Registered number
10519549
Asan Shahid Limited
Filleted Accounts
29 February 2024
Asan Shahid Limited
Registered number: 10519549
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 57,057 64,386
Current assets
Stocks 13,550 13,550
Debtors 5 9,335 15,638
Cash at bank and in hand 5,830 11,964
28,715 41,152
Creditors: amounts falling due within one year 6 (19,584) (18,436)
Net current assets 9,131 22,716
Total assets less current liabilities 66,188 87,102
Creditors: amounts falling due after more than one year 7 (97,720) (138,442)
Net liabilities (31,532) (51,340)
Capital and reserves
Called up share capital 100 100
Profit and loss account (31,632) (51,440)
Shareholder's funds (31,532) (51,340)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Asan Abdul Kadir Shahid
Director
Approved by the board on 6 November 2024
Asan Shahid Limited
Notes to the Accounts
for the year ended 29 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings 10% straightline method
Plant and machinery 10% Straightline method
Fixtures, fittings, tools and equipment 10% Straightline method
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 4,400
At 29 February 2024 4,400
Amortisation
At 1 March 2023 4,400
At 29 February 2024 4,400
Net book value
At 29 February 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 9,777 72,487 99,447 181,711
At 29 February 2024 9,777 72,487 99,447 181,711
Depreciation
At 1 March 2023 4,029 63,254 50,042 117,325
Charge for the year - 2,805 4,524 7,329
At 29 February 2024 4,029 66,059 54,566 124,654
Net book value
At 29 February 2024 5,748 6,428 44,881 57,057
At 28 February 2023 5,748 9,233 49,405 64,386
5 Debtors 2024 2023
£ £
Trade debtors 1,001 1,233
Other debtors 8,334 14,405
9,335 15,638
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,368 11,710
Taxation and social security costs 8,920 2,458
Other creditors 2,296 4,268
19,584 18,436
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 61,972 83,103
Other creditors 35,748 55,339
97,720 138,442
8 Related party transactions
As at balance sheet date, the company owed its director £35,748 (2023: £55,340) which has been included under other creditors due after one year.
9 Controlling party
The company is under the control of its own director.
10 Other information
Asan Shahid Limited is a private company limited by shares and incorporated in England. Its registered office is:
116 George Lane
London
E18 1AD
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