the carrying values as this includes estimating cost to complete and future selling prices, which are dependent on housing market conditions. Where impairment is identified a provision is created to write work in progress down to its recoverable amount being the lower or cost and net realisable value.
The directors consider that there are no other judgements, estimates and underlying assumptions which have a significant risk of causing material adjustment to the carrying amount of the assets and liabilities.
3
Employees
The company has no employees (2023: nil) other than the directors. No remuneration was paid to the directors during the year for services provided to the company as they were remunerated through other group companies.
4
Stocks
2024
2023
£
£
Work in progress
1,954,547
3,789,933
1,954,547
3,789,933
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
916
1,213
Amounts due from group undertakings
1,158,152
394,576
Other debtors
19,064
74,910
1,178,132
470,699
Amounts owed by group undertakings are unsecured, have no fixed repayment terms and do not bear interest.
- 5 -
BANCON ASPIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,306
273,871
Amounts owed to group undertakings
6,161,638
6,477,340
Other creditors
10,586
34,197
6,232,530
6,785,408
Amounts owed to group undertakings are unsecured, have no fixed repayment terms and do not bear interest.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
The share capital account records the nominal value of shares issued. The ordinary shares carry equal voting rights and no right to fixed income.
8
Reserves
The company's profit and loss reserve represents the cumulative historic profits and losses, net of dividends and other adjustments.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
T
The senior statutory auditor was Stephen McIlwaine.
The auditor was Johnston Carmichael LLP.
10
Financial commitments, guarantees and contingent liabilities
All group companies are party to a cross-company guarantee in respect of bank facilities offered to Bancon Developments Holdings Limited group.
11
Controlling Party
The immediate parent undertaking is Bancon Group Limited, a company registered in Scotland. The directors regard J C A Burnett of Leys and his family to be the ultimate controlling party by virtue of their individual shareholdings in Bancon Developments Holdings Limited.
Bancon Developments Holdings Limited is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 March 2024. The consolidated financial statements of Bancon Developments Holdings Limited are available from UK Companies House.
- 6 -
falseCCH SoftwareiXBRL Review & Tag 2024.22024-03-312023-04-0102024-07-16SC4501042023-04-012024-03-31SC4501042024-03-31SC450104bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC450104bus:Director12023-04-012024-03-31SC450104bus:Director22023-04-012024-03-31SC450104bus:FRS1022023-04-012024-03-31SC450104bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC450104bus:Audited2023-04-012024-03-31SC450104bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares