Registered number
04963513
Sussex Asset Finance Limited
Filleted Accounts
31 March 2024
Sussex Asset Finance Limited
Registered number: 04963513
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 177,983 166,374
Investments 4 23,000 23,000
200,983 189,374
Current assets
Debtors 5 27,260 29,447
Cash at bank and in hand 88,821 456,567
116,081 486,014
Creditors: amounts falling due within one year 6 (179,978) (256,473)
Net current (liabilities)/assets (63,897) 229,541
Total assets less current liabilities 137,086 418,915
Creditors: amounts falling due after more than one year 7 (101,096) (89,477)
Net assets 35,990 329,438
Capital and reserves
Called up share capital 100 100
Profit and loss account 35,890 329,338
Shareholders' funds 35,990 329,438
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.
C J Turner
Director
Approved by the board on 15 November 2024
Sussex Asset Finance Limited
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:
Plant and machinery 15% reducing balance
Motor vehicles and trailers 15% reducing balance
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.
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
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 34,834 218,138 252,972
Additions 2,368 40,650 43,018
At 31 March 2024 37,202 258,788 295,990
Depreciation
At 1 April 2023 19,263 67,335 86,598
Charge for the year 2,691 28,718 31,409
At 31 March 2024 21,954 96,053 118,007
Net book value
At 31 March 2024 15,248 162,735 177,983
At 31 March 2023 15,571 150,803 166,374
4 Investments
Other
investments
£
Cost
At 1 April 2023 23,000
At 31 March 2024 23,000
5 Debtors 2024 2023
£ £
Trade debtors 24,338 25,493
Other debtors 2,922 3,954
27,260 29,447
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 20,059 20,276
Trade creditors 53,951 46,239
Taxation and social security costs 102,312 185,038
Other creditors 3,656 4,920
179,978 256,473
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 101,096 89,477
8 Other information
Sussex Asset Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
104 High Street
West Wickham
Kent
BR4 0NF
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