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Registered number: 07065355














PAD ASCOT LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
PAD ASCOT LTD
 

CONTENTS



Page
Accountants' Report
 
1
Statement of Financial Position
 
2
Notes to the Financial Statements
 
3 - 6


 
PAD ASCOT LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PAD ASCOT LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pad Ascot Ltd for the year ended 31 March 2024 which comprise  the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Pad Ascot Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pad Ascot Ltd and state those matters that we have agreed to state to the Board of Directors of Pad Ascot Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pad Ascot Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Pad Ascot Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pad Ascot Ltd. You consider that Pad Ascot Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pad Ascot Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Sopher + Co LLP
 
Chartered Accountants
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
27 January 2025
Page 1

 
PAD ASCOT LTD
REGISTERED NUMBER:07065355

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Fixed asset investments
  
5,500,000
5,500,000

Current assets
  

Debtors: amounts falling due within one year
 5 
76,356
-

Bank and cash balances
  
169
150

  
76,525
150

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(6,267,517)
(6,321,748)

Net current liabilities
  
 
 
(6,190,992)
 
 
(6,321,598)

Net liabilities
  
(690,992)
(821,598)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
(690,993)
(821,599)

  
(690,992)
(821,598)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.




A J Keats
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PAD ASCOT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

PAD Ascot Ltd is a private limited liability company incorporated in England and Wales. Its registered office is at 20 Greenhill Crescent, Watford, Hertfordshire, England, WD18 8JA.

The principal activity of the Company is to act as a member of a LLP.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of a company under common control. In the opinion of the directors, the company will continue to receive such financial support as may be required to enable it to meet its liabilities for at least 12 months following the date of their approval of the financial statements and accordingly they have prepared the financial statements on a going concern basis.

 
2.3

Interest income

Interest income is recognised in profit or loss according to the terms of the agreement.

 
2.4

Borrowing costs

Borrowing costs are amortised in the Statement of Comprehensive Income over the term of the loan.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.6

Valuation of investments

Investments in unlisted Company shares are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at the transaction price, less any impairment. 

Page 3

 
PAD ASCOT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term creditors are measured at the transaction price. 

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, other third parties and loans to related parties and investments in participating interests. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2023
5,500,000



At 31 March 2024
5,500,000


5.


Debtors

2024
2023
£
£


Amounts owed by participating interests
76,356
-


Page 4

 
PAD ASCOT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
2,400
-

Amounts owed to other participating interests
-
268,302

Other creditors
6,262,850
6,048,910

Accruals and deferred income
2,267
4,536

6,267,517
6,321,748


Page 5

 
PAD ASCOT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) ordinary share of £1
1
1


 
Page 6