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Steven Mufti & Associates Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08664240
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 55,380 76,714
55,380 76,714
CURRENT ASSETS
Debtors 6 2,689 10,267
Cash at bank and in hand 87,664 93,864
90,353 104,131
Creditors: Amounts Falling Due Within One Year 7 (78,033 ) (87,576 )
NET CURRENT ASSETS (LIABILITIES) 12,320 16,555
TOTAL ASSETS LESS CURRENT LIABILITIES 67,700 93,269
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,845 ) (19,179 )
NET ASSETS 53,855 74,090
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 53,755 73,990
SHAREHOLDERS' FUNDS 53,855 74,090
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
S S Mufti
Director
30 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Steven Mufti & Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08664240 . The registered office is 27 Armitage Court, Ascot, SL5 9TA.
The presentation currency of the financial statements is the Pound Sterling (£).
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 is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business in 2014 and the fair value of the separable net assets. It was amortised to the profit and loss account over its estimated economic life of three years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2.6. Pensions
The company operates a defined pension contribution 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 during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 238,358
As at 31 August 2024 238,358
Amortisation
As at 1 September 2023 238,358
As at 31 August 2024 238,358
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 125,830 785 10,745 137,360
Additions - - 3,095 3,095
Disposals - - (2,526 ) (2,526 )
As at 31 August 2024 125,830 785 11,314 137,929
Depreciation
As at 1 September 2023 51,741 478 8,427 60,646
Provided during the period 21,761 112 2,162 24,035
Disposals - - (2,132 ) (2,132 )
As at 31 August 2024 73,502 590 8,457 82,549
Net Book Value
As at 31 August 2024 52,328 195 2,857 55,380
As at 1 September 2023 74,089 307 2,318 76,714
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 2,689 10,267
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 24,608 50,789
Taxation and social security 53,425 36,787
78,033 87,576
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8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
55 Ordinary A shares of £ 1.00 each 55 55
30 Ordinary B shares of £ 1.00 each 30 30
5 Ordinary C shares of £ 1.00 each 5 5
5 Ordinary D shares of £ 1.00 each 5 5
5 Ordinary E shares of £ 1.00 each 5 5
100 100
9. Related Party Transactions
At the balance sheet date the company owed the director £665 (2023: £598). At the same date, the company owed other shareholders of the company £28,355. These loans are interest free and repayable on demand.
During the year the company paid interest of 5% per annum on a specific shareholder loan. This was repaid in full by the year end.
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