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REGISTERED NUMBER:
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BLACKONYX LONDON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2018 |
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REGISTERED NUMBER:
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BLACKONYX LONDON LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2018 |
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BLACKONYX LONDON LIMITED (REGISTERED NUMBER: 07447973) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BLACKONYX LONDON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BLACKONYX LONDON LIMITED (REGISTERED NUMBER: 07447973) |
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BALANCE SHEET |
31 JANUARY 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 3 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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BLACKONYX LONDON LIMITED (REGISTERED NUMBER: 07447973) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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1. | STATUTORY INFORMATION |
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BlackOnyx London Limited is a private company, limited by shares , registered in England and Wales. The |
company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is |
appropriate because there are no material uncertainties related to events or conditions that may cast significant |
doubt about the ability of the company to continue as a going concern. There is sufficient funding in place to |
support the ongoing trade of the company. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions |
about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates |
and underlying assumptions are based on historical experience and other factors that are considered to be |
relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or |
in the period of the revision and future periods if the revision affects both current and future periods. |
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There are no key judgements and sources of estimation uncertainty that have a significant effect on the amounts |
recognised in the financial statements. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Trade and other receivables |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement |
constitutes a financing transaction in which case the transaction is measured at the present value of the future |
receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are |
subsequently measured at amortised cost using the effective interest method less any impairment. |
BLACKONYX LONDON LIMITED (REGISTERED NUMBER: 07447973) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Trade and other payables |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing |
transaction in which case the transaction is measured at present value of future payments discounted at |
prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their |
transaction costs. They are subsequently measured at amortised cost using the effective interest method. |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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5. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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During the year the company was charged £22,500 (2017: £45,000) by Mr M H Ismail in relation to management |
fees. At the balance sheet date the company owed £82,500 (2017: £60,000) to Mr M H Ismail, in relation to |
these fees. |
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6. | RELATED PARTY DISCLOSURES |
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During the year, the shareholders made additional loans to the company. The amount outstanding at the year |
end was £6,372,828 (2017: £5,990,665). This balance includes £1,175,263 of accrued interest at a deemed |
market rate of interest of 7.5%. |
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7. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by Mr A G Besher by virtue of his majority interest in the company's issued share |
capital. |
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