Company registration number 08571779 (England and Wales)
ASCOT DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ASCOT DESIGN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ASCOT DESIGN LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ASCOT DESIGN LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ascot Design Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ascot Design Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that Ascot Design Limited 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 Ascot Design Limited. You consider that Ascot Design 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 financial statements of Ascot Design 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 financial statements.
Kirk Rice LLP
31 March 2025
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
ASCOT DESIGN LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
421,437
470,769
Investments
6
130,000
130,000
551,437
600,769
Current assets
Debtors
7
1,718,022
1,330,024
Cash at bank and in hand
350,409
475,444
2,068,431
1,805,468
Creditors: amounts falling due within one year
8
(1,164,990)
(883,794)
Net current assets
903,441
921,674
Total assets less current liabilities
1,454,878
1,522,443
Creditors: amounts falling due after more than one year
9
(302,532)
(273,789)
Provisions for liabilities
(104,264)
(115,676)
Net assets
1,048,082
1,132,978
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,047,982
1,132,878
Total equity
1,048,082
1,132,978
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ASCOT DESIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mr W Joseph
Director
Company registration number 08571779 (England and Wales)
ASCOT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Ascot Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashurst Manor, 1st Floor, West Wing, Ashurst Park, Church Lane, Sunninghill, Ascot, SL5 7DD.
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 £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT. Income is recognised when revenue of a project can be estimated reliably by reference to stage of completion at the end of the reporting period.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has been fully amortised evenly over its estimated useful life of 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
4.5 years Straight Line Method
Computer Equipment
25% Straight Line Method
Fixtures and Fittings
10% Straight Line Method
Motor Vehicles
25% Straight Line Method
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
ASCOT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
ASCOT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
59
54
4
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,125,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
1,125,000
Carrying amount
At 30 September 2024
At 30 September 2023
5
Tangible fixed assets
Land and buildings
Computer Equipment
Fixtures and Fittings
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
15,674
156,345
390,123
111,192
673,334
Additions
43,172
8,374
51,546
At 30 September 2024
15,674
199,517
398,497
111,192
724,880
Depreciation and impairment
At 1 October 2023
7,547
89,309
84,860
20,849
202,565
Depreciation charged in the year
3,483
30,785
38,812
27,798
100,878
At 30 September 2024
11,030
120,094
123,672
48,647
303,443
Carrying amount
At 30 September 2024
4,644
79,423
274,825
62,545
421,437
At 30 September 2023
8,127
67,036
305,263
90,343
470,769
ASCOT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
130,000
130,000
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,306,607
962,072
Other debtors
411,415
367,952
1,718,022
1,330,024
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
93,425
Trade creditors
160,384
90,998
Taxation and social security
625,091
529,016
Other creditors
286,090
263,780
1,164,990
883,794
The company entered into a debenture which contains fixed and floating charges over all assets, with National Westminster Bank PLC on 15 November 2022 and this remains outstanding as at the year end.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
184,451
Other creditors
118,081
273,789
302,532
273,789
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
151,536
261,678
ASCOT DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
11
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr A D Horder -
-
117,724
(4,143)
113,581
117,724
(4,143)
113,581