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Registered number: 10225417
Asma Associates Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—3
Page 1
Statement of Financial Position
Registered number: 10225417
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Cash at bank and in hand 19,316 22,613
19,316 22,613
Creditors: Amounts Falling Due Within One Year 4 (14,106 ) (17,493 )
NET CURRENT ASSETS (LIABILITIES) 5,210 5,120
TOTAL ASSETS LESS CURRENT LIABILITIES 5,210 5,120
PROVISIONS FOR LIABILITIES
Provisions For Charges (1,440 ) (1,440 )
NET ASSETS 3,770 3,680
CAPITAL AND RESERVES
Called up share capital 5 1,000 1,000
Income Statement 2,770 2,680
SHAREHOLDERS' FUNDS 3,770 3,680
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Kyriacou Skordis
Director
6 February 2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Asma Associates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10225417 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The financial statements have been prepared on a going concern basis on the grounds that the company's shareholders will continue to support the company over the following twelve months at least.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. 
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
There is no corporation tax liability as the company generated losses.
Tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.7. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest.
2.8. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
Page 2
Page 3
4. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,554 5,631
Corporation tax 139 118
Other creditors 3,413 2,534
Amounts owed to other participating interests - 9,210
14,106 17,493
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 3