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Company registration number: 12301566
AADAM & AAHIL LTD
Unaudited filleted financial statements
01 May 2023
Pearlman Rose
Chartered Accountants
Suite 1, First Floor, Jack Dash House
2 Lawn House Close
London E14 9YQ
AADAM & AAHIL LTD
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
AADAM & AAHIL LTD
Directors and other information
Director Mr S Sheikh
Secretary Mr S Sheikh
Company number 12301566
Registered office C/o Pearlman Rose
Jack Dash House
2 Lawn House Close
E14 9YQ
Accountants Pearlman Rose
Suite 1, First Floor, Jack Dash House
2 Lawn House Close
London
E14 9YQ
Bankers Lloyds Bank Plc
AADAM & AAHIL LTD
Statement of financial position
1 May 2023
01/05/23 01/05/22
Note £ £ £ £
Fixed assets
Intangible assets 5 47,615 54,035
Tangible assets 6 74,122 84,987
_______ _______
121,737 139,022
Current assets
Stocks 9,850 9,965
Debtors 7 219,662 103,339
Cash at bank and in hand 89,766 136,402
_______ _______
319,278 249,706
Creditors: amounts falling due
within one year 8 ( 146,746) ( 110,922)
_______ _______
Net current assets 172,532 138,784
_______ _______
Total assets less current liabilities 294,269 277,806
Creditors: amounts falling due
after more than one year 9 ( 36,011) ( 42,149)
_______ _______
Net assets 258,258 235,657
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 258,058 235,457
_______ _______
Shareholders funds 258,258 235,657
_______ _______
For the period ending 01 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 October 2024 , and are signed on behalf of the board by:
Mr S Sheikh
Director
Company registration number: 12301566
AADAM & AAHIL LTD
Statement of changes in equity
Period ended 1 May 2023
Called up share capital Profit and loss account Total
£ £ £
At 2 May 2021 200 82,575 82,775
Profit for the period 152,882 152,882
_______ _______ _______
Total comprehensive income for the period - 152,882 152,882
_______ _______ _______
At 1 May 2022 and 2 May 2022 200 235,457 235,657
Profit for the period 22,601 22,601
_______ _______ _______
Total comprehensive income for the period - 22,601 22,601
_______ _______ _______
At 1 May 2023 200 258,058 258,258
_______ _______ _______
AADAM & AAHIL LTD
Notes to the financial statements
Period ended 1 May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is C/o Pearlman Rose, Jack Dash House, 2 Lawn House Close, E14 9YQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 12 (2022: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 2 May 2022 and 1 May 2023 64,200 64,200
_______ _______
Amortisation
At 2 May 2022 10,165 10,165
Charge for the period 6,420 6,420
_______ _______
At 1 May 2023 16,585 16,585
_______ _______
Carrying amount
At 1 May 2023 47,615 47,615
_______ _______
At 1 May 2022 54,035 54,035
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 2 May 2022 109,114 109,114
Additions 2,215 2,215
_______ _______
At 1 May 2023 111,329 111,329
_______ _______
Depreciation
At 2 May 2022 24,127 24,127
Charge for the year 13,080 13,080
_______ _______
At 1 May 2023 37,207 37,207
_______ _______
Carrying amount
At 1 May 2023 74,122 74,122
_______ _______
At 1 May 2022 84,987 84,987
_______ _______
7. Debtors
01/05/23 01/05/22
£ £
Trade debtors 11,177 15,730
Other debtors 208,485 87,609
_______ _______
219,662 103,339
_______ _______
8. Creditors: amounts falling due within one year
01/05/23 01/05/22
£ £
Bank loans and overdrafts 6,600 5,984
Trade creditors 26,125 34,681
Corporation tax 47,953 38,141
Social security and other taxes 2,791 9,133
Other creditors 63,277 22,983
_______ _______
146,746 110,922
_______ _______
9. Creditors: amounts falling due after more than one year
01/05/23 01/05/22
£ £
Bank loans and overdrafts 36,011 42,149
_______ _______