Registration number:
The Asset People Europe Ltd
for the Period from 14 November 2016 to 30 November 2017
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU
The Asset People Europe Ltd
Contents
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Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
The Asset People Europe Ltd
Company Information
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Director |
Mr Daood Rafiq |
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Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Asset People Europe Ltd
for the Period Ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Asset People Europe Ltd for the period ended 30 November 2017 as set out on pages 3 to 10 from the company's 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://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of The Asset People Europe Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Asset People Europe Ltd and state those matters that we have agreed to state to the Board of Directors of The Asset People Europe Ltd, 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/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Asset People Europe Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Asset People Europe Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Asset People Europe Ltd. You consider that The Asset People Europe Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of The Asset People Europe Ltd. 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.
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760 Eastern Avenue
Newbury Park
London
IG2 7HU
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Page 2 |
The Asset People Europe Ltd
Statement of Comprehensive Income for the Period from 14 November 2016 to 30 November 2017
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Note |
2017 |
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Loss for the period |
( |
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Total comprehensive income for the period |
( |
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Page 3 |
The Asset People Europe Ltd
(Registration number: 10475888)
Balance Sheet as at 30 November 2017
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Note |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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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 |
( |
For the financial period ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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Page 4 |
The Asset People Europe Ltd
(Registration number: 10475888)
Balance Sheet as at 30 November 2017
Approved and authorised by the
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Mr Daood Rafiq
Director
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Page 5 |
The Asset People Europe Ltd
Statement of Changes in Equity for the Period from 14 November 2016 to 30 November 2017
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Share capital |
Profit and loss account |
Total |
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Loss for the period |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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New share capital subscribed |
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- |
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At 30 November 2017 |
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( |
( |
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Page 6 |
The Asset People Europe Ltd
Notes to the Financial Statements for the Period from 14 November 2016 to 30 November 2017
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General information |
The company is a private company limited by share capital incorporated in England and Wales .
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Office equipment |
20% reducing balance |
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Fixture & fittings |
20% reducing balance |
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.
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Page 7 |
The Asset People Europe Ltd
Notes to the Financial Statements for the Period from 14 November 2016 to 30 November 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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Page 8 |
The Asset People Europe Ltd
Notes to the Financial Statements for the Period from 14 November 2016 to 30 November 2017
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 November 2017 |
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Depreciation |
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Charge for the |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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Stocks |
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2017 |
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Other inventories |
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Debtors |
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2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Note |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 9 |
The Asset People Europe Ltd
Notes to the Financial Statements for the Period from 14 November 2016 to 30 November 2017
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Loans and borrowings |
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2017 |
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Non-current loans and borrowings |
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Other borrowings |
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Page 10 |