Asia Palace Rental Limited


Director	Haleema, Haleema


Registered Address	158 High Street
	Office 1
	Southend-On-Sea
	SS1 1JX


Registered Number	12359532 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		253,204		223,781
			253,204		223,781
Current assets
Debtors		52,068		245,856
Cash at bank and on hand		4,960		4,898
		57,028		250,754
Creditors amounts falling due within one year	4	(279,323)		(306,238)
Net current assets (liabilities)			(222,295)		(55,484)
Total assets less current liabilities			30,909		168,297
Creditors amounts falling due after one year	5		(170,872)		(116,561)
Provisions for liabilities	7		-		(10,262)
Net assets			(139,963)		41,474
Capital and reserves
Called up share capital			1		1
Profit and loss account			(139,964)		41,473
Shareholders' funds			(139,963)		41,474

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 29 September 2025, and are signed on its behalf by:

Haleema, Haleema
Director
Registered Company No. 12359532

Asia Palace Rental Limited

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	25
	Office Equipment	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	7		5

3.	Tangible fixed assets

	Vehicles	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 24	339,489	653	340,142
Additions	106,792	-	106,792
At 31 December 24	446,281	653	446,934
Depreciation and impairment
At 01 January 24	116,160	201	116,361
Charge for year	77,256	113	77,369
At 31 December 24	193,416	314	193,730
Net book value
At 31 December 24	252,865	339	253,204
At 31 December 23	223,329	452	223,781

4.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	124,756	41,922
Taxation and social security	12,400	-
Other creditors	139,779	261,928
Accrued liabilities and deferred income	2,388	2,388
Total	279,323	306,238


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

5.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	36,467	-
Other creditors	134,405	116,561
Total	170,872	116,561

6.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	134,405		116,561

7.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	-	10,262
Total	-	10,262