Registered number
11929167
Assynt Holdings Limited
Filleted Accounts
31 August 2024
Assynt Holdings Limited
Registered number: 11929167
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,000 -
Current assets
Debtors 4 122,683 2,498,898
Cash at bank and in hand 2,098 49,102
124,781 2,548,000
Creditors: amounts falling due within one year 6 (2,515) (49,506)
Net current assets 122,266 2,498,494
Total assets less current liabilities 128,266 2,498,494
Creditors: amounts falling due after more than one year 7 - (2,320,774)
Net assets 128,266 177,720
Capital and reserves
Called up share capital 3,912 3,912
Profit and loss account 124,354 173,808
Shareholders' funds 128,266 177,720
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.
Graham Mccall
Director
Approved by the board on 19 September 2024
Assynt Holdings Limited
Notes to the Accounts
for the year ended 31 August 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).
Going concern
At the time of approving the financial statements the company does not have any outgoings beyond incidental expenditure and does not have any third-party liabilities. The company’s only liability is to that of the director who has provided funds, by way of a loan account. The director, being the A shareholder, has given an undertaking to the company that he will support any immediate cash requirements and will not seek repayment of his loan account for at least a period of 12 months from the date of signing these financial statements, and only then should the company have sufficient funds to repay. The company holds first security over the assets on which the loans are advanced, and is of the view that, in the event of loans not being repaid when due, it should take a longer term view before exercising any security. This security can be exercised when appropriate, and at the company’s insistence at some future point, however the director believes this action to be inappropriate currently. It is in this context that the director continues to adapt the going concern basis of accounting in preparing the financial statements.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss
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 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 8,000
At 31 August 2024 8,000
Depreciation
Charge for the year 2,000
At 31 August 2024 2,000
Net book value
At 31 August 2024 6,000
4 Debtors 2024 2023
£ £
Other debtors 122,683 2,498,898
5 Investments held as current assets 2024 2023
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Loans - 2,444,243
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 479 47,421
Other creditors 2,036 2,085
2,515 49,506
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors - 2,320,774
8 Other information
Assynt Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is:
36 Wedgwood Way
Rochford
Essex
SS4 3AS
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