1 July 2022 false No description of principal activity Taxfiler 2023.10 10237816business:PrivateLimitedCompanyLtd2022-07-012023-03-31 102378162022-06-30 102378162022-07-012023-03-31 10237816business:AuditExemptWithAccountantsReport2022-07-012023-03-31 10237816business:FilletedAccounts2022-07-012023-03-31 102378162023-03-31 10237816business:Director12022-07-012023-03-31 10237816business:RegisteredOffice2022-07-012023-03-31 102378162022-06-30 10237816core:WithinOneYear2023-03-31 10237816core:WithinOneYear2022-06-30 10237816core:AfterOneYear2023-03-31 10237816core:AfterOneYear2022-06-30 10237816core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 10237816core:ShareCapitalcore:PreviouslyStatedAmount2022-06-30 10237816core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 10237816core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-06-30 10237816core:PreviouslyStatedAmount2023-03-31 10237816core:PreviouslyStatedAmount2022-06-30 10237816business:SmallEntities2022-07-012023-03-31 10237816countries:EnglandWales2022-07-012023-03-31 10237816core:FurnitureFittings2022-07-012023-03-31 10237816core:ComputerEquipment2022-07-012023-03-31 10237816core:Goodwill2022-06-30 10237816core:Goodwill2023-03-31 10237816core:Goodwill2022-07-012023-03-31 10237816core:PlantMachinery2022-06-30 10237816core:PlantMachinery2022-07-012023-03-31 10237816core:PlantMachinery2023-03-31 102378162021-07-012022-06-30 iso4217:GBP xbrli:pure
Company Registration No. 10237816 (England and Wales)
Asset Associates Limited Unaudited accounts for the period from 1 July 2022 to 31 March 2023
Asset Associates Limited Unaudited accounts Contents
Page
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Asset Associates Limited Company Information for the period from 1 July 2022 to 31 March 2023
Director
Harriette Wood
Company Number
10237816 (England and Wales)
Registered Office
UNIT G, BUILDING 44 EUROPA BUSINESS PARK BIRDHALL LANE CHEADLE HEATH STOCKPORT SK3 0XA
Accountants
Emerald Path Ltd 32 Frances Avenue Gatley Cheadle Cheshire SK8 4BJ
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Asset Associates Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
112,875 
136,500 
Tangible assets
2,447 
2,808 
115,322 
139,308 
Current assets
Inventories
18,723 
27,764 
Debtors
303,527 
136,722 
Cash at bank and in hand
86,121 
275,273 
408,371 
439,759 
Creditors: amounts falling due within one year
(157,578)
(260,910)
Net current assets
250,793 
178,849 
Total assets less current liabilities
366,115 
318,157 
Creditors: amounts falling due after more than one year
- 
(28,425)
Net assets
366,115 
289,732 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
366,015 
289,632 
Shareholders' funds
366,115 
289,732 
For the period 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 her 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 5 October 2023 and were signed on its behalf by
Harriette Wood Director Company Registration No. 10237816
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Asset Associates Limited Notes to the Accounts for the period from 1 July 2022 to 31 March 2023
1
Statutory information
Asset Associates Limited is a private company, limited by shares, registered in England and Wales, registration number 10237816. The registered office is UNIT G, BUILDING 44 EUROPA BUSINESS PARK, BIRDHALL LANE, CHEADLE HEATH, STOCKPORT, SK3 0XA.
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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
Straight Line 20%
Computer equipment
Straight Line 33%
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred taxation
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.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Asset Associates Limited Notes to the Accounts for the period from 1 July 2022 to 31 March 2023
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 July 2022
315,000 
At 31 March 2023
315,000 
Amortisation
At 1 July 2022
178,500 
Charge for the period
23,625 
At 31 March 2023
202,125 
Net book value
At 31 March 2023
112,875 
At 30 June 2022
136,500 
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 July 2022
9,908 
Additions
787 
At 31 March 2023
10,695 
Depreciation
At 1 July 2022
7,100 
Charge for the period
1,148 
At 31 March 2023
8,248 
Net book value
At 31 March 2023
2,447 
At 30 June 2022
2,808 
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Asset Associates Limited Notes to the Accounts for the period from 1 July 2022 to 31 March 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
301,225 
132,091 
Deferred tax asset
622 
588 
Accrued income and prepayments
1,680 
4,043 
303,527 
136,722 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
- 
10,648 
VAT
75,023 
105,137 
Trade creditors
16,501 
23,562 
Taxes and social security
51,153 
73,818 
Other creditors
- 
28,536 
Loans from directors
5,337 
(4,986)
Accruals
9,564 
24,195 
157,578 
260,910 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
- 
28,425 
9
Average number of employees
During the period the average number of employees was 70 (2022: 74).
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