Company registration number 09413948 (England and Wales)
ASSETROCK (UK) LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
ASSETROCK (UK) LTD
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 7
ASSETROCK (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of real estate management, development, letting and consultancy.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Alahi
Mr I Umarji
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr G Alahi
Director
13 February 2025
ASSETROCK (UK) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
2024
2023
£
£
Turnover
73,059
58,254
Administrative expenses
(44,579)
(36,988)
Operating profit
28,480
21,266
Interest payable and similar expenses
(26,600)
(20,116)
Profit before taxation
1,880
1,150
Tax on profit
Profit for the financial year
1,880
1,150
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ASSETROCK (UK) LTD
BALANCE SHEET
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,583,953
1,583,953
Current assets
Debtors
4
15,702
39,931
Cash at bank and in hand
19,911
4,652
35,613
44,583
Creditors: amounts falling due within one year
5
(175,842)
(169,368)
Net current liabilities
(140,229)
(124,785)
Total assets less current liabilities
1,443,724
1,459,168
Creditors: amounts falling due after more than one year
6
(725,681)
(743,005)
Provisions for liabilities
(109,630)
(109,630)
Net assets
608,413
606,533
Capital and reserves
Called up share capital
7
100
100
Other reserves
438,521
438,521
Profit and loss reserves
169,792
167,912
Total equity
608,413
606,533
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 February 2025 and are signed on its behalf by:
Mr G Alahi
Director
Company Registration No. 09413948
ASSETROCK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Assetrock (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 555-557 Crankbrook Road, Gants Hill, Ilford, Essex, England, IG2 6HE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income from
investment properties. The fair value of consideration takes into account any discounts and rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
ASSETROCK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,583,953
ASSETROCK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,411
11,027
Other debtors
3,291
28,904
15,702
39,931
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
22,749
22,607
Trade creditors
7,531
1,360
Other creditors
145,562
145,401
175,842
169,368
ASSETROCK (UK) LTD
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
278,532
300,736
Other creditors
447,149
442,269
725,681
743,005
The bank loan is secured by a fixed and floating charge over the assets of the company.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100