Acemart London Ltd |
Registered number: |
11308805 |
Balance Sheet |
as at 30 April 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,072,690 |
|
|
1,078,162 |
|
Current assets |
Stocks |
|
|
94,659 |
|
|
514,141 |
Debtors |
4 |
|
1,937 |
|
|
1,982 |
Cash at bank and in hand |
|
|
202,016 |
|
|
181,165 |
|
|
|
298,612 |
|
|
697,288 |
|
Creditors: amounts falling due within one year |
5 |
|
(336,236) |
|
|
(426,779) |
|
Net current (liabilities)/assets |
|
|
|
(37,624) |
|
|
270,509 |
|
Total assets less current liabilities |
|
|
|
1,035,066 |
|
|
1,348,671 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
- |
|
|
(522,195) |
|
|
|
Net assets |
|
|
|
1,035,066 |
|
|
826,476 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
200 |
|
|
200 |
Profit and loss account |
|
|
|
1,034,866 |
|
|
826,276 |
|
Shareholders' funds |
|
|
|
1,035,066 |
|
|
826,476 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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. |
|
|
|
|
Anthony Bejan Fotouhi |
Director |
Approved by the board on 15 October 2023 |
|
Acemart London Ltd |
Notes to the Accounts |
for the year ended 30 April 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
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: |
|
|
Plant, machinery and fixtures |
25% |
|
Reducing balance |
|
Freehold Property |
Nil |
|
|
Investment property is included in the balance sheet at open market value at the balance sheet date on the basis of an annual valuation by the director. Aggregate surplus of deficits on valuation are transferred to a revaluation reserve. Impairment in value of properties to below their carrying values are charged directly to the profit and loss account. Although this policy is in accordance with applicable accounting standard, but it is departure from requirement of the companies act 2006 for all tangible assets to be depreciated. This accounting policy is necessary for the accounts to give true and fair view |
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 May 2022 |
1,055,740 |
|
39,694 |
|
1,095,434 |
|
Additions |
- |
|
179 |
|
179 |
|
At 30 April 2023 |
1,055,740 |
|
39,873 |
|
1,095,613 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2022 |
- |
|
17,272 |
|
17,272 |
|
Charge for the year |
- |
|
5,651 |
|
5,651 |
|
At 30 April 2023 |
- |
|
22,923 |
|
22,923 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2023 |
1,055,740 |
|
16,950 |
|
1,072,690 |
|
At 30 April 2022 |
1,055,740 |
|
22,422 |
|
1,078,162 |
|
|
The property is shown at the market value and at balance sheet date cost and market value is |
|
same as per directors valuation. |
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
Trade debtors |
- |
|
1,000 |
|
Other debtors |
1,937 |
|
982 |
|
|
|
|
|
|
1,937 |
|
1,982 |
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
42,292 |
|
Accruals |
6,375 |
|
6,375 |
|
Trade creditors |
3,176 |
|
12,782 |
|
Director's Account Anthony |
2,473 |
|
2,473 |
|
Director's Account Christopher |
2,000 |
|
2,000 |
|
|
Taxation and social security costs |
56,052 |
|
86,038 |
|
Director's Loan 1 |
110,000 |
|
110,000 |
|
Director's Loan 2 |
129,400 |
|
129,400 |
|
Shareholders account |
2,060 |
|
4,120 |
|
Other creditors |
24,700 |
|
31,299 |
|
|
|
|
|
|
336,236 |
|
426,779 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Lloyds Mortgage Loan Account |
- |
|
522,195 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
- |
|
353,047 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
- |
|
564,487 |
|
|
|
|
|
|
|
|
|
|
Secured bank loan that had a first legal charge over the freehold property has been paid off in full. |
|
8 |
Contingent liabilities |
|
|
The directors confirm that there were no contingent liabilities that needs to be disclosed. |
|
9 |
Related party transactions |
|
|
The director's loan account balance at the year end £110,000 (2022 £110,000) and the other £129,400 (2022: £129,400) CR. This loan is interest free and repayable on demand. The 1st director curent account balance at the year end was £2,473 (2022 £2,473) and the 2nd direcor £2,000 (2022 £2,000) while the 3rd directo account balance is £1,030 (2022 £2,060) these account have always remained in credit, All the trasactions are at arms length and market value. |
|
10 |
Other information |
|
|
Acemart London Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
29-31 Stafford Road |
|
Croydon |
|
London |
|
CR0 4NG |