Asante Direct Limited
Registered number: 06482781
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,882 7,490
Current assets
Debtors 4 37,798 52,614
Cash at bank and in hand 51 134
37,849 52,748
Creditors: amounts falling due within one year 5 (134,084) (91,137)
Net current liabilities (96,235) (38,389)
Total assets less current liabilities (88,353) (30,899)
Creditors: amounts falling due after more than one year 6 (35,569) (43,483)
Net liabilities (123,922) (74,382)
Capital and reserves
Called up share capital 2 2
Profit and loss account (123,924) (74,384)
Shareholder's funds (123,922) (74,382)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Solomon Asante Manu
Director
Approved by the board on 9 November 2023
Asante Direct Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery over 3 years
Equipment, Fixtures & Fittings over 3 years
Motor Vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Equipment, Fixtures & Fittings Motor vehicles Total
£ £ £
Cost
At 1 February 2022 29,280 46,453 75,733
Additions 6,269 - 6,269
At 31 January 2023 35,549 46,453 82,002
Depreciation
At 1 February 2022 21,790 46,453 68,243
Charge for the year 5,877 - 5,877
At 31 January 2023 27,667 46,453 74,120
Net book value
At 31 January 2023 7,882 - 7,882
At 31 January 2022 7,490 - 7,490
4 Debtors 2023 2022
£ £
Trade debtors 37,798 52,614
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,304 13,720
Capital on tap 12,603 11,882
Obligations under finance lease and hire purchase contracts 3,427 7,069
Trade creditors 46,039 (73)
Corporation tax - 92
Other taxes and social security costs 49,570 47,873
Other creditors 9,141 10,574
134,084 91,137
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 35,569 43,483
8 Controlling party
During the period the company was wholly under the control of the directors.
9 Other information
Asante Direct Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Pinnacle
150 Midsummer Boulevard
Milton Keynes
MK9 1LH
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