Registered number: 12093239
ASSETPOOL LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
ASSETPOOL LTD
REGISTERED NUMBER: 12093239
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETPOOL LTD
REGISTERED NUMBER: 12093239
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.
The notes on pages 3 to 9 form part of these financial statements.
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
Assetpool Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements through the utilisation of its own funds and funding from both its parent company and shareholders.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels.
The company shows net liabilities at the reporting date of £68,519. The company has received formal confirmation from its parent company and shareholders that the company will receive the financial support it requires to enable it to meet its liabilities as they fall due. Based on this assurance, the director considers it appropriate to prepare the financial statements on a going concern basis.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that the company has rendered services under an agreement provided. Agreements are recognised over the subscription term as services are provided. Subscription fees are billed monthly/annually in advance. The amount of revenue can be measured reliably, and it is probable that economic benefits associated with the transaction will flow to the company. Revenue is measured at the fair value of the consideration received or receivable, excluding sales taxes and discounts. Revenue is measured at the fair value of the consideration receivable and represents the amounts receivable for software services provided in the normal course of business, net of trade discounts and volume rebates and value added tax.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The reporting date ended 29 Feb 2024. The comparative information reflects a 14-month period ended 28 February 2023. This change has been made in order to align the reporting date with fellow group companies.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and elated parties.
|
The average monthly number of employees, including directors, during the year was 2 (2023 - 1).
|
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100 (2023 - 100) Ordinary shares of £1.00 each
|
|
|
|
|
100 (2023 - 100) A Ordinary shares of £1.00 each
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £450 (2023 - £Nil).
Contributions totalling £119 (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.
|
Related party transactions
|
|
At the reporting date, the company owed £6,978 (2023: £6,330) to D Scott-Dawkins, the director of the company.
At the reporting date, the company was owed £18,382 (2023: £107) by Asset pool (Pty) Limited, the Company's immediate parent company.
At the reporting date, the company owed £nil (2023: £4,055) to C Edwards, a shareholder of Assetpool (Pty) Limited.
At the reporting date, the company owed £7,421 (2023: £6,700) to MJ Kirk, a shareholder of MJK Investments (Pty) Limited, the Company's ultimate parent company.
At the reporting date, the company owed £910 (2023: £nil) to MJK investments (Pty) Limited, the Company's ultimate parent company.
At the reporting date, the company owed £3,641 (2023: £nil) to VDM Trust, a shareholder of Assetpool (Pty) Limited.
|
|
ASSETPOOL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
|
Post balance sheet events
|
On the 8th of July 2024, a share transfer took place, resulting in Asset Pool (Pty) Limited acquiring the remaining 40 issued A ordinary share capital of the Company, each with a nominal value of £1, from D Scott-Dawkins.
The transactions occured after the year end dateand has no impact on the financial position of the company as at the balance sheet date of 29th February 2024.
The Director has considered the implications of this event and confirm that it does not affect the Company's ability to continue as a going concern.
The immediate parent company which owns 100% of the Company's Ordinary share capital and 60% of the Company's A Ordinary share capital is Asset Pool (Pty) Limited as at the reporting date, a company incorporated in South Africa. The address of its registered office is 3 Concorde Road, AMR Office Park, Bedfordview, Johannesburg, 2008, South Africa.
The ultimate parent company is MJKapital Inc, a company incorporated in Canada. The registered office is 1162 Frasberburg Road, Bracebridge, Toronto, Ontario, P1L0A1, Canada.
There are no consolidated financial statements prepared that include the results of the Company.
The director considers the current ultimate controlling party to be MJ Kirk by virtue of his shareholding in MJKapital Inc, the Company's ultimate parent company.
|