Raj Nahal Design Limited
Registered number: 07305280
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,731 2,013
Current assets
Cash at bank and in hand 69,174 86,266
Creditors: amounts falling due within one year 4 (9,922) (31,461)
Net current assets 59,252 54,805
Net assets 61,983 56,818
Capital and reserves
Called up share capital 200 200
Profit and loss account 61,783 56,618
Shareholders' funds 61,983 56,818
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.
Mina Nahal
Director
Approved by the board on 23 November 2023
Raj Nahal Design Limited
Notes to the Accounts
for the year ended 30 June 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:
Computer Equipment over 3 years
Fixtures, fittings, tools and equipment over 3 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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office Equipment Computer Equipment Total
£ £ £
Cost
At 1 July 2022 34,939 3,151 38,090
Additions 2,084 - 2,084
At 30 June 2023 37,023 3,151 40,174
Depreciation
At 1 July 2022 33,960 2,117 36,077
Charge for the year 1,021 345 1,366
At 30 June 2023 34,981 2,462 37,443
Net book value
At 30 June 2023 2,042 689 2,731
At 30 June 2022 979 1,034 2,013
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,385 6,500
Trade creditors (7,691) 6,916
Taxation and social security costs 8,504 15,617
Other creditors 2,724 2,428
9,922 31,461
5 Controlling party
During the year, the company was wholly under the control of the directors.
6 Other information
Raj Nahal Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Cratel Close
Middleton
Milton Keynes
England
MK10 9UZ
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