|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 June 2019 |
|
for |
|
Zahawi & Zahawi Ltd |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 June 2019 |
|
for |
|
Zahawi & Zahawi Ltd |
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 June 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
Zahawi & Zahawi Ltd |
|
Company Information |
for the Year Ended 30 June 2019 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
Balance Sheet |
30 June 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
Notes to the Financial Statements |
for the Year Ended 30 June 2019 |
|
1. | STATUTORY INFORMATION |
|
Zahawi & Zahawi Ltd is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Rental income from investment properties is recognised when the company is entitled to receive the income and |
it is probable that the income will be received. |
|
Tangible fixed assets |
|
Improvements to property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
|
Financial assets |
|
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at |
transaction price, 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. |
|
Such assets are subsequently carried at amortised cost using the effective interest method. |
|
At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the assets original effective interest |
rate. The impairment loss is recognised in profit or loss. |
|
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
carrying amount would have been had the impairment not previously been recognised. The impairment reversal |
is recognised in profit or loss. |
|
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are |
settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another |
party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell |
the asset to an unrelated third party without imposing additional restrictions. |
|
Financial liabilities |
|
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow |
group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future receipts discounted at a |
market rate of interest. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Trade payables 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 payment is due within one year |
or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
|
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
|
Derivatives |
|
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial |
instruments. |
|
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are |
subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or |
loss in finance costs or income as appropriate. |
|
The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
|
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
|
Offsetting |
|
Financial assets and liabilities are offset and 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. |
|
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2018 |
|
|
|
Additions |
|
|
|
At 30 June 2019 |
|
|
|
DEPRECIATION |
At 1 July 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
|
At 30 June 2019 |
|
|
|
NET BOOK VALUE |
At 30 June 2019 |
|
|
|
At 30 June 2018 |
|
|
|
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2018 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 30 June 2019 |
|
|
|
DEPRECIATION |
At 1 July 2018 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 30 June 2019 |
|
|
|
NET BOOK VALUE |
At 30 June 2019 |
|
|
|
At 30 June 2018 |
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2018 |
|
Additions |
|
Disposals | ( |
) |
At 30 June 2019 |
|
DEPRECIATION |
At 1 July 2018 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 30 June 2019 |
|
NET BOOK VALUE |
At 30 June 2019 |
|
At 30 June 2018 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2018 |
and 30 June 2019 |
|
NET BOOK VALUE |
At 30 June 2019 |
|
At 30 June 2018 |
|
|
The director believes that cost of properties acquired within the three years ended 30 June 2019 provides a fair |
reflection of valuation at the balance sheet date. |
Zahawi & Zahawi Ltd (Registered number: 07285998) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Interest rate cap |
|
|
Prepayments |
|
|
|
|
|
The company has entered into an interest rate cap contract in respect of certain bank borrowings. This has been |
accounted for as a financial instrument, stated at its fair value as at the balance sheet date. Impairment gains or |
losses arising on the restatement of this derivative to its fair value have been accounted for through the profit |
and loss account. |
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT |
|
|
Other creditors |
|
|
Directors' loan accounts |
|
|
Accruals & deferred income |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans - 1-2 years |
|
|
Bank loans - 2-5 years |
|
|
Hire purchase contracts |
|
|
Other creditors |
|
|
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 103,441 | 93,405 |
|
|
|
Bank loans and mortgages are secured on the properties to which they relate. |
|
Hire purchase liabilities are secured on the asset to which they relate. |
|
10. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Ms L F J Saib. |