1
31/03/2022
2022-03-31
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No description of principal activities is disclosed
2021-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
06156427
2021-04-01
2022-03-31
06156427
2022-03-31
06156427
2021-03-31
06156427
2020-04-01
2021-03-31
06156427
2021-03-31
06156427
core:MotorVehicles
2021-04-01
2022-03-31
06156427
core:OnerousContractsExcludingVacantProperties
2021-04-01
2022-03-31
06156427
bus:RegisteredOffice
2021-04-01
2022-03-31
06156427
bus:Director1
2021-04-01
2022-03-31
06156427
core:MotorVehicles
2022-03-31
06156427
core:WithinOneYear
2022-03-31
06156427
core:WithinOneYear
2021-03-31
06156427
core:AfterOneYear
2022-03-31
06156427
core:ShareCapital
2022-03-31
06156427
core:ShareCapital
2021-03-31
06156427
core:RetainedEarningsAccumulatedLosses
2022-03-31
06156427
core:RetainedEarningsAccumulatedLosses
2021-03-31
06156427
bus:SmallEntities
2021-04-01
2022-03-31
06156427
bus:AuditExempt-NoAccountantsReport
2021-04-01
2022-03-31
06156427
bus:FullAccounts
2021-04-01
2022-03-31
06156427
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
06156427
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
06156427
core:ComputerEquipment
2021-04-01
2022-03-31
06156427
core:ComputerEquipment
2021-03-31
06156427
core:ComputerEquipment
2022-03-31
Company registration number:
06156427
360 Asset Finance Limited
Unaudited filleted financial statements
31 March 2022
360 Asset Finance Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
360 Asset Finance Limited
Directors and other information
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Director
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I Simpson
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Company number
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06156427
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Registered office
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5 Border Lane
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Buckingham
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MK18 7SE
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360 Asset Finance Limited
Statement of financial position
31 March 2022
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2022
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2021
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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27,686
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812
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_______
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_______
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27,686
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812
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Current assets
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Debtors
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6
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2,769
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-
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Cash at bank and in hand
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10,505
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10,298
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_______
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_______
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13,274
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10,298
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Creditors: amounts falling due
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within one year
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7
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(
13,504)
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(
5,206)
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_______
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_______
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Net current (liabilities)/assets
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(
230)
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5,092
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_______
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_______
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Total assets less current liabilities
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27,456
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5,904
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Creditors: amounts falling due
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after more than one year
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8
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(
11,250)
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-
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Provisions for liabilities
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(
5,103)
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-
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_______
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_______
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Net assets
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11,103
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5,904
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_______
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_______
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Capital and reserves
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Called up share capital
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100
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100
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Profit and loss account
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11,003
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5,804
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_______
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_______
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Shareholders funds
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11,103
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5,904
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_______
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_______
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For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 October 2022
, and are signed on behalf of the board by:
I Simpson
Director
Company registration number:
06156427
360 Asset Finance Limited
Notes to the financial statements
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 5 Border Lane, Buckingham, MK18 7SE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of services falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment loss.Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Motor vehicles
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-
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20 %
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straight line
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Computer equipment
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-
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25 %
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straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2021:
1
).
5.
Tangible assets
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Motor vehicles
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Computer equipment
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Total
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£
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£
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£
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Cost
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At 1 April 2021
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999
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999
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Additions
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28,025
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-
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28,025
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_______
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_______
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_______
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At 31 March 2022
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28,025
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999
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29,024
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_______
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_______
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_______
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Depreciation
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At 1 April 2021
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-
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187
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187
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Charge for the year
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901
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250
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1,151
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_______
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_______
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_______
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At 31 March 2022
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901
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437
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1,338
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_______
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_______
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_______
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Carrying amount
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At 31 March 2022
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27,124
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562
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27,686
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_______
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_______
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_______
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At 31 March 2021
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-
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812
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812
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_______
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_______
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_______
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6.
Debtors
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2022
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2021
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£
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£
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Trade debtors
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2,384
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-
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Other debtors
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385
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-
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_______
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_______
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2,769
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-
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2022
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2021
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£
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£
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Social security and other taxes
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283
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265
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Other creditors
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13,221
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4,941
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_______
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_______
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13,504
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5,206
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_______
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_______
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8.
Creditors: amounts falling due after more than one year
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2022
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2021
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£
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£
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Other creditors
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11,250
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-
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_______
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_______
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