Registered number
10785392
RASHID MALIK UK LONDON LTD
Filleted Accounts
31 May 2024
RASHID MALIK UK LONDON LTD
Registered number: 10785392
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 551,860 552,567
Current assets
Stocks 93,182 77,252
Debtors 4 215,844 138,893
Cash at bank and in hand 9,884 16,997
318,910 233,142
Creditors: amounts falling due within one year 5 (379,210) (264,192)
Net current liabilities (60,300) (31,050)
Total assets less current liabilities 491,560 521,517
Creditors: amounts falling due after more than one year 6 (242,832) (327,669)
Net assets 248,728 193,848
Capital and reserves
Called up share capital 100 100
Profit and loss account 248,628 193,748
Shareholders' funds 248,728 193,848
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Rashid Javaid Malik
Director
Approved by the board on 20 November 2024
RASHID MALIK UK LONDON LTD
Notes to the Accounts
for the year ended 31 May 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 . Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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
Fixtures, fittings, tools and equipment 20% RBM
Plant and Machinery 20% RBM
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 526,908 44,726 571,634
Additions - 5,530 5,530
At 31 May 2024 526,908 50,256 577,164
Depreciation
At 1 June 2023 - 19,067 19,067
Charge for the year - 6,237 6,237
At 31 May 2024 - 25,304 25,304
Net book value
At 31 May 2024 526,908 24,952 551,860
At 31 May 2023 526,908 25,659 552,567
4 Debtors 2024 2023
£ £
Trade debtors - 48,060
Amounts owed by group undertakings and undertakings in which the company has a participating interest 85,347 42,287
Other debtors 130,497 48,546
215,844 138,893
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 52,888 43,544
Trade creditors 2,966 2,890
Amounts owed to group undertakings and undertakings in which the company has a participating interest 174,811 114,204
Accruals 4,700 4,700
Director's account 9,995 981
Taxation and social security costs 120,226 88,343
Other creditors 13,624 9,530
379,210 264,192
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 86,513 106,373
Director's account 156,319 221,296
242,832 327,669
7 Other information
RASHID MALIK UK LONDON LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Wangey road
Romford
England
RM6 4DD
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