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REGISTERED NUMBER: SC429986 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Rashid & Sons Ltd.

Rashid & Sons Ltd. (Registered number: SC429986)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rashid & Sons Ltd.

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Farooq Ahmed





REGISTERED OFFICE: 8 Telford Place
Linlithgow
West Lothian
EH49 7RP





REGISTERED NUMBER: SC429986 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

Rashid & Sons Ltd. (Registered number: SC429986)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,000 40,000
Tangible assets 5 28,026 33,398
58,026 73,398

CURRENT ASSETS
Stock 4,100 4,075
Debtors 6 19,725 4,178
Cash at bank and in hand 53,944 103,372
77,769 111,625
CREDITORS
Amounts falling due within one year 7 23,842 33,532
NET CURRENT ASSETS 53,927 78,093
TOTAL ASSETS LESS CURRENT
LIABILITIES

111,953

151,491

PROVISIONS FOR LIABILITIES 8 5,325 5,718
NET ASSETS 106,628 145,773

CAPITAL AND RESERVES
Called up share capital 9 6 6
Retained earnings 106,622 145,767
SHAREHOLDERS' FUNDS 106,628 145,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Rashid & Sons Ltd. (Registered number: SC429986)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 November 2023 and were signed by:





Farooq Ahmed - Director


Rashid & Sons Ltd. (Registered number: SC429986)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Rashid & Sons Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid on acquisition of a business in 2012, is being amortised over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fittings and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Rashid & Sons Ltd. (Registered number: SC429986)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 100,000
AMORTISATION
At 1 September 2022 60,000
Amortisation for year 10,000
At 31 August 2023 70,000
NET BOOK VALUE
At 31 August 2023 30,000
At 31 August 2022 40,000

Rashid & Sons Ltd. (Registered number: SC429986)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Fittings
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 95,820 16,909 112,729
DEPRECIATION
At 1 September 2022 66,033 13,298 79,331
Charge for year 4,469 903 5,372
At 31 August 2023 70,502 14,201 84,703
NET BOOK VALUE
At 31 August 2023 25,318 2,708 28,026
At 31 August 2022 29,787 3,611 33,398

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,725 4,178
Other debtors 15,000 -
19,725 4,178

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 20,328 30,181
Other creditors 3,514 3,351
23,842 33,532

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,325 5,718

Rashid & Sons Ltd. (Registered number: SC429986)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 5,718
Credit to Statement of Income and Retained Earnings during year (393 )
Balance at 31 August 2023 5,325

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2
1 A £1 1 1
1 B £1 1 1
1 C £1 1 1
1 D £1 1 1
6 6

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Farooq Ahmed.