| ASSET GROUP LIMITED |
| Notes to the Accounts |
| for the year ended 31 July 2020 |
|
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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GOING CONCERN |
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On March 2020, the World Health Organisation formally recognised COVID-19 as a pandemic. The implications of COVID-19 resulted in many governments across the world deciding to close down non-essential operations, which will have a great impact on the global economy. The decision on investments has been deferred for teh company and at the date of approving the financial statements, the director has provided assurance that they will continue to support the company to enable it to meet its liabilities as they fall due.
On that basis , the accounts have been prepared on a going concern basis. |
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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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. |
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| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
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| 3 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 August 2019 |
4,750 |
|
100,000 |
|
104,750 |
|
Disposals |
- |
|
(40,066) |
|
(40,066) |
|
|
At 31 July 2020 |
4,750 |
|
59,934 |
|
64,684 |
|
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During the year, there was a disposal of £40,066 of the investments. |
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| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Other debtors |
900 |
|
900 |
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| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
33,310 |
|
4,650 |
|
Taxation and social security costs |
489 |
|
- |
|
Other creditors |
28,700 |
|
108,700 |
|
|
|
|
|
|
62,499 |
|
113,350 |
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| 6 |
Other information |
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ASSET GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
21 Drake Road |
|
Harrow |
|
England |
|
HA2 9DZ |
