Registered number
07959317
Ashsai Limited
Unaudited Filleted Accounts
29 February 2024
Ashsai Limited
Registered number: 07959317
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 69
Current assets
Debtors 4 345,226 395,601
Cash at bank and in hand 57,659 70,192
402,885 465,793
Creditors: amounts falling due within one year 5 (176,304) (237,083)
Net current assets 226,581 228,710
Total assets less current liabilities 226,581 228,779
Creditors: amounts falling due after more than one year 6 (180,000) (180,000)
Net assets 46,581 48,779
Capital and reserves
Called up share capital 60 60
Profit and loss account 46,521 48,719
Shareholders' funds 46,581 48,779
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 G S F Tang
Director
Approved by the board on 25 November 2024
Ashsai 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 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:
Shop improvements 10% straight line
Plant and machinery over 5 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Improvement premises Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 18,061 13,717 31,778
At 29 February 2024 18,061 13,717 31,778
Depreciation
At 1 March 2023 18,061 13,648 31,709
Charge for the year - 69 69
At 29 February 2024 18,061 13,717 31,778
Net book value
At 29 February 2024 - - -
At 28 February 2023 - 69 69
4 Debtors 2024 2023
£ £
Other debtors 345,226 395,601
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 184 -
Other creditors 176,120 237,083
176,304 237,083
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 180,000 180,000
7 Controlling party
The company is under the control of the shareholder, Mr K Chiu by virtue of his shareholdings in the company.
8 Other information
Ashsai Limited is a private company limited by shares and incorporated in England. Its registered office is:
114 Hamlet Court Road
Westcliff On Sea
Essex
SS0 7LP
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