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COMPANY REGISTRATION NUMBER: 13379856
ASSETSTONE SECURED FINANCE PLC
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDING
29 May 2024
ASSETSTONE SECURED FINANCE PLC
STATEMENT OF FINANCIAL POSITION
29 May 2024
29 May 24
31 May 23
Note
£
£
£
CURRENT ASSETS
Debtors
4
1,272,467
1,021,279
Cash at bank and in hand
93
293,992
------------
------------
1,272,560
1,315,271
CREDITORS: amounts falling due within one year
5
( 1,302,531)
( 1,313,443)
------------
------------
NET CURRENT (LIABILITIES)/ASSETS
( 29,971)
1,828
--------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 29,971)
1,828
--------
-------
NET (LIABILITIES)/ASSETS
( 29,971)
1,828
--------
-------
CAPITAL AND RESERVES
Called up share capital
50,000
50,000
Profit and loss account
( 79,971)
( 48,172)
--------
--------
SHAREHOLDERS (DEFICIT)/FUNDS
( 29,971)
1,828
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
R Symonds
Director
Company registration number: 13379856
ASSETSTONE SECURED FINANCE PLC
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JUNE 2023 TO 29 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Salisbury House, London Wall, London, EC2M 5PS, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have also been prepared on the going concern basis. The directors consider the going concern basis to be appropriate as they have confirmed their ongoing support.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. DEBTORS
29 May 24
31 May 23
£
£
Trade debtors
2,000
2,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,269,676
1,018,488
Other debtors
791
791
------------
------------
1,272,467
1,021,279
------------
------------
5. CREDITORS: amounts falling due within one year
29 May 24
31 May 23
£
£
Trade creditors
23,020
27,961
Corporation tax
643
Other creditors
1,278,868
1,285,482
------------
------------
1,302,531
1,313,443
------------
------------
6. SUMMARY AUDIT OPINION
The auditor's report dated 24 February 2025 was unqualified .
The senior statutory auditor was JEFFREY WINE , for and on behalf of Wine & Co .
7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES