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REGISTERED NUMBER: 03151140 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

A.S.E.T.S (UK) LTD

A.S.E.T.S (UK) LTD (Registered number: 03151140)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


A.S.E.T.S (UK) LTD

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr J Laughland
Mr A Morton





SECRETARY: Mr A Morton





REGISTERED OFFICE: 295-297 Church Street
Blackpool
Lancashire
FY1 3PJ





REGISTERED NUMBER: 03151140 (England and Wales)





ACCOUNTANTS: CCW Limited
Chartered Accountants
295/297 Church Street
Blackpool
Lancashire
FY1 3PJ

A.S.E.T.S (UK) LTD (Registered number: 03151140)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 68,300 81,038

CURRENT ASSETS
Stocks 6,508 -
Debtors 5 64,811 98,848
Cash at bank 139,851 177,329
211,170 276,177
CREDITORS
Amounts falling due within one year 6 137,781 179,661
NET CURRENT ASSETS 73,389 96,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

141,689

177,554

CREDITORS
Amounts falling due after more than one
year

7

(65,137

)

(92,663

)

PROVISIONS FOR LIABILITIES (2,050 ) (3,495 )
NET ASSETS 74,502 81,396

CAPITAL AND RESERVES
Called up share capital 120 120
Revaluation reserve 28,075 28,075
Retained earnings 46,307 53,201
SHAREHOLDERS' FUNDS 74,502 81,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A.S.E.T.S (UK) LTD (Registered number: 03151140)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 and were signed on its behalf by:





Mr J Laughland - Director


A.S.E.T.S (UK) LTD (Registered number: 03151140)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

A.S.E.T.S (UK) LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

A.S.E.T.S (UK) LTD (Registered number: 03151140)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 September 2022 60,000 376,966 6,600
Additions - 1,214 -
At 31 August 2023 60,000 378,180 6,600
DEPRECIATION
At 1 September 2022 1,200 357,826 6,600
Charge for year 1,200 10,878 -
At 31 August 2023 2,400 368,704 6,600
NET BOOK VALUE
At 31 August 2023 57,600 9,476 -
At 31 August 2022 58,800 19,140 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 September 2022 55,026 60,763 559,355
Additions - 607 1,821
At 31 August 2023 55,026 61,370 561,176
DEPRECIATION
At 1 September 2022 55,026 57,665 478,317
Charge for year - 2,481 14,559
At 31 August 2023 55,026 60,146 492,876
NET BOOK VALUE
At 31 August 2023 - 1,224 68,300
At 31 August 2022 - 3,098 81,038

A.S.E.T.S (UK) LTD (Registered number: 03151140)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 August 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2021 60,000 - -
Cost - 378,180 6,600
60,000 378,180 6,600

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2021 - - 60,000
Cost 55,026 61,370 501,176
55,026 61,370 561,176

If Freehold property had not been revalued it would have been included at the following historical cost:

31.8.23 31.8.22
£    £   
Cost 31,925 31,925
Aggregate depreciation 15,116 14,477

Value of land in freehold land and buildings 16,809 17,448

5. DEBTORS
31.8.23 31.8.22
£    £   
Amounts falling due within one year:
Trade debtors 22,399 69,503
Other debtors 38,231 25,164
60,630 94,667

Amounts falling due after more than one year:
Other debtors 4,181 4,181

Aggregate amounts 64,811 98,848

A.S.E.T.S (UK) LTD (Registered number: 03151140)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 5,308 5,177
Trade creditors 11,388 14,594
Taxation and social security 81,850 116,775
Other creditors 39,235 43,115
137,781 179,661

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 31,710 38,497
Other creditors 33,427 54,166
65,137 92,663

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,105 16,446

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
Mr J Laughland
Balance outstanding at start of year - 21,361
Amounts advanced 93,068 50,557
Amounts repaid (82,199 ) (71,918 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,869 -

Mr A Morton
Balance outstanding at start of year 16,723 37,102
Amounts advanced 82,520 47,666
Amounts repaid (80,200 ) (68,045 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,043 16,723

The loans to the directors have no fixed repayment terms and interest is being charged at HMRC rate applicable to beneficial loan arrangements.

9. RELATED PARTY DISCLOSURES

Mr J Laughland and Mr A Morton jointly own a storage property rented by the company. No rent was paid to the directors during the year or in the previous year.