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COMPANY REGISTRATION NUMBER: 08354275
FAIROZE LIMITED
Filleted Unaudited Financial Statements
30 June 2023
FAIROZE LIMITED
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
656,892
657,990
Current assets
Stocks
750
880
Debtors
6
2,597
5,000
Cash at bank and in hand
171,424
162,650
----------
----------
174,771
168,530
Creditors: amounts falling due within one year
7
108,059
121,201
----------
----------
Net current assets
66,712
47,329
----------
----------
Total assets less current liabilities
723,604
705,319
----------
----------
Net assets
723,604
705,319
----------
----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
722,604
704,319
----------
----------
Shareholders funds
723,604
705,319
----------
----------
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 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FAIROZE LIMITED
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Mrs F. Datoo
Mr R. Datoo
Director
Director
Mr Z. Datoo
Director
Company registration number: 08354275
FAIROZE LIMITED
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Sandy Lodge Road, Rickmansworth, Hertfordshire, WD3 1LP.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 23 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
628,660
30,914
159,131
9,276
827,981
Additions
3,951
4,206
3,744
11,901
----------
---------
----------
---------
----------
At 30 June 2023
628,660
34,865
163,337
13,020
839,882
----------
---------
----------
---------
----------
Depreciation
At 1 July 2022
22,965
139,585
7,441
169,991
Charge for the year
4,095
7,607
1,297
12,999
----------
---------
----------
---------
----------
At 30 June 2023
27,060
147,192
8,738
182,990
----------
---------
----------
---------
----------
Carrying amount
At 30 June 2023
628,660
7,805
16,145
4,282
656,892
----------
---------
----------
---------
----------
At 30 June 2022
628,660
7,949
19,546
1,835
657,990
----------
---------
----------
---------
----------
6. Debtors
2023
2022
£
£
Other debtors
2,597
5,000
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,405
4,283
Corporation tax
4,921
21,940
Social security and other taxes
12,828
9,663
Other creditors
73,905
85,315
----------
----------
108,059
121,201
----------
----------
8. Related party transactions
The company was under the control of Mr Z Datoo and Mrs F Datoo throughout the current year. Mr and Mrs Datoo each own 25% of the shares in Fairoze Limited, the remaining shares are held by Serincourt Limited and Numada Healthcare Limited which are controlled by Mr & Mrs Datoo.