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COMPANY REGISTRATION NUMBER: 07216524
ELEGANT HOMES (NORTH WEST) LTD
Filleted Unaudited Financial Statements
30 April 2022
ELEGANT HOMES (NORTH WEST) LTD
Financial Statements
Year ended 30th April 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
ELEGANT HOMES (NORTH WEST) LTD
Statement of Financial Position
30 April 2022
2022
2021
Note
£
£
£
£
Current assets
Stocks
1,772,000
2,620,242
Debtors
4
12,689
15,938
Cash at bank and in hand
339
493
------------
------------
1,785,028
2,636,673
Creditors: amounts falling due within one year
5
1,892,448
2,913,498
------------
------------
Net current liabilities
107,420
276,825
---------
---------
Total assets less current liabilities
( 107,420)
( 276,825)
Creditors: amounts falling due after more than one year
6
41,895
49,000
---------
---------
Net liabilities
( 149,315)
( 325,825)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 149,415)
( 325,925)
---------
---------
Shareholders deficit
( 149,315)
( 325,825)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ELEGANT HOMES (NORTH WEST) LTD
Statement of Financial Position (continued)
30 April 2022
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Dr.M. Salehi
Director
Company registration number: 07216524
ELEGANT HOMES (NORTH WEST) LTD
Notes to the Financial Statements
Year ended 30th April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Le Ville House, Mitre Road, Manchester, M13 0NU, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Debtors
2022
2021
£
£
Other debtors
12,689
15,938
--------
--------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
438,337
1,555,546
Trade creditors
3,554
3,014
Social security and other taxes
706
706
Other creditors
1,449,851
1,354,232
------------
------------
1,892,448
2,913,498
------------
------------
6. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
41,895
49,000
--------
--------
7. Related party transactions
The company was under the control of Dr.M. Salehi throughout the current and previous period. Dr.M. Salehi is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS102 1A.