Mughal (Earls Court) Ltd
Registered number: 04474915
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 125,522 24,882
Investments 4 25,000 -
150,522 24,882
Current assets
Stocks 9,140 6,260
Debtors 5 206,600 701,032
Cash at bank and in hand 621,395 220,104
837,135 927,396
Creditors: amounts falling due within one year 6 (170,026) (77,761)
Net current assets 667,109 849,635
Total assets less current liabilities 817,631 874,517
Creditors: amounts falling due after more than one year 7 (154,766) (281,407)
Net assets 662,865 593,110
Capital and reserves
Called up share capital 100 100
Profit and loss account 662,765 593,010
Shareholders' funds 662,865 593,110
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.
C W Choi
Director
Approved by the board on 17 November 2023
Mughal (Earls Court) Ltd
Notes to the Accounts
for the year ended 31 March 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 and machinery 25% reducing balance
Motor vehicle 20% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 38 31
3 Tangible fixed assets
Plant and machinery etc Motor vehicle Total
£ £ £
Cost
At 1 April 2022 80,315 - 80,315
Additions 7,098 124,703 131,801
At 31 March 2023 87,413 124,703 212,116
Depreciation
At 1 April 2022 55,433 - 55,433
Charge for the year 6,220 24,941 31,161
At 31 March 2023 61,653 24,941 86,594
Net book value
At 31 March 2023 25,760 99,762 125,522
At 31 March 2022 24,882 - 24,882
4 Investments
Other
investments
£
Cost
Additions 25,000
At 31 March 2023 25,000
5 Debtors 2023 2022
£ £
Trade debtors 19,062 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 593,702
Other debtors 187,538 107,330
206,600 701,032
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 50,144 -
Trade creditors 33,591 33,120
Corporation tax 3,985 17,643
Other taxes and social security costs 122 4,275
Other creditors 82,184 22,723
170,026 77,761
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 154,766 203,629
Other creditors - 77,778
154,766 281,407
8 Other information
Mughal (Earls Court) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 41, Chessington Business Centre
37 Cox Lane
Chessington
Surrey
KT9 1SD
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