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Registrar

Registration number: 08959555

Astral IP Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 31 August 2024

 

Astral IP Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Astral IP Limited

Company Information

Directors

J D C Thomas

Registered office

3 Warners Mill
Silks Way
Braintree
CM7 3GB

Bankers

Lloyds Bank PLC
1 Legg Street
Chelmsford
Essex
CM1 1JS

Accountants

Lambert Chapman LLP
Chartered accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Astral IP Limited

(Registration number: 08959555)
Balance Sheet as at 31 August 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

978

1,514

Current assets

 

Debtors

5

241,516

320,488

Cash at bank and in hand

 

12

14,299

 

241,528

334,787

Creditors: Amounts falling due within one year

6

(34,896)

(108,354)

Net current assets

 

206,632

226,433

Net assets

 

207,610

227,947

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

207,609

227,946

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 February 2025
 

J D C Thomas
Director

 

Astral IP Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, CM7 3GB.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

 

Astral IP Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,062

2,062

At 31 August 2024

2,062

2,062

Depreciation

At 1 April 2023

548

548

Charge for the period

536

536

At 31 August 2024

1,084

1,084

Carrying amount

At 31 August 2024

978

978

At 31 March 2023

1,514

1,514

5

Debtors

Note

2024
£

(As restated)

2023
£

Trade debtors

 

-

320,487

Directors loan

9

1

1

Other debtors

 

241,515

-

 

241,516

320,488

 

Astral IP Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

16,359

Trade creditors

 

-

49,001

Taxation and social security

 

23,496

41,693

Accruals and deferred income

 

1,400

1,300

Other creditors

 

10,000

1

 

34,896

108,354

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share Capital of £1 each

1

1

1

1

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

16,359

9

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

210,486

210,486

Advanced

31,029

31,029

At end of period

241,515

241,515

 

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

17,200

17,200

Repaid

(7,200)

(7,200)

At end of period

10,000

10,000