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Registration number: 08219954

Gaffar and Furkan Ismail Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2024

 

Gaffar and Furkan Ismail Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Gaffar and Furkan Ismail Ltd

Company Information

Directors

Mrs Shireen Gaffar Ismail

Mr Mohamed Furkan Gaffar Ismail

Ms Farahana Gaffar Ismail

Mr Abdul Gafar Ismail

Registered office

36 Woodfield Avenue
Streatham
London
SW16 1LG

Accountants

Affinity Associates (JTA) Ltd
Chartered Accountants, Advocates and Business Advisers11/12 Hallmark Trading Centre
Fourth Way
Wembley
Middlesex
HA90LB

 

Gaffar and Furkan Ismail Ltd

(Registration number: 08219954)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3

3

Current assets

 

Stocks

922,440

922,440

Cash at bank and in hand

 

105,583

79,639

 

1,028,023

1,002,079

Creditors: Amounts falling due within one year

(308,065)

(310,850)

Net current assets

 

719,958

691,229

Total assets less current liabilities

 

719,961

691,232

Creditors: Amounts falling due after more than one year

(4,168)

(8,932)

Accruals and deferred income

 

(2,220)

(2,220)

Net assets

 

713,573

680,080

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

713,473

679,980

Shareholders' funds

 

713,573

680,080

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

 

Gaffar and Furkan Ismail Ltd

(Registration number: 08219954)
Abridged Balance Sheet as at 30 September 2024

.........................................
Mr Mohamed Furkan Gaffar Ismail
Director

.........................................
Mr Abdul Gafar Ismail
Director

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
36 Woodfield Avenue
Streatham
London
SW16 1LG
United Kingdom

The principal place of business is:
36 Woodfield Avenue
Streatham
London
SW16 1LG
United Kingdom

These financial statements were authorised for issue by the Board on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Going concern

Changes in accounting policy

The following have been applied for the first time from 1 October 2023 and have had an effect on the financial statements:

Judgements

No significant judgements have had to be made by the directors in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods or the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line Method

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Leases

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

 Impairment
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

399

399

At 30 September 2024

399

399

Depreciation

At 1 October 2023

396

396

At 30 September 2024

396

396

Carrying amount

At 30 September 2024

3

3

At 30 September 2023

3

3

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

6

Related party transactions

 

Gaffar and Furkan Ismail Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

36,400

18,200

Loans from related parties

2024

Key management
£

Total
£

At start of period

265,081

265,081

Advanced

5,991

5,991

At end of period

271,072

271,072

2023

Key management
£

Total
£

At start of period

225,530

225,530

Advanced

46,543

46,543

Repaid

(6,992)

(6,992)

At end of period

265,081

265,081

Terms of loans from related parties

Sums advanced by director/shareholders. The loan is interest free and repayble on demand.