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REGISTERED NUMBER: 04757746 (England and Wales)

















ASSET WEALTH MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






ASSET WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04757746)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


ASSET WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04757746)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 341,500 182,147
Cash at bank 1,569 119,797
343,069 301,944
CREDITORS
Amounts falling due within one year 5 50,286 53,510
NET CURRENT ASSETS 292,783 248,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

292,783

248,434

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 292,779 248,430
292,783 248,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2024 and were signed on its behalf by:





Mr M S Basra - Director


ASSET WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04757746)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Asset Wealth Management 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: 04757746

Registered office: 10 Station Road
Letchworth Garden City
Hertfordshire
SG6 3AU

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the 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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


ASSET WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 04757746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 341,500 182,147

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 1,218
Taxation and social security 10,888 20,981
Other creditors 39,398 31,311
50,286 53,510

6. RELATED PARTY DISCLOSURES

Asset Wealth Management LLP
A LLP Mr M S Basra is a partner

Amount due from Asset Wealth Management LLP at the balance sheet date is £Nil (2023: £182,147).

No interest is payable on the loan and there are no agreed repayment terms.

Oakmont Estates Limited
A company Mr M S Basra is a shareholder and director

Amount owed to Oakmont Estates Limited at the balance sheet date is £20,000 (2023: £20,000 due from the Oakmont Estates).

No interest is payable on the loan and there are no agreed repayment terms.

Basra Group Limited
A company Mr M S Basra is a shareholder and director

Amount due from Basra Group Limited at the balance sheet date is £160,000 (2023: £Nil).

No interest is payable on the loan and there are no agreed repayment terms.