Registration number:
Asheek Living Limited
for the Year Ended 31 March 2022
Asheek Living Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Asheek Living Limited
(Registration number: 07543623)
Balance Sheet as at 31 March 2022
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2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Asheek Living Limited
(Registration number: 07543623)
Balance Sheet as at 31 March 2022
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Gladstone House
Gladstone Drive
Bristol
South Gloucestershire
BS16 4RU
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Name of parent of group
These financial statements are consolidated in the financial statements of Kaieteur Kare Limited.
The financial statements of Kaieteur Kare Limited may be obtained from Gladstone House, Gladstone Drive, Soundwell, Bristol, South Gloucestershire, BS16 4RU.
Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Going concern
The directors have reviewed the company's income projections for the next twelve months and consider there to be no impact on the company's ability to act as a going concern.
At the time of approving the financial statements, the company has net current liabilities of £2,880,635 (2021 - £2,890,927). The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have confirmed the company will have continued support from the parent company and other related companies. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity;
-specific criteria have been met for each of the company's activities; and
-the costs to be incurred can be measured reliably
Rental income is included on a straight line basis over the life of the lease. Any rent free periods within the lease are recognised over the life of the lease.
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Intangible assets
Licences are shown at historical cost.
Licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Property licences |
5 years straight line |
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Freehold land and buildings |
Nil |
Property improvements |
10 years straight line |
Investment property
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Intangible assets |
Property licences |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Amortisation |
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At 1 April 2021 |
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Amortisation charge |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
- |
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At 31 March 2021 |
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Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Tangible assets |
Freehold land and buildings |
Property improvements |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2021 |
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At 31 March 2022 |
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Depreciation |
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At 1 April 2021 |
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Charge for the year |
- |
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- |
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At 31 March 2022 |
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Carrying amount |
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At 31 March 2022 |
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- |
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At 31 March 2021 |
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- |
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Investment properties |
2022 |
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At 1 April 2021 |
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Fair value adjustments |
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At 31 March |
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FRS 102 section 1A uses the fair value accounting rules in the Companies Act 2006 to account for investment property.
Revaluation
The fair value of the company's Investment properties was last revalued using an open market basis on
Had this class of asset been measured on an historical cost basis, the carrying amount would have been £
Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments and accrued income |
12,466 |
18,183 |
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Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Creditors |
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
4,245 |
5,334 |
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Related party transactions |
Summary of transactions with other related parties
Loans from related parties
2022 |
Parent |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
- |
( |
( |
At end of period |
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2021 |
Parent |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
- |
( |
( |
At end of period |
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Terms of loans from related parties
Asheek Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Parent and ultimate parent undertaking |
The company's immediate parent is