Registered number
SC733342
ALI AND SONS (SOUTHSIDE) LIMITED
Filleted Accounts
30 June 2023
ALI AND SONS (SOUTHSIDE) LIMITED
Registered number: SC733342
Balance Sheet
as at 30 June 2023
Notes 2023
£
Fixed assets
Intangible assets 3 50,000
Tangible assets 4 310,119
360,119
Current assets
Stocks 41,110
Cash at bank and in hand 10,589
51,699
Creditors: amounts falling due within one year 5 (198,376)
Net current liabilities (146,677)
Total assets less current liabilities 213,442
Creditors: amounts falling due after more than one year 6 (205,942)
Net assets 7,500
Capital and reserves
Called up share capital 100
Profit and loss account 7,400
Shareholder's funds 7,500
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 his 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.
Muhammad Imran Waseem
Director
Approved by the board on 7 September 2023
ALI AND SONS (SOUTHSIDE) LIMITED
Notes to the Accounts
for the year ended 30 June 2023
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.
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 at 10% on Historical Cost Basis
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023
Number
Average number of persons employed by the company 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 -
Additions 50,000
Disposals -
At 30 June 2023 50,000
Net book value
At 30 June 2023 50,000
At 30 June 2022 50,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 - - -
Additions 239,310 78,677 317,987
Surplus on revaluation - - -
Disposals - - -
At 30 June 2023 239,310 78,677 317,987
Depreciation
At 1 July 2022 - - -
Charge for the year - 7,868 7,868
Surplus on revaluation - - -
On disposals - - -
At 30 June 2023 - 7,868 7,868
Net book value
At 30 June 2023 239,310 70,809 310,119
At 30 June 2022 - - -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
5 Creditors: amounts falling due within one year 2023
£
Trade creditors 74,896
Taxation and social security costs 6,699
Other creditors 116,781
198,376
6 Creditors: amounts falling due after one year 2023
£
Bank loans 185,942
Other creditors 20,000
205,942
7 Other information
ALI AND SONS (SOUTHSIDE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
162 Darnley Street
Glasgow
G41 2LL
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