Registered number
10126101
SRL Asset Management Ltd
Unaudited Filleted Accounts
30 April 2024
SRL Asset Management Ltd
Registered number: 10126101
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 8,508 7,773
Tangible assets 5 66,066 19,995
74,574 27,768
Current assets
Debtors 6 405,039 377,837
Cash at bank and in hand 11,735 3,939
416,774 381,776
Creditors: amounts falling due within one year 7 (463,816) (318,751)
Net current (liabilities)/assets (47,042) 63,025
Total assets less current liabilities 27,532 90,793
Creditors: amounts falling due after more than one year 8 (11,611) (83,086)
Provisions for liabilities (5,201) (6,640)
Net assets 10,720 1,067
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,620 967
Shareholders' funds 10,720 1,067
The director is 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 director acknowledges his 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 S R Lazenby
Director
Approved by the board on 31/01/2025.
SRL Asset Management Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Statutory information
SRL Asset Management Ltd 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: 10126101
Registered office: Beech House
78 Cleasby Road
Menston
Ilkley
West Yorkshire
LS29 6HN
The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.
2 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" 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.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
2 Accounting policies (continued)
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:
Office equipment 33.33% on a straight line basis
Fixtures and fittings 25% on a reducing balance basis
Leasehold improvements over the lease term of 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.
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.
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 it 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2 Accounting policies (continued)
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 15
4 Intangible fixed assets
£
Cost
At 1 May 2023 19,323
Additions 5,750
At 30 April 2024 25,073
Amortisation
At 1 May 2023 11,550
Provided during the year 5,015
At 30 April 2024 16,565
Net book value
At 30 April 2024 8,508
At 30 April 2023 7,773
Intangible assets are being written off in equal annual instalments over the estimated economic life of 5 years.
5 Tangible fixed assets
Leasehold improvements Office equipment Fixtures and fittings Total
£ £ £ £
Cost
At 1 May 2023 29,694 10,424 12,840 52,958
Additions 59,128 2,089 - 61,217
At 30 April 2024 88,822 12,513 12,840 114,175
Depreciation
At 1 May 2023 16,457 7,514 8,992 32,963
Charge for the year 12,342 1,842 962 15,146
At 30 April 2024 28,799 9,356 9,954 48,109
Net book value
At 30 April 2024 60,023 3,157 2,886 66,066
At 30 April 2023 13,237 2,910 3,848 19,995
6 Debtors 2024 2023
£ £
Trade debtors 37,729 26,013
Prepayments and accrued income 260,160 244,660
Amounts due from related undertakings 104,500 104,500
Other debtors 2,650 2,664
405,039 377,837
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,785 9,917
Trade creditors 128,850 19,039
Directors current account 36,430 10,826
Accruals and deferred income 1,720 1,295
Taxation and social security costs 132,792 111,466
Other creditors 153,239 166,208
463,816 318,751
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,611 22,395
Other creditors - 60,691
11,611 83,086
9 Leasing agreements
Non-cancellable
operating leases
Minimum lease payments falling due as follows: 2024 2023
£ £
Within one year 33,690 25,054
Between one and five years 33,626 28,727
In more than five years - -
67,316 53,781
10 Related party transactions
During the year £202,132 (2023: £164,528) was advanced from and £176,528 (2023: £199,081) was repaid to the director of the company. An amount of £36,430 (2023: £10,826) remained due to the director at the year end.
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