Company registration number 01533163 (England and Wales)
ANSACODE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ANSACODE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ANSACODE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,835,000
2,090,000
Current assets
Debtors
4
24,216
19,446
Cash at bank and in hand
70,030
92,690
94,246
112,136
Creditors: amounts falling due within one year
5
(121,808)
(103,286)
Net current (liabilities)/assets
(27,562)
8,850
Net assets
1,807,438
2,098,850
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
1,807,338
2,098,750
Total equity
1,807,438
2,098,850
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 31 December 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Mr N J Goulden
Director
Company Registration No. 01533163
ANSACODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Ansacode Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Lake Court, Hursley, Winchester, Hampshire, United Kingdom, SO21 2LD.
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, modified to include the revaluation of freehold investment properties. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. This is a departure from the general requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the Act in this respect would result in the financial statements not showing a true and fair view.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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. The directors are of the opinion that all assets and liabilities are basic.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
ANSACODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
4
3
Investment property
2022
£
Fair value
At 1 January 2022
2,090,000
Revaluations
(255,000)
At 31 December 2022
1,835,000
Investment property represents units on an industrial estate. The investment properties were valued at 31 December 2022 at an estimated open market value by the directors.
The original costs of the investment properties was £881,336 (2021 £881,336)
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
7,991
14,552
Other debtors
16,225
4,894
24,216
19,446
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
12,845
Amounts owed to group undertakings
51,626
26,788
Corporation tax
26,644
24,829
Other creditors
43,538
38,824
121,808
103,286
ANSACODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
7
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
2,098,750
1,977,899
(Loss)/profit for the year
(141,412)
220,851
Dividends declared and paid in the year
(150,000)
(100,000)
At the end of the year
1,807,338
2,098,750
FRS 102 requires the consolidation of all reserves. Within retained reserves are non-distributable reserves of £953,664 from its revalued investment properties (2021 £1,208,664). As at 31 December 2022 distributable reserves totalled £853,674 (2021 £890,086).
8
Financial commitments, guarantees and contingent liabilities
The company is party to a group bank borrowing facility, secured by a charge over certain assets of the parent company.
At the balance sheet date, the company had a contingent liability in respect of the bank borrowing of the ultimate parent company amounting to £Nil (2021 £Nil) and an interest free intercompany loan of £51,626 (2021 £26,788).