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REGISTERED NUMBER: 07214578 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

ASOBS LIMITED

ASOBS LIMITED (REGISTERED NUMBER: 07214578)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


ASOBS LIMITED (REGISTERED NUMBER: 07214578)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 412 549
Investment property 5 2,265,932 2,265,932
2,266,344 2,266,481

CURRENT ASSETS
Debtors 6 5,713 7,016
Cash at bank 3,762 4,482
9,475 11,498
CREDITORS
Amounts falling due within one year 7 790,566 814,571
NET CURRENT LIABILITIES (781,091 ) (803,073 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,485,253

1,463,408

CREDITORS
Amounts falling due after more than one year 8 (1,300,000 ) (1,300,000 )

PROVISIONS FOR LIABILITIES 9 (28,216 ) (28,216 )
NET ASSETS 157,037 135,192

CAPITAL AND RESERVES
Called up share capital 600 600
Fair value reserve 10 120,289 120,289
Retained earnings 36,148 14,303
SHAREHOLDERS' FUNDS 157,037 135,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

ASOBS LIMITED (REGISTERED NUMBER: 07214578)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


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 13 January 2025 and were signed by:





Mr O Bidewi - Director


ASOBS LIMITED (REGISTERED NUMBER: 07214578)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Asobs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07214578

Registered office: 1 Kings Avenue
London
N21 3NA

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

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.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.


ASOBS LIMITED (REGISTERED NUMBER: 07214578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Investments
Current asset investments are shown at cost less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

ASOBS LIMITED (REGISTERED NUMBER: 07214578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 17,330
DEPRECIATION
At 1 May 2023 16,781
Charge for year 137
At 30 April 2024 16,918
NET BOOK VALUE
At 30 April 2024 412
At 30 April 2023 549

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 2,265,932
NET BOOK VALUE
At 30 April 2024 2,265,932
At 30 April 2023 2,265,932

The director considers the market values of the properties at the year end to be as stated in the accounts.

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2017 148,505
Cost 2,117,427
2,265,932

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 5,713 7,016

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 480 480
Other creditors 790,086 814,091
790,566 814,571

ASOBS LIMITED (REGISTERED NUMBER: 07214578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 1,300,000 1,300,000

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 28,216 28,216

Deferred
tax
£   
Balance at 1 May 2023 28,216
Balance at 30 April 2024 28,216

10. RESERVES
Fair
value
reserve
£   
At 1 May 2023
and 30 April 2024 120,289

11. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £2,084,950 (2023: £2,106,958) owed to the director of the company, £1,300,000 of which is payable after 1 year.