Assetbound Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11807598 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2021

FOR

ASSETBOUND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M D E Bayntun

REGISTERED OFFICE:

52 Cedar Drive

Hatchend

Pinner

HA5 4DE

REGISTERED NUMBER:

11807598 (England and Wales)

ACCOUNTANTS:

Underwood Barron LLP

Monks Brook House

13 - 17 Hursley Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2FW

FIXED ASSETS

Investment property

4

2,077,675

1,750,599

CURRENT ASSETS

Debtors

5

585,650

413,651

Cash at bank

10,873

7,535

596,523

421,186

CREDITORS

Amounts falling due within one year

6

180,650

359,792

NET CURRENT ASSETS

415,873

61,394

TOTAL ASSETS LESS CURRENT LIABILITIES

2,493,548

1,811,993

CREDITORS

Amounts falling due after more than one year

7

(2,071,235

)

(1,824,942

)

PROVISIONS FOR LIABILITIES

(62,163

)

-

NET ASSETS/(LIABILITIES)

360,150

(12,949

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

265,013

-

Retained earnings

95,037

(13,049

)

360,150

(12,949

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th November 2021 and were signed by:

M D E Bayntun - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company's financial statements show a loss for the first period of trading, the result of which has led to a net liability position at the balance sheet date.The director is continuing to support the company financially and will ensure that it has sufficient resources to enable it to meet its liabilities as they fall due. For this reason he is satisfied that the company can continue to prepare its financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st March 2020

1,750,499

Revaluations

327,176

At 28th February 2021

2,077,675

NET BOOK VALUE

At 28th February 2021

2,077,675

At 29th February 2020

1,750,499

Fair value at 28th February 2021 is represented by:

£

Valuation in 2021

327,176

Cost

1,750,499

2,077,675

If the investment properties had not been revalued they would have been included at the following historical cost:

28.2.21

29.2.20

£

£

Cost

1,750,499

1,750,499

Aggregate depreciation

(70,020

)

(35,010

)

Investment properties were valued on an open market basis basis on 28th February 2021 by the director of the company .

5.

DEBTORS

28.2.21

29.2.20

£

£

Amounts falling due within one year:

Other debtors

22,884

2,385

Amounts falling due after more than one year:

Amounts owed by associates

562,766

411,266

Aggregate amounts

585,650

413,651

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

24,716

24,716

Trade creditors

10,307

10,322

Amounts owed to associates

9,096

-

Taxation and social security

7,877

2,974

Other creditors

128,654

321,780

180,650

359,792

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans

838,538

866,288

Amounts owed to associates

1,189,854

958,654

Other creditors

42,843

-

2,071,235

1,824,942

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

690,244

717,994

Other loans more 5yrs instal

14,903

-

705,147

717,994

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.21

29.2.20

£

£

Bank loans

863,254

891,004

9.

RESERVES

Fair

value

reserve

£

Transfer between reserves

265,013

At 28th February 2021

265,013