Silverfin false false 31/03/2024 01/11/2023 31/03/2024 Dr Ardeshir Danesh 15/09/2022 Marjan Ravakhah 15/09/2022 11 September 2024 no description of principal activity 14357552 2024-03-31 14357552 bus:Director1 2024-03-31 14357552 bus:Director2 2024-03-31 14357552 core:CurrentFinancialInstruments 2024-03-31 14357552 core:ShareCapital 2024-03-31 14357552 core:RetainedEarningsAccumulatedLosses 2024-03-31 14357552 core:Goodwill 2023-10-31 14357552 2023-10-31 14357552 core:Goodwill 2024-03-31 14357552 core:PlantMachinery 2023-10-31 14357552 core:Vehicles 2023-10-31 14357552 core:FurnitureFittings 2023-10-31 14357552 core:OfficeEquipment 2023-10-31 14357552 core:PlantMachinery 2024-03-31 14357552 core:Vehicles 2024-03-31 14357552 core:FurnitureFittings 2024-03-31 14357552 core:OfficeEquipment 2024-03-31 14357552 core:CurrentFinancialInstruments 1 2024-03-31 14357552 core:CurrentFinancialInstruments 2 2024-03-31 14357552 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 14357552 2023-11-01 2024-03-31 14357552 bus:FilletedAccounts 2023-11-01 2024-03-31 14357552 bus:SmallEntities 2023-11-01 2024-03-31 14357552 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-03-31 14357552 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-03-31 14357552 bus:Director1 2023-11-01 2024-03-31 14357552 bus:Director2 2023-11-01 2024-03-31 14357552 core:Goodwill core:TopRangeValue 2023-11-01 2024-03-31 14357552 core:Goodwill 2023-11-01 2024-03-31 14357552 core:PlantMachinery 2023-11-01 2024-03-31 14357552 core:Vehicles 2023-11-01 2024-03-31 14357552 core:FurnitureFittings 2023-11-01 2024-03-31 14357552 core:OfficeEquipment 2023-11-01 2024-03-31 14357552 core:PlantMachinery 1 2023-11-01 2024-03-31 14357552 core:Vehicles 1 2023-11-01 2024-03-31 14357552 core:FurnitureFittings 1 2023-11-01 2024-03-31 14357552 core:OfficeEquipment 1 2023-11-01 2024-03-31 14357552 1 2023-11-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 14357552 (England and Wales)

NOWRUZ ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial period from 01 November 2023 to 31 March 2024
Pages for filing with the registrar

NOWRUZ ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial period from 01 November 2023 to 31 March 2024

Contents

NOWRUZ ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
NOWRUZ ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Intangible assets 3 565,010
Tangible assets 4 16,481
581,491
Current assets
Stocks 32,683
Debtors 5 145,120
Cash at bank and in hand 40,415
218,218
Creditors: amounts falling due within one year 6 ( 800,963)
Net current liabilities (582,745)
Total assets less current liabilities (1,254)
Net liabilities ( 1,254)
Capital and reserves
Called-up share capital 100
Profit and loss account ( 1,354 )
Total shareholders' deficit ( 1,254)

For the financial period 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 Nowruz Enterprises Limited (registered number: 14357552) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Dr Ardeshir Danesh
Director

11 September 2024

NOWRUZ ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2023 to 31 March 2024
NOWRUZ ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Nowruz Enterprises 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 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The company was incorporated on 15 September 2022 and commenced trading 1 November 2023. The trade has been transferred from Talat Khoshakhlaq & Co Limited from 1 November 2023. There are 5 months worth of trade for the pharmacy included within these accounts.

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 period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

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 [number] 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 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 - 25 % 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.

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.

2. Employees

Period from
01.11.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 589,576 589,576
At 31 March 2024 589,576 589,576
Accumulated amortisation
At 01 November 2023 0 0
Charge for the financial period 24,566 24,566
At 31 March 2024 24,566 24,566
Net book value
At 31 March 2024 565,010 565,010

Goodwill has arisen due to the transfer of the Aylsham pharmacy trade and assets into this company from Talat Khoshakhlaq & Co Limited.

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 November 2023 0 0 0 0 0
Additions 0 0 0 5,805 5,805
Transfers 936 8,433 3,034 21,652 34,055
At 31 March 2024 936 8,433 3,034 27,457 39,860
Accumulated depreciation
At 01 November 2023 0 0 0 0 0
Charge for the financial period 55 552 510 2,460 3,577
Transfers 716 6,225 485 12,376 19,802
At 31 March 2024 771 6,777 995 14,836 23,379
Net book value
At 31 March 2024 165 1,656 2,039 12,621 16,481

5. Debtors

31.03.2024
£
Trade debtors 10,247
Prepayments and accrued income 81,136
VAT recoverable 53,737
145,120

6. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 135,409
Amounts owed to connected companies 653,759
Amounts owed to directors 193
Accruals 2,500
Corporation tax 7,035
Deferred tax liability 2,067
800,963

7. Deferred tax

31.03.2024
£
At the beginning of financial period 0
Charged to the Income Statement ( 2,067)
At the end of financial period ( 2,067)

The deferred taxation balance is made up as follows:

31.03.2024
£
Accelerated capital allowances ( 2,067)

8. Related party transactions

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

31.03.2024
£
Talat Khoshakhlaq & Co Limited (653,759)

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

Transactions with the entity's directors

31.03.2024
£
Director's loan account (193)

The balance due to the director at the year end is £193.