Company Registration No. 04515390 (England and Wales)
NAFEES BAKERS LIMITED
Unaudited accounts
for the year ended 31 August 2021
NAFEES BAKERS LIMITED
Statement of financial position
as at 31 August 2021
Intangible assets
11,845
15,794
Tangible assets
959,747
1,061,633
Investment property
145,412
145,412
Inventories
100,278
206,640
Cash at bank and in hand
956,979
627,481
Creditors: amounts falling due within one year
(1,872,968)
(1,385,547)
Net current liabilities
(118,164)
(41,758)
Total assets less current liabilities
998,840
1,181,081
Creditors: amounts falling due after more than one year
(10,000)
(343,013)
Provisions for liabilities
Deferred tax
(125,349)
(123,894)
Net assets
863,491
714,174
NAFEES BAKERS LIMITED
Statement of financial position
as at 31 August 2021 (continued)
Called up share capital
2
2
Profit and loss account
863,489
714,172
Shareholders' funds
863,491
714,174
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2022 and were signed on its behalf by
Asif Saleem
Director
Company Registration No. 04515390
NAFEES BAKERS LIMITED
Notes to the Accounts
for the year ended 31 August 2021
NAFEES BAKERS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04515390. The registered office is 210-212 Lilycroft Road, Bradford, West Yorkshire, BD9 5AJ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
expenditure on lease hold 25% reducing balance basis
Plant & machinery
20% on reducing balance
Motor vehicles
20% on reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
NAFEES BAKERS LIMITED
Notes to the Accounts
for the year ended 31 August 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Total
At 1 September 2020
72,212
At 1 September 2020
56,418
NAFEES BAKERS LIMITED
Notes to the Accounts
for the year ended 31 August 2021
5
Tangible fixed assets
Total
At 1 September 2020
2,537,249
At 31 August 2021
2,675,300
At 1 September 2020
1,475,616
Charge for the year
239,937
At 31 August 2021
1,715,553
At 31 August 2020
1,061,633
6
Deferred taxation
2021
2020
Accelerated capital allowances
125,349
123,894
Provision at start of year
123,894
98,209
Charged to the profit and loss account
1,455
25,685
Provision at end of year
125,349
123,894
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
8
Average number of employees
During the year the average number of employees was 49 (2020: 135).