Registered number
01407370
ASHRAF & SONS LIMITED
Filleted Accounts
31 December 2021
ASHRAF & SONS LIMITED
Registered number: 01407370
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 155,847 155,558
Current assets
Stocks 126,625 156,725
Debtors 4 84,506 74,914
Cash at bank and in hand 43,192 32,664
254,323 264,303
Creditors: amounts falling due within one year 5 (79,676) (103,584)
Net current assets 174,647 160,719
Net assets 330,494 316,277
Capital and reserves
Called up share capital 2 2
Profit and loss account 330,492 316,275
Shareholders' funds 330,494 316,277
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Ihsan Ashraf
Director
Approved by the board on 25 July 2022
ASHRAF & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 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.
Tangible fixed assets
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. No depreciation is provided on land & building which is a departure from Companies Act 2016. This treatment is not in accordance with the Companies Act 2016 but directors consider that this accounting policy results in the accounts showing a true and fair view at the balance sheet date.
Plant and machinery 25% of cost of reducing balance 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2021 189,289 19,768 209,057
Additions - 75 75
At 31 December 2021 189,289 19,843 209,132
Depreciation
At 1 January 2021 33,516 19,983 53,499
Charge for the year - (214) (214)
At 31 December 2021 33,516 19,769 53,285
Net book value
At 31 December 2021 155,773 74 155,847
At 31 December 2020 155,773 (215) 155,558
4 Debtors 2021 2020
£ £
Trade debtors 84,110 72,435
Other debtors 396 2,479
84,506 74,914
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 59,098 77,287
Corporation tax 3,492 6,846
Other taxes and social security costs 4,574 1,634
Other creditors 12,512 17,817
79,676 103,584
6 Related party transactions
Company did not carry out any related party transaction.
7 Controlling party
Ihsan Ashraf is the controlling parties as they own 100% issued share capital of the company.
8 Other information
ASHRAF & SONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
22-24 Chatley Street
Off Cheetham Hill Road
Manchester
Lancashire
M3 1HX
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