Company Registration No. 03251084 (England and Wales)
KHAN & CO (FILTRATION) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
KHAN & CO (FILTRATION) LIMITED
COMPANY INFORMATION
Directors
Mrs A C Popeck
Mrs L Shane
Mr P Popeck
Secretary
Mrs A C Popeck
Company number
03251084
Registered office
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Accountants
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
16 Highfield
High Road
Bushey
Hertfordshire
WD23 1NA
KHAN & CO (FILTRATION) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KHAN & CO (FILTRATION) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
433
545
Current assets
Stocks
392,944
392,514
Debtors
4
2,142
934
Cash at bank and in hand
83,690
114,120
478,776
507,568
Creditors: amounts falling due within one year
5
(26,944)
(23,558)
Net current assets
451,832
484,010
Total assets less current liabilities
452,265
484,555
Provisions for liabilities
(92)
(109)
Net assets
452,173
484,446
Capital and reserves
Called up share capital
6
25,000
25,000
Profit and loss reserves
427,173
459,446
Total equity
452,173
484,446
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
KHAN & CO (FILTRATION) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 June 2017 and are signed on its behalf by:
Mrs L Shane
Director
Company Registration No. 03251084
KHAN & CO (FILTRATION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Khan & Co (Filtration) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lynwood House, 373-375 Station Road, Harrow, Middlesex, HA1 2AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Khan & Co (Filtration) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Revenue from the sale of
medical masks
is recognised when the significant risks and rewards of ownership of the
masks
have passed to the buyer
(usually on dispatch of the masks)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rent receivable is recognised in the period to which the rent relates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost for this purpose comprises land and buildings development expenditure and attributable interest and overheads .
are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost for this purpose comprises land and buildings development expenditure and attributable interest and overheads
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
KHAN & CO (FILTRATION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with 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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KHAN & CO (FILTRATION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2015 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2016
1,363
Disposals
(241)
At 31 December 2016
1,122
Depreciation and impairment
At 1 January 2016
818
Depreciation charged in the year
78
Eliminated in respect of disposals
(207)
At 31 December 2016
689
Carrying amount
At 31 December 2016
433
At 31 December 2015
545
KHAN & CO (FILTRATION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Corporation tax recoverable
327
-
Other debtors
1,815
934
2,142
934
5
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
-
37
Corporation tax
-
6,452
Other taxation and social security
709
416
Other creditors
23,140
13,558
Accruals and deferred income
3,095
3,095
26,944
23,558
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
25,000 Ordinary shares of £1 each
25,000
25,000
7
Directors' transactions
At the balance sheet date the directors, Mrs A C Popeck and Mrs L Shane, were due £16,344 (2015: £11,962) and £5,005 (2015: £729) respectively from the company.
During the year dividends of £4,000 (2015: £nil) and £4,000 (2015: £nil) were paid to Mrs A Popeck and Mrs L Shane respectively.