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Registered number: 01623320
Mohammad Gulistan Khan & Co. Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Charts Accountants LLP
Chartered Certified Accountants
17-19 Church Road
Northfield
Birmingham
B31 2JZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01623320
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 121,204 118,821
Investment Properties 6 843,878 843,878
965,083 962,700
CURRENT ASSETS
Stocks 7 264,249 244,966
Debtors 8 886,635 576,900
Cash at bank and in hand 3,552,973 3,168,318
4,703,857 3,990,184
Creditors: Amounts Falling Due Within One Year 9 (1,650,243 ) (1,252,102 )
NET CURRENT ASSETS (LIABILITIES) 3,053,614 2,738,082
TOTAL ASSETS LESS CURRENT LIABILITIES 4,018,697 3,700,782
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (14,101 ) (12,579 )
NET ASSETS 4,004,596 3,688,203
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 4,004,496 3,688,103
SHAREHOLDERS' FUNDS 4,004,596 3,688,203
Page 1
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For the year ending 30 April 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mohammad Khan
Director
Mr Qaiser Khan
Director
24th February 2025
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mohammad Gulistan Khan & Co. Limited Registered number 01623320 is a limited by shares company incorporated in England & Wales. The Registered Office is Mg Khan House 10/11 Halifax Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3SD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% on the straight line basis
Plant & Machinery 25% on the straight line basis
Motor Vehicles 25% on the straight line basis
Fixtures & Fittings 25% on the straight line basis
Computer Equipment 25% on the straight line basis
2.5. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 30)
32 30
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 4,400
As at 30 April 2024 4,400
Amortisation
As at 1 May 2023 4,399
As at 30 April 2024 4,399
Net Book Value
As at 30 April 2024 1
As at 1 May 2023 1
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 73,804 261,535 159,895 39,765
Additions - 1,684 49,000 -
Disposals - - (27,000 ) -
As at 30 April 2024 73,804 263,219 181,895 39,765
...CONTINUED
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Depreciation
As at 1 May 2023 7,432 252,796 125,948 31,244
Provided during the period 1,477 5,084 27,942 7,498
Disposals - - (20,250 ) -
As at 30 April 2024 8,909 257,880 133,640 38,742
Net Book Value
As at 30 April 2024 64,895 5,339 48,255 1,023
As at 1 May 2023 66,372 8,739 33,947 8,521
Computer Equipment Total
£ £
Cost
As at 1 May 2023 38,541 573,540
Additions 1,809 52,493
Disposals - (27,000 )
As at 30 April 2024 40,350 599,033
Depreciation
As at 1 May 2023 37,299 454,719
Provided during the period 1,359 43,360
Disposals - (20,250 )
As at 30 April 2024 38,658 477,829
Net Book Value
As at 30 April 2024 1,692 121,204
As at 1 May 2023 1,242 118,821
6. Investment Property
2024
£
Fair Value
As at 1 May 2023 and 30 April 2024 843,878
7. Stocks
2024 2023
£ £
Stock in hand 264,249 244,966
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8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 631,572 437,802
Other debtors 255,063 139,098
886,635 576,900
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 975,133 583,869
Other creditors 561,193 589,998
Taxation and social security 113,917 78,235
1,650,243 1,252,102
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 14,101 12,579
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 May 2023 12,579 12,579
Deferred taxation 1,522 1,522
Balance at 30 April 2024 14,101 14,101
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
13. Pension Commitments
The company operates a defined contribution pension scheme (Auto Enrolment) for employees and two directors. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £588 (previous year - £3283) were due to the fund. They are included in Creditors due within one year.
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14. Controlling Party
The company's controlling party is Mr Qaiser Khan by virtue of his ownership of 71% of the issued share capital in the company.
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