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Company registration number: 06538216
Farooq & Co (London) Limited
Trading as Farooq & Co
Unaudited filleted financial statements
31 March 2023
Farooq & Co (London) Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Farooq & Co (London) Limited
Directors and other information
Directors Umar Farooq (Resigned 19 April 2023)
Irfan Mansoor (Appointed 18 April 2023)
Company number 06538216
Registered office 350 Kilburn Lane
London
W9 3EF
Business address 350 Kilburn Lane
London
W9 3EF
Farooq & Co (London) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 - 16,677
_______ _______
- 16,677
Current assets
Debtors 4 118,648 14,289
Cash at bank and in hand 172,318 457,982
_______ _______
290,966 472,271
Creditors: amounts falling due
within one year 5 ( 32,351) ( 252,075)
_______ _______
Net current assets 258,615 220,196
_______ _______
Total assets less current liabilities 258,615 236,873
_______ _______
Net assets 258,615 236,873
_______ _______
Capital and reserves
Called up share capital 1 21
Profit and loss account 258,614 236,852
_______ _______
Shareholders funds 258,615 236,873
_______ _______
For the year ending 31 March 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Irfan Mansoor
Director
Company registration number: 06538216
Farooq & Co (London) Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 21 249,582 249,603
Profit for the year 66,770 66,770
_______ _______ _______
Total comprehensive income for the year - 66,770 66,770
Dividends paid and payable ( 79,500) ( 79,500)
_______ _______ _______
Total investments by and distributions to owners - ( 79,500) ( 79,500)
_______ _______ _______
At 31 March 2022 and 1 April 2022 1 236,851 236,852
Profit for the year 25,763 25,763
_______ _______ _______
Total comprehensive income for the year - 25,763 25,763
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______
Total investments by and distributions to owners - ( 4,000) ( 4,000)
_______ _______ _______
At 31 March 2023 1 258,614 258,615
_______ _______ _______
Farooq & Co (London) Limited
Notes to the financial statements
Year ended 31 March 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 350 Kilburn Lane, London, W9 3EF.
2. Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2022 and 31 March 2023 55,387 55,387
_______ _______
Depreciation
At 1 April 2022 38,711 38,711
Charge for the year 16,676 16,676
_______ _______
At 31 March 2023 55,387 55,387
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 16,676 16,676
_______ _______
4. Debtors
2023 2022
£ £
Trade debtors 17,028 14,289
Other debtors 101,620 -
_______ _______
118,648 14,289
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 10,005 16,318
Social security and other taxes 17,313 14,162
Other creditors 5,033 221,595
_______ _______
32,351 252,075
_______ _______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Umar Farooq ( 218,422) 213,389 ( 5,033)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Umar Farooq ( 219,260) 838 ( 218,422)
_______ _______ _______
7. Related party
At the financial year end date, included in other debtors is amount due from a related party, Farooq & Co (Holdings) Ltd, a company registered in England & Wales. The amount due from this company at the financial year end date was £101,620 (2021: £Nil).
8. The ultimate controlling party
At the financial year end date, the ultimate controlling party is Farooq & Co (Holdings) Ltd, a company registered in England & Wales.