Registered number
14246769
Baki Products Ltd
Filleted Accounts
31 December 2023
Baki Products Ltd
Registered number: 14246769
Balance Sheet
as at 31 December 2023
Notes 2023
£
Current assets
Stocks 69,000
Debtors 3 96
Cash at bank and in hand 4,284
73,380
Creditors: amounts falling due within one year 4 (46,538)
Net current assets 26,842
Total assets less current liabilities 26,842
Creditors: amounts falling due after more than one year 5 (28,000)
Net liabilities (1,158)
Capital and reserves
Called up share capital 100
Profit and loss account (1,258)
Shareholder's funds (1,158)
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 Arash Bakian Dogaheh
Director
Approved by the board on 9 April 2024
Baki Products Ltd
Notes to the Accounts
for the period from 22 July 2022 to 31 December 2023
1 Accounting policies
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.
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.
2 Employees 2023
Number
Average number of persons employed by the company 1
3 Debtors 2023
£
Trade debtors 96
4 Creditors: amounts falling due within one year 2023
£
Bank loans and overdrafts 10,727
Taxation and social security costs 4,121
Other creditors 31,690
46,538
5 Creditors: amounts falling due after one year 2023
£
Trade creditors 28,000
6 Related party transactions 2023
Directors loan account £
The director is a related party to the company
At 31st December, the company owed the director
the following short term, unsecured, interest free
amounts which are repayable upon demand:
Amounts due to the related party 30,929
7 Controlling party
The director is the ultimate controlling party by virtue of his 50% ownership of the issued share captial of the company
8 Other information
Baki Products Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Flat 5, Ladybrook Court
19 Ladybridge Road
Cheadle Hulme
Cheadle
SK8 5BL
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