Company registration number 13534754 (England and Wales)
ASHKAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ASHKAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ASHKAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
168,032
Current assets
Debtors
4
318,142
Cash at bank and in hand
106,700
424,842
Creditors: amounts falling due within one year
5
(215,867)
Net current assets
208,975
Total assets less current liabilities
377,007
Creditors: amounts falling due after more than one year
6
(281,914)
Net assets
95,093
Capital and reserves
Called up share capital
180,900
Profit and loss reserves
(85,807)
Total equity
95,093
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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 by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Mr S Sumaria-Shah
Director
Company registration number 13534754 (England and Wales)
ASHKAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Ashkal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Docsinnovent Ltd, Ground Floor, Suite F,, Breakspear Park, Breakspear Way,, Hemel Hempstead, England, HP2 4TZ.
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.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
estimated useful life of fifteen years
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
ASHKAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022
Additions
7,559
Transfers from subsidiary
191,320
At 31 March 2023
198,879
Amortisation and impairment
At 1 April 2022
Amortisation charged for the year
5,154
Amortisation transferred from subsidiary
25,693
At 31 March 2023
30,847
Carrying amount
At 31 March 2023
168,032
At 31 March 2022
On 12th December 2022, all the intangible assets of the subsidiary, Ashkal Developments Ltd, a company registered in the Isle of Man, were hived up into the parent company, Ashkal Limited.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
318,142
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
215,867
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
281,914
ASHKAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
7
Adjusting events
On 12th December 2022, the trade and all the assets and liabilities of the subsidiary, Ashkal Developments Ltd, a company registered in the Isle of Man, were hived up into the parent company, Ashkal Limited.
The assets and liabilities acquired from the subsidiary have been recognised in the parent company's financial statements at the lower of their respective fair values and net book values. The fair value of the assets acquired and liabilities assumed were determined based on the Net Asset Value (NAV) method, in line with FRS 102.
In accordance with accounting principles, the hive-up transaction has been accounted for as an internal reorganisation, resulting in the recognition of the acquired assets and liabilities directly in the parent company's financial statements at their net book values. Intercompany balances and transactions between the parent company and the subsidiary have been eliminated to avoid double-counting in these financial statements.
8
Related party transactions
Docsinnovent Limited
A company in which the directors are shareholders and directors. During the year royalties receivable from Docsinnovent Limited amounted to £9,895. At the balance sheet date amounts due from Docsinnovent Limited totalled £318,152 and amounts due to Docsinnovent Limited totalled £209,167.
Talria Ltd DMCC
A company of which Dr M Nasir is the sole director and 100% shareholder. At the balance sheet date the amount due to Talria Limited was £281,914.
9
Ultimate Controlling Party
The company is controlled by Dr M A Nasir, a director, and members of his family, by virtue of a controlling interest over the majority of the issued ordinary share capital.