Company Registration No. SC412203 (Scotland)
N Aftab Restaurants Limited
Unaudited filleted financial statements
for the period from 1 February 2023 to 31 December 2023
N Aftab Restaurants Limited
Unaudited filleted financial statements
Contents
N Aftab Restaurants Limited
Company Information
for the period from 1 February 2023 to 31 December 2023
Directors
Mr N Aftab
Mrs N Aftab
Company Number
SC412203 (Scotland)
Registered Office
11 Old Cadrig Way
Newton Mearns
Glasgow
G77 6NG
Accountants
F & R Watson Accountants Limited
16 Kirk Brae
Maybole
KA19 7ER
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
N Aftab Restaurants Limited
for the period from 1 February 2023 to 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
N Aftab Restaurants Limited for the period from
1 February 2023 to
31 December 2023 as set out on pages
5 -
9 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 Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of N Aftab Restaurants Limited, as a body, in accordance with the terms of our engagement letter dated 16 January 2024. Our work has been undertaken solely to prepare for your approval the accounts of N Aftab Restaurants Limited and state those matters that we have agreed to state to the Board of Directors of N Aftab Restaurants Limited, as a body, 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 N Aftab Restaurants Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that N Aftab Restaurants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of N Aftab Restaurants Limited. You consider that N Aftab Restaurants Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of N Aftab Restaurants Limited. 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 accounts.
F & R Watson Accountants Limited
Chartered Certified Accountants
16 Kirk Brae
Maybole
KA19 7ER
27 January 2025
N Aftab Restaurants Limited
Statement of financial position
as at 31 December 2023
Tangible assets
340,534
416,444
Cash at bank and in hand
382,978
511,458
Creditors: amounts falling due within one year
(335,703)
(272,136)
Net current assets
148,550
320,800
Total assets less current liabilities
489,084
737,244
Creditors: amounts falling due after more than one year
(115,705)
(137,900)
Provisions for liabilities
Deferred tax
(64,085)
(78,386)
Net assets
309,294
520,958
Called up share capital
100
100
Profit and loss account
309,194
520,858
Shareholders' funds
309,294
520,958
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by
Mr N Aftab
Director
Company Registration No. SC412203
N Aftab Restaurants Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 December 2023
N Aftab Restaurants Limited is a private company, limited by shares, registered in Scotland, registration number SC412203. The registered office is 11 Old Cadrig Way, Newton Mearns, Glasgow, G77 6NG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the twelve months following the approval of the financial statements.
The accounts have been prepared under the historical cost basis.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
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 that have originated but not reversed at the reporting date. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5 to 10 years straight line
Computer equipment
3 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition.
N Aftab Restaurants Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 December 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company adopts the accrual model in respect of grants.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangement.
Financial assets are measured at cost less any provision for impairment. Financial liabilities are measured at principal capital amounts outstanding at the period end.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial
instrument.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2023
966,669
543
967,212
Disposals
(17,419)
-
(17,419)
At 31 December 2023
959,818
543
960,361
At 1 February 2023
550,662
106
550,768
Charge for the period
70,994
167
71,161
On disposals
(2,102)
-
(2,102)
At 31 December 2023
619,554
273
619,827
At 31 December 2023
340,264
270
340,534
At 31 January 2023
416,007
437
416,444
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
33,727
54,043
N Aftab Restaurants Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 December 2023
5
Debtors
31/12/2023
31/01/2023
Amounts falling due within one year
Accrued income and prepayments
51,312
33,530
Other debtors
25,955
16,306
6
Creditors: amounts falling due within one year
31/12/2023
31/01/2023
Bank loans and overdrafts
10,119
9,890
Obligations under finance leases and hire purchase contracts
6,186
16,125
Trade creditors
116,449
95,486
Taxes and social security
-
8,991
Other creditors
49,629
20,827
7
Creditors: amounts falling due after more than one year
31/12/2023
31/01/2023
Obligations under finance leases and hire purchase contracts
43,568
49,147
Other creditors
56,476
63,806
Aggregate of amounts that fall due for payment after five years
25,997
45,786
The directors have given personal guarantees as security for a £71,182 loan from Novuna Business Finance. The loan is included in other creditors due within one year and after more than one year.
The directors have given personal guarantees as security for a hire purchase agreement from Novuna Business Finance.
The company operated a defined contribution pension scheme that was open to all employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date, unpaid contributions of £1,343 (2023: £2,114) were due to the fund. They are included in other creditors due within one year.
N Aftab Restaurants Limited
Notes to the Accounts
for the period from 1 February 2023 to 31 December 2023
9
Operating lease commitments
31/12/2023
31/01/2023
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
134,719
129,387
Later than one year and not later than five years
364,872
453,049
Later than five years
109,057
147,157
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
-
9,900
9,900
-
During the period, the company made interest-free advances to a director amounting to £9,900 (2023: £nil). These were unsecured and repayable on demand. The loans were repaid in full during the period.
11
Average number of employees
During the period the average number of employees was 46 (31/01/2023: 56).