Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseBuying and selling of own real estate11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12968935 2022-11-01 2023-10-31 12968935 2021-11-01 2022-10-31 12968935 2023-10-31 12968935 2022-10-31 12968935 c:Director1 2022-11-01 2023-10-31 12968935 d:CurrentFinancialInstruments 2023-10-31 12968935 d:CurrentFinancialInstruments 2022-10-31 12968935 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12968935 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12968935 d:ShareCapital 2023-10-31 12968935 d:ShareCapital 2022-10-31 12968935 d:RetainedEarningsAccumulatedLosses 2023-10-31 12968935 d:RetainedEarningsAccumulatedLosses 2022-10-31 12968935 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 12968935 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 12968935 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 12968935 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 12968935 c:FRS102 2022-11-01 2023-10-31 12968935 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12968935 c:FullAccounts 2022-11-01 2023-10-31 12968935 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12968935 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 12968935









AYAAN'S PROPERTY TRADING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
AYAAN'S PROPERTY TRADING LTD
 
 
  
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AYAAN'S PROPERTY TRADING LTD
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ayaan's Property Trading Ltd for the year ended 31 October 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the director of Ayaan's Property Trading Ltd in accordance with the terms of our engagement letter dated 31 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of Ayaan's Property Trading Ltd and state those matters that we have agreed to state to the director of Ayaan's Property Trading Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ayaan's Property Trading Ltd and its director for our work or for this report. 

It is your duty to ensure that Ayaan's Property Trading Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ayaan's Property Trading Ltd. You consider that Ayaan's Property Trading Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Ayaan's Property Trading Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Fraser Russell Ltd
 
77 Francis Road
Birmingham
B16 8SP
31 October 2024
Page 1

 
AYAAN'S PROPERTY TRADING LTD
REGISTERED NUMBER: 12968935

BALANCE SHEET
AS AT 31 OCTOBER 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
5,463
3,075

Cash at bank and in hand
 5 
100
100

  
5,563
3,175

Creditors: amounts falling due within one year
 6 
(55,307)
(42,735)

Net current liabilities
  
 
 
(49,744)
 
 
(39,560)

Total assets less current liabilities
  
(49,744)
(39,560)

  

Net liabilities
  
(49,744)
(39,560)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(49,844)
(39,660)

  
(49,744)
(39,560)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.




Sohail Afsar
Director

Page 2

 
AYAAN'S PROPERTY TRADING LTD
REGISTERED NUMBER: 12968935
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Ayaan's Property Trading Limited is a company limited by shares incorporated in England within the United Kingdom, having a registration number of 12968935. The address of the registered office is 77 Francis Road, Edgbaston, Birmingham, B16 8SP. The principal activity of the company in the year under review was that of Buying and selling of real estate.
The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements has been prepared on a going concern basis which assumes that the company will continue to receive support from creditors and the director as and when required.

Page 4

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 6

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 7

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employee
1
1

Page 8

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Debtors

2023
2022
£
£


Deferred taxation
5,463
3,075

5,463
3,075



5.


Cash and cash equivalents

As restated
2023
2022
£
£

Cash at bank and in hand
100
100

100
100



6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Other taxation and social security
8,630
8,043

Other creditors
46,677
34,692

55,307
42,735



7.


Creditors: Amounts falling due after more than one year





8.


Financial instruments

As restated
2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
100
100



Page 9

 
AYAAN'S PROPERTY TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Deferred taxation




2023


£






At beginning of year
3,075


Charged to profit or loss
2,389



At end of year
5,464

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
5,464
3,075

5,464
3,075


10.


Related party transactions

Sohail Afsar is a director and shareholder of the company.
During the period, the director provided loans of £11,986 (2022: £19,325) to the company. As at the balance sheet date, the company owed £46,678 (2022: £34,692) to the director, which is shown in other creditors.
The above balance is payable on demand and therefore there are no significant differences between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet.


11.


Controlling party

During the year, the company was under the control of the sole director, Sohail Afsar

 
Page 10