Company Registration No. 10279583 (England and Wales)
Asset Living Ltd
Unaudited accounts
for the year ended 31 July 2023
Asset Living Ltd
Unaudited accounts
Contents
Asset Living Ltd
Company Information
for the year ended 31 July 2023
Directors
Jonathan Leslie Barnett
Andrew Charles Gaught
Company Number
10279583 (England and Wales)
Registered Office
OFFICE 7 35-37 LUDGATE HILL
LUDGATE HILL
LONDON
EC4M 7JN
ENGLAND
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Asset Living Ltd
Accountants' report
Accountants' report to the board of directors of Asset Living Ltd on the preparation of the unaudited statutory accounts for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Asset Living Ltd for the year ended
31 July 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Asset Living Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Asset Living Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Asset Living Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Asset Living Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Asset Living Ltd. You consider that Asset Living Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Asset Living Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
25 March 2024
Asset Living Ltd
Statement of financial position
as at 31 July 2023
Tangible assets
1,174
2,115
Cash at bank and in hand
14,151
26,261
Creditors: amounts falling due within one year
(26,651)
(28,386)
Net current assets
23,529
26,592
Total assets less current liabilities
24,703
28,707
Creditors: amounts falling due after more than one year
(27,822)
(40,294)
Net liabilities
(3,119)
(11,587)
Called up share capital
2
2
Profit and loss account
(3,121)
(11,589)
Shareholders' funds
(3,119)
(11,587)
For the year ending 31 July 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 10 April 2024 and were signed on its behalf by
Andrew Charles Gaught
Director
Company Registration No. 10279583
Asset Living Ltd
Notes to the Accounts
for the year ended 31 July 2023
Asset Living Ltd is a private company, limited by shares, registered in England and Wales, registration number 10279583. The registered office is OFFICE 7 35-37 LUDGATE HILL, LUDGATE HILL, LONDON, EC4M 7JN, 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:
Plant & machinery
25% - 33% on cost
Fixtures & fittings
25% - 33% on cost
Computer equipment
33% on cost
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
90
6,853
2,822
9,765
At 31 July 2023
90
6,853
2,822
9,765
At 1 August 2022
89
6,853
708
7,650
Charge for the year
-
-
941
941
At 31 July 2023
89
6,853
1,649
8,591
At 31 July 2023
1
-
1,173
1,174
At 31 July 2022
1
-
2,114
2,115
Asset Living Ltd
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Other debtors
32,287
28,636
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
607
796
Other creditors
14,513
14,240
Loans from directors
10,919
12,840
7
Creditors: amounts falling due after more than one year
2023
2022
In May 2020, the company received a Bounce Back Loan of £49,500, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme.
8
Transactions with related parties
Included in current assets is a loan of £25,612 (2022 - £15,906) to Asset Living Investments Limited, a related company. No interest has been charged, and the loan is repayable on demand.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).