Registered number
08785802
Alfarid (UK) Ltd
Filleted Accounts
30 November 2023
Alfarid (UK) Ltd
Registered number: 08785802
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 139,732 175,665
Current assets
Stocks 2,500 1,550
Debtors 5 931,538 752,404
Cash at bank and in hand 142,766 91,359
1,076,804 845,313
Creditors: amounts falling due within one year 6 (102,561) (37,938)
Net current assets 974,243 807,375
Total assets less current liabilities 1,113,975 983,040
Creditors: amounts falling due after more than one year 7 (68,460) (102,006)
Net assets 1,045,515 881,034
Capital and reserves
Called up share capital 25,077 25,077
Profit and loss account 1,020,438 855,957
Shareholder's funds 1,045,515 881,034
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.
Reza Einollahi
Director
Approved by the board on 20 April 2024
Alfarid (UK) Ltd
Notes to the Accounts
for the year ended 30 November 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:
Plant and machinery 20% on written down value
Fixtures, fittings, tools and equipment 15% on written down value
Motor vehicles 25% on written down value
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 8,999
At 30 November 2023 8,999
Amortisation
At 1 December 2022 8,999
At 30 November 2023 8,999
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 66,052 166,740 232,792
Additions 5,912 - 5,912
At 30 November 2023 71,964 166,740 238,704
Depreciation
At 1 December 2022 34,375 22,752 57,127
Charge for the year 5,848 35,997 41,845
At 30 November 2023 40,223 58,749 98,972
Net book value
At 30 November 2023 31,741 107,991 139,732
At 30 November 2022 31,677 143,988 175,665
5 Debtors 2023 2022
£ £
Trade debtors 12,437 21,335
Alfarid Property 919,101 731,069
931,538 752,404
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 32,340 31,500
Trade creditors 2,260 14,227
Taxation and social security costs 109,607 129,039
Pensions 286 381
Net Wages Due 17,954 2,790
Other creditors (59,886) (139,999)
102,561 37,938
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 68,460 102,006
8 Other information
Alfarid (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Cathedral Yard
Exeter
EX1 1HJ
9 Controlling party
The controlling party is Mr Reza Einollahi by virtue of his ownership of 100% of the issued
ordinary share capital of the company.
10 Director's loan & interests
As at the balance sheet the amount outstanding to the company by the director was £60,000
(2022: £140,000) as mentioned in Note 6.
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