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Company No: 04685845 (England and Wales)

TALAT KHOSHAKHLAQ & CO LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

TALAT KHOSHAKHLAQ & CO LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TALAT KHOSHAKHLAQ & CO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
TALAT KHOSHAKHLAQ & CO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 350,848
Tangible assets 4 180,730 99,184
Investment property 5 780,024 0
Investments 6 100 100
960,854 450,132
Current assets
Stocks 135,708 190,070
Debtors 7 734,921 211,473
Cash at bank and in hand 1,144,993 1,960,944
2,015,622 2,362,487
Creditors: amounts falling due within one year 8 ( 517,723) ( 769,320)
Net current assets 1,497,899 1,593,167
Total assets less current liabilities 2,458,753 2,043,299
Provision for liabilities 9 50,105 ( 14,248)
Net assets 2,508,858 2,029,051
Capital and reserves
Called-up share capital 100 100
Share premium account 19,998 19,998
Profit and loss account 2,488,760 2,008,953
Total shareholders' funds 2,508,858 2,029,051

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Talat Khoshakhlaq & Co Limited (registered number: 04685845) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Ardeshir Danesh
Director

11 September 2024

TALAT KHOSHAKHLAQ & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TALAT KHOSHAKHLAQ & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Talat Khoshakhlaq & Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Income Statement. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 30

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 701,698 701,698
Disposals ( 701,698) ( 701,698)
At 31 March 2024 0 0
Accumulated amortisation
At 01 April 2023 350,850 350,850
Disposals ( 350,850) ( 350,850)
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 350,848 350,848

Goodwill has been disposed of as this is in relation to the Aylsham pharmacy that has been transferred to Nowruz Enterprises Limited.

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 48,560 87,825 60,957 35,058 232,400
Additions 0 110,337 0 12,340 122,677
Transfers ( 936) ( 8,433) ( 3,034) ( 21,652) ( 34,055)
At 31 March 2024 47,624 189,729 57,923 25,746 321,022
Accumulated depreciation
At 01 April 2023 40,893 37,964 34,292 20,067 133,216
Charge for the financial year 1,286 18,811 4,816 1,965 26,878
Transfers ( 716) ( 6,225) ( 485) ( 12,376) ( 19,802)
At 31 March 2024 41,463 50,550 38,623 9,656 140,292
Net book value
At 31 March 2024 6,161 139,179 19,300 16,090 180,730
At 31 March 2023 7,667 49,861 26,665 14,991 99,184

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 0
Additions 780,024
As at 31 March 2024 780,024

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 780,024 0

The investment property was purchased on 21 April 2023 for £780,024.

6. Fixed asset investments

2024 2023
£ £
Other investments and loans 100 100

7. Debtors

2024 2023
£ £
Trade debtors 21,086 25,829
Amounts owed by connected companies 653,759 0
Amounts owed by directors 13,941 0
Prepayments 12,769 80,201
VAT recoverable 33,366 88,691
S455 0 16,752
734,921 211,473

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 414,081 595,230
Amounts owed to directors 0 66,065
Accruals 16,000 12,867
Taxation and social security 84,419 91,550
Other creditors 3,223 3,608
517,723 769,320

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 14,248) ( 19,489)
Credited to the Income Statement 64,353 5,241
At the end of financial year 50,105 ( 14,248)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances 47,259 ( 16,243)
Revaluation of tangible assets 2,846 1,995
50,105 ( 14,248)

10. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 168,750 181,250

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 12,500 12,500
between one and five years 37,500 37,500
after five years 118,750 131,250
168,750 181,250

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,043 3,507
Other pensions commitments not shown in the Balance Sheet 123,162 93,523
126,205 97,030

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Nowruz Enterprises Limited 653,759 0

The balance due from the above company at the year end, as included within debtors, amounted to £653,759.

Transactions with the entity's directors

2024 2023
£ £
Director's loan account 13,941 (66,065)

The balance due to the company at the year end, as included within other debtors, amounted to £13,941 (2023: the balance due to the director was £66,065).