Company registration number 10426189 (England and Wales)
KADIR & CO MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KADIR & CO MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 5
KADIR & CO MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
745,104
315,197
Cash at bank and in hand
481,603
658,065
1,226,707
973,262
Creditors: amounts falling due within one year
5
(874,997)
(676,131)
Net current assets
351,710
297,131
Creditors: amounts falling due after more than one year
6
(352,603)
(487,692)
Net liabilities
(893)
(190,561)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(993)
(190,661)
Total equity
(893)
(190,561)
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 December 2024
Mr Aqil Rasheed
Director
Company registration number 10426189 (England and Wales)
KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Kadir & Co Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
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
At the time of approving the financial statements, the director has a reasonable expectation that the group
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, save that financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade creditors and loans from related parties are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method, save that financial liabilities classified as payable within one year are not amortised.
KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences subject to materiality. In the current and preceding accounting period, no deferred tax provision were deemed necessary.
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants in respect of the CJRS scheme are recognised under Other Operating Income when there is a reasonable assurance that the grant conditions will be met and the grants will be received.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2022 - 10).
2023
2022
Number
Number
Total
13
10
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,436
20,140
Other debtors
731,668
295,057
745,104
315,197
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,000
6,000
Trade creditors
555,759
296,260
Corporation tax
48,000
Other taxation and social security
88,310
112,755
Other creditors
176,928
261,116
874,997
676,131
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,873
34,777
Other creditors
324,730
452,915
352,603
487,692
7
Operating lease commitments
Lessee
At the period end the company had annual rent commitments under non-cancellable operating leases totalling £245,000.
KADIR & CO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Related party transactions
As at 31st December 2023 the company was owed £690,971 by Dewanee ltd (2022: £261,134), classified under Other Debtors. This balance is non interest bearing and repayable on demand.
As at 31st December 2023, the company owed £78,337 to Bosco ltd (2022: £150,130). This balance is non interest bearing and is principally in respect of rent arrears.
As at 31st December 2023, the company owed £342,917 to Sharkey Properties ltd (2022: £421,250). This balance is non interest bearing and is principally in respect of arrears of rent. This rent is to be collected over the period up to 31st December 2027.
As at 31st December 2023 the company owed £274,824 to Crystal Hotels plc for management fees charged in the ordinary course of business
The above companies and Kadir & Co Management ltd are under common control.