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Registered Number: 10447033


 

 

 

LONDON QUARTZ STONE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
Director Aref KHALEGI
Registered Number 10447033
Registered Office 1276-1278 Greenford Road
Greenford
UB6 0HH
Accountants Navab and Co. Accountants Ltd
GROUND FLOOR, 143-145 THE BROADWAY
WEST EALING
LONDON
W13 9BE
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 October 2023.
Principal activities
Principal activity of the company during the financial year was of Other building completion and finishing
Director
The director who served the company throughout the year was as follows:
Aref KHALEGI
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Aref KHALEGI
Director

Date approved: 23 August 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 October 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Navab and Co. Accountants Ltd
31 October 2023



....................................................
Navab and Co. Accountants Ltd
GROUND FLOOR, 143-145 THE BROADWAY
WEST EALING
LONDON
W13 9BE
23 August 2024
3
 
 
Notes
 
2023
£
  2022
£
Turnover 712,924    789,328 
Cost of sales (466,278)   (485,757)
Gross profit 246,646    303,571 
Selling and distribution costs (44,358)   (123,758)
Administrative expenses (128,106)   (133,570)
Operating profit 74,182    46,243 
Interest payable and similar charges (1,250)   (3,593)
Profit/(Loss) on ordinary activities before taxation 72,932    42,650 
Tax on profit on ordinary activities (15,233)   (8,104)
Profit/(Loss) for the financial year 57,699    34,546 
 
4
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 429,108    41,056 
429,108    41,056 
Current assets      
Stocks 4 511,543    405,000 
Debtors 5 40,000    57,596 
Cash at bank and in hand 16,201    204,112 
567,744    666,708 
Creditors: amount falling due within one year 6 (34,928)   (530,938)
Net current assets 532,816    135,770 
 
Total assets less current liabilities 961,924    176,826 
Creditors: amount falling due after more than one year 7 (747,205)   (19,806)
Net assets 214,719    157,020 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 214,619    156,920 
Shareholders' funds 214,719    157,020 
 


For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 23 August 2024 and were signed by:


-------------------------------
Aref KHALEGI
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 November 2021 100  122,374  122,474 
Profit for the year 34,546  34,546 
Total comprehensive income for the year 34,546  34,546 
Total investments by and distributions to owners
At 31 October 2022 100  156,920  157,020 
At 01 November 2022 100  156,920  157,020 
Profit for the year 57,699  57,699 
Total comprehensive income for the year 57,699  57,699 
Total investments by and distributions to owners
At 31 October 2023 100  214,619  214,719 
6
General Information
London Quartz Stone Ltd is a private company, limited by shares, registered in , registration number 10447033, registration address 1276-1278 Greenford Road, Greenford, UB6 0HH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0 Reducing Balance
Plant and Machinery 18% Reducing Balance
Motor Vehicles 18% Reducing Balance
Fixtures and Fittings 18% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Land and Buildings   Total
  £   £   £   £   £
At 01 November 2022 7,000    68,503    8,325      83,828 
Additions   45,662      358,000    403,662 
Disposals        
At 31 October 2023 7,000    114,165    8,325    358,000    487,490 
Depreciation
At 01 November 2022 3,772    32,890    6,110      42,772 
Charge for year 581    14,630    399      15,610 
On disposals        
At 31 October 2023 4,353    47,520    6,509      58,382 
Net book values
Closing balance as at 31 October 2023 2,647    66,645    1,816    358,000    429,108 
Opening balance as at 01 November 2022 3,228    35,613    2,215      41,056 

The net book value of Land and Buildings includes £ 358,000 in respect of assets leased under finance leases or hire purchase contracts.

4.

Stocks

2023
£
  2022
£
Finished Goods 511,543    405,000 
511,543    405,000 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 40,000    57,596 
40,000    57,596 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   455,200 
Bank Loans & Overdrafts   23,446 
Corporation Tax 15,233    8,104 
PAYE & Social Security   2,300 
Obligations under HP/Financial Leases 725   
VAT 18,970    41,888 
34,928    530,938 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Trade Creditors 733,157   
Bank Loans & Overdrafts 14,048    13,466 
Obligations Under HP/Financial Leases   6,340 
747,205    19,806 

7