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COMPANY REGISTRATION NUMBER: 06988367
Assiem Limited
Filleted Unaudited Financial Statements
31 March 2023
Assiem Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Assiem Limited
Officers and Professional Advisers
Director
K Goold
Registered office
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Accountants
Baulf-James
Chartered accountants
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Assiem Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Assiem Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Assiem Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Assiem Limited in accordance with the terms of our engagement letter dated 5 July 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Assiem Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Assiem Limited and its director for our work or for this report.
It is your duty to ensure that Assiem Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Assiem Limited. You consider that Assiem Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Assiem Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Baulf-James Chartered accountants
17-19 Station Road West Oxted Surrey RH8 9EE
4 August 2023
Assiem Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
142
285
Current assets
Debtors
6
566
496
Cash at bank and in hand
3,831
3,639
-------
-------
4,397
4,135
Creditors: amounts falling due within one year
7
3,733
3,394
-------
-------
Net current assets
664
741
----
-------
Total assets less current liabilities
806
1,026
----
-------
Net assets
806
1,026
----
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
706
926
----
-------
Shareholders funds
806
1,026
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 August 2023 , and are signed on behalf of the board by:
K Goold
Director
Company registration number: 06988367
Assiem Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17-19 Station Road West, Oxted, Surrey, RH8 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
25% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2022
1,259
1,259
Disposals
( 60)
( 60)
-------
-------
At 31 March 2023
1,199
1,199
-------
-------
Depreciation
At 1 April 2022
974
974
Charge for the year
142
142
Disposals
( 59)
( 59)
-------
-------
At 31 March 2023
1,057
1,057
-------
-------
Carrying amount
At 31 March 2023
142
142
-------
-------
At 31 March 2022
285
285
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
314
Other debtors
252
496
----
----
566
496
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
479
1,399
Social security and other taxes
588
783
Other creditors
2,666
1,212
-------
-------
3,733
3,394
-------
-------
8. Going concern
The accounts are prepared on the going concern basis. The Company has made a profit in the year and the Director confirms she will continue to support the Company for more than 12 months.