Registration number:
Ascent Acquisitions Group Ltd
for the Period from 9 June 2023 to 30 June 2024
Ascent Acquisitions Group Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ascent Acquisitions Group Ltd
(Registration number: 14927296)
Balance Sheet as at 30 June 2024
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2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Ascent Acquisitions Group Ltd
(Registration number: 14927296)
Balance Sheet as at 30 June 2024
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Ascent Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
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.
Judgements
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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
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 Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
Tax
The tax expense for the period comprises current and deferred tax.
The current 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 on temporary differences arising between the tax bases of assets and liabilities and there carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
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 less estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
25% RB |
Investments
Investments in subsidiary undertakings are initially recognised at cost and are then subsequently carried at cost less impairment. An impairment review is carried out annually.
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.
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.
Ascent Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 30 June 2024 |
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Depreciation |
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Charge for the period |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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Ascent Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
Investments |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 June 2024 |
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Ascent Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
2024 |
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Subsidiary undertakings |
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24 The Broadway, Nantwich, Cheshire, CW5 6JH United Kingdom |
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9 Solway Court, Electra Way, Crewe, Cheshire, CW1 6LD United Kingdom |
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Subsidiary undertakings |
Ascent Acquisitions Consultancy Limited The principal activity of Ascent Acquisitions Consultancy Limited is |
Kennel Build Ltd The principal activity of Kennel Build Ltd is |
Debtors |
Current |
Note |
2024 |
Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Ascent Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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Included within loans and borrowings are hire purchase liabilities which are secured on the assets to which they relate.
Creditors: amounts falling due after more than one year
2024 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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Ascent Acquisitions Group Ltd
Notes to the Unaudited Financial Statements for the Period from 9 June 2023 to 30 June 2024
Related party transactions |
Transactions with directors |
2024 |
At 9 June 2023 |
Advances to director |
Repayments by director |
At 30 June 2024 |
Mr T Chadwick |
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The overdrawn directors loan account is interest free and repayable on demand.
Loans with subsidiaries
At the year end the company owed £552,560 to a subsidiary company, which is interest free and will not be repaid in the next twelve months.