General Information
Assets For Life Ltd is a private company, limited by shares, registered in England and Wales, registration number 09935286, registration address Suite 105 Waterhouse Business Centre, Cromar Way, Chelmsford, CM1 2QE.
| 1. |
Accounting policies
Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Computer Equipment |
33% Reducing Balance
|
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 16 (2021 : 10).
|
| 3. |
Financial Commitments, Guarantees and Contingencies
Future operating lease commitments are as follows:
| Particulars |
|
Current
£ |
| Due in less 1 year |
|
7,465 |
| Due in more than 1 year |
|
27,993 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Computer Equipment |
|
Total |
| |
£ |
|
£ |
| At 01 April 2021 |
38,331 |
|
38,331 |
| Additions |
19,998 |
|
19,998 |
| Disposals |
- |
|
- |
| At 31 March 2022 |
58,329 |
|
58,329 |
| Depreciation |
| At 01 April 2021 |
17,665 |
|
17,665 |
| Charge for year |
18,629 |
|
18,629 |
| On disposals |
- |
|
- |
| At 31 March 2022 |
36,294 |
|
36,294 |
| Net book values |
| Closing balance as at 31 March 2022 |
22,035 |
|
22,035 |
| Opening balance as at 01 April 2021 |
20,666 |
|
20,666 |
|
| 5. |
Debtors: amounts falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Debtors |
1,543,135 |
|
482,350 |
| Provision for Doubtful Debts |
0 |
|
(77,722) |
| Prepayments & Accrued Income |
20,803 |
|
15,732 |
| Other Debtors |
372,468 |
|
481,291 |
|
1,936,406 |
|
901,651 |
|
| 5. |
Debtors: amounts falling due after one year
|
2022
£ |
|
2021
£ |
| Other Debtors |
488,293 |
|
149,688 |
|
488,293 |
|
149,688 |
|
| 6. |
Creditors: amount falling due within one year
|
2022
£ |
|
2021
£ |
| Trade Creditors |
28,685 |
|
21,316 |
| Corporation Tax |
54,755 |
|
24,606 |
| PAYE & Social Security |
10,064 |
|
8,896 |
| Accrued Expenses |
363,120 |
|
70,079 |
| Other Creditors |
7,668 |
|
293,559 |
| Wages & Salaries Control Account |
72 |
|
0 |
| Directors' Current Accounts |
462 |
|
8,193 |
| VAT |
425,994 |
|
161,161 |
|
890,820 |
|
587,810 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2022
£ |
|
2021
£ |
| Bank Loans & Overdrafts |
110,381 |
|
0 |
| Other Creditors |
0 |
|
40,000 |
|
110,381 |
|
40,000 |
|
| 8. |
Provisions for liabilities
|
2022
£ |
|
2021
£ |
| Deferred Tax |
4,187 |
|
3,927 |
|
4,187 |
|
3,927 |
|
| 9. |
Share Capital
Authorised
6 Class A shares of £0.50 each
Allotted, called up and fully paid
|
2022
£ |
|
2021
£ |
|
6
Class A shares of £0.50 each |
3 |
|
3 |
|
3 |
|
3 |
|
|
Money advanced to the company by the directors
| Description |
|
Amount
£ |
| Opening balance as at 1 April 2021 |
|
8,193 |
| Money advanced to the company during the year |
|
(7,741) |
|
|
452 |
|
| 11. |
Related party notes
| Particulars |
|
2022
£ |
|
2021
£ |
| JM Property Ltd |
|
33,058 |
|
32,885 |
| Jay Lettings |
|
25,691 |
|
25,678 |
| PKAFL |
|
25,750 |
|
750 |
| MAFL |
|
3,362 |
|
5,990 |
| SAFL |
|
392,248 |
|
78,637 |
| LJBR |
|
5,834 |
|
5,748 |
| L&H Consulting LLP |
|
2,350 |
|
- |
|
|
488,293 |
|
149,688 |
All related party transactions relate to companies where the directors have a controlling interest and are included within long term debtors. There is no interest charged on these loans.
|
4
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