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Registered number: 07257606










BURKE NIAZI LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
BURKE NIAZI LIMITED
REGISTERED NUMBER: 07257606

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
71,715
45,262

  
71,715
45,262

Current assets
  

Debtors: amounts falling due within one year
 6 
1,135,437
1,149,677

Cash at bank and in hand
 7 
124
323

  
1,135,561
1,150,000

Creditors: amounts falling due within one year
 8 
(454,085)
(452,189)

Net current assets
  
 
 
681,476
 
 
697,811

Total assets less current liabilities
  
753,191
743,073

Creditors: amounts falling due after more than one year
 9 
(17,644)
-

  

Net assets
  
735,547
743,073


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
735,447
742,973

  
735,547
743,073


Page 1

 
BURKE NIAZI LIMITED
REGISTERED NUMBER: 07257606
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mrs S H Burke
Director

Date: 25 February 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Burke Niazi Limited is a private company, limited by shares, registered in England and Wales, company registration number 07257606. The registered office address is 470-474 Holloway Road, London, N7 6NN. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Amounts receivable on contracts are included in debtors.

Page 3

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2023 - 36).

Page 6

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
1,000,000



At 31 May 2024

1,000,000



Amortisation


At 1 June 2023
1,000,000



At 31 May 2024

1,000,000



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 7

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Short-term leasehold property
Fixtures, fittings and computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
1,423
232,613
234,036


Additions
-
49,446
49,446


Disposals
-
(29,340)
(29,340)



At 31 May 2024

1,423
252,719
254,142



Depreciation


At 1 June 2023
1,423
187,351
188,774


Charge for the year
-
19,031
19,031


Disposals
-
(25,378)
(25,378)



At 31 May 2024

1,423
181,004
182,427



Net book value



At 31 May 2024
-
71,715
71,715



At 31 May 2023
-
45,262
45,262

Included within the net book value of £71,715 is £40,453 (2023: £Nil) relating to assets held under hire purchase agreements.


6.


Debtors

2024
2023
£
£


Trade debtors
164,487
347,764

Other debtors
252,411
249,236

Prepayments and accrued income
3,304
2,677

Works in progress
715,235
550,000

1,135,437
1,149,677


Page 8

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
124
323

Less: bank overdrafts
(213,071)
(129,276)

(212,947)
(128,953)



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
213,071
129,276

Trade creditors
4,294
1,233

Corporation tax
50,915
51,713

Other taxation and social security
143,824
221,428

Obligations under hire purchase contracts
10,586
-

Other creditors
15,747
36,539

Accruals and deferred income
15,648
12,000

454,085
452,189


Bank overdrafts are secured by a fixed and floating charge over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under hire purchase contracts
17,644
-

17,644
-


Page 9

 
BURKE NIAZI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Related party transactions

At the balance sheet date, included within other creditors, £6,023 (2023: £11,388) was due to Mrs S H Burke, a director and shareholder of the Company. Included within this balance are dividends received in the year of £114,000 (2023: £111,000). This loan is unsecured, interest free and repayable on demand.

At the balance sheet date, included within other creditors, £783 (2023: £1,522) was due to Mr D Marcus, a director and shareholder of the Company. Included within this balance are dividends received in the year of £72,200 (2023: £70,300). This loan is unsecured, interest free and repayable on demand.

At the balance sheet date, included within other creditors, £1,900 (2023: £-) was due to Mr M Barrett, a director and shareholder of the Company. Included within this balance are dividends received in the year of £1,900 (2023: £Nil). This loan is unsecured, interest free and repayable on demand.

At the balance sheet date, included within other creditors, £1,900 (2023: £-) was due to Mr R Okolo, a director and shareholder of the Company. Included within this balance are dividends received in the year of £1,900 (2023: £Nil). This loan is unsecured, interest free and repayable on demand.


11.


Controlling party

The company was under the control of Mrs S H Burke, a director and shareholder, throughout the current year and previous year. 

 
Page 10