Company Registration No. 10465120 (England and Wales)
Asset Street Limited
Unaudited accounts
for the year ended 30 November 2021
Asset Street Limited
Unaudited accounts
Contents
Asset Street Limited
Company Information
for the year ended 30 November 2021
Director
Mr Christian Castelfranco
Company Number
10465120 (England and Wales)
Registered Office
22a St. James's Square
London
SW1Y 4JH
Asset Street Limited
Statement of financial position
as at
30 November 2021
Creditors: amounts falling due within one year
(4,325)
(4,534)
Net current (liabilities)/assets
(2,373)
1,842
Net (liabilities)/assets
(2,373)
1,842
Called up share capital
1,000
1,000
Profit and loss account
(3,373)
842
Shareholders' funds
(2,373)
1,842
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 July 2022 and were signed on its behalf by
Mr Christian Castelfranco
Director
Company Registration No. 10465120
Asset Street Limited
Notes to the Accounts
for the year ended 30 November 2021
Asset Street Limited is a private company, limited by shares, registered in England and Wales, registration number 10465120. The registered office is 22a St. James's Square, London, SW1Y 4JH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Asset Street Limited (the "company") is a private company incorporated, domiciled and registered in England in the UK.
These financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland ("FRS 102") as issued in August 2014. The amendments to FRS 102 issued in July 2015 have been applied. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.
These financial statements for the period ended 30 November 2017 are the first financial statements of Asset Street Limited prepared in accordance with FRS 102.
The company is exempt by virtue of being subject to the small companies regime from the requirement to prepare group financial statements. These financial statements present information about the company as an individual undertaking and not
about its group.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Asset Street Limited
Notes to the Accounts
for the year ended 30 November 2021
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The director believes that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from the shareholders and creditors will be adequate to meet the company's needs.
The director believes that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements. In assessing going concern, the director has paid particular attention to a period of not less than one year from the date of approval of the financial statements.
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
1,480
2,374
5
Creditors: amounts falling due within one year
2021
2020
Taxes and social security
-
197
Other creditors
2,825
3,017
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Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £10 each
1,000
1,000
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Transactions with related parties
Included in other creditors is an amount of £2,825 (2020: £3,017) owed to Asset Street SARL, a company controlled by Mr C Castelfranco.
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Average number of employees
During the year the average number of employees was 0 (2020: 0).