Company No: 11350789 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	36,500		24,637
Investment property	4	7,294,596		7,294,596
		7,331,096		7,319,233
Current assets
Debtors	5	394,076		251,713
Cash at bank and in hand	6	0		12,117
		394,076		263,830
Creditors: amounts falling due within one year	7	( 6,924,256)		( 3,354,059)
Net current liabilities		(6,530,180)		(3,090,229)
Total assets less current liabilities		800,916		4,229,004
Creditors: amounts falling due after more than one year	8	0		( 3,307,500)
Provision for liabilities	9	( 41,256)		( 41,256)
Net assets		759,660		880,248
Capital and reserves
Called-up share capital	10	101		101
Profit and loss account		759,559		880,147
Total shareholders' funds		759,660		880,248

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of A.S.K. Genva Limited (registered number: 11350789) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D R J King Director

30 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A.S.K. Genva Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Harley Street, London, England, W1G 9QU, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In assessing the company’s ability to continue as a going concern, the directors have considered the company’s cash flow forecasts, financing arrangements and the current economic environment. Subsequent to the year end, the company successfully refinanced its borrowings with NatWest under a new three-year facility, supported by additional shareholder funding by way of an interest-bearing loan. The refinancing followed a reassessment of investment property values by the bank in light of prevailing market conditions for regional offices.

The directors are satisfied that the new facility, together with the shareholder support, provides adequate financial resources for the company to meet its obligations as they fall due for the foreseeable future. The directors also remain confident that value can be created through the execution of the company’s business plan, supported by the property’s asset management potential. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, excluding directors	0		0

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 January 2024	46,583		46,583
Additions	24,029		24,029
At 31 December 2024	70,612		70,612
Accumulated depreciation
At 01 January 2024	21,946		21,946
Charge for the financial year	12,166		12,166
At 31 December 2024	34,112		34,112
Net book value
At 31 December 2024	36,500		36,500
At 31 December 2023	24,637		24,637

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	7,294,596
As at 31 December 2024	7,294,596

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	7,129,569		7,129,569

5. Debtors

	2024		2023
	£		£
Trade debtors	26,868		636
Other debtors	367,208		251,077
	394,076		251,713

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	0		12,117
Less: Bank overdrafts	( 68,080)		0
	(68,080)		12,117

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	3,375,580		160,000
Trade creditors	147,817		80,818
Amounts owed to group undertakings	3,155,500		2,861,000
Other taxation and social security	16,032		22,899
Other creditors	229,327		229,342
	6,924,256		3,354,059

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	0		3,307,500

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 41,256)		( 31,355)
Charged to the Profit and Loss Account	0		( 9,901)
At the end of financial year	( 41,256)		( 41,256)

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1 C Class ordinary share of £ 1.00	1		1
100 Ordinary shares of £ 1.00 each	100		100
	101		101

11. Related party transactions

Other related party transactions

	2024		2023
	£		£
A.S.K. Genva HoldCo Limited	2,688,500		2,713,500
Jubilee Property Newcastle Limited	177,500		147,500
A.S.K. Partners Limtied	289,500		0

The outstanding loans are shown within creditors: amounts falling due within one year, as there are no fixed repayment terms for these loans.

12. Events after the Balance Sheet date

Subsequent to the year end, the company refinanced its borrowings with NatWest Bank plc under a new three-year facility. This refinancing followed a reassessment of investment property values by the bank in light of the challenging market conditions for regional offices. To support the new facility and the company’s ongoing business plan, the shareholders provided additional funding by way of an interest-bearing loan. These events are considered to be non-adjusting post balance sheet events and accordingly have not been reflected in the year end financial statements. The directors remain confident that value can be created through the execution of the company’s business plan.