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REGISTERED NUMBER: 11807598 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

ASSETBOUND LIMITED

ASSETBOUND LIMITED (REGISTERED NUMBER: 11807598)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29TH FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASSETBOUND LIMITED

COMPANY INFORMATION
for the Year Ended 29TH FEBRUARY 2024







DIRECTOR: M D E Bayntun





REGISTERED OFFICE: 146-148 Newington Butts
S L S
London
SE11 4RN





REGISTERED NUMBER: 11807598 (England and Wales)





ACCOUNTANTS: Underwood Barron LLP
Monks Brook House
13 - 17 Hursley Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2FW

ASSETBOUND LIMITED (REGISTERED NUMBER: 11807598)

BALANCE SHEET
29TH FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,275,000 2,310,000

CURRENT ASSETS
Debtors 5 762,928 665,421
Cash at bank 8,869 7,282
771,797 672,703
CREDITORS
Amounts falling due within one year 6 451,934 101,026
NET CURRENT ASSETS 319,863 571,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,594,863

2,881,677

CREDITORS
Amounts falling due after more than one
year

7

(1,693,181

)

(2,031,913

)

PROVISIONS FOR LIABILITIES (131,125 ) (139,875 )
NET ASSETS 770,557 709,889

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 393,376 419,626
Retained earnings 377,081 290,163
770,557 709,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5th November 2024 and were signed by:





M D E Bayntun - Director


ASSETBOUND LIMITED (REGISTERED NUMBER: 11807598)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

Assetbound Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The company's financial statements show a loss for the first period of trading, the result of which has led to a net liability position at the balance sheet date.The director is continuing to support the company financially and will ensure that it has sufficient resources to enable it to meet its liabilities as they fall due. For this reason he is satisfied that the company can continue to prepare its financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2023 2,310,000
Revaluations (35,000 )
At 29th February 2024 2,275,000
NET BOOK VALUE
At 29th February 2024 2,275,000
At 28th February 2023 2,310,000

ASSETBOUND LIMITED (REGISTERED NUMBER: 11807598)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29TH FEBRUARY 2024

4. INVESTMENT PROPERTY - continued

Fair value at 29th February 2024 is represented by:
£   
Valuation in 2021 327,176
Valuation in 2022 86,325
Valuation in 2023 145,000
Valuation in 2024 (35,000 )
Cost 1,751,499
2,275,000

If the investment properties had not been revalued they would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 1,751,499 1,750,499
Aggregate depreciation (175,050 ) (140,040 )

Investment properties were valued on an open market basis basis on 29th February 2024 by the director of the company .

5. DEBTORS
29.2.24 28.2.23
£    £   
Amounts falling due within one year:
Amounts owed by associates 13,600 -
Other debtors 10,420 6,171
24,020 6,171

Amounts falling due after more than one year:
Amounts owed by associates 738,908 659,250

Aggregate amounts 762,928 665,421

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 21,016 24,716
Trade creditors 15,793 13,158
Amounts owed to associates 2,000 18,744
Taxation and social security 22,047 4,841
Other creditors 391,078 39,567
451,934 101,026

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 765,490 782,807
Amounts owed to associates 885,296 1,204,138
Other creditors 42,395 44,968
1,693,181 2,031,913

ASSETBOUND LIMITED (REGISTERED NUMBER: 11807598)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29TH FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
29.2.24 28.2.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 681,426 634,513
Other loans more 5yrs instal 31,826 18,679
713,252 653,192

8. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 786,506 807,523

9. RESERVES
Fair
value
reserve
£   
At 1st March 2023 419,626
Transfer between reserves (26,250 )

At 29th February 2024 393,376