Registrar
Registration number:
Astral IP Limited
for the Period from 1 April 2023 to 31 August 2024
Astral IP Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Astral IP Limited
Company Information
Directors |
J D C Thomas |
Registered office |
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Bankers |
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Accountants |
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Astral IP Limited
(Registration number: 08959555)
Balance Sheet as at 31 August 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
207,609 |
227,946 |
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Shareholders' funds |
207,610 |
227,947 |
For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Director
Astral IP Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Prior period errors
The prior period restatement relates to corrections relating to the way revenue and associated costs are recognised. Revenue and associated costs are recognised on a straight line basis based on the subscription period.
The effect of these adjustments are as follows:
- Increase in debtors and current assets of £100,000
- Increase in retained earnings of £100,000
- Increase in net assets/liabilities of £100,000
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale and provision of services in the ordinary course of the company’s activities of web design and software development.
The company recognises revenue from customers on an accruals basis over the subscription period. Any proportion of the subscription fees received in advance are held in the balance sheet within accruals and deferred income.
Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Astral IP Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
25% Reducing Balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Astral IP Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the period |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 March 2023 |
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Debtors |
Note |
2024 |
(As restated) |
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Trade debtors |
- |
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Directors loan |
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Other debtors |
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- |
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Astral IP Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Related party transactions |
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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Astral IP Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024
Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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