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Company Registration No. 12614999 (England and Wales)
ASSET GLOBAL DIRECT LTD Unaudited accounts for the year ended 31 May 2023
ASSET GLOBAL DIRECT LTD Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
46,933 
25,750 
Current assets
Inventories
48,800 
28,680 
Debtors
5,572 
13,217 
Cash at bank and in hand
13,938 
4,940 
68,310 
46,837 
Creditors: amounts falling due within one year
(79,370)
(40,527)
Net current (liabilities)/assets
(11,060)
6,310 
Total assets less current liabilities
35,873 
32,060 
Creditors: amounts falling due after more than one year
(10,311)
(9,900)
Net assets
25,562 
22,160 
Capital and reserves
Called up share capital
1 
1 
Capital contribution reserve
20,000 
20,000 
Profit and loss account
5,561 
2,159 
Shareholders' funds
25,562 
22,160 
For the year ending 31 May 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 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 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 of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by
ALBERT CHITTINAPPILLIL VARGHESE Director Company Registration No. 12614999
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ASSET GLOBAL DIRECT LTD Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
ASSET GLOBAL DIRECT LTD is a private company, limited by shares, registered in England and Wales, registration number 12614999. The registered office is 198 WELLINGBOROUGH ROAD, NORTHAMPTON, NN1 4EB, ENGLAND.
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 year, 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: Motor Vehicles: Depreciation is charged on straight-line method and allocated the cost of asset less residual value over their estimated useful life. Useful life of the asset is estimated as 5 years and depreciated at 20%. Fixtures & fittings: Depreciation is charged on straight-line method and allocated the cost of asset less residual value over their estimated useful life. Useful life of the asset is estimated as 5 years and depreciated at 20%. Plant and Machinery: Depreciation is charged on straight-line method and allocated the cost of asset less residual value over their estimated useful life. Useful life of the asset is estimated as 5 years and depreciated at 20%. Computer Equipment: Depreciation is charged on straight-line method and allocated the cost of asset less residual value over their estimated useful life. Useful life of the asset is estimated as 5 years and depreciated at 20%. The assets' residual values, useful lives and depreciation methods are reviewed , and adjusted prospectively if appropriate , or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Leasing and Hire Purchase Contracts
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.
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ASSET GLOBAL DIRECT LTD Notes to the Accounts for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 June 2022
8,850 
3,800 
16,200 
1,800 
30,650 
Additions
13,533 
9,990 
9,090 
- 
32,613 
Revaluations
- 
(370)
- 
- 
(370)
Disposals
- 
(2,000)
- 
- 
(2,000)
At 31 May 2023
22,383 
11,420 
25,290 
1,800 
60,893 
Depreciation
At 1 June 2022
1,410 
1,320 
1,950 
220 
4,900 
Charge for the year
3,050 
1,200 
4,400 
300 
8,950 
On disposals
- 
110 
- 
- 
110 
At 31 May 2023
4,460 
2,630 
6,350 
520 
13,960 
Net book value
At 31 May 2023
17,923 
8,790 
18,940 
1,280 
46,933 
At 31 May 2022
7,440 
2,480 
14,250 
1,580 
25,750 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
2,029 
1,096 
Trade debtors
1,258 
2,704 
Accrued income and prepayments
1,417 
1,417 
Other debtors
868 
8,000 
5,572 
13,217 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
9,662 
- 
Obligations under finance leases and hire purchase contracts
2,928 
- 
Trade creditors
42,167 
19,670 
Taxes and social security
1,193 
1,133 
Other creditors
1,530 
3,844 
Loans from directors
21,890 
15,880 
79,370 
40,527 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
9,274 
- 
Taxes and social security
1,037 
- 
Loans from directors
- 
9,900 
10,311 
9,900 
- 4 -
ASSET GLOBAL DIRECT LTD Notes to the Accounts for the year ended 31 May 2023
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 May 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
- 
17,000 
Later than one year and not later than five years
- 
55,250 
- 
72,250 
9
Average number of employees
During the year the average number of employees was 7 (2022: 5).
- 5 -