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REGISTERED NUMBER: 11064784 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2021

for

Picasso Assets Ltd

Picasso Assets Ltd (Registered number: 11064784)






Contents of the Financial Statements
for the year ended 30 November 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Picasso Assets Ltd

Company Information
for the year ended 30 November 2021







DIRECTORS: Bond Assets Holdings Ltd
D Pyrkou





REGISTERED OFFICE: Global House
303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 11064784 (England and Wales)






Picasso Assets Ltd (Registered number: 11064784)

Statement of Financial Position
30 November 2021

30/11/21 30/11/20
Notes £    £    £    £   
FIXED ASSETS
Investments 5 71,736 159,647

CURRENT ASSETS
Cash at bank and in hand 346,774 8

CREDITORS
Amounts falling due within one year 6 316,649 155,985
NET CURRENT ASSETS/(LIABILITIES) 30,125 (155,977 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,861

3,670

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 101,761 3,570
SHAREHOLDERS' FUNDS 101,861 3,670

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2022 and were signed on its behalf by:





Bond Assets Holdings Ltd - Director


Picasso Assets Ltd (Registered number: 11064784)

Notes to the Financial Statements
for the year ended 30 November 2021

1. STATUTORY INFORMATION

Picasso Assets Ltd 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. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.


Picasso Assets Ltd (Registered number: 11064784)

Notes to the Financial Statements - continued
for the year ended 30 November 2021

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Investments
Investments comprise of investments in listed instruments which are measured at cost. After initial recognition, investments are measured at cost less any accumulated impairment losses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 December 2020 159,647
Additions 358,283
Disposals (446,194 )
At 30 November 2021 71,736
NET BOOK VALUE
At 30 November 2021 71,736
At 30 November 2020 159,647

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/21 30/11/20
£    £   
Amounts owed to group undertakings 90 26
Taxation and social security 161,609 1,409
Other creditors 154,950 154,550
316,649 155,985