Assetone Wealth System Limited - Accounts

Assetone Wealth System Limited - Accounts

ASSETONE WEALTH SYSTEM LIMITED - Company Information

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Registered Number: 08824708
England and Wales

 

 

 

ASSETONE WEALTH SYSTEM LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 September 2022

End date: 31 August 2023

Assetone Wealth System Limited
Contents Page
For the year ended 31 August 2023
Report to the directors on the preparation of the unaudited statutory accounts of Assetone Wealth System Limited for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Assetone Wealth System Limited for the year ended 31 August 2023 which comprise of the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Assetone Wealth System Limited, as a body, in accordance with the terms of our engagement letter dated 02 January 2024 Our work has been undertaken solely to prepare for your approval the accounts of Assetone Wealth System Limited and state those matters that we have agreed to state to the Board of Directors of Assetone Wealth System Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Assetone Wealth System Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Assetone Wealth System 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 profit of Assetone Wealth System Limited. You consider that Assetone Wealth System 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 Assetone Wealth System 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
31 August 2023



....................................................
Kirkpatrick and Hopes Limited
Merlin House
Brunel Road
Theale, Reading
Berkshire
RG7 4AB
02 January 2024
1
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 462    990 
462    990 
Current assets      
Debtors 36,529    16,695 
Cash at bank and in hand (23,429)   (19,011)
13,100    (2,316)
Creditors: amount falling due within one year (32,328)   (71,406)
Net current liabilities (19,228)   (73,722)
 
Total assets less current liabilities (18,766)   (72,732)
Creditors: amount falling due after more than one year (19,311)   (29,340)
Net liabilities (38,077)   (102,072)
 

Capital and reserves 		     
Called up share capital 2    2 
Profit and loss account (38,079)   (102,074)
Shareholder's funds (38,077)   (102,072)
 


For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 02 January 2024 and were signed on its behalf by:


-------------------------------
K K Tiong
Director
2
General Information
Assetone Wealth System Limited is a private company, limited by shares, registered in England and Wales, registration number 08824708, registration address Kirkpatrick and Hopes Ltd, Brunel Road, Theale, Reading, RG7 4AB. The trading address of the company is Eastley House, Brightwalton, Newbury, Berkshire, RG20 7DE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the year comprises current 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 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer equipment 33% on cost
Office equipment 20% on cost




At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 September 2022 1,224    1,224 
Additions 1,358    1,358 
Disposals -    - 
At 31 August 2023 2,582    2,582 
Depreciation
At 01 September 2022 1,592    1,592 
Charge for year 528    528 
On disposals -    - 
At 31 August 2023 2,120    2,120 
Net book values
Closing balance as at 31 August 2023 462    462 
Opening balance as at 01 September 2022 990    990 


4.

Debtors: amounts falling within one year

.   2023
£		   2022
£
Trade debtors -  12,000 
Prepayments & Accrued Income -  4,695 
Other Debtors 36,500  - 
VAT 29  - 
36,529  16,695 

5.

Creditors: amount falling due within one year

.   2023
£		   2022
£
Trade Creditors -  557 
Bank loans & Overdrafts 9,788  9,546 
Amounts owed to Group undertakings -  40,800 
Corporation tax 9,068  8,557 
Accrued expenses 13,472  8,239 
VAT -  3,707 
32,328  71,406 

6.

Creditors: amount falling due after more than one year

.   2023
£		   2022
£
Bank loans & overdrafts 19,311  29,340 
19,311  29,340 

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