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2023-07-01
Sage Accounts Production Advanced 2024 - FRS102_2024
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10249614
2023-07-01
2024-06-30
10249614
2024-06-30
10249614
2023-06-30
10249614
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2023-06-30
10249614
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10249614
2022-06-30
10249614
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10249614
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10249614
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10249614
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10249614
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10249614
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10249614
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10249614
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10249614
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2023-06-30
10249614
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2024-06-30
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Khattak Memorial Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
10249614
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
KHATTAK MEMORIAL LIMITED |
|
YEAR ENDED 30 JUNE 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Khattak Memorial Limited for the year ended 30 June 2024, which comprise the abridged statement of financial position and the related notes 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 www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
19 March 2025
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
30 June 2024
Fixed assets
Tangible assets |
4 |
|
2,870,946 |
|
2,871,123 |
|
|
|
|
|
|
Current assets
Debtors |
5 |
118,183 |
|
69,179 |
|
Cash at bank and in hand |
55,511 |
|
89,229 |
|
|
------------ |
|
------------ |
|
|
173,694 |
|
158,408 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
39,245 |
|
50,418 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
134,449 |
|
107,990 |
|
|
-------------- |
|
-------------- |
Total assets less current liabilities |
|
3,005,395 |
|
2,979,113 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
2,706,962 |
|
2,771,117 |
|
|
|
|
|
|
Provisions |
|
7,798 |
|
7,798 |
|
|
-------------- |
|
-------------- |
Net assets |
|
290,635 |
|
200,198 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
|
100 |
Fair value reserve |
|
31,193 |
|
31,193 |
Profit and loss account |
|
259,342 |
|
168,905 |
|
|
------------ |
|
------------ |
Shareholders funds |
|
290,635 |
|
200,198 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
30 June 2024
For the year ending 30 June 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
19 March 2025
, and are signed on behalf of the board by:
M F Khattak |
I S Khattak |
Director |
Director |
|
|
Company registration number:
10249614
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 30 JUNE 2024
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 58 Benton Road, Birmingham, West Midlands, B11 1TX.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings and equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Tangible Assets
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
2,909,649 |
|
-------------- |
Depreciation |
|
At 1 July 2023 |
38,526 |
Charge for the year |
177 |
|
-------------- |
At 30 June 2024 |
38,703 |
|
-------------- |
Carrying amount |
|
At 30 June 2024 |
2,870,946 |
|
-------------- |
At 30 June 2023 |
2,871,123 |
|
-------------- |
|
|
Tangible assets held at valuation
The freehold property was valued at £2,800,000 by Pinders Professional & Consultancy Services Limited in June 2019, specialists in the healthcare sector. Their valuation is based on the company's future rental income streams and has been incorporated into these financial statements.
5.
Debtors
Debtors include amounts of £25,467 (2023: £27,426) falling due after more than one year.
6.
Creditors:
amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £2,287,373 (2023: £2,322,787) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7.
Contingencies
Amounts due to Lloyds Bank PLC are secured by a fixed and floating debenture over all of the company's assets dated 20 December 2017 and 12 July 2018.
8.
Directors' Advances, Credits and Guarantees
Amounts owed to the directors' at the balance sheet date are included in creditors and totalled £260,000 (2023: £260,000). A directors' loan postponement to the value of £260,000 was agreed with Lloyds Bank Plc in August 2019.
9.
Related Party Transactions
Khattak Memorial Surgery is a G.P. partnership of which certain of the partners are directors of Khattak Memorial Limited. During the year rent of £109,700 (2023 : £109,700) was charged to Khattak Memorial Surgery. Khattak Memorial Limited owed Maxi Medicare Limited, a company with some common directors, was owed £18,000 at the balance sheet date (2023 : £18,000).