Registered number
07937707
AAZIZ & CO LTD
Un Audited Accounts
31 March 2023
AAZIZ & CO LTD
Registered number: 07937707
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 45,175 12,367
Current assets
Debtors 4 54,167 43,927
Cash at bank and in hand 63,068 48,670
117,235 92,597
Creditors: amounts falling due within one year 5 (60,584) (34,890)
Net Current Assets 56,651 57,707
Total assets less current liabilities 101,826 70,074
Creditors: amounts falling due after more than one year 6 (38,867) (50,000)
Net Assets 62,959 20,074
Capital and reserves
Called up share capital 100 100
Profit and loss account 62,859 19,974
Shareholders' funds 62,959 20,074
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 members have 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. Muhammad Ajmal BAIG
Director
Approved by the board on 30 April 2023
AAZIZ & CO 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 - 18,507 18,507
Additions 35,034 - 35,034
At 31 March 2023 35,034 18,507 53,541
Depreciation
At 1 April 2022 - 6,140 6,140
Charge for the year - 2,226 2,226
At 31 March 2023 - 8,366 8,366
Net book value
At 31 March 2023 35,034 10,141 45,175
At 31 March 2022 - 12,367 12,367
4 Debtors 2023 2022
£ £
Trade debtors 48,667 43,927
Security Deposits 3,500 -
Other debtors 2,000 -
54,167 43,927
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and Credit Card 477 3,204
Director Loan 6,480 -
Trade creditors 3,817 7,423
VATControl Account 8,478 11,812
Corporation Tax Payable 13,371 7,451
Proposed Dividends 18,100
VAT payable 9,861 5,000
60,584 34,890
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 38,867 50,000
7 Other Information
Mr Muhammad Ajmal Baig 55%
Mrs Faraha Azeem 45%
AAZIZ & CO LTD is a private company limited by shares and incorporated in England. Its registered office is:
2 Sanders Parade
Greyhound Lane
Streatham, London
SW16 5NL
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