Registered number
08455372
ASMERA LIMITED
Filleted Accounts
29 February 2024
ASMERA LIMITED
Registered number: 08455372
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,485 29,563
Current assets
Stocks 2,999 3,485
Debtors 4 74,113 109,000
Cash at bank and in hand 3,428 13,279
80,540 125,764
Creditors: amounts falling due within one year 5 (65,886) (112,987)
Net current assets 14,654 12,777
Total assets less current liabilities 46,139 42,340
Creditors: amounts falling due after more than one year 6 (37,778) (39,122)
Net assets 8,361 3,218
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 7,361 2,218
Shareholders' funds 8,361 3,218
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.
Mr Canser CELIK
Director
Approved by the board on 23 May 2024
ASMERA LIMITED
Notes to the Accounts
for the year ended 29 February 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, at rates calculated to write off the cost, less estimated residual value,, as follows:
Fixtures, fittings and equipment 18% pa (reducing balance )
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.Corporation tax assets and liabilities are not discounted.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 71,162 12,809 83,971
Additions 832 9,500 10,332
Disposals - (12,809) (12,809)
At 29 February 2024 71,994 9,500 81,494
Depreciation
At 1 March 2023 43,786 10,622 54,408
Charge for the year 4,940 1,283 6,223
On disposals - (10,622) (10,622)
At 29 February 2024 48,726 1,283 50,009
Net book value
At 29 February 2024 23,268 8,217 31,485
At 28 February 2023 27,376 2,187 29,563
4 Debtors 2024 2023
£ £
Prepayments & other debtors 74,113 109,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 6,216 -
Obligations under finance lease and hire purchase contracts 4,001 -
Trade creditors 3,126 18,628
Taxation and social security costs 52,543 94,359
65,886 112,987
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,034 39,122
Obligations under finance lease and hire purchase contracts 7,744 -
37,778 39,122
7 Other information
ASMERA LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
21 Ravenswood Crescent
West Wickham
BR4 0JH
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