ASSET55 LTD

Company Registration Number:
08335379 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2022

Period of accounts

Start date: 1 April 2021

End date: 31 March 2022

ASSET55 LTD

Contents of the Financial Statements

for the Period Ended 31 March 2022

Balance sheet
Additional notes
Balance sheet notes

ASSET55 LTD

Balance sheet

As at 31 March 2022

Notes 2022 2021


£

£
Fixed assets
Intangible assets: 3 759,191 159,861
Tangible assets: 4 80,566 115,136
Total fixed assets: 839,757 274,997
Current assets
Debtors: 5 718,878 719,281
Cash at bank and in hand: 381,876 101,654
Total current assets: 1,100,754 820,935
Creditors: amounts falling due within one year: 6 ( 486,851 ) ( 107,143 )
Net current assets (liabilities): 613,903 713,792
Total assets less current liabilities: 1,453,660 988,789
Creditors: amounts falling due after more than one year: 7 ( 136,000 ) ( 50,000 )
Total net assets (liabilities): 1,317,660 938,789
Capital and reserves
Called up share capital: 270,000 270,000
Profit and loss account: 1,047,660 668,789
Total Shareholders' funds: 1,317,660 938,789

The notes form part of these financial statements

ASSET55 LTD

Balance sheet statements

For the year ending 31 March 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 9 August 2022
and signed on behalf of the board by:

Name: P Cheesmond
Status: Director

The notes form part of these financial statements

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents amounts receivable for software and installation and maintenance of that software net of VAT. License fees are recognised on inception of the licence, with any support element being apportioned over the term of the license. Installation and maintenance are recognised as the work is completed. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: Fixtures, fittings & equipment - 25% Reducing balanceComputer equipment - 30% reducing balanceThe 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

    Intangible fixed assets amortisation policy

    Intangible assets are recognised at cost less accumulated amortisation and any impairment losses.Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:Development Costs 10% Straight lineInternally generated software development costs qualify for capitalisation when the Company can demonstrate all of the following;The technical feasibility of completing the intangible asset so that it will be available for use or sale.Its intention to complete the intangible asset and use or sell it.Its ability to use or sell the intangible asset.How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset.The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.Its ability to measure reliably the expenditure attributable to the intangible asset during its development

    Other accounting policies

    Impairment of fixed assetsAt each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.Any impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.Cash at bank and in handCash 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 current liabilities.TaxationCurrent 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 or surrender of a tax loss for R&D Credit.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.Foreign exchangeTransactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 25 23

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2021 336,550 336,550
Additions 632,985 632,985
Disposals
Revaluations
Transfers
At 31 March 2022 969,535 969,535
Amortisation
At 1 April 2021 176,689 176,689
Charge for year 33,655 33,655
On disposals
Other adjustments
At 31 March 2022 210,344 210,344
Net book value
At 31 March 2022 759,191 759,191
At 31 March 2021 159,861 159,861

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2021 182,504 182,504
Additions 1,546 1,546
Disposals
Revaluations
Transfers
At 31 March 2022 184,050 184,050
Depreciation
At 1 April 2021 67,368 67,368
Charge for year 36,116 36,116
On disposals
Other adjustments
At 31 March 2022 103,484 103,484
Net book value
At 31 March 2022 80,566 80,566
At 31 March 2021 115,136 115,136

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

5. Debtors

2022 2021
£ £
Trade debtors 390,777 344,243
Prepayments and accrued income 103,057 47,633
Other debtors 225,044 327,405
Total 718,878 719,281

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

6. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 24,000
Trade creditors 112,212 48,924
Taxation and social security 51,886 58,019
Accruals and deferred income 298,753 200
Total 486,851 107,143

ASSET55 LTD

Notes to the Financial Statements

for the Period Ended 31 March 2022

7. Creditors: amounts falling due after more than one year note

2022 2021
£ £
Bank loans and overdrafts 136,000 50,000
Total 136,000 50,000