Ascent People Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07305552 (England and Wales)

Unaudited Financial Statements

For The Year Ended

31 July 2021

for

ASCENT PEOPLE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J M Starkey

Mrs N Bramley- Nnadede

REGISTERED OFFICE:

2nd Floor

Lees Street

Salford

Greater Manchester

M27 6DB

REGISTERED NUMBER:

07305552 (England and Wales)

ACCOUNTANTS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

FIXED ASSETS

Tangible assets

4

349

-

CURRENT ASSETS

Debtors

5

253,247

194,181

Cash at bank

27,327

102,799

280,574

296,980

CREDITORS

Amounts falling due within one year

6

113,022

133,355

NET CURRENT ASSETS

167,552

163,625

TOTAL ASSETS LESS CURRENT LIABILITIES

167,901

163,625

CREDITORS

Amounts falling due after more than one year

7

(119,323

)

(163,524

)

PROVISIONS FOR LIABILITIES

(66

)

-

NET ASSETS

48,512

101

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

48,412

1

SHAREHOLDERS' FUNDS

48,512

101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2022 and were signed on its behalf by:

Mrs J M Starkey - Director

Mrs N Bramley- Nnadede - Director

1.	STATUTORY INFORMATION

Ascent People Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company's policy of revenue recognition is to recognise revenue when the contractual obligations to the client have been fulfilled. For contracts where obligations to the client have not been fulfilled, but have been invoiced the revenue is recognised within deferred income in current liabilities until such time a right to consideration arises.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

The company carries tangible fixed assets in the balance sheet using the depreciated historic cost method. Carrying amounts of fixed assets in the company's balance sheet are shown net of depreciation charges and, where applicable, provisions for impairment. Residual values of fixed assets are calculated on prices prevailing at the balance sheet date if the assets where of the age and condition expected at the end of their useful economic lives. Profits or losses on the disposal of fixed assets are included in the calculation of profit for the period.

Financial instruments

A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-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.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

Government grants

Government grants are recognised when the entity expects to receive the grant and will comply with the grants conditions and are accounted for using the accrual model .Grants in respect of Covid-19 are recognised in income in the period the grant relates to.

Grants which become repayable are recognised as a liability in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

524

At 31 July 2021

524

DEPRECIATION

Charge for year

175

At 31 July 2021

175

NET BOOK VALUE

At 31 July 2021

349

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

59,370

-

Other debtors

-

300

Directors' current accounts

147,113

147,117

Tax

46,764

46,764

253,247

194,181

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts

21,600

3,600

Other loans

22,601

20,277

Trade creditors

3,654

27,496

Tax

31,005

53,175

Social security and other taxes

3,598

433

Pension

98

98

VAT

28,175

23,326

Other creditors

341

2,993

Wages control

1,950

1,957

113,022

133,355

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans - 1-2 years

21,600

21,600

Bank loans - 2-5 years

61,200

82,800

Other loans - 1-2 years

25,192

22,601

Other loans - 2-5 years

11,331

36,523

119,323

163,524

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors received advances of £216,418 (2020: £181,383) and credits of £69,304 (2020: £34,266) advances are interest-free and are repayable on demand.