Astute Asset Management Limited - Period Ending 2019-06-30

Company registration number: 10194255

Astute Asset Management Limited

Unaudited Filleted Financial Statements
for the Year Ended 30 June 2019
 

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

Astute Asset Management Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 7

Astute Asset Management Limited

Company Information

Directors

Mr A J McLaughlin Mrs J McLaughlin

Registered office

Manor Croft Glen Avenue Knowle Green Preston Lancs PR3 2ZQ

Accountants

Abrams Ashton Ltd Chartered Accountants 7 Waterside Court St. Helens Merseyside WA9 1UA

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Astute Asset Management Limited
for the Year Ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Astute Asset Management Limited for the year ended 30 June 2019 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Astute Asset Management Limited, as a body, in accordance with the terms of our engagement letter dated 12 September 2017. Our work has been undertaken solely to prepare for your approval the accounts of Astute Asset Management Limited and state those matters that we have agreed to state to the Board of Directors of Astute Asset Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Astute Asset Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Astute Asset Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Astute Asset Management Limited. You consider that Astute Asset Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Astute Asset Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

27 November 2019

Page 2

Astute Asset Management Limited

(Registration number: 10194255)
Balance Sheet as at 30 June 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	13,476	-
Investment property	4	253,652	253,652
		267,128	253,652
Current assets
Debtors	5	1,867	18,250
Cash at bank and in hand		8,689	11,241
		10,556	29,491
Creditors: Amounts falling due within one year	6	(296,708)	(236,580)
Net current liabilities		(286,152)	(207,089)
Total assets less current liabilities		(19,024)	46,563
Creditors: Amounts falling due after more than one year	6	-	(60,080)
Net liabilities		(19,024)	(13,517)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(19,124)	(13,617)
Total equity		(19,024)	(13,517)

For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 3

Astute Asset Management Limited

(Registration number: 10194255)
Balance Sheet as at 30 June 2019

Approved and authorised by the Board on 26 October 2019 and signed on its behalf by:
 

......................................... Mr A J McLaughlin Director

......................................... Mrs J McLaughlin Director

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Astute Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor Croft Glen Avenue
Knowle Green
Preston
Lancs
PR3 2ZQ
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention, except that as disclosed in the accounting policies, certain assets are shown at fair value.

The financial statements have been prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends upon future profitable trading and the support of the parent company. Should the company be unable to continue trading, adjustments would be necessary to reduce the value of assets to their recoverable amount, to provide for further liabilities which might arise and to reclassify fixed assets as current assets.

Revenue recognition

Turnover comprises the fair value of rents receivable during the year.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Computer equipment	20% straight line

Page 5

Astute Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

3	Tangible assets

	Plant and machinery £	Office equipment £	Total £
Cost or valuation
Additions	14,000	655	14,655
At 30 June 2019	14,000	655	14,655
Depreciation
Charge for the year	1,167	12	1,179
At 30 June 2019	1,167	12	1,179
Carrying amount
At 30 June 2019	12,833	643	13,476

4	Investment properties

	2019 £
At 1 July	253,652

Investment property has been valued by the directors as at 30 June 2019.

5

Debtors

	2019 £	2018 £
Other debtors	1,867	18,250
	1,867	18,250

Page 6

Astute Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Bank loans		-	4,430
Amounts owed to group undertakings	7	292,900	229,900
Other creditors		3,808	2,250
		296,708	236,580

Creditors include bank loans which are secured of £NIL (2018 - £4,430).

Creditors: amounts falling due after more than one year

		2019 £	2018 £
Due after one year
Loans and borrowings		-	60,080

	2019 £	2018 £
Due after more than five years
After more than five years by instalments	-	42,360

	-	-

Creditors include bank loans which are secured of £NIL (2018 - £60,080).

7	Related party transactions

Summary of transactions with parent

The company is a 100% subsidiary of Astute Holdings Limited, a company incorporated in England and Wales.

At the year end date there was an outstanding, interest free loan from Astute Holdings Limited of £292,900 (2018 £229,900).
 

8	Going concern

Although the financial statements show net current liabilities of £286,152 (2018 - £207,089) and net liabilities of £19,024 (2018 - £13,517), the directors are of the opinion that the financial statements can be prepared on the going concern basis on the grounds that the company will continue to receive support from the parent company and will trade profitably in the future.

Page 7