0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03273006 2023-12-01 2024-11-30 03273006 2024-11-30 03273006 2023-11-30 03273006 2022-12-01 2023-11-30 03273006 2023-11-30 03273006 2022-11-30 03273006 core:PlantMachinery 2023-12-01 2024-11-30 03273006 bus:Director1 2023-12-01 2024-11-30 03273006 core:PlantMachinery 2023-11-30 03273006 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 03273006 core:PlantMachinery 2024-11-30 03273006 core:AfterOneYear 2024-11-30 03273006 core:AfterOneYear 2023-11-30 03273006 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 03273006 core:WithinOneYear 2024-11-30 03273006 core:WithinOneYear 2023-11-30 03273006 core:ShareCapital 2024-11-30 03273006 core:ShareCapital 2023-11-30 03273006 core:OtherReservesSubtotal 2024-11-30 03273006 core:OtherReservesSubtotal 2023-11-30 03273006 core:RetainedEarningsAccumulatedLosses 2024-11-30 03273006 core:RetainedEarningsAccumulatedLosses 2023-11-30 03273006 core:PlantMachinery 2023-11-30 03273006 bus:SmallEntities 2023-12-01 2024-11-30 03273006 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 03273006 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 03273006 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 03273006 bus:FullAccounts 2023-12-01 2024-11-30
COMPANY REGISTRATION NUMBER: 03273006
Assetload Limited
Filleted Unaudited Financial Statements
30 November 2024
Assetload Limited
Statement of Financial Position
30 November 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
5
5,235,417
5,240,625
Current assets
Stocks
492,842
492,842
Debtors
6
118,420
234,920
Cash at bank and in hand
152,689
80,595
---------
---------
763,951
808,357
Creditors: amounts falling due within one year
7
48,941
60,706
---------
---------
Net current assets
715,010
747,651
------------
------------
Total assets less current liabilities
5,950,427
5,988,276
Creditors: amounts falling due after more than one year
8
3,922,500
3,939,050
Provisions
510,510
510,510
------------
------------
Net assets
1,517,417
1,538,716
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
1,531,530
1,531,530
Profit and loss account
( 14,213)
7,086
------------
------------
Shareholders funds
1,517,417
1,538,716
------------
------------
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 income statement has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Assetload Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 17 July 2025 , and are signed on behalf of the board by:
Mr PIH Pressland
Director
Company registration number: 03273006
Assetload Limited
Notes to the Financial Statements
Year ended 30 November 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 1a Fulham Park House, 1a Chesilton Road, London, England, SW6 5AA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Investment property
Plant and machinery
Total
£
£
£
Cost
At 1 December 2023 (as restated) and 30 November 2024
5,225,000
55,833
5,280,833
------------
--------
------------
Depreciation
At 1 December 2023
40,208
40,208
Charge for the year
5,208
5,208
------------
--------
------------
At 30 November 2024
45,416
45,416
------------
--------
------------
Carrying amount
At 30 November 2024
5,225,000
10,417
5,235,417
------------
--------
------------
At 30 November 2023
5,225,000
15,625
5,240,625
------------
--------
------------
The investment property was valued on an open market basis on 5 April 2023 by HSBC.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 30 November 2024
Aggregate cost
3,182,959
Aggregate depreciation
------------
Carrying value
3,182,959
------------
At 30 November 2023
Aggregate cost
3,182,959
Aggregate depreciation
------------
Carrying value
3,182,959
------------
6. Debtors
2024
2023
(restated)
£
£
Other debtors
118,420
234,920
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Corporation tax
37,752
48,676
Social security and other taxes
8,914
9,754
Other creditors
2,275
2,276
--------
--------
48,941
60,706
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
3,920,000
3,936,550
Other creditors
2,500
2,500
------------
------------
3,922,500
3,939,050
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £3,920,000 (2023: £3,936,550) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Prior year adjustment
During the preparation of the 2024 financial statements it was noted that the company was incorrectly showing the revaluation of the investments properties as a revaluation reserve instead of a fair value reserve and not showing the related deferred taxation charge. It was also noted that the share capital had been incorrectly stated. The adjustments to correct these errors resulted in a decrease in the brought forward reserves of £510,510 and an increase in share capital of £98.
10. Related party transactions
During the year the company provided interest free loans to related parties totalling £118,322 (2023: £234,822). During the year the company was provided with an interest free loan of £2,500 (2023: £2,500).