2023-06-012024-05-312024-05-31false09572212TREASURE ASSETS FINANCIAL MANAGEMENT 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TREASURE ASSETS FINANCIAL MANAGEMENT LIMITED

Registered Number
09572212
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

TREASURE ASSETS FINANCIAL MANAGEMENT LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

KHIMJI, Chandrakant Bhimji

Registered Address

Unit 2, Archgate Business Centre 823-825 High Road
North Finchley
London
N12 8UB

Registered Number

09572212 (England and Wales)
TREASURE ASSETS FINANCIAL MANAGEMENT LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,5202,026
1,5202,026
Current assets
Debtors46008,700
Cash at bank and on hand4123
6418,723
Creditors amounts falling due within one year5(63,163)(72,845)
Net current assets (liabilities)(62,522)(64,122)
Total assets less current liabilities(61,002)(62,096)
Creditors amounts falling due after one year6(31,393)(36,932)
Net assets(92,395)(99,028)
Capital and reserves
Called up share capital100100
Profit and loss account(92,495)(99,128)
Shareholders' funds(92,395)(99,028)
The financial statements were approved and authorised for issue by the Director on 19 August 2024, and are signed on its behalf by:
KHIMJI, Chandrakant Bhimji
Director
Registered Company No. 09572212
TREASURE ASSETS FINANCIAL MANAGEMENT LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes commission received  from the rendering of services.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Government grants or assistance
Government grants are recognised at the fair value of consideration received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2.Average number of employees

20242023
Average number of employees during the year13
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 June 234,8964,896
At 31 May 244,8964,896
Depreciation and impairment
At 01 June 232,8702,870
Charge for year506506
At 31 May 243,3763,376
Net book value
At 31 May 241,5201,520
At 31 May 232,0262,026
4.Debtors: amounts due within one year

2024

2023

££
Other debtors6008,700
Total6008,700
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts5,9965,996
Other creditors55,99765,709
Accrued liabilities and deferred income1,1701,140
Total63,16372,845
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts31,39336,932
Total31,39336,932
The bank borrowings and overdrafts includes bounce back loan of £37,388 (2023: £42,926) which is backed by the government. The amount due in more than 5 years in respect of this loan is £1,411 (2023:£6,951).
7.Related party transactions
Other creditors include balance company owes to director, Mr C B Khimji £51,609 (2023: £65,709 ). Included in other creditors falling due within one year is an amount of £4,388 (2023:£8,100 debit) due to Home Finance center Ltd, a company connected to the directors. During the year company has paid management fees of £10,000 (2023:£10,000 received) to Home Finance Centre Ltd.