Registered number
09365345
HANAR CARS (UK) LTD
Unaudited Filleted Accounts
27 February 2023
HANAR CARS (UK) LTD
Registered number: 09365345
Balance Sheet
as at 27 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,500 17,248
Investments 4 50 -
11,550 17,248
Current assets
Stocks 1,359,417 1,338,264
Debtors 5 40,400 258,080
Cash at bank and in hand 214,590 184,504
1,614,407 1,780,848
Creditors: amounts falling due within one year 6 (399,018) (647,228)
Net current assets 1,215,389 1,133,620
Total assets less current liabilities 1,226,939 1,150,868
Provisions for liabilities (2,185) (3,277)
Net assets 1,224,754 1,147,591
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,224,654 1,147,491
Shareholder's funds 1,224,754 1,147,591
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.
Mr Zerwan Ahmed
Director
Approved by the board on 23 November 2023
HANAR CARS (UK) LTD
Notes to the Accounts
for the year ended 27 February 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Fixtures, Fittings & Equipment Total
£ £
Cost
At 28 February 2022 27,445 27,445
Additions - -
Surplus on revaluation - -
Disposals - -
At 27 February 2023 27,445 27,445
Depreciation
At 28 February 2022 10,197 10,197
Charge for the year 5,748 5,748
Surplus on revaluation - -
On disposals - -
At 27 February 2023 15,945 15,945
Net book value
At 27 February 2023 11,500 11,500
At 27 February 2022 17,248 17,248
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 28 February 2022 - - -
Additions - 50 50
At 27 February 2023 - 50 50
The company owns 50 ordinary shares of £1 each in Hanar Property Investments Ltd wihich is incorporated in England. This represents 50% of issued share capital of Hanar Property Investments Ltd. The director Mr Zerwan Ahmed is also a director in that company.
5 Debtors 2023 2022
£ £
Trade debtors - -
Other debtors 40,400 258,080
40,400 258,080
6 Creditors: amounts falling due within one year 2023 2022
£ £
Stock Loan (Note 7) 175,200 -
Trade creditors 108,982 327,452
Taxation and social security costs 37,749 232,783
Other creditors 77,087 86,993
399,018 647,228
7 Loans 2023 2022
£ £
Creditors include:
Stock Loan 175,200 -
Stock loan is secured on cars purchased with these funds and personal guarantee of the Director.
8 Capital commitments 2023 2022
£ £
There were no capital commitments at 27 February 2023. (27 February 2022 - Nil).
9 Pension commitments
The company operates pension scheme for employees under Auto Enrolment.
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 187,500 262,500
11 Controlling party
The director owns 100% of the issued share capital.
12 Other information
HANAR CARS (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is:
13 Hickman Avenue
London
E4 9JG
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