Company registration number 10332013 (England and Wales)
KHAN ASSOCIATES (ILFORD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
KHAN ASSOCIATES (ILFORD) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
KHAN ASSOCIATES (ILFORD) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Non-current assets
Investment property
3
1,356,724
1,309,966
Current assets
Cash and cash equivalents
21,901
56,380
Current liabilities
4
(1,530,839)
(1,518,856)
Net current liabilities
(1,508,938)
(1,462,476)
Total assets less current liabilities
(152,214)
(152,510)
Non-current liabilities
5
(8,334)
(18,333)
Net liabilities
(160,548)
(170,843)
Equity
Called up share capital
1,000
1,000
Retained earnings
(161,548)
(171,843)
Total equity
(160,548)
(170,843)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
KHAN ASSOCIATES (ILFORD) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr M Ather
Director
Company registration number 10332013 (England and Wales)
KHAN ASSOCIATES (ILFORD) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 31 August 2023:
Balance at 1 September 2022
1,000
(27,739)
(26,739)
Year ended 31 August 2023:
Loss and total comprehensive income
-
(144,104)
(144,104)
Balance at 31 August 2023
1,000
(171,843)
(170,843)
Year ended 31 August 2024:
Loss and total comprehensive income
-
(59,705)
(59,705)
Balance at 31 August 2024
1,000
(161,548)
(160,548)
Closing PY differs from opening CY
-
70,000
70,000
KHAN ASSOCIATES (ILFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Khan Associates (Ilford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Laurels, Brockley Grove, Hutton, Brentwood, Essex, CM13 2JJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss
1.4
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 current liabilities.
1.5
Financial instruments
Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.
Financial liabilities are measured initially at transaction price and subsequently at amortised cost.
Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.
Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
KHAN ASSOCIATES (ILFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 September 2023
1,309,966
Additions
46,758
At 31 August 2024
1,356,724
The fair value of the investment property is considered to be equal to the cost of the asset.
KHAN ASSOCIATES (ILFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Current liabilities
2024
2023
£
£
Other borrowings
210,000
210,000
Amounts owed to group undertakings
1,320,839
1,308,856
1,530,839
1,518,856
5
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
8,334
18,333
6
Related party transactions
Included in current liabilities were the following amounts that were owed to related parties at 31 August:
2024
2023
£
£
MH Ather
785,300
703,317
M Qureshi
357,364
357,364
M Ather Khan
90,000
90,000
MM Ather Khan
88,175
88,175
ISPP Limited
200,000
200,000
1,520,839
1,438,856
MH Ather is the husband of M Qureshi and the father of M Ather Khan and MM Ather Khan. ISPP Limited is a company owned and controlled by MH Ather.
7
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Interest on shareholder loans
-
(70,000)
Equity as previously reported
(26,739)
(100,843)
Equity as adjusted
(26,739)
(170,843)
Analysis of the effect upon equity
Retained earnings
-
(70,000)
KHAN ASSOCIATES (ILFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Interest on shareholder loans
(70,000)
Loss as previously reported
(74,104)
Loss as adjusted
(144,104)
Notes to reconciliation
Comparative figures have been amended for Interest charged but unpaid on shareholder loans. The shareholder loan balances have been increased by the corresponding amount.