ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

ASMAR CAPITAL LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-06-012truefalseNo description of principal activity2 12020926 2022-06-01 2023-06-30 12020926 2021-06-01 2022-05-31 12020926 2023-06-30 12020926 2022-05-31 12020926 c:Director1 2022-06-01 2023-06-30 12020926 d:FreeholdInvestmentProperty 2023-06-30 12020926 d:FreeholdInvestmentProperty 2022-05-31 12020926 d:CurrentFinancialInstruments 2023-06-30 12020926 d:CurrentFinancialInstruments 2022-05-31 12020926 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12020926 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 12020926 d:ShareCapital 2023-06-30 12020926 d:ShareCapital 2022-05-31 12020926 d:RetainedEarningsAccumulatedLosses 2023-06-30 12020926 d:RetainedEarningsAccumulatedLosses 2022-05-31 12020926 c:OrdinaryShareClass1 2022-06-01 2023-06-30 12020926 c:OrdinaryShareClass1 2023-06-30 12020926 c:OrdinaryShareClass1 2022-05-31 12020926 c:FRS102 2022-06-01 2023-06-30 12020926 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-06-30 12020926 c:FullAccounts 2022-06-01 2023-06-30 12020926 c:PrivateLimitedCompanyLtd 2022-06-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12020926

ASMAR CAPITAL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

ASMAR CAPITAL LIMITED

REGISTERED NUMBER: 12020926

BALANCE SHEET

AS AT 30 JUNE 2023

	30 June	31 May
	2023	2022
Note	£	£

Fixed assets
Investment property	4		182,160		182,160
			182,160		182,160
Current assets
Cash at bank and in hand		9,013		19,428
		9,013		19,428
Creditors: amounts falling due within one year	5	(169,961)		(186,131)
Net current liabilities			(160,948)		(166,703)
Total assets less current liabilities			21,212		15,457

Net assets			21,212		15,457

Capital and reserves
Called up share capital	6	2	2
Profit and loss account		21,210	15,455
		21,212	15,457

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ASMAR CAPITAL LIMITED

REGISTERED NUMBER: 12020926

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 January 2024.

Asif Kika

Director

The notes on pages 3 to 7 form part of these financial statements.

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ASMAR CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

1.	General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the
United Kingdom, registration number 12020926. The Company's registered office is Timeplan House, 168 Holliday Street, Birmingham, West Midlands, B1 1TJ.
The financial statements are presented in sterling which is the functional currency of the company and
the financial statements are rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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ASMAR CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes

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ASMAR CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

2.7

Financial instruments (continued)

in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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ASMAR CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

2.7

Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Employees

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 June 2022	182,160
	At 30 June 2023	182,160

The 2023 valuations were made by the directors, on an open market value for existing use basis.

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ASMAR CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

Amounts owed to group undertakings	-	17,800
Corporation tax	1,350	1,176
Other creditors	167,651	166,357
Accruals and deferred income	960	798
	169,961	186,131

Allotted, called up and fully paid

2 (2022 - 2) Ordinary shares of £1.00 each	2	2

7.	Related party transactions
	At the balance sheet date an amount of £167,651 (2022 - £166,358) was due to the directors. Loans are interest free and repayable on demand.

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