| ASC Estates Limited |
| Registered number: |
02922075 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
5,815 |
|
|
5,815 |
| Investment property |
5 |
|
|
19,495,000 |
|
|
20,250,000 |
|
|
|
|
19,500,815 |
|
|
20,255,815 |
|
| Current assets |
| Debtors |
6 |
|
174,270 |
|
|
156,985 |
| Cash at bank and in hand |
|
|
673,573 |
|
|
118,848 |
|
|
|
847,843 |
|
|
275,833 |
|
| Creditors: amounts falling due within one year |
7 |
|
(2,106,444) |
|
|
(2,207,696) |
|
| Net current liabilities |
|
|
|
(1,258,601) |
|
|
(1,931,863) |
|
| Total assets less current liabilities |
|
|
|
18,242,214 |
|
|
18,323,952 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(3,000,000) |
|
|
(3,000,000) |
|
| Provisions for liabilities |
|
|
|
(2,478,112) |
|
|
(2,557,459) |
|
| Net assets |
|
|
|
12,764,102 |
|
|
12,766,493 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
50,000 |
|
|
50,000 |
| Other reserve |
11 |
|
|
9,960,928 |
|
|
10,354,609 |
| Profit and loss account |
|
|
|
2,753,174 |
|
|
2,361,884 |
|
| Shareholder's funds |
|
|
|
12,764,102 |
|
|
12,766,493 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Ms M E Christodoulou |
| Director |
| Approved by the board on 29 September 2025 |
|
| ASC Estates Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of gross property rentals receivable. |
|
|
Tangible fixed assets |
|
Tangible fixed assets, with the exemption of investment properties, are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures and fittings |
over 4 years |
|
|
Investment property |
|
Investment property is stated in the accounts at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Any valuation surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment property. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
UK corporation tax on profits of the period |
53,455 |
|
2,693 |
|
Deferred taxation |
(79,347) |
|
1,020,215 |
|
|
|
|
|
|
(25,892) |
|
1,022,908 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Furniture & fittings |
| £ |
|
Cost |
|
At 1 April 2024 |
114,812 |
|
At 31 March 2025 |
114,812 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
108,997 |
|
At 31 March 2025 |
108,997 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
5,815 |
|
At 31 March 2024 |
5,815 |
|
|
| 5 |
Investment property |
| Investment |
| property |
| £ |
|
Fair value |
|
At 1 April 2024 |
20,250,000 |
|
Revaluation |
(82,000) |
|
Disposals |
(673,000) |
|
|
At 31 March 2025 |
19,495,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2024 |
7,337,932 |
|
At 31 March 2025 |
6,997,112 |
|
|
|
|
|
|
|
|
|
|
The investment properties are stated at fair values. The most recent valuations were made by the directors on an open market value for existing use basis. The directors consider the valuations not to be materially different to the fair values. |
|
|
| 6 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
66,365 |
|
30,961 |
|
Prepayments and accrued income |
26,214 |
|
44,333 |
|
Other debtors |
81,691 |
|
81,691 |
|
|
|
|
|
|
174,270 |
|
156,985 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Amounts owed to group undertakings |
|
1,870,843 |
|
2,020,019 |
|
Taxation and social security costs |
53,455 |
|
2,693 |
|
Accruals and deferred income |
98,454 |
|
101,293 |
|
Other creditors |
83,692 |
|
83,691 |
|
|
|
|
|
|
2,106,444 |
|
2,207,696 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans (Note 9) |
3,000,000 |
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Bank loans: |
|
Amounts payable otherwise than by instalment falling due for payment between two to five years |
|
3,000,000 |
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
3,000,000 |
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a first legal charge over the investment properties known as 42 & 43 Queens Gate Mews London SW7, 8 York Buildings London WC2, 7 Heath Street London NW3, 17 Hampstead High Street London NW3 and by a fixed and floating charge over all assets of the company including book debts. Interest is charged at 2.5% p.a above SONIA. |
|
|
| 10 |
Deferred taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
Deferred tax on fair value surplus |
2,478,112 |
|
2,557,459 |
|
|
|
|
|
|
2,478,112 |
|
2,557,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April |
2,557,459 |
|
1,537,244 |
|
Charged to the profit and loss account |
(79,347) |
|
1,020,215 |
|
At 31 March |
2,478,112 |
|
2,557,459 |
|
|
|
|
|
|
|
|
|
|
|
| 11 |
Other reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 April |
10,354,609 |
|
9,235,749 |
|
Fair value surplus |
(82,000) |
|
2,139,075 |
|
Deferred taxation on fair value surplus |
20,500 |
|
(1,020,215) |
|
Investment property disposal |
(332,181) |
|
At 31 March |
9,960,928 |
|
10,354,609 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Controlling party |
|
|
The ultimate parent undertaking is ASC Investments Limited, a company registered in England and Wales.
The largest and smallest group undertakings for which group accounts have been drawn up is that headed by ASC Investments Limited. Copies of the group accounts can be obtained from Kastalia, 1A Harmood Street, London, NW1 8DN.
The ultimate controlling party is S.A Christodoulou by virtue of his majority shareholding in the ultimate parent undertaking.
Advantage has been taken of the exemption in FRS102 not to disclose related party transactions with the parent company, as ASC Estates Limited is wholly owned by the parent company as are the fellow subsidiaries. |
|
|
| 13 |
Other information |
|
|
ASC Estates Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Kastalia |
|
1A Harmood Street |
|
London |
|
NW1 8DN |