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Registered Number: 08769231
England and Wales

 

 

 

BURAQ PRIVATE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 201,200    213,000 
Tangible fixed assets 4 277,266    291,136 
478,466    504,136 
Current assets      
Stocks 3,250    2,758 
Debtors 35,500    35,500 
Cash at bank and in hand 6,561    4,317 
45,311    42,575 
Creditors: amount falling due within one year (218,478)   (183,536)
Net current assets (173,167)   (140,961)
 
Total assets less current liabilities 305,299    363,175 
Creditors: amount falling due after more than one year (43,954)   (108,733)
Net assets 261,345    254,442 
 

Capital and reserves
     
Called up share capital 5 2    2 
Profit and loss account 261,343    254,440 
Shareholders' funds 261,345    254,442 
 


For the year ended 30 November 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 30 August 2024 and were signed by:


-------------------------------
Farrukh Akbar HASHMI
Director
1
General Information
Buraq Private Limited is a private company, limited by shares, registered in England and Wales, registration number 08769231, registration address 9 Hall Lane Chingford, London, England, E4 8HH.

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.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is 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
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
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:
Plant and Machinery 10% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 10% Reducing Balance
Computer Equipment 20% Reducing Balance
Improvements to property 10% Reducing Balance
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 9 (2022 : 16).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 December 2022 295,000    295,000 
Additions  
Disposals  
At 30 November 2023 295,000    295,000 
Amortisation
At 01 December 2022 82,000    82,000 
Charge for year 11,800    11,800 
On disposals  
At 30 November 2023 93,800    93,800 
Net book values
At 30 November 2023 201,200    201,200 
At 30 November 2022 213,000    213,000 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £   £   £
At 01 December 2022 103,335    54,580    7,220    82,654    19,691    164,216    431,696 
Additions   5,652            5,652 
Disposals            
At 30 November 2023 103,335    60,232    7,220    82,654    19,691    164,216    437,348 
Depreciation
At 01 December 2022   25,182    5,998    33,338    14,093    61,949    140,560 
Charge for year   2,939    305    4,932    1,119    10,227    19,522 
On disposals            
At 30 November 2023   28,121    6,303    38,270    15,212    72,176    160,082 
Net book values
Closing balance as at 30 November 2023 103,335    32,111    917    44,384    4,479    92,040    277,266 
Opening balance as at 01 December 2022 103,335    29,398    1,222    49,316    5,598    102,267    291,136 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Class A shares of £0.50 each  
 

2