Ascent Projects Limited SC426608 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is has been providing contract, cost and project management services Digita Accounts Production Advanced 6.30.9574.0 true true SC426608 2023-07-01 2024-06-30 SC426608 2024-06-30 SC426608 bus:OrdinaryShareClass1 2024-06-30 SC426608 core:CurrentFinancialInstruments 2024-06-30 SC426608 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC426608 core:FurnitureFittingsToolsEquipment 2024-06-30 SC426608 bus:SmallEntities 2023-07-01 2024-06-30 SC426608 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC426608 bus:FullAccounts 2023-07-01 2024-06-30 SC426608 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC426608 bus:RegisteredOffice 2023-07-01 2024-06-30 SC426608 bus:Director1 2023-07-01 2024-06-30 SC426608 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC426608 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC426608 bus:Agent1 2023-07-01 2024-06-30 SC426608 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 SC426608 countries:Scotland 2023-07-01 2024-06-30 SC426608 2023-06-30 SC426608 core:FurnitureFittingsToolsEquipment 2023-06-30 SC426608 2022-07-01 2023-06-30 SC426608 2023-06-30 SC426608 bus:OrdinaryShareClass1 2023-06-30 SC426608 core:CurrentFinancialInstruments 2023-06-30 SC426608 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC426608 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC426608

image-name

Ascent Projects Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Ascent Projects Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Ascent Projects Limited

Company Information

Directors

Paul McAndrew

Registered office

Newlands
The Wynd
Pitlessie
Cupar
KY15 7SX

Bankers

TSB
Tsb Bank Po Box 373
Leeds
LS14 9GQ

Accountants

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ascent Projects Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ascent Projects Limited for the year ended 30 June 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Ascent Projects Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Ascent Projects Limited and state those matters that we have agreed to state to the Board of Directors of Ascent Projects Limited, as a body, in this report.

This is in accordance with the requirements of the ACCA and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ascent Projects Limited and its Board of Directors as a body for our work or for this report.
 

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

We have not been instructed to carry out an audit or a review of the accounts of Ascent Projects Limited. 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 accounts.

image-name

....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

13 November 2024

 

Ascent Projects Limited

(Registration number: SC426608)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,430

16,000

Current assets

 

Debtors

6

-

17,475

Cash at bank and in hand

 

18,597

30,490

 

18,597

47,965

Creditors: Amounts falling due within one year

7

(8,630)

(16,693)

Net current assets

 

9,967

31,272

Total assets less current liabilities

 

12,397

47,272

Provisions for liabilities

(462)

(3,040)

Net assets

 

11,935

44,232

Capital and reserves

 

Called up share capital

8

1,200

1,200

Retained earnings

10,735

43,032

Shareholders' funds

 

11,935

44,232

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 November 2024
 

.........................................
Paul McAndrew
Director

 

Ascent Projects Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Newlands
The Wynd
Pitlessie
Cupar
KY15 7SX

These financial statements were authorised for issue by the director on 13 November 2024.

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 financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ascent Projects Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures, fittings, equipment

20-50% p.a reducing balance 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ascent Projects Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,727

6,391

 

Ascent Projects Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

33,299

33,299

Additions

487

487

Disposals

(9,330)

(9,330)

At 30 June 2024

24,456

24,456

Depreciation

At 1 July 2023

17,299

17,299

Charge for the year

4,727

4,727

At 30 June 2024

22,026

22,026

Carrying amount

At 30 June 2024

2,430

2,430

At 30 June 2023

16,000

16,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

2,475

Other debtors

-

15,000

 

-

17,475

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

114

1,628

Taxation and social security

 

7,416

13,765

Accruals and deferred income

 

1,100

1,300

 

8,630

16,693

 

Ascent Projects Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,200

1,200

1,200

1,200

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Director current account

114

1,628