COMPANY REGISTRATION NUMBER:
07655972
Filleted Unaudited Financial Statements
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Abridged Statement of Financial Position
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30 June 2019
Fixed assets
Tangible assets
|
5
|
|
1,599
|
1,865
|
|
|
|
|
|
Current assets
Stocks
|
9,800
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|
8,400
|
Cash at bank and in hand
|
51,974
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|
56,264
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--------
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--------
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61,774
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64,664
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|
|
|
|
Creditors: amounts falling due within one year
|
40,814
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|
53,050
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|
--------
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|
--------
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Net current assets
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|
20,960
|
11,614
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|
|
--------
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--------
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Total assets less current liabilities
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22,559
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13,479
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|
|
--------
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--------
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|
|
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Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
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22,459
|
13,379
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|
|
--------
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--------
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Shareholders funds
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22,559
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13,479
|
|
|
--------
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--------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
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|
30 June 2019
These financial statements were approved by the
board of directors
and authorised for issue on
11 March 2020
, and are signed on behalf of the board by:
Mr R Abdul Fatah
Director
Company registration number:
07655972
Notes to the Financial Statements
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|
Year ended 30 June 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 279-281 Malden Road, North Cheam, Sutton, Surrey, SM3 8ET.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings
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-
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25% reducing balance
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Equipment
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-
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|
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|
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Tangible assets
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£
|
Cost
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|
At 1 July 2018 and 30 June 2019
|
6,104
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|
-------
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Depreciation
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At 1 July 2018
|
4,179
|
Charge for the year
|
326
|
|
-------
|
At 30 June 2019
|
4,505
|
|
-------
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Carrying amount
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At 30 June 2019
|
1,599
|
|
-------
|
At 30 June 2018
|
1,925
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|
-------
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6.
Director's advances, credits and guarantees
At the year end the company owed Mr R Abdul Fatah £7,541 (2018: £8,959).
7.
Related party transactions
During the year the company paid £0 (2018: £8,000) to the directors in dividends.