Company No:
Contents
DIRECTORS | A A Boreh |
C Boreh |
REGISTERED OFFICE | Flat 2 103 Eaton Square |
London | |
SW1W 9AA | |
United Kingdom |
COMPANY NUMBER | 02087035 (England and Wales) |
Note | 2023 | 2022 | ||
€ | € | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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10,454,174 | 13,999,157 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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2,265,273 | 2,856,039 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (560,082) | (82,242) | ||
Total assets less current liabilities | 9,894,092 | 13,916,915 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Provision for liabilities | 10 |
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Afshar Limited (registered number:
A A Boreh
Director |
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.
Afshar 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 Flat 2 103 Eaton Square, London, SW1W 9AA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified 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 Euros which is the functional currency of the Company and rounded to the nearest Euro (€).
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, liabilities or equity instruments.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have identified the following key sources of estimation uncertainty and judgements:
Investment properties are revalued annually using an open market basis, but there is there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year. |
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Fixtures and fittings | Total | ||
€ | € | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investment property | |
€ | |
Valuation | |
As at 01 January 2023 |
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Additions | 30,164 |
Fair value movement | (3,830,164) |
As at 31 December 2023 |
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The investment property consists of a villa in France. The property was valued on 31 December 2023 by the directors on an open market basis.
Other investments | Total | ||
€ | € | ||
Cost or valuation before impairment | |||
At 01 January 2023 |
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Additions |
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Disposals | (
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Movement in fair value |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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2023 | 2022 | ||
€ | € | ||
Prepayments |
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Other debtors |
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2023 | 2022 | ||
€ | € | ||
Trade creditors |
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Amounts owed to related parties (note 12) |
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Accruals |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
€ | € | ||
Bank loans (secured) |
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2023 | 2022 | ||
€ | € | ||
At the beginning of financial year | (
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Credited/(charged) to the Profit and Loss Account |
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At the end of financial year |
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The deferred taxation balance is made up as follows:
2023 | 2022 | ||
€ | € | ||
Revaluation of investment property |
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2023 | 2022 | ||
€ | € | ||
Allotted, called-up and fully-paid | |||
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During the year ended 31 December 2023, the investment property was used by the directors and shareholders of the company on a rent-free basis. Based on the occupation by the directors and shareholders during the year, the estimated rental value on an open market basis was €72,493.
At 31 December 2023, the company owed €2,698,097 (2022: €2,807,888) to shareholders and connected parties. This balance is interest-free and repayable on demand.