Registered number
09499330
Asksenti Ltd
Unaudited Filleted Accounts
31 March 2024
Asksenti Ltd
Registered number: 09499330
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 86,969 15,193
Current assets
Debtors 4 116,388 155,901
Cash at bank and in hand 25,507 25,513
141,895 181,414
Creditors: amounts falling due within one year 5 (407,698) (377,198)
Net current liabilities (265,803) (195,784)
Total assets less current liabilities (178,834) (180,591)
Creditors: amounts falling due after more than one year 6 (204,903) (141,875)
Net liabilities (383,737) (322,466)
Capital and reserves
Called up share capital 155 155
Share premium 1,020,617 1,020,617
Profit and loss account (1,404,509) (1,343,238)
Shareholders' funds (383,737) (322,466)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Khandelwal
Director
Approved by the board on 4 September 2024
Asksenti Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 35,468 - 35,468
Additions 1,590 94,980 96,570
Disposals (5,147) - (5,147)
At 31 March 2024 31,911 94,980 126,891
Depreciation
At 1 April 2023 20,275 - 20,275
Charge for the year 8,964 15,830 24,794
On disposals (5,147) - (5,147)
At 31 March 2024 24,092 15,830 39,922
Net book value
At 31 March 2024 7,819 79,150 86,969
At 31 March 2023 15,193 - 15,193
4 Debtors 2024 2023
£ £
Trade debtors 50,037 93,335
Other debtors 66,351 62,566
116,388 155,901
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,500 7,500
Obligations under finance lease and hire purchase contracts 6,232 -
Trade creditors 63,201 69,600
Taxation and social security costs 29,236 23,202
Other creditors 301,529 276,896
407,698 377,198
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,375 16,875
Obligations under finance lease and hire purchase contracts 70,528 -
Other creditors 125,000 125,000
204,903 141,875
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Khandelwal
Interest free loan 47,544 1,481 - 49,025
47,544 1,481 - 49,025
8 Controlling party
The director S Khandelwal is the controlling party by virtue of his majority shareholding.
9 Other information
Asksenti Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Totman Crescent
Rayleigh
Essex
SS6 7UY
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