Mughal (Earls Court) Ltd
Registered number: 04474915
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 99,130 125,522
Investments 4 75,000 25,000
174,130 150,522
Current assets
Stocks 12,360 9,140
Debtors 5 680,197 206,600
Cash at bank and in hand 86,313 621,395
778,870 837,135
Creditors: amounts falling due within one year 6 (170,854) (170,026)
Net current assets 608,016 667,109
Total assets less current liabilities 782,146 817,631
Creditors: amounts falling due after more than one year 7 (102,793) (154,766)
Net assets 679,353 662,865
Capital and reserves
Called up share capital 100 100
Profit and loss account 679,253 662,765
Shareholders' funds 679,353 662,865
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C W Choi
Director
Approved by the board on 18 September 2024
Mughal (Earls Court) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicle 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 36 38
3 Tangible fixed assets
Plant and machinery etc Motor vehicle Total
£ £ £
Cost
At 1 April 2023 87,413 124,703 212,116
At 31 March 2024 87,413 124,703 212,116
Depreciation
At 1 April 2023 61,653 24,941 86,594
Charge for the year 6,440 19,952 26,392
At 31 March 2024 68,093 44,893 112,986
Net book value
At 31 March 2024 19,320 79,810 99,130
At 31 March 2023 25,760 99,762 125,522
4 Investments
Other
investments
£
Cost
At 1 April 2023 25,000
Additions 50,000
At 31 March 2024 75,000
5 Debtors 2024 2023
£ £
Trade debtors 8,469 19,062
Other debtors 671,728 187,538
680,197 206,600
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 50,144
Trade creditors 90,608 33,591
Corporation tax 28,503 3,985
Other taxes and social security costs 7,203 122
Other creditors 44,540 82,184
170,854 170,026
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 102,793 154,766
8 Other information
Mughal (Earls Court) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 41, Chessington Business Centre
37 Cox Lane
Chessington
Surrey
KT9 1SD
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