Company Registration No. 13679644 (England and Wales)
Assetify Holdings Ltd
Unaudited accounts
for the year ended 31 March 2023
Assetify Holdings Ltd
Unaudited accounts
Contents
Assetify Holdings Ltd
Company Information
for the year ended 31 March 2023
Company Number
13679644 (England and Wales)
Registered Office
2nd Floor
164 New Cavendish Street
London
W1W 6YT
United Kingdom
Assetify Holdings Ltd
Statement of financial position
as at 31 March 2023
Investment property
314,942
241,230
Cash at bank and in hand
2,973
9,439
Creditors: amounts falling due within one year
(330,281)
(252,570)
Net current liabilities
(326,816)
(242,701)
Net liabilities
(8,540)
(1,471)
Called up share capital
100
100
Profit and loss account
(8,640)
(1,571)
Shareholders' funds
(8,540)
(1,471)
For the year ending 31 March 2023 the company was entitled to exemption from audit 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 October 2023 and were signed on its behalf by
A Chaudhry
Director
Company Registration No. 13679644
Assetify Holdings Ltd
Notes to the Accounts
for the year ended 31 March 2023
Assetify Holdings Ltd is a private company, limited by shares, registered in England and Wales, registration number 13679644. The registered office is 2nd Floor , 164 New Cavendish Street, London, W1W 6YT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on costs
Expenditure on research and development is written off in the year in which it is incurred.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The director has considered the period ahead and anticipates further losses in the coming year. The director believes that with support from the shareholder funds and creditors continued funding will be provided to support the company whilst it moves
towards profitability and to enable it to meet its day-to-day commitments from cashflows.
As a consequence, the director also believes that the company is well placed to manage its business risks successfully. As such, the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing the annual report and accounts.
Assetify Holdings Ltd
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 April 2022
241,230
Amounts falling due within one year
Accrued income and prepayments
439
214
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
282,713
218,038
Loans from directors
47,568
34,532
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Transactions with related parties
Included in other creditors is the amount of £47,568 (2022: £34,532) owed to Mr A Chaudhry, a director and majority shareholder of the company.
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).