Registered number
07995309
MUMTAZ COLLECTIONS LTD
Filleted Accounts
28 August 2021
MUMTAZ COLLECTIONS LTD
Registered number: 07995309
Balance Sheet
as at 28 August 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 15,000 15,000
Tangible assets 4 12,300 8,738
27,300 23,738
Current assets
Stocks 10,050 12,375
Cash at bank and in hand (2,376) 2,598
7,674 14,973
Creditors: amounts falling due within one year 5 (5,072) (2,059)
Net current assets 2,602 12,914
Total assets less current liabilities 29,902 36,652
Creditors: amounts falling due after more than one year 6 (64,655) (48,630)
Net liabilities (34,753) (11,978)
Capital and reserves
Called up share capital 1 1
Profit and loss account (34,754) (11,979)
Shareholder's funds (34,753) (11,978)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_____________
Robina Akhtar
Director
Approved by the board on 28 August 2022
MUMTAZ COLLECTIONS LTD
Notes to the Accounts
for the period from 1 March 2020 to 28 August 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2020 15,000
At 28 August 2021 15,000
Amortisation
At 28 August 2021 -
Net book value
At 28 August 2021 15,000
At 29 February 2020 15,000
4 Tangible fixed assets
Plant and machinery etc Fixtures, fittings, tools and equipment Total
£ £ £
Cost
At 1 March 2020 1,100 8,390 9,490
Additions 2,500 12,500 15,000
Disposals (1,100) (8,390) (9,490)
At 28 August 2021 2,500 12,500 15,000
Depreciation
At 1 March 2020 752 - 752
Charge for the period 450 2,250 2,700
On disposals (752) - (752)
At 28 August 2021 450 2,250 2,700
Net book value
At 28 August 2021 2,050 10,250 12,300
At 29 February 2020 348 8,390 8,738
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 5,072 2,059
6 Creditors: amounts falling due after one year 2021 2020
£ £
Other creditors 64,655 48,630
7 Other information
MUMTAZ COLLECTIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
304 Stratford Road,
Sparkhill,
Birmingham,
England,
B11 1AA.
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