Azam Developments Limited 09983915 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true 09983915 2022-03-01 2023-02-28 09983915 2023-02-28 09983915 core:RevaluationInvestmentPropertyDeferredTax 2023-02-28 09983915 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 09983915 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 09983915 core:MoreThanFiveYears 1 2023-02-28 09983915 bus:SmallEntities 2022-03-01 2023-02-28 09983915 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 09983915 bus:FullAccounts 2022-03-01 2023-02-28 09983915 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 09983915 bus:RegisteredOffice 2022-03-01 2023-02-28 09983915 bus:Director1 2022-03-01 2023-02-28 09983915 bus:Director2 2022-03-01 2023-02-28 09983915 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09983915 core:OtherRelatedParties 2022-03-01 2023-02-28 09983915 countries:EnglandWales 2022-03-01 2023-02-28 09983915 2022-02-28 09983915 2021-03-01 2022-02-28 09983915 2022-02-28 09983915 core:RevaluationInvestmentPropertyDeferredTax 2022-02-28 09983915 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 09983915 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 09983915 core:MoreThanFiveYears 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 09983915

Prepared for the registrar

Azam Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Azam Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Azam Developments Limited

Company Information

Directors

O P C Azam

K A Azam

Registered office

Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

Azam Developments Limited

(Registration number: 09983915)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

250,000

250,000

Current assets

 

Cash at bank and in hand

 

949

3,440

Creditors: Amounts falling due within one year

5

(75,192)

(43,772)

Net current liabilities

 

(74,243)

(40,332)

Total assets less current liabilities

 

175,757

209,668

Creditors: Amounts falling due after more than one year

5

(175,968)

(175,968)

Deferred tax liabilities

 

(4,000)

(10,000)

Net (liabilities)/assets

 

(4,211)

23,700

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(4,311)

23,600

Shareholders' (deficit)/funds

 

(4,211)

23,700

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 


O P C Azam
Director

 

Azam Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents sales proceeds from property development and rental income received.

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Azam Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Azam Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

 

4

Investment properties

2023
£

At 1 March 2022

250,000

Additions

24,000

Fair value adjustments

(24,000)

At 28 February 2023

250,000

The property value at the year end is considered to be a true reflection of the market value by the directors.

 

5

Creditors

2023
 £

2022
 £

Due within one year

Directors' loan account

36,910

12,677

Loan from TRJ Marketing Limited

29,919

24,483

Accrued expenses

8,363

6,612

75,192

43,772

Due after one year

Loans and borrowings

175,968

175,968

2023
£

2022
£

After more than five years

175,968

175,968

-

-

 

6

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Revaluation of investment property

4,000

2022

Liability
£

Revaluation of investment property

10,000

 

7

Related party transactions

Transactions with directors
 

At 28 February 2023, the company owed £36,910 to the directors of the company (2022 - £12,677) in the form of a directors' loan account. The loan is unsecured and repayable on demand. Interest has been accrued at 10% on part of the loan.

Transactions with other related parties


 At 28 February 2023, the company owed £29,919 (2022 - £24,483) to TRJ Marketing Limited. The companies are related by virtue of the directors. The loan is unsecured, interest free and repayable on demand.