Company registration number 10426189 (England and Wales)
KADIR & CO MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
KADIR & CO MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 5
KADIR & CO MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
315,197
78,504
Cash at bank and in hand
658,065
123,957
973,262
202,461
Creditors: amounts falling due within one year
5
(676,131)
(207,721)
Net current assets/(liabilities)
297,131
(5,260)
Creditors: amounts falling due after more than one year
6
(487,692)
(548,633)
Net liabilities
(190,561)
(553,893)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(190,661)
(553,993)
Total equity
(190,561)
(553,893)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 10 January 2024
Mr Aqil Rasheed
Director
Company registration number 10426189 (England and Wales)
KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Kadir & Co Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
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 true and 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 the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Like all businesses within the hotel industry, the company was very severely affected by the onset of the coronavirus crisis in early 2020. However, the company has traded profitably in 2022 and is expected to continue to do so. Although the company's balance sheet shows net liabilities of £196,720 at 31st December 2022, this is after accounting for material creditors due to related parties as disclosed under note 8 of the accounts.

 

Accordingly the director is confident that it is appropriate to continue to prepare accounts on the basis that the company is a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, save that financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including trade creditors and loans from related parties are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method, save that financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences subject to materiality. In the current and preceding accounting period, no deferred tax provision were deemed necessary.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants in respect of the CJRS scheme are recognised under Other Operating Income when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2021 - 3).

2022
2021
Number
Number
Total
10
3
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
20,140
6,749
Other debtors
295,057
71,755
315,197
78,504
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
6,000
6,000
Trade creditors
296,260
156,027
Taxation and social security
112,755
3,395
Other creditors
261,116
42,299
676,131
207,721
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
34,777
40,777
Other creditors
452,915
507,856
487,692
548,633
7
Operating lease commitments
Lessee

At the period end the company had annual rent commitments under non-cancellable operating leases totalling £245,000.

 

8
Related party transactions
KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Related party transactions
(Continued)
- 5 -

As at 31st December 2022, the company owed £150,130 to Bosco ltd. This balance is non interest bearing and is principally in respect of rent arrears. The rent is to be collected over the period up to 31st December 2027.

 

As at 31st December 2022, the company owed £421,250 to Sharkey Properties ltd. This balance is non interest bearing and is principally in respect of arrears of rent. This rent is to be collected over the period up to 31st December 2027

 

Bosco ltd, Sharkey Properties ltd and Kadir & Co Management ltd are all under common control.

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr Aqil Rasheed104261892022-01-012022-12-31104261892022-12-31104261892021-12-3110426189core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110426189core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3110426189core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110426189core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3110426189core:CurrentFinancialInstruments2022-12-3110426189core:CurrentFinancialInstruments2021-12-3110426189core:Non-currentFinancialInstruments2022-12-3110426189core:Non-currentFinancialInstruments2021-12-3110426189core:ShareCapital2022-12-3110426189core:ShareCapital2021-12-3110426189core:RetainedEarningsAccumulatedLosses2022-12-3110426189core:RetainedEarningsAccumulatedLosses2021-12-3110426189bus:Director12022-01-012022-12-31104261892021-01-012021-12-3110426189core:WithinOneYear2022-12-3110426189core:WithinOneYear2021-12-3110426189bus:PrivateLimitedCompanyLtd2022-01-012022-12-3110426189bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3110426189bus:FRS1022022-01-012022-12-3110426189bus:AuditExempt-NoAccountantsReport2022-01-012022-12-3110426189bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP