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Registration number: 07948961

ASZYK Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 29 February 2024

 

ASZYK Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

ASZYK Ltd

(Registration number: 07948961)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

627

 

862

Current assets

   

 

Debtors

5

2,879

 

6,961

 

Cash at bank and in hand

 

44,140

 

14,275

 

 

47,019

 

21,236

 

Creditors: Amounts falling due within one year

6

(25,696)

 

(15,696)

 

Net current assets

   

21,323

 

5,540

Total assets less current liabilities

   

21,950

 

6,402

Creditors: Amounts falling due after more than one year

6

 

(2,627)

 

(4,369)

Net assets

   

19,323

 

2,033

Capital and reserves

   

 

Called up share capital

7

1

 

1

 

Profit and loss account

19,322

 

2,032

 

Total equity

   

19,323

 

2,033

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 October 2024
 

.........................................
Mr Neal Antony Coghlan
Director

 

ASZYK Ltd

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 514 Omegaworks
4 Roach Road
London
E3 2NY

These financial statements were authorised for issue by the director on 26 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

ASZYK Ltd

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer

33.33% Straight line

Furniture

20% Reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

ASZYK Ltd

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

16,996

16,996

Additions

207

207

At 29 February 2024

17,203

17,203

Depreciation

At 1 March 2023

16,134

16,134

Charge for the year

442

442

At 29 February 2024

16,576

16,576

Carrying amount

At 29 February 2024

627

627

At 28 February 2023

862

862

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,879

6,961

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

1,839

1,839

Taxation and social security

18,481

11,368

Other creditors

5,376

2,489

25,696

15,696

Due after one year

Loans and borrowings

2,627

4,369

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,627

4,369

 

ASZYK Ltd

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,627

4,369

2024
£

2023
£

Current loans and borrowings

Bank borrowings

1,839

1,839

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,104

9,071