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
Tangible assets
46,933
25,750
Cash at bank and in hand
13,938
4,940
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)
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
ASSET GLOBAL DIRECT LTD
Notes to the Accounts
for the year ended 31 May 2023
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.
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.
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.
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
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
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
Amounts falling due within one year
Accrued income and prepayments
1,417
1,417
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
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
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
9
Average number of employees
During the year the average number of employees was 7 (2022: 5).